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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
924
With Appendices
WASHINGTON
GOVERNMENT PRINTING OFFICE
' 1925
TREASURY DEPARTMENT
Document No. 2941
Secretary
J \ b^O
LU
CONTENTS
Page
Introduction
Taxation
.
;
Estate taxes
Gift tax
V
Publicity
i
Board of Tax Appeals
Receipts and expenditures
Four years of economy
The public debt
Changes in the composition of the debt
Program for retiring national-bank circulation
Paper currency
A_
New currency designs
tl
Standard silver dollars
Bureau of Engraving and Printing.
Changes in organization of Bureau of Engraving and Printing
World War Foreign Debt Commission
Debt settlement with Finland
Debt settlement with Hungary
Debt settlement with Lithuania
Debt settlement with Poland
Other debtor nations
i
Obligations of foreign governments
Bureau of Internal Revenue
Prohibition and narcotic enforcement
Tax Simplification Bpard
Customs
_•
The Coast Guard
Domestic credit situation
Federal Farm Loan System
i
Federal land banks
Joint-stock land banks
-_
Federal intermediate ctedit banks.__-__•
War Finance Corporation
^
The Agriculttiral Credit Corporation
Farmers' seed-grain loans
Alleged duplications of the public debt
Certificates of indebtedness
•
Government savings securities
Deposits of Government funds
•
Securities owned by the United States Government
Railroads
_*
Section 204
3
Section 209
Section 210
1
Checking accounts of Government corporations and agencies
Goldj
Silver
Mints
.
Public Health Service
Public buildings
Hospitals -____.
District of Columbia teachers' retirement fund
United States Government life insurance fund
A
i2S3
;
_>
III
1
4
11
14
15
15
1620
23
28
31
38
40
41
43
44
44
47
78
50
50
51
53
54
57
59
60
62
64
69
69
69
70
71
72
75
76
81
83
85
89
90
91
92
93
94
95
99
101
101
105
106
107
107
IV
'
CONTENTS
Page
Civil-service retirement and disability fund.
Surety bonds
^
Treasury organization
Budget and improvement committee
Bureau of Supply
:
General Supfply Committee
Personnel
Personnel classification
Retirement of civil-service employees
Practice before the Treasury Department
Panama Canal
Finances
Condition ofthe Treasury, June 30, 1924
Receipts and expenditures, on cash basis
Receipts and expenditures, on warrant basis
•
Estimates foi^ 1925 and 1926, compared with actual receipts for 1924
Estimates for 1926 and appropriations for 1925
108
109
110
110
111
113
114
115
115
117
118
119
119
122
131
144
146
Exhibits accompanying the report on the finances
Exhibit 1. Statement of the pubhc debt of the United States, June 30,1924_
Exhibit 2. Preliminary statement of the public debt, October 31, 1924__
Exhibit 3. Summary statement of transactions in interest-bearing and
noninterest-bearing United States bonds, notes, and certificates of indebtedness for the fiscal year ended June 30, 1924
Exhibit 4. Interest-bearing United States bonds, notes, and certificates of
indebtedness issued during the fiscal year ended June 30, 1924, classified
by issues and accounts
Exhibit 5. Interest-bearing United States bonds, notes, and certificates of
indebtedness retired during the fiscal year ended June 30, 1924, classified
' by issues and accounts
"
Exhibit 6. Treasury notes and certificates of indebtedness outstanding
June 30, 1924, which matured during the fiscal year 1924, classified by
issues and denominations
Exhibit 7. Interest-bearing United States bonds, notes, and certificates of
indebtedness outstanding June 30, 1924, classified by issues and denom. inations
Exhibit 8. United States bonds, notes, and certificates of indebtedness on
hand June 30, 1923, and June 30, 1924, classified by issues
_.
Exhibit 9. United States pre-war securities on hand June 30, 1923, not
previously reported (belonging to previous fiscal years and delivered
to the Register of the Treasury during the fiscal year 1924)
Exhibit 10. Interest-bearing United States bonds, notes, and certificates
of indebtedness received from the Bureau of Engraving and Printing
during the fiscal year ended June 30, 1924
Exhibit 11. Unissued United States bonds, notes, and certificates of indebtedness, interest-bearing and noninterest-bearing July 1, 1923, delivered to the Register during the fiscal year 1924 ^
.
Exhibit 12. Sumimary of transactions in interest-bearing. United States
bonds, notes, and certificates of indebtedness for the fiscal year 1924__
Exhibit 13. Transactions in interest-bearing pre-war bonds during the
fiscal year 1924
Exhibit 14. Transactions in interest-bearing Liberty bonds and Treasury
bonds duringthe fiscal year 1924
_^
Exhibit 15. Transactions in interest-bearing Treasury notes during the
fiscal year 1924
,___,
Exhibit 16. Transactions in interest-bearing certificates of indebtedness
during the fiscal year 1924
^
Exhibit 17. Transactions in Treasury (war) savings securities during the
fiscal year 1924
Exhibit 18. Liberty bond and Victory note conversions from November
15, 1917, to June 30, 1924
Exhibit 19. Certificates of indebtedness, total issues and the ajnount issued
through each Federal reserve bank from July 1,1923, .to August 31,1924_
Exhibit 20. Treasury notes issued through each Federal reserve bank and
the Treasury Department from July 1, ^923, to August 31, 1924
150
155
157
159
161
165
166
169
173
175
177
179
181
182
184
186
188
190
191
193
CONTENTS
V
Page,
Exhibit 21. Registered interest-bearing bonds outstanding June 30, 1924,
classified by issues, and number of registered accounts, amount of
interest payable, and number of checks drawn during the fiscal year
1924
194
Exhibit 22. Insular and' District of Columbia loans—changes during the
fiscal year ended June 30, 1924
_-__
195
Exhibit 23. Retired and unissued securities, not affecting the public debt
of the United States, delivered to the Register of the Treasury during
the fiscal year ended June 3.0, 1924
T
196
Exhibit 24. Pubhc debt retirements chargeable against ordinary receipts.
200
Exhibit 25. Pubhc debt transactions from July 1, 1923, to June 30, 1924, .
inclusive
•
203
Exhibit 26. Department Circular No. 332, ofifering for subscription Treasury certificates of indebtedness, series TJ-1924 and TD-1924, dated
and bearing interest from December 15, 1923
208
Exhibit 27. Department Circular No. 337, offering for subscription
Treasury certificates of indebtedness, series TM-1925, dated and bearing interest from March 15, 1924__
209
Exhibit 28. Department Circular No. 341, offering for subscription
Treasury certificates of indebtedness, series TD2-1924, dated and
bearing interest from June 16, 1924
211
Exhibit 29. Department Circular No. 345, offering for subscription
Treasury certificates of indebtedness, series TS-1925, dated and bearing interest from September 15, 1924__i
,212
Exhibit 30. Department Circular No. 343. Withdrawal of Treasury
savings certificates, issue of December 1, 1923, from sale
214
Exhibit 31. Department Circular No. 347. Redemption ^of war-savings
certificates, series of 1920
:
' ;
215
Exhibit 32. Department Circular No. 348. Redemption of Treasury
savings certificates, series of 1920
---217
Exhibit 33. Department Circular No. 346. Redemption of the 4 per
cent bonds of the loan of 1925
218
Exhibit 34. Payments to carriers from November 16, 1923, to October
31, 1924, inclusive, provided for in section 204 of the transportation
act of 1920, as amended, for the reimbursement of deficits on account
of Federal control
222
Exhibit 35. Payments to carriers from November 16, 1923, to October
31, 1924, inclusive, under the guaranty provided for in section 209 of
the transportation act of 1920, as amended, and payments by carriers
to the United States under the same section
223
Exhibit 36. Loans to carriers under section 2i0 of the transportation act
of 1920, as amended, and repayments on such loans from November 16,
1923, to October 31, 1924, inclusive, with loans outstanding November 15, 1923, and October 31, 1924
,
225
Exhibit 37. Securities owned by the United States Government, June 30,
1924
227
Exhibit 38. Obligations of foreign governments held by the United States
Treasury, together with interest accrued and remaining unpaid thereon,
as of the last interest period prior to or ending with November 15, 1924_ _ 230
Exhibit 39. Payments made by foreign governments on account of principal of obligations held by the Treasury
231
.Exhibit 40. Payments made by foreign governments on account of interest
on obligations held by the Treasury..
.
232
Exhibit 41. Agreement for the funding of the debt of Finland to the
United States..
233
Exhibit 42. Letter from the Secretary of the Treasury, dated May 2, 1923,
to the President of the United States, submitting the report of the
• World War Foreign Debt Commission in connection with the debt settlement with Finland
238
Exhibit 43. Message from the President of the United States-to the Congress, dated January 16, 1924, submitting the report of the World War
Foreign Debt Commission, dated May 2, 1923
240
Exhibit 44. An act to authorize the settlement of the indebtedness of the
Republic of Finland to the United States of America
240
Exhibit 45. Agreement for the funding of the debt of Hungary to the
United States..
.
241
VI
CONTENTS
Page
Exhibit 46. Letter from t h e Secretary of t h e Treasury, dated April 25,
1924, t o t h e President of t h e United States, s u b m i t t i n g t h e report of
the World War Foreign D e b t Commission in connection with the debt
settlement with H u n g a r y
Exhibit 47. Message from t h e President of t h e United States to the Congress, dated April 25, 1924, submitting t h e report of t h e World War
Foreign D e b t Commission, d a t e d April 25, 1924.
^
Exhibit 48. An act to authorize t h e settlement of t h e indebtedness of t h e
Kingdom of H u n g a r y to t h e United States of America
Exhibit 49. First supplement to D e p a r t m e n t Circular No. 230. Laws
and regulations governing t h e recognition of attorneys, agents, and
other persons representing claimants and others before the Treasury
D e p a r t m e n t and offices thereof
Exhibit .50. Second supplement to D e p a r t m e n t Circular No. 230. Laws
and regulations governing t h e recognition of attorneys, agents, and
other persons representing claimants and others before the Treasury
D e p a r t m e n t and offices thereof
^
Exhibit 5 1 . Third supplement to D e p a r t m e n t Circular No. 230. Laws
a n d regulations governing t h e recognition of attorneys, agents, a n d
other persons representing claimants and others before the Treasury
D e p a r t m e n t and offices thereof
Exhibit 52. D e p a r t m e n t Circular No. 54, revised.
Regulations a n d
instructions governing t h e issue of duplicate Treasury warrants. Treasurer's checks, and interest c h e c k s .
..
Exhibit 53. D e p a r t m e n t Circular No. 327, revised. Regulations a n d
instructions governing t h e issue of duplicate checks of disbursing oflBcers.
Exhibit 54. D e p a r t m e n t Circular No. 324, amended. Treasury D e p a r t . m e n t Personnel Classification Board
.
Exhibit 55. N u m b e r of employees in t h e d e p a r t m e n t a l service of t h e
Treasury in Washington, by m o n t h s , from June 30, 1923, to September
30, 1 9 2 4 . .
.
.
Exhibit 56. S t a t e m e n t by President Coolidge concerning the revenue bill
of 1924
.
Exhibit 57. Surtax rates
247
250
250
251
252
253
255
258
261
263
264
268
Abstracts of reports of bureaus and divisions
Treasurer of t h e United States
Comptroller of t h e Currency
National b a n k s organized, consolidated, insolvent, in voluntary
liquidation, and in existence
Condition of national b a n k s
Banks other t h a n national
All reporting banks
Director o f t h e M i n t . .
Institutions of t h e Mint Service
Coinage
Gold operations
:
• Silver operations
Refineries
Stock of coin and m o n e t a r y bullion in t h e United S t a t e s . .
Prbduction of gold and silver.
..
..
..
Industrial consumption of gold and silver
_-.,
.
—
I m p o r t a n d export of domestic gold coin
.
Appropriations, expenses, and income
:
.-Deposits of gold a n d silver, income, expenses, a n d employees, by
institutions
.
Bureau of I n t e r n a l Revenue
.
:
Receipts from internal-revenue taxes
'.
-_
Cost of administration
.— _
Income and profits taxes
. — -—'Capital-sto'€k taxes
"--Sales taxes
Tobacco taxes
.
.__..
Miscellaneous s t a m p a n d special t a x e s . .
_____
E s t a t e taxes
.
273
276
276
278
279
280
283
283
283
283
284
284
. 285
285
285
286
286
286
287
287
288
289
290
290
291
291
291
CONTENTS
VII
Bureau of Internal Revenue—Continued.
^^g®
Accounts and Collections Unit..\
292
Solicitor's Office
.
.
..___.._../
..:*
293
Committee on Appeals and Review
.
.:-295
National prohibition__.^__
_.
._
295
Bureau and.field personnel
A.O
296
Division of Bookkeeping and Warrants
^----297
Summary of receipts and expenditures^
•
.....
297'
The general fund
..___
.....
298
Warrants issued, adjusted to basis of daily Treasury statements,
revised
....
..
..
298
District of Columbia account of revenues and expenditures
299
Alien Property Custodian account
::_
300
Purchase of farm loan bonds..
.
300
Civil-service retirement and disability fund ^_
300
Bureau of Engraving and Printing
..
J___
301
Customs Service
:
304
Commerce and customs receipts
304
Expansion and improvement of the service
304
Dyes, etc
305
Marking country of origin
305
Mail importations
305
Automobile traffic
.
306.
Early closing on the Mexican border
" 306
Customs relations with Canada
^
306
Special Agency Service, Customs
306
Office of the Supervising Architect
• 308
Pubhc Health Service....
312
Division of scientific research
.
312
Division of domestic (interstate) quarantine
314
Division of foreign and insular quarantine and immigration..
314
-. Division of sanitary reports and statistics
. 315
Marine hospitals and relief
.
.
316
Division of venereal diseases
^
316
Division of personnel and accounts
.
'
.
• 318
Financial statement
318
Coast Guard.__..____.....
..
.
319
Ice patrol to promote safety at sea_
:
._
320
Winter cruising
^
.
...
320
Cruises in northern waters._^
:...'.^
.
.
321
Anchorage and movements of vessels
....
321
Regattas.:.
.__.
.
322
Removal of derelicts
.
......
322
Coastal communication
___^
.;
.
322
Ordnance
..
....
._
322
Coast Guard Academy-—_
--.
^
^323
Coast Guard repair depot.^
...
323
Repairs and improvements to vessels and stations
.
324
Enforcement of customs ^,nd other laws.
324
Award of life-saving medals
325
Personnel.
i...
^..
325
Units
^
.
325
Recruiting
1
:
325
Vessels..^.
.
:.._.
326
Division of Loans and Currency^
327
Summary of activities
327
Surrenders section
:_
^
328
iSecurities section.
j___
330
Registered accounts section
_.
331
Claims section
331
Treasury savings section
332
Mail and files unit
332
Issues control unit
333
Redeemed currency unit
333
Personnel
.
._
334
Accounting unit
334
Circulation
._
334
VIII
,
CONTENTS
Page
Division of Paper Custody__
Register of the Treasury
^
Division of Deposits
Number of depositaries and amount of deposits.....
General national-bank depositaries
1
Limited national-bank depositaries
Insular depositaries
^
Special depositaries
^
i
Foreign depositaries
:
Deposits in Federal land banks.
Secret-Service Division
...
Division of Printing and Stationery
^
Printing and binding
._'
Postage
_^
J
Department advertising
'
Disbursing clerk
^
.
...
Bureau of Supply,.
^
.
Allotments to and expenditures by the bureau .1
Purchases and issues of stationery supplies
I^
General Supply Committee
A-.o
-
^
336
337
341
341
341
342
342
342
342
342
343
343
343
344
345
345
346
347
348
350
Tables accompanying the report on the finances
Table A.—Pubhc debt of the United States outstanding June 30, 1924..
356
Table B.—Principal of the public debt at the end of each fiscal year
from 1853. to 1924, exclusive of gold certificates, silver certificates,
currency certificates, and Treasury notes of 1890
.
364
Table C.—United States interest-bearing debt outstanding at the end
of each month from February 28, 1917, to August 31, 1924
366
Table D.—Pubhc debt retirements for the fiscal years 1918 to 1924, on
basis of daily Treasury statements, revised
L
369
Table E.—Unmatured Liberty bonds. Treasury! bonds, and Victory
notes outstanding from June 30, 1919, to August 31, 1924, classified
by denominations and form
._
374
Table F.—Cash expenditures of the Government for the fiscal years
1917 to 1924, inclusive, as published in daily Treasury statements,
classified according to departments and establishments
375
Table G.—Ordinary receipts and expenditures chargeable against ordinary receipts, from April 6, 1917,,'to October 31', 1924, on the basis of
daily Treasury statements, unrevised
...
378
Table H.—Condition of the United States Treasury at the close of the
fiscal years 1922, 1923, and 1924_
.
382
Table I.—Appropriations made by Congress for the fiscal years 1914
to 1925, including estimated permanent and indefinite appropriations
and deficiencies for prior y e a r s . .
384
Table J.:—Appropriations, expenditures, amounts carried to surplus fund,
and unexpended balances for fiscal years 1885 to 1924
386
Table K.—Receipts and expenditures of the United. States Government
-ci^
by fiscal years from 1791 to 1924
._....._.
...
388
Table L.—Postal receipts and expenditures for the fiscal years 1791
to 1 9 2 4 . . . . . . . _ _ _ _ . .
_.
...
...
._
400
Table M.—Sources of internal revenue, 1863 to 1924
402
Table N.—-Internal-revenue receipts, by States and Territories, for the
fiscal years 1923 to 1924
...
...
.
408
Table 0.—Merchandise imported and customs duties collected from
1890 to 1923, and recapitulation from 1867 to 1923
...
410
Table P.—Customs statistics, by districts, for the fiscal year 1924
416
Table Q.—Stock of. money in the United States, classified by kind, at
the end of each fiscal year from 1860 to 1889___.
, 420
Table R.—Stock of money.in the United States, classified by kind, at
the end of each fiscal year from 1890 to 1924._:
.J
421
Table, S.-^Stock of money, money in circulation, and amount of circulation per capita in the United States from 1860 to 1924, inclusive
422
CONTENTS
^ IX
APPENDIX TO REPORT O N T H E FINANCES
R E P O R T OF , T H E T R E A S U R E R :
• <
,
.
Page
1' Receipts and expenditures,for 1923 a n d 1924. . . . _ _ . _ i . . . . ^ ^
Pay warrant transactions.•.._,_._..
..
i..._
^
Panama CanaL..
^
-•..
._^^__._._.....
Receipts and expenditures on account of t h e Post Office D e p a r t m e n t . _
Transactions in t h e public debt
.....
..
._
N e t earnings derived from Federal reserve banks
...^
P a y m e n t of obligations of foreign Governments
Cumulative sinking f u n d .
....!./
^
....
Interest-bearing bonds, etc., retired on.miscellaneous accounts
. P a y m e n t of interest on registered bonds of t h e United States
Redemption,of United States notes in gold
.___.._
Reserve and t r u s t funds
,.
..
JState of t h e Treasury, general fund—cash in t h e vaults
N e t available cash balance, 1914 t o 1924.
Gold in t h e Treasury
......
L..
....
.
Securities held in t r u s t
...
..:
:.
Bonds held as security for postal-savings funds
.
Bonds a n d other obligations held in special t r u s t f u n d s . . . .
._
Postal-savings bonds and, investments therein
J
Withdrawal of bonds to secure circulation
Lawful money deposits for i;etirement of b a n k circulation. . .
Depositaries of t h e United States
..
:.
.
..
Public moneys in depositary b a n k s
^_.
^.
United States paper currency issued a n d redeemed
Pieces of United States paper currency outstanding, .1923 a n d 1 9 2 4 . .
Changes in denominations during fiscal year 1 9 2 4 . .
._
Interest on public moneys held in depositary b a n k s
.
Gold fund, Federal Reserve Board
1
P a p e r currency held in t h e reserve vault
.
1
R a t i o of small denominations to all paper currency
_^
Metallic stock of inoney in t h e United States
Issue, exchange, and redemption of money
.
R e d e m p t i o n of Federal reserve a n d national c u r r e n c y . .
Shipments of currency from Washington, 1923 a n d 1924
!
Deposits of gold bullion a t m i n t s a n d assay offices, 1922-1924
District of Columbia sinking fund
:
Recoinage, 1923 a n d 1924.
General account of t h e Treasurer of t h e United S t a t e s . .
427
429
429
429
430
431
431
431
431
432
432
432
433
434
434
434
436
,436
439
439
439
439
440
440
443
444
445
446
446
447
447
447
451
452
453
453
454
454
Tables accompanying report of the Treasurer
No.
No.
No.
No.
No.
No.
No.
1.—-General distribution of t h e assets a n d liabilities of t h e Treasury,
J u n e 30, 1 9 2 4 .
...__..
.........
2.—Available assets a n d net liabilities of t h e Treasury a t t h e close
of June, 1923 a n d 1924._.•.
,__.LL.__._'._ — . _ . _ _ . . _ . . .
3.—Distribution of t h e General Treasury balance, J u n e 30, 1924
4.—Assets of t h e Treasury other t h a n gold, silver, notes, a n d certificates a t t h e end of each m o n t h , from July, 1 9 2 1 . _ ^ . _ :
5.—Assets of t h e Treasury a t t h e end of each month, from July, 1921 _
6.—Liabilities of t h e Treasury a t t h e end of each m o n t h , from July,
1921
...1.............
..
....
...
7.—-United States notes of each denomination issued, redeemed, a n d
outstanding a t t h e close of t h e fiscal years 1921, 1922, 1923,
a n d 1924.
. . . J . . . . . . : .
...._..:__....
8,.-—Treasury notes of 1890 of each denomination i:edeemed and
outstanding a t t h e close of t h e fiscal years 1921, 1922, 1923,
and 1924...._._.__.
.
No. 9.—^Gold certificates of each denomination issued, redeemed, and
outstanding a t t h e close of t h e fiscal years 1921, 1922, 1923,
and 1924
.
.
.......^
.
No. 10.-—Silver certificates of each denomination issued, redeemed, a n d
outstanding a t t h e close of t h e fiscal years 1921, 1922, 1923,
and 1 9 2 4 . . . . . J . . . . . . . . . .
.J.........^
457
458
459
459
460
460
461
No.
10065—FI 19241
2
462
463
464
X
^
CONTENTS
Pag©
No. 11.—Amount of United States notes. Treasury notes, gold and silver
certificates of each denomination issued, redeemed, and outstanding at the close of each fiscal year, from 1921
No. 12.—Old demand notes of each denomination issued, redeemed, and
outstanding June 30, 1924
No. 13.—Fractional currency of each denomination issued, redeemed, and
outstanding June 30, 1924
._
No. 14.—Compound-interest notes of each denomination issued, redeemed,
and outstanding June 30,-1924
No. 15.—One and two year notes of each denomination issued, redeemed,
and outstanding June 30, 1924
,
No. 16.—Seven-thirty notes redeemed and outstanding June 30, 1924..._
No. 17.—Refunding certificates, act of February 26, 1879, redeemed and
. outstanding June 30, 1924
__L.
.
No. 18.—Federal reserve and national banks designalted depositaries of
public moneys, with the balance held June 30, 1924
No. 19.—Number of banks with semiannual duty levied, by fiscal years,
and number of depositaries with, bonds as security at close of
each fiscal year from 1915
._.
.
No. 20.—Checks issued by the Treasurer for interest on registered bonds
during the fiscal year 1924
,
No. 21.—Interest on 3.65 per cent bonds of the District of Columbia paid
during the fiscal year 1924
u.:
^
...—
No. 22.—Coupons from United States bonds," certificates, and notes paid
during the fiscal year 1924, classified by loa,ns
No. 23.—Checks drawn by the Secretary and paid by the Treasurer for
. interest on registered bonds and notes of the United States
during the fiscal year 1924..^
"..
...i
.
No. 24.—Coupon interest on United States bonds paid by check during
fiscal year 1924
...
....i
No. 25.—Money deposited in the Treasury each month of the fiscal year
1924 for the redemption of national-bank notes and Federal
reserve bank notes
'.
^...
No. 26.—Amount of currency counted into the cash of the National Bank
Redemption Agency and redeemed notes delivered by fiscal
years from 1916 to 1923, and by months during the fiscal year
1924
....
.
,
No. 27.—Currency received for redemption by the National Bank Redemption Agency from the principal cities and other places,
by fiscal years from 1916, in thousands of dollars
No. 28.—Mode of payment for currency redeemed at the National Bank
Redemption Agency, by fiscal years, from 1916
No. 29.—Deposits, redemptions, assessments for expenses, and transfers
and repayments on account of the 5 per cent redemption fund
of national and Federal reserve banks, by fiscal years, from
1916
.
J...
-.-No. 30.—Deposits and redemptions on account of the retirement of circulation, by fiscal years, from 1916..
\
No. 31.—Expenses incurred in the redemption of nalSional and Federal
reserve currency, by fiscal.years, from 1916
No. 32.—General cash account of the National. Bank Redemption Agency
for the fiscal year 1924, and from July 1, 1874
__:
No. 33.—Average amount of national-bank notes outstanding and the
redemption, by fiscal years, from 1875 (the first year of .the
agency)
•...
..
No. 34.—Federal reserve notes, canceled and uncanceled, forwarded by
Federal reserve banks and branches, counted and delivered^
to the Comptroller of the Currency for credit of Federal reserve""
agents
.
.
.....
...
No. 35.—Number of notes of each kind of currency and denomination
redeemed and delivered by the National Bank Redemption
Agency during the fiscal year 1924
.
No. 36.—Amount of .money outside of the Treasury, the amount held by
Federal reserve banks and agents, and the amount in circulation, etc., on the first day of each month from July, 1923
465
466
466
466
465
467
467
46&
469'
469
470'
470'
471
471
471
472
47S'
47S
47a
47S
474
475
475
475
476
478-
CONTENTS
XI
Page
No. 37.—Total a m o u n t expended on account of t h e P a n a m a Canal, t h e
receipts from tolls, etc., a n d t h e proceeds of sales of bonds to
t h e close of t h e fiscal year 1924
R E P O R T OF T H E D I R E C T O R O F T H E
Operation of t h e mints a n d assay offices
Institutions of t h e Mint Service
Coinage
Gold operations
Silver operations
;
:
Refineries.
.
Special coin design
Stock of coin a n d monetary bullion in t h e United States
Production of gold a n d silver
.—
Industrial consumption of gold and silver
I m p o r t and export of domestic gold coin
...
Appropriations, expenses, a n d income
An improved gold coinage alloy
Additions and improvements
.
Deposits of gold and silver, income, expenses, a n d employees, by
institutions, fiscal year 1924
Coinage
Issue of fine gold bars for gold coin and gold bulhon
Receipts and disbursements of gold bullion a n d balances on h a n d
Purchase of minor coinage metal for use in domestic coinage
Minor coin distribution costs
Minor coins outstanding
.
Operations of t h e assay d e p a r t m e n t s
.:.
.,
Operations of t h e melting and refining and of t h e coining d e p a r t m e n t s
fiscal year 1924.1
__..
_.___
Refining operations
.
.
Ingot melts m a d e
'.
Fineness of melts for gold and silver ingots
.
Commercial and certificate bars manufactured
.Bullion gains and losses
Wastage and loss on sale of sweeps
__._,
Engraving d e p a r t m e n t
...
....
Dies manufactured
:
Medals sold
_.
.
Employees
.
Work of t h e minor assay offices
Ore assays
Gold receipts a t Seattle
^
Laboratory of t h e Bureau of t h e M i n t
Assay commission's a n n u a l test of coin
Tables, report of t h e Director of t h e M i n t . . .
.
R E P O R T OF THE
479
479
479
480
480
481
481
481
481
482
482
482
482
483
483
484
485
486
487
487
487
488
488
490
491
491
492
493
494
494
495
495
496
496
497
497
497
499
500
REGISTER:
Introduction
• T h e Federal reserve banks as fiscal agents
.
Retired securities canceled on account of reduction of principal of
public d e b t
.
Canceled securities received for credit
;
Final a u d i t a n d destruction
Records of issue
i
Recordation of securities
.'
Organization
Functional apportionment
^
I n d u s t r i a l medical s e r v i c e . : _ . . _ . _ _ .
General condition
.
;
.
...
_l.
S u m m a r y of securities received, examined, a n d retired
Statistical s t a t e m e n t s
.__
.
REPORT
478
MfNT:
OF T H E C O M P T R O L L E R O F T H E
548
548
549
550
,550
551
551
552
553
553
555
CURRENCY:
Submission of t h e report
General conditions
.
:
Earnings, loans, and investments of national b a n k s . ^
Legislation recommended
Branch banking
Elimination of date of charter expiration
Legal loan limit to any one person
547
547
_.
« 607
607
607
608
602
619
612
XII
CONTENTS
R E P O R T OF T H E C O M P T R O L L E R
O F T H E CuRRENCY-r-Continued.
Legislation recommended—Continued.
^
. Issuance of charters for $100,000 capital to; banks operating in
outlying districts of cities over 50,000 population
Permission for a national b a n k t o hold real estate for a l o c a t i o n . .
Stock dividends
..
^^--.....
._L..:
Chairman of the.board
.ll
.
•..'.-. Limitation on liabilities which national b a n k m a y i n c u r .
Check certification
;:
.
Authority of officers t o sign reports
J
.
.
....
Rediscount limitations on Federal reserve banks
Safe deposit boxes
i.
:
Criminal procedure against bank, examiners.
Criminal procedure for libelling national banks
:
Real estate loans
1
Dealing in securities
1...
Relative growth of national banks since 1870
Charts showing—
Percentage of national-bank resources t o combined r e sources of national banks. State banks, and t r u s t companies, 1878 t o 1924
c
Growth in n u m b e r of banks, 1878 t o 1924.
Bank resources, 1878-1924, compaijed with State banks
and t r u s t companies
j.
.
H a v e t h e national banks a claim t o consideration?
United States bonds and national-bank circulation
^.
Resolution b y national b a n k authorizing t h e witihdrawal a n d assignm e n t of United States bonds, etc
...I
S t a t e m e n t of t h e public debt of t h e United States, J u n e 30, 1924___United States Government securities held in t r u s t by Treasurer of t h e
United States, J u n e 30, 1924
_•
--L.....
United States bonds deposited as security for circulation b y banks
chartered a n d b y those increasing their circulation, together, with
t h e a m o u n t withdrawn b y banks reducing their circulation, a n d b y
those closed, during each m o n t h , year ended October 31, 1924
S t a t e m e n t of circulation outstanding, November 1, 1924, with classification of bonds deposited to secure, and denominations of notes, e t c .
Redemption of national bank and Federal reserve b a n k circulation. .
National b a n k s of issue
_|
.
Profit on national b a n k circulation-_,_-^..l
.
Organization and liquidation of national b a n k s . J
1
Labor banks
_.__
__.__
!
__,
Domestic branches of national banks, list of
\
National banks, with number of additional local offices a n d dates of
approval of their establishment, October 31, 1&24
Condition of national banks a t date of each re;f^ort called for during
t h e year, abstract of
.AO
......
Condition of national banks October 10, 1924, s u m m a r y of principal
items of resources and liabilities..
--.---Principal items bf assets and liabilities of banks, in each State
National b a n k liabilities on account of bills payable and rediscounts.
Total borrowings pf national banks on account of bills payable
and rediscounts in each Federal reserve district a t d a t e of each
report during year ended October 10, 192,4
Loans a n d discounts of national banks, June 30,1 1924
Classification of loans a n d discounts for t h e last three fiscal y e a r s .
Classification of loans and discounts in reserve cities and S t a t e s .
C o m p a r a t i v e s t a t e m e n t of loans and discounts, including rediscounts,
m a d e b y national banks during last .three fiscal years
^
Comparative changes in d e m a n d a n d time deposits, loans a n d discounts, United States Government and other .bonds and securities,
a n d t h e a m o u n t of lawful reserve of national b a n k s since J u n e 30,
^ 1920
.
i
United States Government securities held by national banks in reserve
cities a n d S t a t e s . .
I
.....
I n v e s t m e n t s of national banks, J u n e 30, 1924. _ f.
Comparison of, with June 30, 1923
^.1.
Page
613
614
614
614
615
61-5
615
615
616
616
616
617
618
618
619
620
621
622
622
624
625
626
626
627
628
628
629
629
630
630
633
635
636
638
640
640
641
641
642
646
646
647
650
650
CONTENTS
R E P O R T O F T H E COMPTROLLER O F T H E C U R R E N C Y — C o n t i n u e d .
XIII
Page
United States Government, domestic a n d foreign bonds, securities, etc.
owned by national banks, J u n e 30, 1924, in cities and' States
651
Savings depositors a n d deposits in national banks, J u n e 30, 1924,
a b s t r a c t of, in reserve cities an,d States
_..—
656
Earnings, expenses, a n d dividends of national b a n k s
_.^._—
658
Earnings, expenses, a n d dividends of national b a n k s for t h e fiscal
years ended J u n e 30, 1923 a n d 1 9 2 4 . .
.
659
Abstract reports of earnings, expenses, a n d dividends of national
banks for year ended June 30, 1924, in reserve cities a n d S t a t e s .
660
Abstract of earnings, expenses, a n d dividends of national banks,
year ended June,30, 1924, b y Federal reserve districts
1
662
National bank investments in United States Government securities
a n d other bonds a n d securities, etc., loans a n d discounts a n d losses
charged off, etc., J u n e 30, 1918 t o 1924, inclusive
.-.----^'^^
N u m b e r of national banks, capital, surplus, dividends, n e t addition to
profits, and percentage ratios, years ended J u n e 30, 1914 t o 1 9 2 4 . .
670
Relation of capital of national b a n k s to deposits, etc
670
National banks classified according t o capital stock, December 3 1 , .
1923___
.
.
...
671
Per cerit ratio of principal items of assets a n d liabilities of national
b a n k s to aggregate assets, 1916. to 1924, inclusive
672
National bank examiners, list of October 3 1 , 1924
672
National bank failures
_-.•.-.
679
Convictions of national b a n k officers a n d others for violations of t h e •
national banking laws during t h e year ended October 31,1924, list of.
681
Federal reserve system, statistics with respect to
685
Percentage of bills discounted b y United States G o v e r n m e n t
obligations t o t h e t o t a l bills discounted a n d purchased b y t h e
Federal reserve b a n k s a t t h e end of each m o n t h , year ended
October 31, 1924
.
......
688
Federal reserve b a n k discount rates in effect October 31, 1924
688
Discount and interest rates in leading cities
._.
689
R a t e s for money in New Y o r k . . .
._.'
690
New York Clearing House . . .
693
Clearing-house associations in t h e 12 Federal reserve b a n k cities a n d
elsewhere, year ended September 30, 1924
693
Banks other t h a n national, J u n e 30, 1 9 2 4 .
.:
.
:
693
State (commercial) banks, s u m m a r y of condition of._
..
694
Loan a n d t r u s t companies, s u m m a r y of condition of
.
696
Principal items of resources a n d liabilities of loan a n d t r u s t
companies in J u n e of each y e a r T 9 1 4 to 1 9 2 4 . .
697
Stock savings banks, s u m m a r y of condition of
.
697
M u t u a l savings banks, s u m m a r y of condition of
........
700
Depositors arid deposits in m u t u a l a n d stock savings b a n k s ,
statistics with respect t o , b y States, 1923-24
...
.
.
701
N u m b e r of savings b a n k s (mutual a n d stock) in t h e United
States, n u m b e r of depositors, a m o u n t of individual deposits,
and average a m o u n t due each depositor 1 9 1 4 - 1 9 2 4 . _ . .
...
704
P r i v a t e banks, s u m m a r y of condition o f . . . . . . .
......
704
All reporting banks other t h a n national, s u m m a r y of condition.of.
705
Resources a n d liabilities of each class of reporting b a n k s . - ^
706
': Principal items of resources a n d liabilities of all reporting b a n k s ,
J u n e 30, 1919-1924
_.
.
707
All reporting banks, J u n e 30, 1924:
.;
Resources a n d liabilities of, in-each State, Alaska, a n d insular
possessions, s u m m a r y of condition of
......T.l
708
Individual deposits in, classification of
......
.
722
Resources a n d liabilities of, 1 9 1 9 - 1 9 2 4 . . . . . .
^_....1__ J....
723
Assets and liabilities of, including Federal reserve b a n k s
...
723
Combined resources a n d liabilities of, including 12 Federal reserve
banks
•._•___•
'
.^_._____•.
724
Cash in, classification of, including 12 Federal reserve b a n k s
724
M o n e y i n t h e U n i t e d S t a t e s , J u n e 30, 1924:
•
,
Summar}^ with respect t o
. .'
725
Classification of, 1914-1924
.,...
726
United States circulation s t a t e m e n t , July 1, 1924
727
XIV
CONTENTS
REPORT OF THE COMPTROLLER OF THE CURRENCY—^Continued.
Page
Imports and exports of merchandise, gold, and silver, calendar years
1914 to 1923 and from January 1 to September 30, 1924
Banking power of the United States, summary arid classification of,
June30, 1924
.•
:.
Banks in District of Columbia, June 30; 1924:
Summary of, and classification
!
.
Earnings, expenses, and dividends pf banks other than national in,
summary of, and statement for fiscal years 1923 and 1924
Building and loan associations in the District of Columbia, June 30,
1924, and since 1909, statistics relative to
'
Building and loan associations in the United Statesj 1923-24, summary
relative to, and statistics by States
>
Monetary stocks in the principal countries of the world, calendar year
1923, summary of, and statistics relative to
'
Federal land banks, summary of condition of, September 30,1924._. . .
Joint-stock land banks, summary of condition of, September 30,1924. _
Federal intermediate-credit banks, summarj^ of condition of, September
30,1924
.
..
United States postal savings system, fiscal years 1923-24, summary
and statistics relative to
,
..
!
School savings banks, 1923-24, summary and statistics relative to!
Savirigs banks in principal countries of the world, statistics relative to,
as of latest dates availiable
^
:
_.
Resources of leading foreign banks of issue June '30, 1924, summary
and statistics relative to
;
Assessments on national banks to pay salaries and expenses of nationalbank examiners, year ended October 31,1924
I
:.
Expenses incident to maintenance of currency bureau and net profit
derived by Government from taxes on national and Federal reserve
bank notes, fiscal year ended June 30, 1924, summary and statement
of
.
.
...:..-_
.
L..
.
Conclusion.
..
...
^
.
Exhibit No. 1* (proposed revision of section 5200, Revised Statutes)
with explanatory data relative to
I
728
728
729
730
731
731
732
737
738
739
740
746
747
750
750
751
752
754
REPORT OF THE COMMISSIONER OF INTERNAL REVENUE:
Introduction.
.
Collections.
, Cost of administration
---t
Inadequate housing of bureau
.1.
Income Tax Unit
......
Work accomplished_
L
Changes and improvements in organization and procedure
Progress of work!
L.
Committee on Appeals and Review
j
Miscellaneous Tax Unit
i
Personnel
.
.
Capital-stock tax division
•!
Taxes collected
L
Estate tax division
.
Review section
i
Sales tax division.
i
Tobacco and miscellaneous division
Tobacco
Miscellaneous
'.
Accounts and Collections Unit
_"'.
!
Office accounts and procedure division
L
Division of field allowances
i
Disbursement division
\
Field procedure division
'.
Prohibition Unit
.
.
Collections
_
f
Office of chief, general prohibition agents
Office of counsel
....
Narcotic division
Permit division
_;
Industrial alcohol and chemical division.
.__
Audit division
--_
..^
--
-
___
759
759
760
761
762
762
765
767
768
770
770
771
771
772
773
773
775
776
778
781
781
783
785
785
787
787
787
788
791
793
794
795
CONTENTS
REPORT OF THE COMMISSIONER OF INTERNAL REVENUE—Continued.
Solicitor of Internal Revenue
Administrative division
Appeals division
.
.
Interpretative Division I
Interpretative Division II
_
Civil division
Penal division
Special adjustment section
Summary of work
Office cases
Suits and prosecutions
Bureau and field personnel
Investigation of bureau
-Statistical tables
Important decisions pf courts in internal revenue cases
XV
Page
797
797
797
798
798
799
801
803
804
805
806
806
806 .
807
813
SECRETARIES OF THE TREASURY AND PRESIDENTS UNDER
WHOM THEY SERVED
NOTE.—Robert Morris, the first financial officer of the Government, was Superintendent of Finance from
1781 to 1784. Upon the resignation of Morris, the powers conferred upon him were transferred to the "Board
of the Treasury." Those who finally accepted positions on this board were John Lewis Gervais, Samuel
Osgood, and Walter Livingston. The board served until Hamilton assumed office in 1789.
Secretaries of Treasury
Presidents
Washington.
Adams.
Jefferson..
Madison.
Monroe...
Adams, J. Q..
Jackson..
Van Buren.
Harrison...
Tyler.......
Polk..
Taylor.:..
Fillmore.
Pierce.
Alexander Hamilton, New York
Oliver Wolcott, Connecticut
Oliver Wolcott, Connecticut
Samuel Dexter, Massachusetts
,
Samuel Dexter, Massachusetts...
Albert Gallatin, Pennsylvania
Albert Gallatin, Pennsylvania ^ . . . . .
George W. Campbell, Tennessee
Alexander J. Dallas, Pennsylvania..
Wm. H. Crawford, Georgia
Wm. H. Crawford, Georgia
Richard Rush, PeimsyIvania *
Samuel D. Ingham, Pennsylvania »,
Louis McLane, Delaware
Wm. J. Duane, Pennsylvania.......
Roger B. Taney, Maryland <
Levi Woodbury, New Hampshire...
Levi Woodbury, New Hampshire *.
Thomas Ewing, Ohio
Thomas Ewing, Ohio »
Walter Forward, Pennsylvania'....
John C. Spencer, New York s.
Geo. M. Bibb, Kentucky
Geo. M; Bibb, Kentucky
Robt. J. Walker, Mississippi ^
Wm. M : Meredith, Pennsylvania....
Wm. M. Meredith, Pennsylvania
Thos. Corwin, O h i o . . . , . . . . • . .
James Guthiie, Kentucky..
Perm of service
FrorrirSept. 11,1789
Feb. 3,1795
Mar. 4,1797
Jan. 1,1801
Mar. 4,1801
May 14,1801
Mar. 4,1809
Feb. 9,1814
Oct. 6,1814
Oct. 22,1816
Mar. 4,1817
.Mar. 7,1825
Mar. 6,1829
Aug. 8,1831
May 29,1833
Sept. 23,1833
July 1,1834
Mar. 4,1837
Mar. 6,1841
Apr. 5,1841
Sept. 13,1841
Mar. 8,1843
July. 4,1844
Mar. 5,1845
Mar. 8,1845
Mar. 8,1849
July 10,1850
July '23,1850
Mar. 7,1853
. ToJan. 31,1795
Mar. 3,1797
Dec. 31,1800
Mar. 3,1801
May 13,1801
Mar. 3,1809
Apr. 17,1813
Oct. 5,1814
Oct. 21,1816
Mar. 3,1817
Mar. 6,1825
Mar. 5,1829
June 20,1831
May 28,1833
Sept. 22,1833
June 25,1834
•Mar. 3,1837
Mar. 3,1841
Apr. 4,1841
Sept. 11, .1841
Mar. 1,1843
May 2,1844
Mar. 4,1845
Mar. • 7,1845
Mar. 5,1849
July , 9,1850
July . 22,1850
Mar. .6/1853
Mar. 6,1857
1 While holding the office of Secretary ofthe Treasury, Gallatin was commissioned envoy extraordinary
and minister plenipotentiary. April 17,1813, with John Quincy Adams and James A. Bayard, to negotiate
peace with Great Britain. On February 9,1814, his seat as Secretary of the Treasury was disclared vacant
Decause of his absence in Europe. William Jones, of Pennsylvania (Secretary of the Navy), acted ad
interim Secretary of the Treasury from April 21,1813, to February 9,1814.
a Rush was nominated March 5,1825, confirmed and commissioned March 7,1825, but did not enter upo n
the discharge of his duties until August 1, 1825. Samuel L. Southard, of New Jersey (Secretary of the
Navy), served as ad interim Secretary of the Treasury from March 7 to July 31,1825.
8 Asbury Dickens (Chief Clerk), ad interim Secretary of the Treasury June 21 to August 7,1831.
< McClintock Young (Chief Clerk), ad interim Secretary ofthe Treasury from June 25 to 30,1834.
6 McClintock Young (Chief Clerk), ad interim Secretary of the Treasury from March 4 to 5,1841.
6 McClintock Young (Chief Clerk), ad interim September 13, 1841.
7 McCUntock Young (Chief Clerk), ad interim March 1 to 7,1843.
8 Spencer resigned as Secretary of the Treasury May 2,1844; McCUntock Young (Chief Clerk), ad interim
from May 2 to July 3, 1844.
9 McClintock Young (Chief Clerk), ad interim March 6 to 7,1849.
XVIII
SECRETARIES OF T H E TREASURY
Secretaries ofthe Treasury and Presidents under whom they served—Continued
Presidents
Buchanan
Lincoln
Johnson
Grant
Hayes
Garfield
Arthur
. Cleveland
Harrison, Benj
Cleveland.....
McKinley
Roosevelt
Taft
Wilson
Harding
Coolidge
Secretaries of Treasury
Howell Cobb, Georgia i"
Philip F. Thomas, Maryland
,
John A. Dix, New York
Salmon P. Chase, Ohio ii
Wm. P. Fessenden, Maine 12
Hugh McCulloch, Indiana
Hugh McCulloch, Indiana ^s
Geo. S. Boutwell, Massachusetts
Wm. A. Richardson, Massachusetts
Benj. H. Bristow, Kentucky i<
Lot M. Morrill, Maine
,
Lot M. Morrill, Maine
John Sherman, Ohio ^^
Wm. Windom, Minnesota
Wm. Windom, Minnesota
,
Chas. J. Folger, New York le
Walter Q. Gresham, Indiana
Hugh McCulloch, Indiana
Hugh McCulloch, Indiana
Daniel Manning, New York
Chas. S. Falrchild, New York
Chas. S. Fairchild, New York
Wm. Windom, Minnesota i^
,
Chas. Foster, Ohio
,
Chas. Foster, Ohio
John G. Carlisle, Kentucky
John G. Carlisle, Kentucky
,
Lyman J. Gage, Illinois
,
Lyman J. Gage; Illinois
L. M. Shaw, Iowa.
.'.
George B. Cortelyou, New York
Franklin MacVeagh, Illinois...'.....
W. G. McAdoo, New York.
Carter Glass, Virginia
David F. Houston, Missouri
Andrew W. Mellon, Pennsylvania.,
Andrew W. Mellon, Pennsylvania.
Term of service
From—
Mar. 7,1857
Dec. 12,1860
Jan.. 15,1861
Mar. 7,1861
July 5,1864
Mar. 9,1865
Apr. 16,1865
Mar. 12,1869
Mar. 17,1873
June 4,1874
July 7,1876
Mar. 4,1877
Mar. 10,1877
Mar. 8,1881
Sept. 20,1881
Nov. 14,1881
Sept. 25,1884
Oct. 31,1884
Mar. 4,1885
To-
Dec.
Jan.
Mar.
June
Mar.
Apr.
Mar.
Mar.
June
June
Mar.
Mar.
Mar.
Sept.
Nov.
Sept.
Oct.
Mai".
Mar.
Mar. 8,1885 Mar.
Apr. 1,1887 Mar.
Mar. 4,1889 Mar.
Mar. 7,1889 Jan.
Feb. 25,1891 Mar.
Mar. 4,1893 Mar.
Mar. 7,1893 Mar.
Mar. 4,1897 Mar.
Sept.
Mar. 6,1897
Sept. 15,1901 Jan.
Feb. 1,1902 Mar.
Mar.
Mar.
Mar.
Dec.
Feb.
Mar.
Aug.
4,1907
8,1909
6,1913
16,1918
2,1920
4,1921
3,1923
Mar.
Mar.
Dec.
Feb.
Mar.
Aug.
8,1860
14,1861
6,1861
30,1864
3,1865
15,1865
3,1869
16,1873
3,1874
20,1876
3,1877
9,1877
3,1881
19,1881
13,1881
4,1884
30,1884
3,1885
7,1885
31,1887
3,1889
6,1889
29,1891
3,1893
6,1893
3,1897
5,1897
14,1901
31,1902
3,1907
7,1909
5,1913
15,1918
1,1920
3,1921
2,1923
w Isaac Toucey, of Connecticut (Secretary of the Navy), acted as Secretary of the Treasury ad interim
December 10 to 12,1860.
. " George Harrington, District of Columbia (Assistant Secretary), ad interim July 1 to 4,1864.
" George Harrington (Assistant Secretary), ad interim March 4 to 8,1865.
" J o h n F. Hartley, of Maine (Assistant Secretary), ad interim from March 5 to 11,1869. •
" Charles F . Conant, of New Hampshire (Assistant Secretary), ad interim June 21 to 30 [July 6], 1876.
16 Henry E. French, of Massachusetts (Assistant Secretary), ad interim March 4 to 7,1881.
i« Charles E. Coon, of New York (Assistant Secretary), ad interim September 4 to 7, 1884; Henry F .
French, of Massachusetts (Assistant Secretary), ad interim September 8 to 14, 1884; Charles E. Coon ad
Interim September 15 to 24,1884.
" A. B . Nettleton, of Minnesota (Assistant Secretary), ad interim January 30 to February 24, 1891.
ASSISTANT SECRETARIES OF THJg TREASURY
XIX
UNDERSECRETARIES OF THE TREASURY AND PRESIDENTS
AND SECRETARIES UNDER WHOM THEY SERVED
Presidents
Harding
Coolidge
Secretaries
Mellon
Mellon
MeUon
,
Undersecretaries i
Term of service
From—
ToJuly 1,1921 Aug. 2,1923
Aug. 3,1923 Nov. 17, 1923
Nov. 20,1923
S. Parker Gilbert, jr., New Jersey
S. Parker Gilbert, jr., New Jersey
Garrard B. Winston
ASSISTANTS TO THE SECRETARY OF THE TREASURY ^ AND
PRESIDENTS AND SECRETARIES UNDER WHOM THEY SERVED
Presidents
Washington
Wilson
Secretaries
Assistants to the Secretaries
Hamilton
McAdoo . . . .
Tench Coxe, Pennsylvania
George R. Cooksey, District of Columbia.
Term of service
From—
ToSept: 11,1789 May 8,1782
Mar. 6,1917 Mar. 4,1921
Glass.
Houston.
ASSISTANT SECRETARIES OF THE TREASURY AND PRESIDENTS
AND SECRETARIES UNDER WHOM THEY SERVED
Presidents
Taylor
Filmore.
Pierce
Buchanan
Lincoln
Johnson.,,..
Lincoln
Johnson
Lincoln
Secretaries
Meredith
Meredith...
Corwin.
Corwin
Guthrie.
Guthrie
Cobb.
Cobb
Thomas.
Dix.
Chase
Fessenden.
McCulloch.
McCulloch.
Chase
Fessenden.
McCulloch.
McCulloch.
Fessenden
Assistant Secretaries»
Term of service
From—
Mar. 12,1849
Charles B. Penrose, Pennsylvania
Allen A. TTal], Pennsylvaniar -^-,..'.,. Oct. 10,1849
ToOct. 9,1849
Nov. 15,1850
William L. Hodge, Tennessee
Nov. 16,1850
Mar. 13,1863
Peter G. Washington, District of Columbia.
Mar.
Philip Clayton, Georgia
4,1853
Mar. 13,1857
George Harrington, District of Columbia.*
Mar. 13,1861
Mar. 12,1857
Jan. 16,1861
July 11,1866
\
Maunsell B. Field, New York
Mar. 18,1864 June 15,1865
William E. Chandler, New Hampshire.
Jan.
5,1865
Nov. 30,1867
McCulloch.
Johnson
McCulloch.
•
1 Office established act June 16,1921.
^
3 Office established Sept. 2,1789; abolished act May 8,1792; reestablished act Mar. 3,1917. Appointed
by the Secretary.
8 Office established act Mar. 3,1849; appointed by the Secretary. Act Mar. 3,1857, made the office Presidential.
4 Act Mar. 14,1864, provides one additional Assistant Secretary.
XX
ASSISTANT ^SECRETARIES OF THE TREASURY.
Assistant Secretaries of the Treasury and Presidents and Secretaries under whom they
served—Continued
Presidents
Secretaries
McCulloch
Boutwell.
Richardson.
Bristow.
McCulloch
Johnson
Grant
Boutwell
Richardson
Bristow.
Bristow
Morrill.
Hayes
Sherman.
Grant
Bristow
Morrill
Hayes
Sherman.
Garfield
Windom.
Arthur
Windom.
Folger.
Gresham.
McCulloch.
Cleveland
Manning.
Hayes
Sherman
Sherman
Sherman
Garfield
Windom.
Arthur
Windom.
Folger.
Folger
Folger
Gresham.
McCulloch.
Manning.
Cleveland
Manning.
Manning...
Manning
Fairchild.
Harrison
Windom.
Cleveland
Fairchild
Harrison
Windom.
Windom
Windom
Windom
Foster.
Windom
Foster.
Cleveland
Cariisle.
Harrison o z . . . . . . Foster..
Foster
Foster
Cleveland
Cariisle.
Carlisle
McKinley.
Gage.
Johnson
Grant
From—
July 11,1865
May
Edmund Cooper, Tennessee
William A. Richardson, Massachusetts
Frederick A, Sawyer, South Carolina.
Dec. 2,1867
Mar. 20,1869
Mar. 8,1873
May 31,1868
Mar. 17,1873
June 11,1874
1,1874
Apr. 3,1877
Curtis F. Bumam, Kentucky
Henry F. French, Massachusetts.
Mar. 4,1875
Aug. 12,1876
June 30,1876
Mar. 9,1885
Richard C. McCormick, Arizona
John B. Hawley, Illinois
J. Kendrick Upton, New Hampshire.
Apr. 3,1877
Dec. 9,1877
Apr. 10,1880
Dec. . 8,1877
Mar. 31,1880
Dec. 31,1881
JohnC. New, Indiana
Charles E. Coon, New York
Feb. 28,1882
Apr. 16,1884
Apr. 17,1884
Nov. 10,1885
Charies S. Fairchild, New York
William E. Smith, New York
,
Hugh S. Thompson, South Carolina,
Mar. 14,1885
Nov. 10,1885
July 12,1886
Apr. 1,1887
June 30,1886
Mar. 12,1889
Isaac N. Maynard, New York
,
Apr. 6,1887
Mar. 11,1889
George H. Tichner, Illinois
George T. Batchelder, New York^..
A. B. Nettletbn, Minnesota
Apr. 1,1889
Apr. 1,1889
July 22,1890
July 20,1890
Oct. 31,1890
Dec. 1,1892
July 23,1890
June 30,1893
Lorenzo Crounse, Nebraska
John H. Gear, Iowa
Genio M. Lambertson, Nebraska...
Apr. 27,1891
Nov. 22,1892
Dec. 23,1892
Mar. 3,1893
Apr. 3,1893
Charles S. Hamlin, Massachusetts..
Apr. 12,1893
Apr. 7,1897
Charles F. Conant, New Hampshire.., July
'
To4,1875
John F. Hartley, Maine.!
;..
,. Oliver L. Spaulding, Michigan
"• Act July 11, UJ90, provides for an additional Assistant Secretary.
Term of service
Assistant Secretaries
Oct. 31,1892
ASSISTANT SECRETARIES OF THE TREASURY
XXI
Assistant Secretaries of the Treasury and Presidents and Secretaries under whom they
served—Continued
Presidents
Secretaries
Assistant Secretaries
. Term of service
From—
To—
William E. Curtis, New York
Apr. 13,1893 Mar. 31,1897
Carlisle
Gage.
Carlisle
July 1,1893 May 4,1897
Scott Wike, Illinois
Gage.
Gage
WilUam B. Howell, New Jersey....... Apr. 7,1897 Mar. 10,1899
Oliver L. Spaulding, Michigan
Apr. 7,1897 Mar. 4,1903
Gage
Roosevelt.
Gage.
Shaw.
Gage .
Frank A. Vanderlip, Illinois..
June . 1,1897 Mar. 5,1901
McKinley
Horace^A. Taylor, Wisconsin
Gage
Mar. 13,1899 June 3 1906
Roosevelt
Gage.
Shaw.
McKinley.
Gage
Milton E. Ailes, Ohio
Mar. 6,1901 Apr. 15,1903
Roosevelt
Gage.
Shaw.
Shaw
Mar. 5,1903 Mar. 5,1905
Robert B. Armstrong, Iowa
Shaw
Charles H. Keep, New York
May 27,1903 Jan. 21,1907
Shaw
Mar. 5,1905 Nov. 1,1909
James B. Reynolds, Massachusetts
Cortelyou.
Taft...
MacVeagh.
Shaw.
Roosevelt
July 1,1906 Mar. 15,1908
John H. Edwards, Ohio .
....
Cortelyou.
Shaw...Jan. 22,1907 Feb. 28,1907
Arthur F. Statter, Oregon
Apr. 23,1907 Mar. 6,1909
Beekman Winthrop, New York.
Cortelyou
Mar. 17,1908 Apr. 10,1909
Cortelyou
Louis A. Coolidge, "Vtassachusetts
Taft...
MacVeagh.
MacVeagh.
Charles D. Norton, Illinois
.
. Apr. 5,1909 June 8,1910
Apr. 19,1909 Apr. 3,1911
MacVeagh
Charles D. Hilles, New York
Nov. 27,1909 July 31,1913
MacVeagh
.. James F. Curtis, Massachusetts
Wilson
McAdoo.
Taft
MacVeagh
A. Piatt Andrew, Massachusetts
June 8,1910 July 3,1912
MacVeagh
Apr. 4,1911 Mar. 3 1913
Robert 0 . Bailey, Illinois
W i l s o n . . . . . . . . . . McAdoo.
Taft......
July 20,1912. Sept. 30,1913
MacVeagh
Sherman P. Allen, Vermont
Wilson...
McAdoo.
Mar. 24,1913 Feb. 2,1914
McAdoo
John Skeltoh Williams, Virginia
Aug. 1,1913 Aug. 9,1914
McAdoo
Charles S. Hamlin, Massachusetts
Oct. 1,1913 Oct. 1 1917
Byron R. Newton, New York .
McAdoo
Mar. 24,1914 Jan. 26,1917
McAdoo..... . . . William P. Malburn, Colorado
Aug. 17,1914 Mar. 15,1917
McAdoo
Andrew J. Peters, Massachusetts
Apr. 17,1917 Aug. 28,1918
McAdoo
Oscar T. Crosby, Virginia
June 22,1917 Nov. 20,1919
McAdoo
Jyen S. Rowe, Pennsylvania
Glass.
James H. Moyle, Utah ^
McAdoo..:
Aug. 26,1921
Glass.
Oct. 5,1917
Houston.
Harding
Mellon.
Wilson
McAdoo
July 5,1920
Russell C. Leffingwell. New York
Glass.
Oct. 30,1917
Houston.
6 Act Oct. 6,1917, provided for two additional Assistant Secretaries for duration of war and six months
after.
Cleveland
McKinley
Cleveland
McKinley.......
•
•
XXII
ASSISTANT SECRETARIES OF T H E TREASURY
Assistant Secretaries of the Treasury and Presidents and Secretaries under whom they
served—Continued
Presidents
Wilson
HardinsT
Wilson
Harding
Wilson . . .
Harding
Wilson
Harding
Coolidge
Harding
Coolidge
Harding
Coolidge
Secretaries
McAdoo
Glass.
McAdoo
Glass.
Houston.
Glass
Houston.
Glass
Houston.
Houston.
Mellon.
Houston
Mellon.
Houston
Mellon.
Houston
Mellon
Mellon
Mellon
Mellon
Mellon
Mellon
Mellon
Mellon
Thomas B Love Texas
From—
Dec. 15,1917
Albert Rathbone, New York
Sept. 4,1918 June 30,1920-
Jouett Shouse Kansas
Mar. 5,1919
Norman H. Davis, Tennessee
Nov. 21,1919 June 14,1920-
Nicholas Kellev New York
June 15,1920
ToJan. * 31,19ia
•
S. Parker Gilbert, jr., New Jersey 7 . . July
Nov. 15,1920
Apr. 14,1921
6,1920 June 30,1921
Ewing Laporte, Missouri
Dec. 4,1920
May 31,1921
Angus W. McLean, North Carolina....
Eliot Wadsworth, Massachusetts
Eliot Wadsworth, Massachusetts
Edward Clifford, Illinois
Elmer Dover, Washington
McKenzie Moss, Kentucky .
....
McKenzie Moss, Kentucky
Garrard B. Winston, Illinois
Garrard B . Winston, Illmoiss
Charles S. Dewey
... -
Dec.
Mar.
Aug.
May
Dec.
Mar.
Aug.
July
Aug.
July
Mar. 4,1921
Aug. 2, 1923-
' Became Undersecretary July 1.1921,
8 Became Undersecretary November 20, 1923.
Term of service
Assistant Secretaries
4,1920
16,1921
3, 1923
4,1921
23,1921
3,1923
3, 1923
9, 1923
3,1923
1,1924
July 9, 1923
July 25,1922
Aug. 2,192a
Aug. 2, 192a
Nov. 19,1923.
ANNUAL REPORT ON THE FINANCES
TREASURY
DEPARTMENT,
Washington^ November 20, 1924.
S I R : I have the honor to make the following-report:
With the other nations of the world we are just emerging from that
most difficult period of readjustment which is the inevitable aftermath of a great war. We are perhaps the first nation able now to
present reasonable assurances that we have comie through successfully.
During the transition, improvement has often seemed slow and uncertain. Various theories inconsistent with economic laws have been
advanced and urged as remedies to this or that feature of our system,
according to the slant or obsession of the particular theorist. The
sober judgment of a great majority of our people has in the election
just passed repudiated these theories and expressed itself in favor of a
constructiive and orderly program of handliiUg our governmental
affairs. I t is only through hard work, economy, and sound policies
that we have a right to expect true progress. We have every reason,
then, to believe that with the indorsement just received these forces
willhave full weight in our Nation. There lie before us to-day, if we
approach them with intelligence, years of prosperous and healthy
conditions such as succeeded the election of 1896. A review of the
past four years shows that we have already made much progress in
this direction.
These years have been a period of readjustment in both Government finances and general economic conditions, and of reconstruction
on a more substantial basis. How complete the transition has been
can be seen only from a comparison of present conditions with the
inflated levels of public expenditures and taxation, and the maladjustments in business which prevailed four years ago. The magnitude of the Government's operations and activities in waging the
greatest war in history made the return to more normal conditions
a slow process at best, and at the beginning of 1921 the adjustment
of the Government's finances to a peace-time basis had only begun.
There existed at that time a staggering public debt of about $24,000,000,000 and of this amount about seven and one^half billions was
short-dated debt, much of it maturing from month to month requiring frequent heavy refunding issues to be floated on the market.
Government expenditures were still eight or ten times as heavy as
pre-war expenditures, and Federal taxes, which were still being collected under the war-revenue measure of 1918, amounted to nearly
one-tenth of the total national income of the c/ountry.
2
REPORT ON T H E FINANCES
Through the establishment of the Bureau of the Budget and the
splendid cooperation of all Government departments in the program
of economy, expenditures have been reduced from about
$6,500,000,000 during the fiscal year 1920 to about $3,500,000,000 in
1924, a reduction of about 46 per cent. As a result of this reduction
in expenditures two revenue reli^ef measures were made possible, the
revenue act of 1921 and the revenue act of 1924. The receipts under
the 1924 act, it is estimated, will aggregate nearly $1,500,000,000 less
than they would have been under the act of 1918. In 1920 Federal
taxes collected amounted to $54 per capita; next year they should
be but $27, a cut of exactly one-half. At the same time the public
debt has been reduced $2,800,000,000 since March 1, 1921, and
provision is made in each year's budget for debt retirements of
about $500,000,000, chargeable against ordinary receipts. The
entire short-dated debt, moreover, has been either retired or refunded
into more manageable maturities, and refunding operations are now
necessary only on quarterly tax-payment dates, with consequent
minimum disturbance to the financial markets. These accomplishments have placed the Government's finances on a sound footing
and, with the tax reform which must ultimately come, the burden
on private business and credit should grow progressively smaller
and smaller. The urgent need is for constant guard against additional undertakings or outlays which might interfere with the orderly
program of debt retirements or make additional taxes necessary.
The readjustments in the general economic conditions of the
country have been no less noteworthy than in Government finances.
Following a period of extraordinary iaflation the country experienced
in 1920 and the early part of 1921 one of the most precipitant declines
in prices, production, and trade in its history. Prices turned downv^ard early in 1920 and continued for somewhat over a year. The
movement gathered such momentum that it was not completely
checked until about the middle of 1921. By that time the general
price level had declined nearly one-half from the high point of the
previous year, while prices of farm products had fallen 54 per cent.
This meant that farm products worth $1 in January, 1920, were
worth only 46 cents in June, 1921. The production index declined
from 116 to 74, while bank debits outside of New York City declined
from 120 to 88, and the index of building permits from 129 to 68,
There followed similar declines in bank, credit and currency.
The result of this situation was the complete disorganization of
our economic structure. Business languished, factories closed, unemployment increased, land values were cut in half in many sections of
the country, the banks were nearly paralyzed with frozen loans,
mortgages were foreclosed, and we had to readjust ourselves to meet
new conditions.
'
SECRlETARY OF T H E TREASURY
,
3
While it has taken time for this situation completely to remedy
itself, the adjustment has now been made and both banking and
business conditions are in a thoroughly sound position. Prices have
been comparatively stable for two or three years, production has
increased 20 or 25 per cent, bank debits 15 or 20 per cent, and
employment 8 or 10 per cent. Interest and discount rates, as a rule,
have been reduced more than half. Discount rates of the Federal
Reserve Bank of New York, for example, have been reduced from
7 per cent to 3 per cent, and rates on prime commercial paper from
over 7^ per cent to 3^ per cent. Bank deposits have increased
six or eight billion dollars from the low point of 1921, or over 20
per cent. At the same time reserves are unusually high, frozen loans
have been almost completely liquidated, and the country's banking
and credit structure was never in a stronger position and more able
to support continued business and industrial expansion. The traffic
handled by the railroads continues at almost record levels, and many
roads are returning to a dividend-paying basis after years of financial
difficulties and struggles to build up road and equipment to a basis
of efficiency. The building and automotive industries are prosperous
and in turn are big factors in maintaining the country's general
prosperity.
Perhaps agriculture suffered most from the crisis of 1920 and 1921
and was slower than other industries in recovering. Farmers and
stockmen generally were left in a serious plight by the price decline*
Livestock had to be sold regardless of price, and cotton, corn, and
other agricultural commodities met markets which were discouragingly low. Forced liquidation and hasty selling impaired the
farmer's buying power, and this in turn brought about a reduced
demand for the products of industry. Various relief measures were
adopted to remedy this situation. They were the agricultural credits
act of 1921, broadening the powers of the War Finance Corporation;
the agricultural credits act of 1923, creating the intermediate credit
banks; and the Agricultural Finance Corporation, which was organized at the suggestion of the President but is supported entirely
by private capital. Additional relief was afforded through the
renewed activities of the Federal farm loan system and the gradual
improvement of. the Federal reserve banks as well as the member
banks and other commercial banks of the country. While recovery
in agriculture has been sloW; it has been substantial, and to-day, due
largely to changing conditions in world crops and world markets, it
faces a new era. , The maladjustment between agriculture and other
industries has been removed, and the farmer is rapidly being restored
to his proper status in the economic system.
In looking forward to the years immediately ahead of us the new
situation in Europe, following the inauguration of the Dawes plan^
4
REPORT ON T H E FINANCES
must be taken into account. Those countries have already developed a new mental attitude and outlook, and something of the oldtime industrial vigor, and thrift are returning. Tha effect of a more
prosperous Europe means the broadening of our markets and opportunities and a quickening of our economic development. The situation in America looks more favorable for sound and orderly economic
development than at any time since the war.
TAXATION
The President on signing the revenue act of 1924 issued a statement (Exhibit 56, p. 264) in which he pointed out its defects and
indicated that he viewed the bill as a measure of temporary relief
but not a genuine tax reform. I am in hearty accord with those
views. This act, while granting many desirable reductions in taxes,
failed to provide changes in the tax system for which there is a pressing need. The problem, therefore, before us now is not so much one of
tax reduction as of tax reform. The attention of the Congress should
be directed principally to the excessive surtax rates and the confiscatory estate tax rates. The gift tax is unworkable and unduly
hampers legitimate business. The publicity provision in the revenue
law, in my opinion, is a mistake of policy and will be detrimental to
the revenue.
Taxation should not be used as a field for socialistic experiment, or
as a club to punish success, but as a means of raising revenue to support the Government. The controlling elements are not political.
The last two preceding Secretaries- of the Treasury, both under
another political administration, presented to the Congress the same
economic viewpoint with respect to high surtaxes as that which was
advanced by the Treasury and raised the greatest controversy during the recent tax legislation. I t is a fair supposition that, except
for the exigencies of partisan advantage in a session of the Congress
before a presidential election, there would not have been a very great
difference of opinion as to the evil of these excessive taxes. The
solution of the problem, and it is one which, must ultimately be
solved, lies not in partisanship but in an impartial consideration of
a subject economic in its essence, n o ' m a t t e r how much it may be
political in its appeal.
The purpose of taxation is to raise money, not only in the particular year in which the tax is assessed, but to leave the source from
which the revenue is-to be derived permanently unharmed, so that
in the next year and in the years following similar taxes wiU produce
^adequate revenue from this source. The power to tax has been well
called the power to destroy. But the continued existence, not the
destruction, of its source of revenue is the object of the Treasury.
If experience shows that a policy of taxation has harmful conse-
SECRETARY OF THE TREASURY
5
quences, and if we wish to maintain the particular source as a means of
revenue, we must adjust our policy to meet the facts, regardless of
how pleasant a different policy may have seemed. If land is continually over-cropped, less and less will the harvest be in the succeeding years until the land is valueless and its owner must abandon
it and move to other fields if he would live. So in taxation there
are limits to taxable capacity. The enemies of the income tax are
not those seeking to reduce its excessive rates but those who insist
t h a t the high rates, which have proved economically incorrect, shall
remain.
The argument is made that the wealthy should bear substantially
the whole burden. I t is quite obvious that we could not collect
solely from those having incomes in excess of $300,000 a year the
$861,000,000 of personal income tax which we received from all
classes in 1922, because the total income of the $300,000 class,
reported for taxation, was but $365,000,000, and even a 100 per
cent tax would be ineffective to produce the revenue required.
The income is not there. We must also tax smaller incomes if
the Government's requirements are to be met. While the example
given above may seem extreme, it illustrates the fact that it is
impossible for the Government to live by taxing the wealthy
alone. A broader base of taxation must be found. Again, if we
attempt to levy taxes inherently too high, those whom we seek to
tax will find some of the many ways of avoiding the realization of
an income which can be reached by taxation, and the source of the
revenue will decline. Those having incomes in excess of $300,000
had in 1916 aggregate incomes of nearly $1,000,000,000 under a 15
per cent maximum tax. This would have been more than sufficient
to prov?ide for the total income tax collected in 1922 from all classes,
but by 1922 the aggregate income of this wealthy class, with the
maximum rate of tax at 58 per cent, had dropped to $365,000,000.
There was less income upon which taxes could be levied. As a
matter of fact, about as much tax was collected from this class in
1916 with the 15 per cent maximum tax as in 1921 with the maximum
rate of 73 per cent.
Taxation in America is not the simple question of garnering a
tithe of the product of a purely agricultural people. We are a nation
of 48 States, each with its own laws of property and corporate organization, none of which is subject to the Federal Government. We
are notably ingenious in finding ways and means to accomplish our
purposes. We are becoming experienced in investments outside the
country, where the Federal tax collector's hand does not reach. We
have the anomaly of a Government seeking to collect income taxes
and at the same time providing legally authorized means of avoiding
payment of the tax by the issuance of fully tax-exempt securities
6
REPORT ON T H E FINANCES
through its own agencies and a refusal to tax the income from the
enormous mass of securities being issued by State and municipal
governments. It is an interesting commentary on the method of
approach by some to an economic question that the means of tax
avoidance by the wealthy are promoted by the very persons
who most vehemently demand that the wealthy shall pay. Differing
from the ideas of other countries, we have a theory of income
tax which treats realized increment in capital values as income.
The theory may be correct, but when we come to practice we find
that, in order not to put all business and dealing in property in a
strait-jacket, page after page of exceptions must be written into the
law. With so many doors to the house, the effort to close them all
has given us the most intricate tax law in history. At the apex of
this structure, we have maximum rates of tax and a publicity provision which not only encourage tax avoidance but make its avoidance, unless human nature be changed, inevitable.
Ways will always be found to avoid a tax so inherently excessive.
America presents no exception in the history of taxation. The
solution of the problem lies not in passing more laws but in adopting
laws with more reason. A reasonable rate of tax will make elaborate,
expensive methods of avoidance unprofitable. A reasonable rate of
tax wfll make the administration of the tax laws more simple of
accomplishment.
There is, in addition to the intricacies of our income tax and the
impossibility of a strict enforcement, a much more serious effect
of excessive taxation, both income and estate, on our industry anct
initiative. To make a new venture, to start a new business, to build
a new building, to construct and not just sit passive, means risk.
Where that risk involves capital, the probable rate of return must
compensate for the risk taken. Yet the law now says to the man of
large inconae: '^If you lose on your venture, you will pay 100 per
cent of the loss; if you win, the law will take 50 per cent of your profit."
These are not the odds which encourage adventure or the production
of income which will yield its revenue to the Government. No man
will continue to sow where he can not reap. We have, then, the
blighting ^effect of excessive rates, which compel avoidance and
destroy initiative, and by both means diminish the returns from the
upper brackets, from which the Government has been taking a large
part of its revenue. If these brackets become unproductive, the
revenue can be made up only by higher taxes in the lower brackets
and by decreasing the present exemptions so that the tax will apply
upon smaller incomes. This is a condition which can not be escaped—
more scientific taxes on the larger incomes or more taxes on the
lower incomes.
SECRETARY OF THE TREASURY
7
While it is true that income and estate taxes will always yield
revenue, it is not true that they will yield sufficient revenue to contribute their share to the support of the Government, unless adjusted
economically. In the seven-year period from 1916 to 1922, as to
which we now have income-tax statistics, the reported income of those
having incomes in excess of $300,000 dropped from $992,000,000 to
$365,000,000, and the percentage of income of this class to all income
reported dropped from 15.77 to 1.71 per cent. During the four
years in which the 25 per cent maximum tax on estates has been felt
in revenue, receipts from this source have dropped from $154,000,000
in 1921 to $102,000,000 in 1924. Should this tendency continue, and
the evidence is that it will and be accelerated in the estate tax
where the maximum has been raised from 25 to 40 per cent, then
both taxes will be indeed unproductive.
I t may be truly said, therefore, that the man with small income is
more interested than are the wealthy themselves in seeing that the
tax upon high incomes and large estates is economically sound.
With all the world opening to investment, with new tax-exempt
securities being issued at the rate of more than $1,000,000,000 a
year, and with other means of escaping, the wealthy need no guardian. But to the extent that they are encouraged and do avoid
taxation, the burden will inevitably be shifted to those with small
or moderate incomes. The Government must live. The inevitable
result of uneconomic taxation is to raise the price level, so that 97
per cent of the people in the country, who pay no income tax
directly, must make their payments indirectly in what they buy.
They, too, are vitally interested.
The importance of getting our taxing system on a sound basis
is not a subject w:hich with safety to our future can be long postponed.
During the war and in the period of readjustment immediately
succeeding, large investments were made by the Government in what
might b^ termed capital assets, and we have been living partly upon
these assets in the past few years. War supplies became surplus and
were available for sale; large loans were made to the railroads,
which are being repaid; the War Finance Corporation is collecting
its loans and returning them to the Treasury. The earlier income
and excess profits taxes were exceedingly complicated, new in theory,
and extremely difficult to administer. The Treasury is still collecting for the earlier years, which have yielded much in additional
taxes. In the past fiscal year, for example, $44,000,000 was received
from the sale of war supplies, the Railroad Administration showed a
net excess of $58,000,000 of receipts over expenditures, and the War
Finance Corporation an excess of $52,000,000. I t is estimated that
the back taxes collected in the year were between $350,000,000 and
$400,000,000, from which should be deducted $127,000,000 of tax re-
8
REPORT ON T H E FINANCES
funds. This means that last year's receipts reflected about $400,000,000 of such realization, against which can be offset $12,000,000 of new
investment in stock of the Intermediate Credit Banks. The' sale of
surplus war properties has been substantially completed. Most of
the railroads able to do so have repaid their loans, and the great bulk
of securities still held will be slow in realization. The War Finance
Corporation has returned to the Government almost all of the Government's investment in that corporation. Back taxes have not ^'-et
been exhausted, but within the next year the Bureau of Internal
Revenue should become substantially current. In the meantime
there, are several tax questions pending in court, decision of which
against the Government would involve very large tax refunds. I t
is clear that we must look carefully to the productivity of our
existing taxes and to their economic stability if we are to have further
tax reduction and if we are not to be forced in less prosperous times
to actual tax increases. We can not afford to lose revenue.
The adoption of the Dawes plan presages industrial activity to
those European countries who are our greatest competitors in foreign
trade. All of these countries have a lower standard of wage and of
living than this country. Their production costs generally will be
less than ours. If we are to continue to compete successfully abroad,
we must be sure that our taxation system does not put too heavy a
a handicap upon our industry and our trade.
In approaching the subject of rates the Treasury has been concerned solely with recommending those rates which will produce, and
continue to produce, the most revenue with the least disturbance.
The problem in its essential features does not differ from the problem
of any sales manager attempting to price the article he has to sell. If
the price is too high, his customers are few or none and he makes
nothing; if the price is too low, he has many customers but small or
no profit. Somewhere between the two extremes lies the belt within
the bounds of which is the maximum profit. What the exact rate of
maximum profit may be is a matter of judgment. In all probability
the recommendation of the Treasury of 25 per cent maximum
surtax plus a 6 per cent normal tax, a total of 31 per cent, is
above this belt of profit. A total maximum tax of 15 per cent
might be on the lower side of this belt of profit. But at least the
maximum rate should be brought within the limits of the belt. I t
would be more profitable to collect 30 per cent of the $1,856,000,000
of aggregate net income of those having incomes above $100,000 in
1916 (a year of 15 per cent maximum tax) than to collect 50 per cent
from similar incomes aggregating $892,000,000 in 1922 (a year of 58
per cent maximum tax).
I t has been the belief of the Treasury, and it is borne out by
experience, that, if taxes are too high, the source of revenue diminishes
and the tax becomes less and less productive. If taxes are reduced,
SECRETARY OF THE TREASURY
-the source of taxation expands and the lower rate may be even more
productive than the higher rate and the source of revenue assured
for the future. The table ^ appearing as a footnote gives a comparison of incomes in the $100,000 and the $300,000 classes which
is extremely interesting. During the period coverecl by available statistics, the percentage of aggregate income reported by those
with incomes of $100,000 or more to the total income of all classes
reporting dropped from 29.47 to 4.18 per cent, and in the $300,000
or moreclass from 15.77 to 1.71 per cent. In 1922, however, the
maximum rate was reduced from 73 to 58 per cent, and the
higher brackets recovered somewhat, the $100,000 class increasing
its percentage from 2.37 to 4.18 per cent, and the $300,000 class
from .78 to 1.71 per cent. This illustrates clearly the advisability
of reducing the rates on the higher incomes so that more income
proportionately may be available for taxation and the burden not
have to be borne by the smaller incomes.
An even more striking example is the case of capital gains. Prior
to 1922 these were taxed at the regular surtax rates. In 1922 for the
first time a flat rate of 123^ per cent was levied. Between these
two years the number of taxpayers with incomes in excess of $300,000
increased from 246 to 537, and of this number 165 would not have been
in that class except for the realization of capital gains. Prior to the
insertion of the capital gains section in the law, investments did not
change hands, property was tied up, and the Government collected
little revenue from this source. When the rate of tax was reduced
to 12 3/^ per cent, however, the Government opened up a vein of
revenue which in that one year yielded over $31,000,000 in taxes.
I t is quite obviously of as much advantage to the Government that
the tax on capital gains be reduced as to the taxpayer and to business. Most of all is the moderate taxpayer benefited by removing
some of the load froin him. The rate was such as permitted the
traffic to move, and it did move, to everybody's advantage.
1 Tax returns-of those with net income in excess of $100,000 and $300,000, ascom^
pared with total of all net incomes returned, for the calendar years in which the
tax accrues; latest available figures
Number of
N e t income
ncome
returns
Per
T o t a l a m o u n t of n e t
returned by
tax,
of n e t income i n c o m e those r e t u r n i n g cent (5)
maxiis of
i n excess of
returned
mum
in ex(3)
$100,000
rate
cess of
$100,000
Year
(1)
19161917
1918
1919
1920 1921
1922 -
-—-
.. _
(2)
(3)
(4)
(5)
(6)
Per ct.
15
67
77
73
• 73
73
58
$6,298, 577,620
13, 652,383, 207
15,924,639, 355
19,859,491,448
23,735, 629,183
19, 577,212, 528
21,336, 212, 530
. 6,633
6,664
4,499
5,526
3,649
2,352
4,031
$1,856,187,710
1, 606, 516,163
990,239,425
1,169, 553,048
727,004, 763
463,003, 351
892,747, 680
29.47
11.77
6.22
5.89
3.06
2.37
4.18
Number of
returns
in excess of
$300,000
(7)
1,296
1,015
627
679
395
246
537
N e t income
Per
returned by
those r e t u r n - cent (8)
is of
ing i n excess
(3)
of $300,000
(8)
$992,972,986
731,372,153
401,107,868
440,Oil, 689
.246,354, 585
153, 534,305
365, 729,746
(9)
15.77
5.36
2.52
2.22
1 04
.78
1 71
10
REPOilT ON T H E FINANCES
One of the most difficult problems the income tax presents is the
tax-exempt security question. There are two solutions: First, eliminate the tax-exemption privilege; second, adjust the income-tax
rates, so that the value of tax exemption as a means of tax avoidance shall be lessened. The first solution requires a constitutional
amendment, and its adoption has met with serious political opposition. Also, in the last session of the Congress there was defeated
a recommendation of the Secretary of the Treasury that a taxpayer
should not be permitted to take as a deduction, in figuring his net
income, interest paid by him except to the extent it exceeded the
tax-exempt interest received by him and .which he did not include
in his gross income. While the Treasury renews the recommendation made heretofore that a constitutional amendment to reach
tax exemption be proposed by the Congress, it feels that the recognition of the necessity for this action by Congress may be delayed
and that an imniediate remedy should be adopted.
Fully tax-exempt securities outstanding in the hands of the public
now amount to $13,284,000,000, and are increasing at the. rate of
about $1,000,000,000 a year. The value of a tax-exempt security
to a man of large income lies wholly in the fact that the tax-exemption
feature gives him more free income than another equally safe investment, part of the return from which the Government takes. Under
the present law, if a man has an income of $100,000 and is asked to
invest money in some constructive project, the new project m u s t
return to him $1.75 for every $1 he would receive from investing the
same money in tax-exempt securities. To express this another way,
it takes about an 8 per cent return on a taxable investment to be
equivalent to a 43^ per cent return on one that is tax-exempt. With
higher incomes, the disparity is even greater. If the Treasury's
recommendation for a maximum aggregate tax of 31 per cent should
be adopted, the relative values would be $1.44 to $1, or ,6J^ per cent
taxable as compared with 43^^ per cent exempt. The difference between an investment in ordinary productive business returning 8
per cent, the requirement under the present law, and 63^ per cent, the
requirement under the Treasury rates, to equal a 43^2 P^r ^^^^ ^^x
exempt, is the difference between a sound investment and a speculative investment. One will be accepted, the other not. If the income-tax rates are reduced to a reasonable figure, the lure of taxexempt securities to the wealthy becomes less appealing and many
will put their money into business or new projects and be content
with less return because it will give them as much free income as
would a tax-exempt security. From such investments the Government gets revenue; from tax-exempt securities it gets none. By
such investments capital is provided for industry at lower rates and
the appalling increase of State and municipal indebtedness, with its
SECRETARY OF THE TREASURY
11
inevitable taxation of the people to pay this indebtedness, is not
encouraged.
The adoption of the solution of the tax-exemipt evil by taking from
it the wholly artificial attraction of high income taxes on other investments is within the immediate power of the Congress. This would
prove advantageous to constructive business and to all who use
capital, would remove t h e incentive for the most notorious avoidance
by the wealthy of income taxes, and would assist in accomplishing the
purpose of taxation—that is, to raise revenue. A continuation of the
high artificial value to this legal.means of escape must end, or the
graduated income tax will cease to be productive.
Estate taxes
This is a field of taxation which has been occupied by the Federal
Government four times in its history, and each time until the present
was promptly rehnquished to the States when the particular emergency for which additional taxation was then requu'ed had passed.
The first time was immediately after the Revolution; the second,
during the Civil War; the third, during the Spanish War;.and the
present tax was inaugurated during the. World War. . The present
tax is duplicated by similar taxes of every State in the Union except
one or two. . There arises, then, on this feature of our taxing law
the question whether or not this particular field is one for Federal
or State taxation, or whether the field is open to both. This is a
political phase of the subject. Discussing the econpinic feature, it
is necessary to consider the effect of both Federal and State taxes.
The greater burden is, of course, the Federal tax.
I t is true that the present law gives a credit of any tax paid to the
States up to 25 per cent of the Federal tax, but the effect of this
will only be for all States to raise their taxes to a.point which will
equal this 25 per cent. If a State imposes no inheritance tax, then
the Federal Government takes its full Federal tax. If a State imposes
a small tax, then the State tax plus the Federal tax is equivalent to
the full Federal tax. It is not until the State tax exceeds 25 per cent
of the Federal tax that additional burdens are laid, upon the estates
of decedents domiciled in the particiflar State imposing such a tax.
The incentive is for each State.to adopt rates which will be equivalent to 25 per cent of the Federal tax. The credit,,therefore, is not
necessarily a material decrease iii the total tax of both jurisdictions
^ There is conflict between the States themselves. I t is quite possible under our complex system of property ownership in America
for the various States and the Federal Government t o take by death
taxes more than 100 per cent of a particular estate. The elimination
of this manifest injustice will require the working out of some reciprocal exercise of the taxing power by the States and the Federal
10065—FI 19241
3
12
REPORT ON THE FINANCES
Government in the interest of the good of the whole. A consideration of this feature might well have the attention of the Congress.
In addition, there seems to be a well-defined view on the part of
State authorities that the occupation of the field of death taxes by
the Federal Government when the war emergency has ceased is
unfair to the States, since the Federal tax cuts very materially into
the revenue which the State can obtain through this type of taxation.
In many States Federal taxes are a deduction from the gross estate
before the State's death duty is levied. The direct effect of the Federal tax, therefore, is to decrease the amount of the estate subject to
the State tax. A $10,000,000 estate is reduced to less than $7,500,000
if the Federal tax is first deducted. Indirectly the Federal tax is so
high that it has a strong tendency to decrease both the size of the
estate, which is the usual result of avoidance of excessive taxes, and
the value of the property in the estate, which is the economic effect
of a capital tax, so that graduated death duties of the States are much
less productive. The importance of this matter to the States is so
great that they will undoubtedly present their own views to the
Congress. If, however, we are to retain the estate tax as a source
of Federal revenue, there must in any event be a change in policy
and the rates made more reasonable.
In 1921 the 25 per cent maximum estate tax was first fully reflected
inrevenue. The return from Federal estate taxes for that and subsequent years has been as follows:
1921_1922
1923
1924
..__
.
.
-
_>.-___ $154, 000, 000
139, 000, 000
126, 000, 000
-102,000,000
For the first three months of the current fiscal year estate taxes
have aggregated $19,703,126, as against $23,357,400 for the first
three months of the previous fiscal year. This is a clear showing of the
progressive failure of a tax inherently excessive. With a 40 per cent
maximum rate in the revenue act of 1924 we may expect an acceleration of this tendency. Again, it must be remenibered that not only
is the effect of the loss of productivity of this character of taxation felt
by the Federal Government, but it is even more serious to many
State governments, where inheritance taxes are a more important
part of the State revenue, than such taxes are to the Federal
Government.
This excessively high taxation should be considered from two standpoints: First, its effect upon existing capital, or its static effect; and
second, its effect on the production of future capital, or its dynamic
effect. Death taxes are taxes upon capital. It is obvious that, if the
Government, to maintain itself, were to take 50 per cent of every
SECRETARY OF THE TREASURY
13
estate, small or large, and if on the average in the course of a generation a man could not double his inheritance, there would be an actual
^depletion of capital within the country and ultimately nothing would
be left to tax. This is clear enough, but there is another less readily
visible but more immediate result.
Inheritance taxes are based upon capital values. Even though the
rate of tax remains the same, it makes an important difference in
Government revenue whether a wealthy man dies when the market
for the assets left by him is up or when it is down. The Federal tax
on an estate consisting net of 100,000 shares of United States Steel
would be $2,961,000 if Steel were $110 and $1,861,000 if Steel were
$80 when the death of the decedent occurred, making a difference of
$1,100,000 in revenue derived by the Government. This result
might be brought about by market conditions alone and, if so, in the
long run the disparity would be equalized, since sometimes the market
value of the stock is up and sometimes down and on the average
Government revenue would not suffer. If, however, there is a continuing pressure on all values, not on steel stock alone, or on stocks
alone, but on every kind of property within the country, the result
is a bringing down of values and necessarily a lessening of the revenue,
because the tax depends upon values and upon nothing else.
Since an executor must obtain cash to pay his tax, he usually must
dispose of the assets of the estate at what is essentially a forced sale.
If an estate must realize upon some stock not generally dealt in, or
a piece of real estate, for example, it can do so only by reducing the price
until a bargain figure is reached which will attract purchasers. When
the next estate comes along for taxation with siimilar stock or a like
kind of property, its tax will be based upon the lower price fixed by
the sale of the assets of the first estate. Thus we have a permanent
lessening of values and a continuous exhaustion of the source for death
taxes. Any tax which thus materially lowers values destroys itself.
The dynamic or moving effect of high taxes is not so immediate
as the actual depletion of capital and lessening of capital values.
It is nevertheless of great importance in the establishment of a permanent policy. After man has become sufficiently civilized to
provide for the reasonable requirements of living, the impetus to
further effort at production is found largely in the desire to leave one's
family well provided for. So long as the individual feels that he can
pay the tax and still leave an estate to his family, he will increase his
efforts; but, if he finds that by reason of excessive taxation the results
are not commensurate with the effort, he will probably cut down his
production and the general wealth of the coma try will be diminished
accordingly. A man will not seek to build up a large fortune just to
have it taken away from his family at his death.
14
REPORT ON T H E
FINAKCES
Gift tax
The gift-tax provision was adopted upon the floor of Congress
without reference to committee. In consequence it was never thoroughly studied and not tied up with the other provisions of the law.
As an example, if a donor should give away a piece of property
which cost him $50,000 and which at the time of the gift was worth
$100,000, he is taxed on the basis of $100,000. If the donee, should
then sell this property for $100,000, he would be taxed on the basis
of what the property cost the donor and be obliged to report $50,000
profit for income tax purposes, although the property was sold at
the same price which fixed its value for taxation as a gift.
Aside from the grave constitutional question of the right of Congress to tax gifts at all, the gift tax is an excellent illustration of the
futility of trying to prevent avoidance of excessive taxes and still
not penalize legitimate transactions. Under the statute, if property
is sold or exchanged, the difference between the value of the property
and what is received is considered a gift. So, if a seller makes a bad
bargain, he suffers not only his loss on the bargain but he must pay
a gift tax on this loss. The more he has lost the more tax he has to pay.
The duty devolves upon the taxpayer to report every transaction
where he received less in value than he gave, and upon the Bureau
of Internal Revenue, therefore, to pass upon innumerable straight
business transactions.
The tax applies to corporations, and must necessarily do so or its
avoidance would be too simple. A corporation would be reluctant
to give pensions to its injured or superannuated employees, or to pay
bonuses, if its gifts to these employees are taxed; and, of course, the
larger the number of employees it wishes to benefit the more the corporation would be taxed for each enaployee. Although the tax is a
tax on capital, it is on an annual basis. If a man should give $50,000
a year for 10 years there would be no tax, but if he gave $500,000 in
one year the tax would be $19,000. A man might receive a gift of
$50,000 from each of 10 corporations without tax; but if one corporation gave him $500,000, again the tax would be $19,000. Under
t h e law, after the aggregate of such gifts is in excess of $50,000,
•every gift of over $500 to any one person even to members of one's
immediate family must be reported and is taxable. Examples of the
lunsound nature of this attempt to close loopholes for the avoidance of
^excessive taxes could well be multiplied. I t is better to adopt reasonable rates of taxation which do not compel avoidance, and to avoid
indirect and artificial restraints upon usual and proper transactions.
Something is wrong with our tax policy if legislation such as this is
yaecessary to make the collection of revenue effective.
SECRETARY OF THE TREASURY
Publicity
15
i
The revenue act of 1924 added to the requirement that the names
and addresses of all taxpayers be open to public inspection the
additional requirement that the amount of tax paid by each be also
open to inspection. At the same time Congress specifically reenacted
section 3167, which penalizes the printing or publication of any
part of a return. No attempt was made to reconcile these two
sections. Whatever the law may be, the printing has been done,
and we can now view, in the light of actual experience, the
undesirability of the publicity provision.
Aside from the question of the unnecessary violation of the right
of privacy which should be insured to all citizens in the spirit of the
fifth amendment to the Constitution, it would be interesting to
know what good will be accomplished by the provision. The Treasury has every means of access to the complete returns and all books
and papers of each of these taxpayers. Publicity is wholly unnecessary from an administrative standpoint. PuMicity serves one purpose, however. I t gives to business rivals and to those having some
ulterior motive information which is of value to them solely to the
extent it is detrimental to the taxpayer. They gain by the taxpayer
being hurt. I t is difficult to imagine any one thing which would be
a greater spur to the efforts of all taxpayers to avoid a taxable
income than the threat that the amount they pay will be pilloried.
To the direct monetary value of saving payment of an inherently
high tax is added the incentive, in many cases much stronger, of
preserving business privacy. Immediately upon the recent publication of this information opened to the public, the newspapers reported
a stimulation in the market for tax-ex:empt securities. We may
promptly expect renewed use of the many means of tax avoidance,
with the consequent decrease in the productivity of the income tax.
The provision should be repealed.
'
Board of Tax Appeals
In June, 1924, the President appointed 12 members of the Board of
Tax Appeals, and the nucleus of the board thus appointed promptly
undertook the preparation o1[ rules of practice and methods of procedure. The new law gave taxpayers an additional 60 days within
which to determine whether they desired to go to the Board of Tax
Appeals, and thereafter an additional 30 days was given by the
board's rules for getting the case at issue. As the result of the
necessary delay in getting cases at issue and the unfamiliarity of all,
both within the Bureau of Internal Revenue and among taxpayers
generally with the new law, the number of cases on the board's
dockets have not yet necessitated the appointment of additional
16
REPORT ON T H E FINANCES
members withui the maximum of 28 authorized under the law. The
board is fimctioning satisfactorily, and at present is keeping up to
date with its calendar. The experiment is one which is yet too new
to provide a basis for comment, and the board should be permitted
to continue along the lines indicated by the Congress without further
amendment to the law until it has an opportunity to demonstrate
its value to the taxpayer and to the Government.
RECEIPTS AND EXPENDITURES
The Treasury closed the fiscal year 1924 with the largest surplus in
the history of the Government. Total ordinary receipts during the
year aggregated $4,012,044,701 and total expenditures chargeable
against such receipts were $3,506,677,715, showing a surplus of
$505,366,986. This compares with an estimated surplus of
$329,639,624 in my previous annual report, the actual surplus being
about $175,000,000 in excess of the estimate. The two accounts
which varied the greatest from estimates and which were largely
responsible for the additional surplus were '^Railroads" and '^Receipts from foreign governments." Both of these accounts were
affected by changes in the money and investment markets. While
total receipts from foreign governments corresponded closely with
estimates, the method of payment changed. After Liberty bonds
went above par they were no longer used in payment of foreign
obligations. In June $50,000,000 in payment of interest was received in cash instead of in our own securities as expected. This
amount, therefore, did not appear as a corresponding expenditure
on account of the cancellation of securities. With the decline in
interest rates, moreover, the railroad securities heretofore acquired
by the Government could be refunded at lower interest rates by
the railroads, and were, therefore, paid off or purchased; and instead
of a net cash outgo in the railroad account there was a net cash
income, making a difference of some $120,000,000 over the earlier
estimate. These two factors, therefore, are responsible for about
$170,000,000 of the increase in the actual surplus over the estimate.
On the other hand, income taxes, which aggregated $1,842,000,000,
were only $8,000,000 less than the estimate although a 25 per cent
reduction had been made on six months of the 1924 payments of
personal income taxes. This reduction amounted to something
over $100,000,000, it is estimated. In spite of the reduction, income
taxes were approximately $163,000,000 larger than in 1923, due
mainly to the increase in business activity over the previous year
and the consequent growth of profits. Customs receipts were
$545,637,504, or about $24,000,000 less than estimated, and miscellaneous internal revenue was $953,012,617, or about $20,000,000
in excess of the estimate.
SECRETARY OF THE TREASURY
17
I n view of the discussion during the past year regardiQg the degree
of accuracy of the Treasury's estimates, attention may be further
directed to the closeness with which estimates correspond with actual
tax receipts and general expenditures. Without the 25 per cent
reduction in personal income taxes paid during 1924, total receipts
from customs and internal revenue would have been about
$100,000,000 in excess of estimates, a difference of only 3 per cent.
The amount appears large only when viewed alone and disassociated
from the tremendous totals of Government receipts. Ninety-seven
per cent accuracy in pre-war estimates would have been considered
exceptional and the totsil discrepancy would have been less than
$24,000,000. The showing has been especially creditable in view of
the rapid changes in business activity during recent years and the
consequent wide fluctuations in incomes. In order to maintain
the same degree of accuracy of estimates of receipts, or to attain
greater accuracy if possible, the Treasury has recently undertaken a
detailed statistical analysis of the various taxes as related to the business cycle. The purpose is to determine as nearly as possible the
relative degree to which a change in business activity affects tax
receipts and to work out a statistical basis for estimating which will
give due weight to such changes. A change of 10 p e r c e n t in business
activity, for example, means a much greater change relatively in
profits and income taxes. Estimating income taxes, therefore,
requires the measurement not only of the change in business activity
but also of the effects of these changes on corporate and personal
profits, including the shifting of personal incomes from one bracket
to another.
If the special accounts, such as ''Railroads" and "Receipts from
foreign governments," changes in which are not foreseeable by the
Treasury, are omitted, estimates of expenditures correspond much
more closely with actual figures than receipts. In the case of general
governmental expenditures, for example, which include all administrative expenditures of the various departments, the Army and Navy,
and the various special bureaus and offices, the actual figures were
$1,833,000,000, as compared with estimates of $1,828,000,000.
A detailed statement of receipts and expenditures during the fiscal
year 1924, as compared with 1923, appears on pages 131 to 143 of this
. report. Of the total expenditures, $457,999,750 were on account of
the sinking fund and other debt retirements chargeable against ordinary receipts. Total ordinary expenditures other than public debt
retirements were $3,048,677,965, compared with $3,294,627,529 during the previous fiscal year, a reduction of about $246,000,000. The
decrease in interest payments accounts for $115,000,000 of this,
while general expenditures showed a reduction from the previous
.year of $117,000,000, due mainly to further Government economies.
18
REPORT ON T H E FINANCES
DIAGRAM 1
ORDINARY
RECEIPTS OF THE GOVERNMENT
FISCAL YEAR ENDED JUNE 30,1924-
TOTAL -
ft4-,0i2/04-4;7oi
SECRETABY OF T H E TEEASUE.Y
DIAGRAM
2
GOVERNMENT EXPENDITURES CHARGEABLE AGAINST
ORDINARY RECEIPTS
FISCAL YEAR ENDED JUNE 3Q »9Z4-
TOTAL = $ 3,50G;<i)7T,TI5
10065—FI 19241
19
20
REPORT ON T H E FINANCES
Reductions are shown in nearly all departments and independent
bureaus. Expenditures for the Treasury Department, for example,
were reduced from $145,016,859 in 1923 to $137,411,205 in 1924,
and for the War Department from $392,733,634 to $348/629,778.
I n fact, the only major department which did not show a decrease
was Agriculture, whose expenditures increased from $128,745,677 in
1923 to $141; 116,440 in 1924, due to additional expenditures for good
roads. There were slight increases in the expenditures of the legislative establishment, the executive proper, the District of Columbia,
and some of the independent offices and commissions. Diagrams 1
and 2, pages 18 and 19, show the percentage distribution of receipts
and expenditures for the fiscal year under review.
Four years of economy
The^extent of the reduction in Government expenditures during
the past four years is shown in the following table:
Total ordinary receipts
Fiscal year
1920 . 1921
1922
1923
•1924..
..
..^...
.
.
.
.
.
Expenditures
chargeable
against ordinary receipts
$6,694, 565,388 $6,482,090,191'
5,624, 932, 960 5,538,209,189
4,109,104,150 3,795,302,499
4,007,135,480
3, 697,478, 020
4.012, 044,701 3. 506.677, 715
Surplus
$212,475,197
86,723,771
313,801,651
309,657,460
505,366,986
Total expenditures have been reduced from $6,482,000,000 in 1920
to $3,506,000,000 in 1924, or nearly $3,000,000,000, although in 1920
there were no sinking fund charges. While a large proportion of
this reduction is accounted for in the special accounts such as "Rail^
roads," " W a r Finance Corporation," "Shipping Board," and
"Grain Corporation," there have been noteworthy and consistent
reductions in the regular administrative expenditures of the Government each year. The general expenditures (which include all regular
departmental expenditures but exclude interest on the public debt,
public debt retirements, operations in special accounts, trust fund
investments, etc.), were $1,833,000,000 in 1924, compared with
$3,232,000,000 in 1920, a reduction of about $1,400,000,000, or 43
per cent. This reduction was accomplished in spite of the heavy
expenditures for veterans' relief, amounting to over $400,000,000 in
1924. Moreover, the outlays for good roads have practically doubled
the disbursements of the Department of Agriculture, and the amount
paid out in pensions increased about $15,000,000 between the two
dates, thereby increasing total disbursements of the Interior Department. Expenditures of the War Department alone were reduced
about $1,260,000,000 from 1920 to 1924, and for the Navy Depart-
21
SECRETARY OF THE TREASURY
ment the reduction was about $400,00Q,000. Table F, page 375,
shows the expenditures of the various departments each year from
1917 to 1924. Diagram 3, below, gives a comparison of cash
receipts and expenditures each year from 1914 to 1924, and diagram
4, page 22, shows receipts from customs, income and profits taxes,
and miscellaneous internal revenue from 1914 to 1924.
It was the annual surplus of receipts over, and above the regular
budget expenditures which formed the basis of the Treasury's recommendations last November for further tax revision and tax reduction.
The revenue act of 1921 had already given substantial relief from the
DIAGRAM
3
GOVERNMENT RECEIPTS AND EXPENDITURES
FISCAL YEARS 1914 t o 1924-
'1920
192.4-
war taxes, but by rigid adherence to principles of economy further
relief was made possible; and while the new revenue act did not accomplish all that was desired in the way of tax reform, it did further
substantially reduce.the total tax burden. Receipts during the fiscal
year 1926, the first fiscal year in which the full effect of the reductions will be felt, will aggregate from $1,200,000,000 to $1,500,000,000
less than they would have been under the rates in effect at the beginning of this administration.
The annual surplus might well have been allowed to continue to
accumulate for the purpose of additional debt retirements if the necessity for tax revision had not been so urgent and if extraneous influences
for additional expenditures could have been avoided. Tax collec-
22
RJEPORT ON T H E FINANCES
tions for the purpose of debt retirements do not lessen the country's
capital supply. The funds are put back into productive channels,
and, moreover, the annual interest charge is lessened by the additional
retirements. There are limits, however, to taxation even for debtpaying purposes. The disturbing influence of an excessive rate of redistribution through debt liquidation might more than offset the advantages of debt reduction. This is especially true under present
conditions of unusually heavy ordinary expenditures incident to the
war, such as interest on the public debt, care of disabled veterans, and
other enlarged governmental outlays from which there is no relief.
DIAGRAM
4
RECEIPTS FROn CUSTOMS, INCOnE
AND PROFITS
AND MISCELLANEOUS INTERNAL
BILLIONS
TAXES,
REVENUE
FISCAL YE«RS 19.* t o I9Z4.
OF DOLLARS
4 I
r-
•
CUSTOMS
B
INCOne AND PRQPIT6 TAXCS
0
msceaANCOus mrERNAt RSVSNUC
»9i9
!9:?0
\9Zl
tm
In view of these heavy outlays and the fact that provisions have been
made in the ordinary budget for liberal debt retirements, amounting
to nearly $500,000,000 per year at present, it was the Treasury's view
that a reduction in the country's burdensome taxes to the extent of
the annual surplus would prove more advantageous to business than
the additional debt retirements, and would facilitate the much-needed
program of tax reform.
The accomplishments of the Treasury during the past three years
have been made possible only through determined and persistent
adherence to the policy of economy laid down at the beginning of the
administration. It has not always been easy, however, to follow the
charted course and to resist the numerous demands made on the
Public Treasury for private aid. It has been necessary to oppose
SECRETARY OF THE TREASURY
23
vigorously numerous proposals for additional outlays, proposals
which undoubtedly seem worthy to those sponsoring them. These
proposals are frequently for small amounts and the argument is
advanced in each case that the small additional expense could be
easily provided without deleterious consequences. But they are
sufficient in the aggregate to upset completely the whole fiscal
program of the administration and to produce an annual deficit,
or additional taxation, instead of a surplus or tax reduction.
Organized and influential groups of interests are sometimes able to
advance their selfish aims with dangerous effectiveness to the detri^
ment of the unorganized masses. Nothing is more certain than that
when special advantages of this kind are secured somebody pays the
bill. I t is in effect an arbitrary redistribution of private income by
taking from one class and giving to another without any justification
on the basis of public weffare. This Government has always opposed
class legislation of this nature, and to pursue a different course now
would be suicidal in my opinion. When one group of the community
gains at the expense of others, the efficiency and productivity of the
community as a whole must inevitably suffer. The Treasury has
sincerely attempted to represent the interests of the whole pubhc
in these matters, realizing that, whatever the undertaking may be, the
taxpayers and consumers pay the price. The importance of Government economy may be seen from the fact that out of every $100 of
the national income about $12 is paid to Federal, State, and local
governments in taxes„ Approximately $5 of the $12 goes to the
Federal Government and the remainder to the State and local
Governments. With this already serious encroachment upon private
income the Government hesitates to undertake further activities
even for worthy and commendable purposes. Therefore it must
conscientiously oppose the many unsocial measures for exipenditures
which have been proposed and pressed upon Congress and the
administration.
THE PUBLIC DEBT
The gross public debt was reduced $1,098,894,375 during the fiscal
year ended June 30, 1924, and stood at $21,250,812,989 on the latter
date. This reduction was accomplished through (1) the application
of the sinking fund and other public debt charges against ordinary
receipts, aggregating $457,999,750; (2) a reduction in the general
fund balance of $135,527,639.56; and (3) the use of the entire surplus
of $505,366,986.31. The annual interest charges on the debt represiented by this reduction are equivalent to over $45,000,000.
The total reduction in the debt since the high point of ^$26,594,000,,000 on August 31, 1919, amoimted to $5,343,000,000 at the close of
the last fiscal year. At the peak of the debt, however, there was an
24
REPORT ON T H E FINANCES
unusually large amount of temporary borrowing in anticipation of
the next tax payment date and the debt figures on that date give a
somewhat exaggerated impression of the true situation. The debt
on June 30, 1919, a more representative date, was $25,484,000,000,
and the reductions by fiscal years since that time are shown in the
following table:
Retirements
chargeable
against ordinary receipts
Fiscal year
1920
1921
1922 .
1923
1924
„
:
Total
Retirements
through surplus
Retirements
through reductions in the
net balance in
general fund
Total debt
reductions
$79,000,000
422, 000, 000
423,000, 000
403,000,000
458, 000, 000
$212,000,000
87,000,000
314,000, 000
310,000,000
505,000,000
$894,000,000
1187,000,000
277, 000, 000
I 99,000, 000
136, 000, 000
$1,185,000,000
2 322,000,000
1,014, 000, 000
614, 000, 000
1,099, 000,000
1,785,000, 000
1, 428, 000, 000
1,021, 000, 000
4, 234, 000, 000
} Debt issues resulting in increase in net balance in general fund.
2 Includes a reduction of $4,842,000 on account of a revised estimate of the amount of fractional currency
outstanding.
DIAGRAM 5
T H E PUBLIC DEBT.
\L
GROSS DEB r
—
-
f
.
/
/
SHORT-OftTEO DEBT
^ CS YEAR,S OR, UNDER)
""""
_,__^
^
^^^
- y
Details as to debt retirements will be found in Exhibits 12 to
17, pages 179 to 189 and in Tables D and F, pages 369 and 375.
Diagram 5 above shows the course of the gross public debt and \ ^ Q
short-dated debt from 1917 to the present time.
I t will be noted that about three-fourths of the debt reduction
dtiring the fiscal year 1920 was due to the decrease in the net balance
im the general fund of the Treasury. During the war, financial
(©iperations were on such a large scale that it was necessary for the
Treasury to* have always available a working cash balance of a
billion dollars or more. This balance was obviously much too large
for peace-time operations, and consequently it was reduced $894,4J)00,000 during the fiscal year 1920, effecting a corresponding reduc
25
SECRETARY OF THE TREASURY
tion in the debt. . During the years 1921-1924, however, the reductions have been effected almost entirely, taking the four-year period
as a whole, through fixed-debt retirements chargeable against ordinary receipts and through the use of the surplus.
The fixed-debt charges are included in the regular budget of the
Government under a defiiiite plan worked out soon after the close of
the war for the gradual retirement of the public debt, and must be
met before the budget can balance. The most important of these
fixed-debt charges is the cumulative sinking fund provided in the
Victory Liberty loan act. Retirements through this fund during
the past fiscal year were about $296,000,000. The next items in
size among the fixed charges are the retirements of securities received
. from foreign Governments under debt settlements and the purchases
from foreign repayments. These two accounts amoimted to about
$150,000,000 during the fiscal year 1924. The following table shows
for each fiscal year from 1920 to 1924 the debt retirements chargeable
against ordinary receipts classified according to the source of the
funds:
Debt retirements chargeable against ordinary receipts
[In thousands of dollars]
Sinking
fund
Fiscal year
1920---.P.
1921
1922
1923
1924
J
Purchases
from
foreign
repayments
$261,100
276,046
• 284,019
295,987
.—
$72,670
73,939
64,838
32,140
38, 509
1,117,152
282,096
Total
Received
from forPureign gov- Received chases
ernments
for
from
under
estate franchise
debt
taxes
tax
settlereceipts
ments
Forfeitures,
gifts,
etc.
Total
$68,753
110,879
$3,141
26,349
21,085
6,568
8,897
$2,922
60,725
60,333
10,816
3,635
$13
169
393
555
93
$78,746
422,282
422, 696
402,850
458,000
179,632
66,040
138,430
1,223
1,784,673
See Exhibit 24, page 200, for the specific issues of securities retired
under each of the above accounts.
Retirements through the sinking fund increase each year, b u t
this means no increase in the total amount devoted to the debt
service, because the increase in the sinking fund each year represents
interest saved on previous retirements from the fund. There can be
little or no further reduction in the general-fund balance for some
years to come, because it is as low now as the Treasury's activities
will safely permit. The total balance, moreover, fluctuates around
$200,000,000, a small figure when compared with the public debt.
I t is not contemplated, furthermore, that there will be further surpluses of any significance. The revenue act of 1924 will reduce
tax receipts over $450,000,000 annually, it is estimated, and in
addition some of the sources of revenue during the past few years,
such as realizations on war assets and back taxes, are rapidly becoHiing exhausted.
26
REPORT ON T H E FINANCES
The total debt retirements from the peak have effected a saving
in interest amounting to approximately $225,000,000 annually, a
saving which equals nearly one-third of the total annual pre-war
expenditures of the Government. This strict adherence to a rigorous
debt-paying program has not only strengthened the pubhc credit and
put the Government's finances in a more manageable shape, but has
greatly added to the strength of the general investment and money
markets. Retrenchment in current Government expenditures which
does not impair governinental efficiency and the application of the
surplus thus created to debt retirements increase the country's
capital supply by that amount, the funds being released for private
enterprise. Sound Government finance, including a rigid debtpaying policy, is absolutely indispensable to the best interests of
business and private finance. Private credit can not continue to
flourish if the public credit is in a state of chaos. Therefore, a debtpaying program has been the only consistent policy to follow.
'!Phe necessity for such a. policy is obvious when it is realized that
this country came out of the war with a debt at its peak in
1919 equal approximately to the total expenditures of the Government during its entire existence prior to 1917. The debt per capita
had risen from $12 at the beginning of the war to about $250 at the
middle of 1919. Interest alone on this debt has been about a quarter
of a billion dollars more each year since 1920 than the total Government expenditures during the fiscal year 1916, the last pre-war year.
The nation which does not follow a policy of paying its debts, but
allows them to accumulate, may be compared to an individual who
follows a siniilar course. It is a sign of debility and denotes the
absence of essential vigor and foresight. The public debt is a mortgage or lien upon national wealth, and unless the country pursues a
policy of paying off this mortgage it is bound to become more and
more burdensome as time goes on. Debt reduction, in fact, is the
best method of bringing about tax reduction. Aside from gradual
refunding at lower rates of interest, it is the only method of reducing
the heavy annual interest charges.
The question of how rapidly the public debt shall be liquidated is
not a question of what proportion of the cost of the war shall be paid
by the present generation and what proportion shall be shifted to
future generations. The view sometimes advanced that the present
generation can avoid in part the burden of the cost of the war by
passing the war debt on to future generations is fallacious when the
debt is entirely domestic, as in the case of the present debt of the
United States. A domestic debt is simply a liability of the people
to pay themselves, or rather to pay the group holding Government
securities; and while this liability may be handed down to the next
generation, equivalent assets in the form of Government securities
SECRETARY OF THE TREASURY
27
would also be handed down, and t h a t generation, viewed as a whole,
would be neither richer nor poorer. From the viewpoint of the
country as a whole, the war was paid for when it was fought. The
equipment, munitions, ships, food, clothing, and all other materials
and supplies necessary for carrying on the war had to be produced
before they could be utilized. If the war had been financed entirely
tlirough taxation, as some suggested at the time, or if the supplies
needed by the Government had simply been commandeered and not
paid for, it can readily be seen that the whole burden of the war
would have been borne at that time. The financing of the conffict
in part by loans was simply an ° arrangement under Government
supervision whereby those who were in position could pay more than
their proper proportion of the cost and be reimbursed later m t h
interest by those who were not in position at the time to meet their
proper proportion under the tax system without too great sacrifices
and hardships.
If every citizen had subscribed to the Government war securities
in the proportion of his tax payments to total tax collections, the
process of financing the war in part by loans would have been a
useless expense because in that event the Government would return
to each individual in debt payments just the amount it collects
from him in taxes. There are doubtless some who are in approximately this position and are unaffected by debt payments. On the
other hand, there is one group who hold Government war obhgations in excess of the amount which they will ultimately pay in taxes
for debt redemptions, as contrasted with another group who will
pay in taxes for debt redemptions an amount greater than their
holdings of Government obligations. What constitutes an asset
to the one group in the form of Government obligations is in effect
an equal liability on the other group in the form of a tax lien on their
future earnings. The Government is simply an intermediary, or
agent who collects from the debtor and pays the creditor. This
situation is analagous to the supposititious case where A, not being
able to meet his tax payments, borrows from B, giving his note with
interest. A has not evaded the burden but has simply increased
his liabilities instead of reducing his cash assets. He must meet the
new obligation, principal and interest.
The problem of the public debt, then, is largely a question as to
how. rapidly the redistribution may be effected without undue disturbance to business and general economic conditions. The obligations must be met, but the rate of payment must be adjusted to
produce the greatest good and the least disturbance. To the extent
that tax collections for debt-paying purposes promote saving and
28
REPORT ON T H E FINANCES
reduce unnecessary expenditures, and to the extent that a debtpaying program promotes Government economy, the net result is
an actual net increase in the country's capital supply and general
welfare. On the other hand, if a business or an individual is forced
t o liquidate its or his obligations too rapidly, the result is needless
.-sacrifice and loss. The present program calls for fixed-debt retirements
chargeable against ordinary receipts aggregating about $500,000,000
.annually. This constitutes at present about 14 per cent of the
Government's expenditures, but the amount will increase progressively each year by the amount of the reduction in interest
•charges due to debt retirements through the sinking fund. The
Treasury believes that this program, while providing for subst^antial
retirements, is not unduly burdensome and should not be interfered
^with by additional or extraordinary governmental expenditures.
Changes in the composition of the debt
In my previous annual report I reviewed the refunding operations
and pointed out that the entire short-dated debt of seven and onehalf biUion dollars outstanding at the beginning of this administration had either been retired or refunded into more manageable
maturities. The effectiveness of that refunding program is illust r a t e d in the operations of the past year. Maturities have fallen
only on quarterly tax payment dates and, due to the heavy retirements from ordinary receipts, only comparatively small new issues
have been necessary. All new issues since the previous annual
report have been certificates of indebtedness. The following table
gives the principal facts regarding these issues:
Series
TJ-1924
TD-1924
TM-1925..
TD2-1924
'TS-1925
Interest
rate
Term
4
6 months..
4M 1 year
4 • ...do
2M 6 months..
2M 1 year
•
Date of issue
Due
Dec. 15,1923 June 16,1924
Dec. 15,1924
do
Mar. 15,1924 Mar. 15, 1925
June 16,1924 Dec. 15,1924
Sept. 15,1924 Sept. 15,1925
Amount
allotted
$135,128,500
214,149,000
400, 299,000
193, 065, 500
391,369,500
'
The article on pages 81 to 83 of this report, entitled ^^ Certificates of indebtedness," gives the details regarding these various
issues. Circulars announcing the issues are included as Exhibits 26
i o 29, pages 208 to 213. The table following shows in summary
form the changes in the various items of the short-dated debt (maturing within five years) since August 31, 1919.
29
SECRETARY OF THE TREASURY
Short-dated debt, August 31, 1919, to October 31, 1924.^
[Millions of dollars]
Date
Aug. 31, 1919
Apr. 30, 1921
June 30, 1921 .
June 30, 1922
June 30, 1923 .
June 30, 1924
Oct. 31, 1924 3
Pittman
Total
Loan and
Act and Treasury 4 per
shortThird
certifi- special
cer- (war)
cent
dated debt Liberty Victory Treasury tax
cates
of
tificates
notes
savings loan of
(maturing loan
notes
indebted- indebted-of securities
, within
1925
bonds
ness
ness
five years)
9,246
7,602
7, 618
6,746
5,473
8,072
8,068
4,113
4,069
3,.914
1,991
2,997
2,979
311
2,247
4,104
3,736
3,358
3,938
2,548
2, 451
1, 755
1,031
808
1., 190
263
.272
249
74
931
713
694
679
337
413
417
118
118
1 Exclusive of debt on which interest has ceased and interest-bearing obligations redeemable at the
(Pleasure of the Government but not maturing within the period covered.
2 From Preliminary Statement of the Public Debt, Oct. 31, 1924.
On November 1 oi this year the Secretary of the Treasury announced
that he had called for redemption and payment on February 2, 1925,
the 4 per cent loan of 1925, and that such bonds will cease to bear
interest on that date. This issue has therefore been included in the
short-dated debt. The text of the official circular calling those bonds
for redemption is incorporated in this report as Exhibit 33, page 218.
The details of the various issues of the debt outstanding on June 30,
1924, are shown in Exhibit 1, page 150, and in Table A, pages 356
to 363. Operations during the year and other information regarding
the debt will be found in Tables B to E, pages 364 to 374, and in
Exhibits 2 to 25, pages 155 to 207.
Treasury saving certificates were withdrawn from sale at the close
of business July 15, 1924, and until further notice will not be issued
except for exchange of denominations or for reissue in case of the
death of the registered owner prior to the maturity of the securities.
A statement regarding the withdrawal and the details of the sales and
exchanges of the series of 1924 up to the date of the withdrawal is
given on pages 83 and 84 of this report in the article entitled
^^ Government savings securities."
The table following shows the distribution of the interest-bearing
debt by maturities at various dates since August 31, 1919, when the
gross debt reached the peak.
30
REPORT ON THE FINANCES
Interest-bearing debt, distributed by maturities, and total,gross debt August 31, 1919^
to October 31, 19.2)1^^
[Millions of dollars]
M a t u r i n g w i t h i n five years
Date
Aug. 31, 1919.
Apr. 30,1921..
June 30,1921..
June 30,1922.
June 30, 1923.,
June 30, 1924.,
Oct. 31, 1924 2,
Within
one year
One
year t o
two
years
Two
years to
five
years
4,201
2,820
2,699
4,336
1,393
2,328
2,338
572
4,494
366
1,432
927
1,342
5,045
4,209
,425
2,044
2,647
4,817
4,388
Total
within
five
years
Total
M a t u r i n g interestafter five bearing
years
debt
9,246
. 7, 602
7,618
6,746
5, 473
8,072
8,068
17,103
16,158
16,119
15,965
16,535
12, 910
12,910
26,349
23,760
23,737
22,711
22, 008
20,982
20,978
Total
gross
debt
26, 594
23, 994
23, 976
22, 964
22, 350
21, 251
21,242
1 Exclusive of interest-bearing obligations redeemable at the pleasure of the Government, but not maturing within the period covered.
: 2 From Preliminary Statement of the Public Debt, Oct. 31,1924.
The increase between June 30, 1923, and June 30, 1924, in the debt
maturing within five years and the like decline in the longer-term
obhgations are due to the fact that on September 15, 1923, the maturity of the third Liberty bonds moved into the five-year period. The
following table shows in more detail the distribution of debt maturities
from October 31, 1924, to November 1, 1929:
Public debt maturities to November 1, 1929^
[Amounts as of October 31,1924]
Date of maturity
Decl 15,1924.:
Jan. 1,1925
J...
Feb. 1,1925Mar. 15, 1925..
June 15; 1925......
Sept. ,15,1925
Dec. 15, 1925
Jan. 1,1926
Mar. 15,1926
. Sept. 15,1926
Dec. 15-31, 1926.-—
January-September, 1927...
Certificates
of indebtedness 2
Treasury
(war) savings]
certificates
(including
interest)
215. 548,160
355, 779,900
82,978,776,300 '2"265,'i79,'538'
6,454,894,500 6 420,133,180
> 8,071,393, 680
1 $25,144,494
< .$118,489,900
597,325,900
400,299,000
406,031,000
'388,"869,'500'
299, 659, 900
5 13,715,592
615,707, 900
414, 922,300
2 1,805,047
2 98, 740,349
668,201,400
1,196,
000
Total
$407, 197, 500
25, 144,494
118, 489,900
997, 624,900
406, 031,000
388, 869, 500
299, 659,900
13, 715,592
615, 707, 900
414, 922,300
1, 805,047
98, 740,349
668, 201,400
15, 548,160
355, 779,900
3,243, 955,838
$407,197,500
M a r . 15, 1927
October-December, 1927
Dec. 15,1927....
Jan. 1,1928, to N o v . 1, 1929.
Total
Notes and
bonds 2
Cumulative
total
$407, 197, 500
432, 341,994
550, 831,894
1, 548, 456,794
1,954, 487, 794
2,343, 357, 294
2, 643, 017,194
2, 656, 732,7863, 272, 440, 68&
3, 687, 362,986
3, 689, 168,033
3, 787, 908,382
4,456, 109, 782
4,471, 657,942
4,827, 437,842
8,07L 393,68a
1 Exclusive of debt on which interest has ceased amounting to $19,703,420.26; second Liberty loan bonds
amounting to $3,104,574,800, which are redeemable, but do not mature, within the period; other interestbearing obligations redeemable at the pleasure of the Government but. not maturing within the period
covered and not called for redemption, amounting to $86,804,660; and thrift and Treasury savings stamps,,
unclassified sales, etc., amounting to $4,040,947.69.
2 From Preliminary Statement of the Public Debt, Oct. 31, 1924.
3 From Preliminary Statement of the Public Debt, Oct. 31. 1924, plus accrued interest as shown on t h e
Statement of the Public Debt, Aug. 31, 1924.
^ 4 per cent loan of 1925, called for redemption Feb. 2, 1925.
5 Third Liberty loan, maturing Sept. 15, 1928.
''
6 These totals differ somewhat from the corresponding figures in the table above and also in the table
on page 29 because they include the accrued interest on Treasury (war) savings certificates.
SECRETARY OF THE TREASURY
31
PROGRAM FOR RETIRING NATIONAL-BANK CIRCULATION
On November 1 of this year the Secretary of the Treasury
announced that he had called for redemption and payment on
February 2, 1925, the 4 per cent loan of 1925 amounting to $118,489,900, and that such bonds will cease to bear interest on that
date. (Exhibit 33, p. 218.) By the acts of July 14, 1870, and
January 14, 1875, under which these bonds were issued, they are
redeemable at the pleasure of the United States after February 1,
1925, upon three months' notice. The public was advised of the
Treasury's intention over seven months in advance of the date on
which the bonds were to be called, thus discouraging speculation
in the bonds and indicating the course which the Treasury proposed
to follow.
For many years prior to the enactment of the Federal reserve act
much thought had been devoted to the study of our currency system
with a view to providing some form of currency more responsive to
the needs of commerce and business than the rigid, inelastic, bondsecured circulation which has little or no relation to the legitimate
demands for currency. Periodic money panics due to the inflexible
limitations placed upon our circulating medium by the requirements
of law resulted in country-wide distress and. failure of banks and
business concerns. For years we labored under the handicaps of an
unscientific and wholly inadequate currency system.
It was only after the bitter experiences of 1893 and 1907 and as
a result of the study of expert commissions, that Congress finally
passed the Federal reserve act. This act, according to its title, was
'^To provide for the establishment of Federal reserve banks, to
furnish an elastic currency^ to afford means of rediscounting commercial paper, to establish a more effective supervision of banking in
the United States, and for other purposes."
The chief purpose of this law, so far as it relates directly to the
currency, was to provide a modern, elastic form of currency which
would expand and contract in accordance with varying trade needs.
The creation of such a currency involves the retirement of our
inelastic national-bank circulation.
To visualize clearly just how rigid our currency system was prior
to the enactment of the Federal reserve act, there are listed below the
classes and amounts of outstanding paper currency on July 1, 1914,
a date just prior to the World War, and four and one-half months
prior to the opening of the Federal reserve banks. The amounts
given represent the total stock of paper money in the country:
(a)
(b)
(c)
id)
(e)
Gold certificates
Silver certificates
Treasury notes of 1890
United States notes
.
National-bank n o t e s .
.
1
$1, 080, 974, 869
490,850, 000
__.
2, 439, 000
346, 681, 016
750, 671, 899
2, 671, 616, 784
32
REPORT ON T H E FINANCES
I t will be noted that there is no great degree of elasticity in any
one of these five forms of paper currency. I t may be well to consider each in turn:
Certificates^ gold and silver,—Both gold and silver certificates are
in the nature of warehouse receipts issued by the Government, certifying that there has been deposited in the Treasury of the United
States an equivalent amount of gold or silver dollars, as the casemay be, piayable to the bearer on demand. They are a convenient
paper substitute for the metal itself and are limited dollar for dollar
to the amount of coin (or coin and bullion in the case of gold certificates) deposited in the Treasury.
Treasury notes of 1890,—Approximately $156,000,000 of these
notes were originally issued to pay for the purchase of silver by t h e
Secretary of the Treasury, but under the act authorizing the issue
and the act of March 14, 1900, all but approximately $1,400,000^
have been retired, and these now compose an insignificant part of
our circulating medium.
United States notes,—The total amount of United States .note&
(more commonly known as ^^greenbacks'' or "legal tenders") authorized by law was $450,000,000, and the highest amount outstanding at any one time was $449,338,902 (January 30, 1864). Through
authorized retirements the amount was reduced to $346,681/016 on
M a y 31, 1878, when Congress passed an act requiring all such notesto be reissued when redeemed. While, therefore, these notes can n o t
be further reduced under the present provisions of the law, neither can
they be increased. They constitute a fixed and inflexible element in
our currency situation.
National-bank notes,—The only other form of circulating paper
currency authorized by law at the time the Federal reserve law was«
passed was the national-bank note. On July 1, 1914, there was^
outstanding $750,671,899 of this kind of currency, more than onefourth of the total stock of paper currency in the country.
These notes were first authorized by the act of February 25, 1863, an
act which was superseded by the act of June 3, 1864, entitled ^^ An a c t
to provide a national currency, secured by the pledge of United Statesbonds, and to provide for the circulation and redemption thereof."'
This is the basic act for the national banking system, and it is generally recognized that the power given to banks chartered thereunder t o
issue circulating notes against the pledge of United States bonds was
largely to accomplish two purposes—to provide an easy market for
Government bonds and to provide a uniform circulation which might
take the place of the bank notes issued by many different institutions
chartered under the laws of the different States. These State-bank
notes were taxed out of existence under the terms of the act of
March 3, 1865, as amended.
33^
SECRETARY OF T H E TREASURY
While there is no doubt that the national-bank notes helped to
accomplish each of these two purposes and were a vast improvement
over most of the State-bank note issues previously circulating, nevertheless it has long been recognized by economists, bankers, and othersinterested in the establishment of a more perfect currency system,,
that even this form of bank-note currency—the only supplement t o
the certificates and notes issued by the -Government—failed to serve
the growing needs of the country, and that the lack of elasticity of t h e
whole currency system had become a source of real danger; T h e
reason for this is obvious. There are outstanding the following Government bonds which bear the circulation privilege:
, . '
Amount
pledged with
Amount
outstanding Treasurer to
secure circuOct. 31,
lation, Nov.
1924
1, 1924
2 per
4 per
2 per
2 per
cent
cent
cent
cent
consols of 1930...
loan of 1925
Panama Canal loan, 1916-1936
Panama Canal loan, 1918-1938
$599,724,050
118,489,900
48,954,180
25,947,400
793,115, 530
$589,086,200^
76,687,050'
48,484,720
25,684,920739,842,890*
I t will be seen from the above table that there are in existenceonly $53,272,640 of bonds bearing the circulation privilege which
are not pledged with the Treasurer to secure circulation. Thisamount represents the maximum potential increase over the present
figures of national-bank circulation. Consequently, it is easy to see
how inelastic our currency system would be at the present time were
it not for the fact that the Federal reserve banks have authority to
issue Federal reserve notes as provided in the Federal reserve act.
Even if there were an indefinite supply of eligible bonds against
which bank notes could be issued, the element of elasticity, which
signifies the power to contract as well as to expand, would still be
lacking. In practice there would be expansion, but no automatic
inducement on the part of the issuing banks to contract when t h e
need no longer existed. We would still suffer from all the consequent ills of a rigid bond-secured circulation. Diagram No. 6, page
34, shows how inelastic the national-bank bond-secured circulation
was from 1900 to 1914 as compared with Federal reserve notes, which
were first issued in 1914:
While, therefore, the Federal reserve act has overcome one of the
shortcomings of our earlier system in that it has now provided the
means of issuing an elastic currency against commercial paper,
nevertheless, it has failed to accomplish the gradual retirement of
the national-bank circulation, as was contemplated by its authors.
Section 18 of that act provided for the purchase of circulating bonds
by Federal reserve banks in amounts not to exceed $25,000,000 a
34
REPORT ON T H E FINANCES
year for a period of 20 years, with a view to retiring gradually all of
the national-bank circulation through this and other provisions of
law. This provision of the Federal reserve act was entirely consistent with the plan of legislation suggested by the National
Monetary Commission as a result of its many years of investigation
of banking throughout the world. In that proposed plan, the provision relating to the purchase of circulating bonds (somewhat
similar to that contained in section 18 of the Federal reserve act)
was supported by the statement that it was—
the policy of the United States to retire as rapidly as possible, consistent
with the public interests, bond^secu'red circulation and to substitute therefor notes of the National Reserve Association of a character and secured
and redeemed in the manner provided for in this act.
DIAGRAM
6
+10%
. + 5%
YEARLY
TWERAGE
- 5 %
•
V
n
Sa»«a^
NA nONAL
BA^ K NOT :S
3 ^
»*«^
CSOOIS o
^ ' ^ ^ ^ tasasssssa
.,^
SSSffiSBsaMSi-
FEDERAL f
MOTE S
^ ^
.^<ts
J
[A
y^
—
. o a .
^ " ^
E
-10%
-15%
-25%
JAN
FEB MAR APR MAY JUN JUL AUG SEP OCT NOV DEC
"Seasonal variation of Federal reserve notes (1915-1922) compared with the seasonal variation of national.
bank notes (1900-1914).
In other words, it was recognized by students of economics and
banking that as soon as Congress should provide the means of issuing
an elastic currency, such as that provided by the Federal reserve
act, a way should also be provided for the gradual elimination of
the bond-secured currency issued by the several thousand different
national banks. The provision for the retirement of national-bank
notes, moreover, is in keeping with world-established and universally
SECRETARY OF THE TREASURY
35
approved banking practices. With certain exceptions, the central
banks of issue in the other nations of the world, whether owned by
the Government or by private interests, are the sole media for providing paper currency.
As already stated, it was expected that under the.terms of section
18 of the Federal reserve act the Federal reserve banks would purchase $25,000,000 of circulation bonds every year, beginning two>
years after the date of the act. If they had adhered to this program r
they would have purchased a total of $225,000,000 by this time:
As a matter of fact, owing to the interruption of the war, they have
actually presented only $64,000,000 of these bonds for conversion
and redemption, and have on hand about $1,000,000. This is about
$160,000,000 less than expected under the general plan of the Federal
reserve act. I t is impossible now, owiag to the high market price of
all these bonds bearing the circulation privilege, for Federal reserve
banks to continue purchases under the provisions of section 18, since
that section places a price lunit of par and accrued interest. If there
is some other way in which the retirement of national-bank notes^
ma}' be brought about, it is believed that it should be adopted as
speedily as may be consistent with the Treasury's other fiscal policies
and with due regard to the best interests of the national banks.
I t has been suggested that this may not be the proper time to takesuch action because of the fact that there is already a widespread
feeling among national bankers that they are considerably handicapped in their competition with State institutions by the fact that
their banking powers generally are more restricted than those of t h e
State institutions. But the proper answer to this suggestion would
seem to be not to continue a bank-note currency which is generally
agreed to be unscientific and of a more sentimental than materiaJ
value to the issuing banks, but rather to amend the national-bank
act so as to give to those national banks whatever additional banking powers may be necessary in order to enable them effectively and
properly to compete with State institutions.
In this connection there are now pending before Congress two biUs,.
known ^s the McFadden bill and the Pepper bill, both designed to
grant those very privileges to national banks. Under the proposed
bills some of the present powers will be liberalized and other new
powers granted. The Treasury approves the general features of these
bills and believes that some such legislation i£i necessary, not only as
a matter of justice to national banks, but also in order to preserve
the essential strength and effectiveness of our central banking system. This is obvious when it is considered that approximately twothirds of the total resources of the member banks of the Federal
reserve system are represented by national banks. In view of the
likelihood of an early passage of such legislation conferring substan-
36
REPORT ON T H E FINANCES
tial additional banking powers upon national banks, it is behevea
that now is the appropriate time to formulate a permanent program
for the ultimate retirement of the national-bank circulation.
The 4 per cent loan of 1925, of which $118,489,900 is outstanding,
has been called for redemption and payment as of February 2, 1925.
The calling of these bonds may be regarded as the initial step in a
program which, if not interrupted or curtailed by reason of circumstances or conditions not now discernible, will result ultimately in
the retirement of all bonds bearing the circulation privilege;
This program will provide for the retirement of the 2 per cent
Panama Canal loan of 1916-1936 (in principal amount of $48,•954,180), and the 2 per cent Panama Canal loan of 1918-1938 (in
principal amount of $25>947,400), at some date after the passage
of the contemplated legislation for the relief of national banks, but
before the callable date of the 2 per cent consols of 1930.
The 2 per cent consols of 1930 are not redeemable until after
April 1, 1930. By that time the national banks will have had
ample opportunity to adjust themselves to the Treasury's plan to
retire national^bank circulation. Furtherrnore, they will then
have fully availed themselves of the additional benefits afforded
by changes in the national-bank act, if amended. The 2 per cent
consols of 1930 should therefore be retired as speedily after April
1, 1930, as may be consistent with other fiscal operations of the
Treasury.
I t may be suggested that, if the condition of the Treasury precludes the payment in cash of any bonds that are called in accordance with this program and necessitates their refunding into other
securities, it would result in increasing the interest obligations of
the Treasury. But notwithstanding the possibility of having to
refund these bonds at an increased rate, the importance of simplifying our currency system by the elimination of the nationalbank note is paramount, and the increased interest rate in such
event might properly be considered an investment in behalf of a
sound and much-needed monetary reform.
Moreover, an increase in the interest rates on a relatively small
proportion of our national debt would not be a net loss to the Government, because, to the extent that the national-bank notes withdrawn from circulation are replaced by Federal reserve notes, the
circulation of the latter would be increased and this would tend
to increase the profits of the Federal reserve banks—profits in
which the Government has very liberal rights of participation.
To the extent, moreover, that national-bank notes are replaced by
Federal reserve notes, the more efficiently can the Federal reserve
banks function as a stabilizing influence on our credit and currency.
SECRETARY OF THE TREASURY
37
I t has also been suggested that the retirement of. the nationalbank note circulation would result in currency shortage. I t is
believed, however, that there is no sound basis for the fear that any
undue or harmful contraction of the currency would result. Even
if the Panama Canal loans callable in 1916 and 1918, respectively,
and the 4's of 1925 should all be called at the same time, the resulting contraction in national-bank circulation would not exceed approximately $151,000,000, or less than 4 per cent of our total paper currency
outstanaing. I t would be superseded, if needed, by the issue of
Federal reserve notes or gold certificates. At the present time the
Federal reserve banks, which are now the chief distributers of
currency in the United States,.arbitrarily make payments of nationalbank notes on hand before any other forms of currency. If, however, they should accumulate national-bank notes and pay out other
forms of currency first, it would take but a few weeks to substitute
$151,000,000 of Federal reserve notes for.$151,000,000 of nationalbank currency, and the country would never realize that the substitution had been made.
As to the suggestion that national-bank notes are a necessary
part of our currency in times of emergency or unusual credit expansion, it may be pointed out that on December 23, 1920, when Federal
reserve note circulation was at its maximum ($3,405,000,000), the
available reserve against such notes was 49.8 per cent after setting
aside 35 per cent against deposit liabilities. I t would have been
possible at the peak of expansion, therefore, for the Federal reserve
banks to have issued $831,000,000 additional Federal reserve notes—
over $100,000,000 more than the entire amount of national-bank
notes then in circulation—without lowering the reserve against
Federal reserve notes below 40 per cent. Even if this $831,000,000
additional currency, which might have been issued under a 40 per
cent reserve requirement, had not been sufficient, section 11 of the
Federal reserve act specifically authorizes and empowers the Federal
Beserve Board to reduce this reserve requirement when necessary.
B y reducing the reserve requirement only 2 per cent on. the above
date, therefore, it would have been possible for the reserve banks to
have issued $1,054,000,000 of additional currency, and proportionately more with further reductions of the reserve requirement.
But conditions prevailing in 1920 and 1921 were unusual and it is
not likely that we shall have a repetition of them. I t is hard to contemplate a condition of the Federal reserve banks, moreover, in
which it would not be possible to provide sufficient currency for any
emergency that might arise. I t could have been done in 1920, if it
had been necessary, even, without the national-bank note circulation.
All the more could it be done now when the total reserve of the
Federal reserve system is $895,000,000 more than it was at that time-^
38.
REPORT ON T H E FINANCES
an increase of about 40 per cent. I t is difficult to believe, moreover,
that our gold reserve for years to come, even contemplating possible
heavy exports to Europe, will not be sufficient to meet every possible
emergency.
In conclusion, it seems that it is wise and proper to retire n a t i o n a l
bank circulation by calling the bonds against which such circulation
is issued, for the following reasons:
(1) A bond-secured bank note is inelastic and unresponsive to t h e
needs of business and commerce.
(2) National-bank circulation is no longer necessary in view of t h e
ability of the Federal reserve banks to issue Federal reserve notes a&
and when needed.
(3) I t was contemplated by the framers of the Federal reserve act,.
and by the committees of Congress which submitted reports prior
thereto, that national-bank circulation should ultimately be retired^
The provisions of section 18 looking forward to that end became
ineffective only because of the war and war financing.
(4) I t is the general policy of other nations to have all currency
issued either by the Government itself or by central banks of issue..
(5) The retirement of national-bank circulation would do much
to simplify our currency system and to make more effective those
provisions of the Federal reserve act relating to an elastic currency.
(6) While it has been argued t h a t national banks may object toabandoning the circulation privilege, nevertheless the value of that
privilege is, generally speaking, more sentimental than material.
Moreover, the enactment of the so-called McFadden-Pepper bills will
confer upon national banks, those powers so vitally necessary to
enable them successfully to compete with State institutions.
While unforeseen conditions and circumstances affecting the fiscal
policies of the Government may arise to interrupt or curtail a general
program of retirement, it appears desirable to adopt a tentative program which will include the retirement of the 2 per cent Panama
Canal loans, callable, in 1916 and 1918. These bonds should not b e
called until after the passage of the national-bank legislation referred
to, but they should be called well in advance of April 1, 1930, t h e
callable date of the 2 per cent consols. Subject to the same conditions and circumstances, the tentative program should further include
the retirenient of the 2 per cent consols of 1930 as soon as practicable
after April 1, 1930.
PAPER CURRENCY
The matter of paper currency supply has been one of the major
problems within the department since the beginning of the World
War. Important changes in kinds, amounts, and denominations of
paper currency issues have occurred, and many difficulties have been
SECRETARY OF THE TREASURY
39
-encountered in the production. Increasing demands, particularly
for $1 notes, have taxed the department's resources. The condition
of the notes outstanding generally is very much below the desirable
standard, and has caused no end of complaint from all parts of the
country. I t has been increasingly difficult to meet all demands
for notes.
From time to time the department has considered the matter of
paper currency supply and has adopted measures which, in part,
have given temporary relief, but no definite program was developed
for a permanent solution of the difficulties. Before the war, generally speaking, the supply of currency notes was ample, and the
condition of those in circulation was satisfactory; the average life
of the $1 denomination was about 11 months, and of the higher
denominations somewhat longer. During the war period the life
of the notes was materially shortened. This is attributed to changes
in the stock composition of the distinctive paper and to changes in
printing procedure made necessary to supply the currency needs.
As soon as possible the department undertook corrective measures.
The situation did not improve, but as a matter of fact grew worse.
Early in this fiscal year an intensive study of the situation was
undertaken to determine definitely what should be done. A complete survey of cpnditions, requirements, and manufacjturing procedure was made. As a result certain very definite conclusions
were reached and a currency printing program for the balance of
the present fiscal year and extending through the next fiscal year
was proposed and adopted.
I t was shown that conditions imposed during the war had largely
persisted because of continuing and even increasing demands for
currency. Such demands have continued in excess of the department's facilities under available appropriations, and it has been necessary to depart from the approved standard of fitness, and pay back
into circulation large quantities of notes that should have been retired
as unfit. The result is a lower standard generally throughout the
country. And it has been shown that the most important adverse
factor in the situation is the depletion of reserve stocks. Formerly
there were maintained reserve stocks of blank paper, reserve stocks
of incomplete currency in the Bureau of Engraving and Printing,
reserve stocks of completed notes in the Treasurer's office, and considerable amounts of new and fit notes in the cash balance of Federal
reserve banks. During the period 1917 to 1920 the production of
Liberty bonds, war savings stamps, and other securities required a
large share of the facilities of the Bureau of Engraving and Printing.
In the face of increased demands for currency it was necessary to
deplete the reserve stocks, and ultimately to deliver the notes direct
from the presses. This meant that a note was completed and
40
REPORT ON T H E FINANCES
issued in three weeks, whereas under normal conditions the processes
of seasoning and manufacture covered a period of three months. Currency that is rushed into circulation without preliminary seasoning
lacks the wearing quality attained only through such seasoning, and
as a consequence of this depletion of reserves the life of the notes has
been reduced by three or four months. There is no possibility of
correcting this defect except through restoration of the reserve stocks.
The approved program for currency supply, in short, includes provision for printing additional notes to improve the general standard
of those in circulation; for providing a moderate increase in the
amount of $1 notes outstanding; for providing the certificates required to restore gold to circulation; for establishing a reserve of
blank paper approxipaating one month's requirements; for providing
a reserve of incomplete currency in the Bureau of Engraving and
Printing the equivalent of one month's product; and for providing
a reserve of completed notes in the Treasurer's office equal to one
month's requirements;
To make this program effective will require supplemental appro-priations for the fiscal year 1925 in aggregate amount $2,879,750.19.
To request an appropriation of this amount, when it is the policy of
the department to curtail expenditures,-might, at first glance, seem
ill-advised, and would be so were there not a real emergency present.
Moreover, the program presented is to a certain extent self-supporting. The building up of reserve stocks will increase the life of t h e
currency to such an extent that after the fiscal year 1926 the savings
derived by this added life of the currenc;^ will amount to at least
$1,500,000 each year, which in two years would equal the amount of
the supplemental appropriation requested, and thereafter will continue as an annual saving.
NEW CURRENCY DESIGNS
In the last annual report an account was given of the adoption of
new designs for paper currency issues. I t will be recalled that t h e
designs provided for characteristic backs for each denomination irrespective of kind, and characteristic faces for each denomination
irrespective of kind with variations in detail to differentiate the
separate issues.
Silver certificates of the $1 denomination embodying the new features were first paid into circulation on December 1, 1923, and to
June 30, 1924, 128,892,000 notes had been issued. The first delivery
of United States notes of the new design in the denomination of $1
was made by the bureau on January 3 of this year, and to June 30^
1924, 36,068,000 of these notes had been paid into circulation. In accordance with the principles of design adopted, the backs of these
two issues of the same denomination are uniform, and the faces
SECRETARY OF THE TREASURY
41
are uniform except as to certain characteristics, which differentiate the silver certificates from the United States notes.
Initial delivery of silver certificates of the $5 denomination was
made on August 7, 1924, and the printing of United States notes of
the $10 denomination has commenced.
Since the last report and the account therein given of the new
designs, a design for the $2 denomination has been approved.
STANDARD SILVER DOLLARS
On August 16, 1924, the Treasury announced its program for
increasing the circulation of silver dollars. Followiog the violent
ductuations in the price of silver during 1920, there was a substantial
decline in the number of silver dollars in the hands of the public, and
since that time the circulation of these coins has been considerably
below the level maintained during and prior to the war, as shown in
the following table:
Standard silver dollars in circulation
[In millions of dollars]
June 30
1910
1911
1912
1913
1914
1915
1916
1917.
June 30
.....
72
72
70
72
70
64
66
72
1918
1919
1920
1921
1922
1923_
1924
78
79
77
56
58
57
54
Efforts have been made from time to time to restore this coin to
its former place in the currency structure. Federal reserve banks
have sought the assistance of their member banks in an effort to
keep the silver dollars in active circulation. Owing to the fact,
however, that the cost of shipping silver doUars falls on the member
banks while the cost of shipping paper currency is absorbed by the
Federal reserve banks, this effort has proved unsuccessful. Furthermore, there was no real demand for silver dollars, since the public
had become accustomed to using paper dollars and gave no consideration to the fact that the excessive use of paper money of this
denomination was- adding an appreciable sum to the expenses of the
Government.
The Treasury is now endeavoring to acquaint the public with the
desirability of accepting silver dollars as an auxiliary to paper money.
Plans have been formulated to increase their circulation to the extent
of $40,000,000, and the various departments of the Government have
been requested to cooperate in this movement by using silver in
making salary payments to Government employees throughout the
-42
REPORT ON T H E FINANCES
United States. Field officers of the various departments have agreed
in making salary payments to use silver dollars for all odd amounts in
sums under $5. The Federal reserve banks have been requested to
circularize their member banks, urging that they cooperate in explaining to the public the savings that will accrue to the Government
:and the assistance that will be given the Treasury in its currency
program of building up reserve stocks of dollar bills.
During the last three years an unprecedented demand has developed for paper currency of the smaller denominations. This is
particularly true of $1 notes, which are being used in increasingly
large numbers. In order to supply the demand and to meet redempticins of unfit and mutilated dollar bills, it is necessary to print and
p u t into circulation 48,000,000 of these bills each month. A note
which is rushed through the process of manufacture becomes unfit
for circulation within 7 or 8 months of issue, whereas notes which
have been given a reasonable period of seasoning, will continue in
circulation from 10 to 11 months. Elsewhere in this report the
Treasury's plans for increasing the quantity and improving the
quality of paper currency are set forth in full. One of the most
important phases of the Treasury's program is the setting up of a
reserve supply of currency sufficiently large in amount to keep a
portion of it in process of seasoning. The building up of an adequate
currency reserve will take time. One way of facilitating the operation
is to iacrease the number of standard silver dollars in circulation, thus
enabling the Treasury to build up a reserve of paper dollars to the
•extent of the increased circulation of silver.
There are many reasons why the silver dollar should be restored to
i t s former importance in the currency structure. In the first place,
the life of a silver dollar is indefinite, whereas that of a paper dollar
does not at most exceed 11 months. A paper dollar costs IYQ cents
to manufacture and keep in circulation. If the Treasury, therefore,
can restore to circulation 30,000,000 silver dollars in continental
United States and 1(3,000,000 in our insular possessions, it can displace equal amounts of paper currency and effect an annual saving
of $828,000 on this item alone. The use of the silver dollar is not
an innovation. I t has merely lost its place temporarily in the circulation in certain localities, and all that is proposed is to restore a very
limited amount of these coins as an auxiliary to the paper currency.
Suggestions have been received from various sources as to the advantages of issuing a metallic ^^token" coin in place of the silver
certificate or the standard silver dollar itself, the token to be smaller
in size and so different in design that it could not be mistaken for any
of the subsidiary coins. Proper reserves could be set up against this
circulation and we would in effect have a metallic dollar certificate
instead of a paper dollar certificate. The thought behind this idea
SECRETARY OF T H E
TRIIASURY
43'
is perfectly sound and if economy of manufacture were the only consideration the project might be put into effect.' The ease of manufacture, however; raises an obstacle, for unless the alloy should
contain aIn amount of precious metal approaching t h e face value of
the coin, counterfeiting would be extremely easy.
BUREAU OF ENGRAVING ; AND PRINTING
During the fiscal year ended June 30, 1924, several important
changes took place in the Bureau of Engraviag and Printing. On
February 15, 1924, Maj. W. W. Kirby, Corps of Engineers, United
States Army, was designated to take over the supervision of the
bureau. In view of a ruling of the Comptroller General to the
effect that an officer of the Army, Navy, or Marine Corps^ could not
fill a civil executive position. Major Kirby was relieved of this
duty on March 16, 1924. However, by authority of an act of
Congress approved May 31, 1924, Major Kirby was detailed by
the Secretary of War t o serve as director of the bureau for a period
of six months, beginning June 16, 1924, arid he is now serving under
such detail.
^
In February, 1924, 17 of the 28 officials dismissed by Executive
order of March 31, 1922, were reinstated in the service in the
bureau. Failure to reinstate the remaining 11 employees was due
to the fact that some of them had died, others had reached the
age of retirement, and others declined the offer of reinstatement.
The number of sheets of perfect work completed and delivered by
the bureau during the fiscal year 1924 exceeded, wjth two exceptions, all records in its history. In 1919, when the war peak was
reached, and in 1921, when temporary bonds were being replaced
by permanent bonds, the total deliveries amounted to approximately
447,000,000 ^sheets and 438,000,000 sheets, respectively. In 1924
the deliveries reached a total of approximately 431,000,000 sheets.
The average number of employees required to complete this work
in 1924 was 4,980 as compared with 7,508 in 1919 and7,097 in 1921.
During the past fiscal year considerable attention was devoted to
accoimting. A committee appointed for the purpose of investigating
accounting procedure has studied the operations of the bureau tod
has submitted valuable suggestions affecting the accounting procedure. A new system of control accounts of security paper in the
process of printuig, providing a complete check at each printing
stage from the time the blank paper is received from the division of
paper custody until the finished subjects are delivered to administrative offices of issue, has been installed with satisfactory results.
In the interests of efficiency and economy m a n y changes in organization and methods were effected during the latter p a r t of the
10065—FI 19241
5
44
. REPORT ON T H E F I N A N C E S .
fiscal year. These include the abolition of tne vault division (delivering agency of the bureau), all deliveries now being effected by the
divisions completing the work; the inauguration qf a simplified
method of withdrawing national-bank currency plates from the plate
vault; the separation of the personnel office from the office of the
purchasing agent, there being no logical connection between personnel
and purchasing activities; the restoration of the electrolytic process
of making plates, a measure for relieving the present shortage of
currency plates; the general use of deep-etched plates for offset
printing, the life of a deep-etched plate being considerably longer
than that of an ordinary plate; the installation of a new method of
wetting paper, resulting in a reduction of spoilage; the salvaging of
large quantities of plain distinctive fiber paper; the completion of the
eight-subject program on power presses; the installation of safety
devices on idling equipment and agitators for uniform ink distribution
on power presses; the restoration of the resizing operation, a process
for improving the wearing qualities of money paper; the inauguration
of a scheme for condemning single notes of a sheet of currency instead
of the entire sheet of four notes, resulting in a reduction of spoilage;
the installation of the spot welding device, a machine used to band
currency for shipment with steel bands in lieu of the old method of
tying currency with twine; consolidation of binding and internal
revenue issue operations with the surface printing division, thereby
centralizing the responsibility for the printing, packing, and issue of
all surface printed securities; and the consolidation into one division
of all postage-stamp activities following the printing operation
resulting in coordination of related operations.
For several years the need for additional space for housing bureau
activities has been recognized. During the past fiscal year tentative
plans were drafted for the reconditioning of a part of the Auditors^
Building (old bureau building), and estimates covering expenses
incident thereto were prepared and submitted. The plans provide
for the transfer of certain related activities to the Auditors' Building
and the rearrangement of divisions in the new building. Such
a rearrangement will eliminate long hauls between divisions, thus
promoting efficiency, economy, and security and relieving the bureau
of its present congestion.
CHANGES IN ORGANIZATION OF BUREAU OF ENGRAVING AND PRINTING
One of the most important organization changes iu recent years
affecting a bureau or office of the Treasury took place on October 16,
1924, when a reorganization of the general administration of the
Bureau oi Engraving and Printuig became effective.
SECRETARY OF THE TREASURY
45
Prior to the reorganization the administration of the work was
handled by a director, an assistant director, and 27 major divisional
units, 17 of the major divisional units being further subdivided into
112 subunits. Except in a niimber of major divisional units and
subdivisional units and their size, the organization has remained
unchanged during a period of many years. The disadvantages of
this form of organization were obvious. The divisional chiefs ancJ
many of the subdivisional chiefs reported direct to the director o r
to the assistant director. Matters of policy, matters of discipline^
matters of technique, matters of accounting, and routine matters of
every conceivable character were presented to t h e director and to the
assistant director. They were loaded with detail, much of which was
inconsequential, and they were required to devote their time and
attention to matters which should have been otherwise attended to.
The assistant director, as a matter of fact, was merely a representative of the director and without definite auth()rity, though he did
act on a great mass of details submitted to him. The situation was
exactly, as if there were a great corporation with a president and ai.
vice president attempting to administer all the details of the business without the advice and counsel of the board of directors and
without intermediate officers charged with responsibility for lines
of work.
The result was that the operating divisions of the bureau w^ere
without correct administrative supervision, except when the operating
heads in their discretion placed matters before the director. I t
could hot be otherwise, for it would not have been possible for one
man to meet all operating chiefs and discuss matters of technique
and administration with them. The organization was too large
and too intricate to permit desirable personal contact. Such contact
as was established, however, occupied the director to such an extent
that he had little time to give to major matters of policy. There
was little or no connection between the bureau and the department.
As a matter of fact, the situation between the director and the fiscal
Assistant Secretary was similar to that between the divisional chiefs
and the director; only the unusual or the established routine rea'ched
the fiscal Assistant Secretary, and he was not able to keep closely in
touch with plans in the making.
Under the reorganization, effective October 16, 1924, in lieu of 27
major divisional units with 112 subunits, there have been established
3 major groups. These groups are composed of 6, 10, and 7 major
divisional units, respectively. Each group has been assigned to dm
assistant director, who will be charged with full responsibility for t h e
conduct thereof. Through a consolidation of major divisional unitsthe number has been reduced from 27 to 23, and the number of
46
REPORT ON T H E FINANCES
subunits has been reduced froin 112 to 95. The assistant directors
are of equal rank, each to report direct to the director on matters
with which his group is concerned. In his absence the director will
designate one of the. assistant directors, as acting' director in order
to carry on matters with which the director is charged.
A further element of the reorg^anization establishes a real connection between the bureau and the department proper. Supplementing
the organization there will be a weekly meeting of the fiscal Assistant
Secretary, the director, and the three assistant directors, composing
a committee of which the fiscal Assistant Secretary is chairman. As a
part of the reorganization there is created an executive secretary from
the office of the fiscal Assistant Secretary, who shall attend the weekly
meetings with a view of keeping, for the Secretary's office, a permanent record of all matters of policy and administration under discussion. As a further auxiliary to the organization a permancAt plaiming
imit is established, headed by an employee detailed from the Bureau
of Efficiency. The chief of the planning unit also shall attend the
weekly conferences and shall be permitted to discuss matters of organization with the fiscal. Assistant Secretary as well as with the director.
There is now pending before the Personnel Classification Board a
recommendation from this department that the classification of ,the
director be changed from grade 13 (C. A. F.) to grade 14 (C. A. F.).
The Treasury hopes to obtain favorable action by the Personnel
Classification Board in this connection, and upon approval by the
board of the change in classification an appropriate recommendation
will be submitted to Congress for the establishment of a salary of
$10,000 per annum for the position of director. I t is felt that unless
the director of the bureau is paid a salary comparable with that paid
for. similar services in the commercial field the Treasury can not
expect to obtain and retain an executive of the caliber necessary to
accomplish the results desired.
In addition to the benefits immediately to be derived from the reorganization, the amended plan of administration wiU have the effect
of developing executives in the bureau who will have some permanency
in their positions and who will in turn develop in their units men who
may in future years be expected to succeed them. The lack of this
permanency of organization in the past has resulted in a constantly
changing policy of administration. Under the present plan, even
should the director himself be changed, the assistant directors will be
able to carry on the established pohcy in general and to complete
. any improvements which may be in the making. Moreover, a closer
relationship existing between the bureau and the office of the Secretary of the Treasury will tend to permanency of policy and adequate
control.
SECRETARY OF THE TREASURY
47
WORLD WAR FOREIGN DEBT COMMISSION
The presentmembers of the World War Foreign Debt Commission
are:
.
'
, .
Andrew W. Mellon, Secretary of the Treasury, chairman.
Charles E. Hughes, Secretary of State.
Herbert C. Hoover, Secretary of Commerce.
Reed Smoot, United States Senator.
Theodore E. Burton, Member of the House of Representatives.
Charles R. Crisp, Member of the House of Representatives.
Richard Olney, formerly Member of the House of Representatives.
Edward N. Hmiey, formerly chairman of the United States Shipping Board.
Eliot Wadsworth, Assistant Secretary of the Treasury,
secretary.
A copy of the act of Congress approved February 9, 1922, creating
the commission and defining its powers, appears in the Annual Report
of the Secretary of the Treasury for the fiscal year ended June 30,
1923, as.Exhibit 42, page 256.
A copy of the act of Congress approved February 28, 1923, which
authorized the settlement of the indebtedness of Great Britain and
increased the membership of the commission, from five to eight
appears as Exhibit 44, page 261 of the same report.
At the time of the creation of the commission the United States
held obligations of foreign governments representing indebtedness
incurred in connection with the World War or, arising out of conditions resulting therefrom, aggregating in principal amount approximately $10,10.2,000,000. The commission has negotiated agreements
for the funding of the principal of such indebtedness (including the
indebtedness of Lithuania and Poland, respectively,- referred to below), amounting to $4,249,434,720.64, or more than 42 per cent of
the total indebtedness to the United States at that time.
A statement of the obligations of foreign governments, together
with interest accrued and remaining unpaid thereon as of the last
interest period prior to or ending with November 15, 1924, is attached
I as Exhibit 38, page 230.
There is set forth below a detailed report of the activities of the
commission since the last annual report.
Debt settlement with Finland
Settlement of the indebtedness of Finland to the United States on
the terms embodied in the agreement executed May 1, 1923, signed
on behalf of Finland by the minister of Finland at Washington and on
behalf of the United States by the Secretary of the Treasury as chairman of the World War Foreign Debt Commission, with the approvalof the President, was approved by act of Congress of March 12, 1924.
48
REPORT ON T H E FINANCES
Bonds of Finland in the aggregate principal amount of $9,000,000.
issued pursuant to the terms of the agreement, were received by the
Treasury on March 22,1924. The Treasury thereupon, in accorciance
with the terms of the agreement, canceled and surrendered to Finland
through the legation of Finland at Washington obligations of Finland
in the principal amount of $8,281,926.17.
Negotiations leading up to the execution of the agreement are
described in the last report of the commission embodied in the Annual
Report of the Secretary of the Treasury for the fiscal year ended June
30,'l923, page 26.
Copies of the agreement as executed on May 1, 1923, together with
the form of bond actually executed and delivered on March 22, 1924;
of the report of the commission dated May 2, 1923; of the letter of
the President to Congress dated January 16, 1924; and of the act of
Congress approving the settlement are attached as Exhibits 41, 42,
43, 44, pages 233 to 241.
Debt settlement with Hungary
Count .L^szlo Szechenyi, minister of Hungary at Washington and
representative appointed by the Government of Hungary to negotiate with the commission, presented to the commission on April 7,
1924, the desire of his Government to refund its indebtedness to the
United States evidenced by one of a series of obligations designated
as ^^ Relief Series C of 1920." iFrequent conferences resulted between
representatives of the commission and the minister, at which the
minister emphasized the fact that his Government was in serious
financial difficulties, that a reconstruction loan had become imperative in order to enable his Government to rehabilitate its finances,
and that the success of this loan made it essential that the lien
enjoyed by the series of obligations designated as ^^ Relief Series C of
1920" be subordinated to that of the loan. After full consideration
of the problems involved, an agreement was reached, subject to the
approval of the President and of the Congress of the United States,
which was substantially the same as that previously reached with
Finland. The agreement, however, provided that the bonds to be
issued pursuant to its terms should be secured in the same manner
and to the same extent as the obligations designated as '^ Relief
Series C of 1920," subject to release of such security, in whole or in
part, if and when all other creditor nations holding obligations of Hungary of the designated series should release to a similar extent the
security enjoyed by such obligations, by the Secretary of the Treasury
of the United States on such terms and conditions as he might deem
necessary or appropriate, so that the United States could cooperate in
^any program whereby Hungary might be able to finance its immediate
needs by the flotation of a loan for reconstruction purposes.
. SECRETARY OF THE TREASURY
49
The arrangement contemplated was similar to that previously
made.with respect to the relief obligation of i the Government of
Austria held by the Treasury, designated as ^'Relief Series B of 1920"
by authority of joint resolution of Congress approved April 6, 1922.
See Annual Report pf the Secretary of the Treasury for the fiscal
year ended June 30, 1922, page 23.
A formal agreement was executed on April 25, 1924, signed on behalf
of Hungary by the minister of Hungary at Washington and on behalf
qf the United States by the Secretary of the Treasury as chairman of
the World War Foreign Debt Commission. The agreement, together
with the report of the commission recommending for submission to
Congress a settlement with Hungary upon the terms embodied in the
agreement, was forwarded to the President on April 25, 1924, and
received his approval on that date. On the same day the agreement
was transmitted to Congress by the President with the recommendation that settlement of the indebtedness on the terms agreed upon
be approved. The settlement was approved by act of Congress of
May 23, 1924.
Advices received thereafter by the Treasury through the Department of State indicated that the Reparation Commission by unanimous vote on May 20, 1924, had agreed that the bonds to be issued
pursuant to the terms of the agreement should have the same priority, in rfespect to the assets and revenues of Hungary, as that enjoyed
by the obligations designated as '^Relief Series C of 1920." Such
advices further indicated that substantially all other creditor nations
holding obligations so designated, namely, Denmark, France, Great
Britain, Holland, Norway, Sweden, and Switzerland, had agreed that.
the lien enjoyed by their respective obligations upon the assets and revenues of Hungary should be subordinated to that of the reconstruction
loan of $50,000,000 contemplated under the plan approved by the
Reparation Commission under date of February 21, 1924,
Accordingly, on May 29, 1924, the Treasury accepted bonds of
Hungary, issued pursuant to the terms of the agreement, in the aggregate principal amount of $1,939,000, canceling and surrendering to
Hungary, through the legation of Hungary at Washington, the obligation of Hungary designated as *'Relief Series C of 1920," in the
principal amount of $1,685,835.61. On the same day, acting under
the authority conferred by the act of Congress above referred to, the
Secretary of the Treasury, on behalf of the United States, consented
to subordinate the lien of the bonds so received upon the assets and
revenues of Hungary to that of the above-described reconstruction
loan, without prejudice, however, to the priority over costs of reparation to which the bonds are entitled.
Copies of the agreement as executed on April 25, 1924, together
with the form of bond actually executed and delivered on M a y 29,
50,
REPORT. ON T H E FINANCES
1924;- of the report of the commission dated April 25, 1924; of the
letter of t h e President t o Congress dated April 25, 1924; and
of the act-of Congress, approving the settlement are attached as
Exhibits 45, .46, 47, 48, pages 241 to 251.
*
Debt settlement with Lithuania
Mr. Kazys Bizauskas, minister of Lithuania at Washing ton,.and
representative appointed by the Government of Lithuania to negotiate
with the commission, called at the office of the commission on May
16, 1924, and stated that he had been instructed by his Government
to inform the commission of its desire to refund its indebtedness to the
United States.' As a result of conferences with the officers of the
commission, an agreement was reached, subject to the approval of
the Seimas of Lithuania and of the President and Congress of the
United States, which was substantially the same as that previously
reached with Finland. The formal agreement was executed on
September 22, 1924, signed on behalf of Lithuania by the
minister of Lithuania at Washington and on behalf of the United
States by the Secretary of the Treasury as chairman of the
World War Foreign Debt Commission. The agreement, together
with the report of the commission recommending for submission to Congress a settlement with Lithuania upon the terms
embodied in the agreement, was forwarded to the President on
September 22, 1924, and received his approval on that date. Neither
the Seimas of Lithuania nor the Congress of the United States being
in session, the settlement has not yet been finally approved.
. Debt settlement with Poland
Dr. Wladyslaw Wroblewski, minister of Poland at Washington and
representative appointed by the Government of Poland to negotiate
with the commission, appeared before the commission on June 23,
1924, and stated that he had been instructed by his Government to
inform the commission of its desire to refund its indebtedness to the
Unite(i States. He pointed but, however, that the entire territory
of Poland had been overrun during the World War; that about
one-half of its territory had again been overrun during the Soviet war
in 1921; that a large amount of German and Austrian currency of
greatly depreciated value was still in circulation in Poland; that the
Polish mark had not been stabilized until January, 1924; that the
new currency of Poland, the zloty, secured by gold or real values and
controlled by a bank of issue independent of the Government, had
been provided for only as of April 30, 1924; that until very recently
Poland had no adequate taxation system and no trained fiscal administration for 80 per cent of its territory; and that Poland had only
SECRETARY OF THE TREASURY
51
just succeeded in balancing its budget. As a result of this meeting
and conferences with the officers-.of the comrriission, an agreement
was reached, subject to the approval of the President and the Congress of the United States and of the President and Council of Ministers of Poland, which was substantially the same as that previously
reached with Great Britain, except for a provision under which Poland
shall have the option to liquidate amounts due under the agreement
prior to 1930, in part by certain semiannual payin'ents aggregating
$10,000,000, and the balance in bonds of Poland siinilar in terms to
those originally issued. The formal agreement embodying the terms
agreed upon was executed on November 14, 1924, being signed on
behalf of Poland by the minister of Poland at Washington and on
behalf of the United States by the Secretary of the Treasury as
chairman of the World War Foreign Debt Commission. The agreement, together with the report of the commission recommending for
submission to Congress a settlement with Poland upon the terms
embodied in the agreenient, was forwarded to the President on
.November 14, 1924, and received his approval on that date. Con^
gress not being in session, the settlement has not yet been finally
approved.
Other debtor nations
Armenia,—There is ho government recognized by the United
States.
Austria,—The time of payment of principal and interest of the
Austrian obligation held by this Government was extended until
June 1, 1943, and the lien of the obligation subordinated pursuant
to special authority conferred by joint resolution of Congress approved
April 6, 1922. See annual report of the Secretary of the Treasury
for the fiscal year ended June 30, 1923, page 33-.
Belgium,—^No proposals or representations with reference to re-^
funding have been received since the publication of the last annual
report.
'
Czechoslovalcia,—The representatives appointed by the Government
of Czechoslovakia left the United States in July, 1923, with the
understanding that they would continue their efforts to adjust all
differences between their accounts and those of the United .States
and would return to the United States in order to continue negotiations. On April 9, 1924, the commission was advised that the minister of Czechoslovakia at Washington had been authorized by his
Government to proceed with negotiations, and on June 5, 1924, that
during the minister's absence the counselor of the legation at Washington would act in his stead.. No proposals or representations with
reference to refunding have as yet been received.
10065—FI 19241
-6
.52
REPORT ON T H E FINANCES
. : :£|s«[/io7im.--Mr. Antonius Piip, minister of Esthonia at Washington
land representative appointed by the Government of Esthonia to
negotiate with the commission, called at the office of the commission
on January 9, 1924, and stated that he had been instructed by his
Groyernment to inform the commissiori of its desire to refund its
inciebtedness to the United States. . The minister placed in the
hands of the commission information regarding the financial and
economic conditions in Esthonia and has had a number of conferences with the officers of the commission. No agreement has as yet
been reached.
France,—^o proposals or representations with reference to refunding have been received since the publication of the last annual report.
Greece,—No proposals or representations with reference to refunding have been received since the publication'of the last annual report.
Italy,—No proposals or representations with reference to refunding have been received since the publication of the last annual report.
Latvia,—On May 6, 1924, the commission was advised that the
question of the foreign indebtedness of Latvia was under consideration by the Latvian cabinet. No proposals or representations with
reference to refunding have as yet been received.
Liberia.—No proposals or representations with reference to refunding have been received since the publication pf the last annual report.
Nicaragua,—This indebtedness has not been refunded. Payments
are being made from time tp time on account of the obligations held
-by the United States.
Rumania,—No proposals or representations with reference to refunding have been received since the publication of the last annual report.
Russia,—There is no government recognized by the United States.
Yugoslavia,—Dr. George Diouritch, a member of the delegation
of the Kingdom of the Serbs, Croats, and Slovenes to the Reparation Commission; Dr. Milorad Nedelkovitch, professor at the University of Subotitsa; and Mr. M. I. Pupin, professor at Columbia
University and honorary consul general at New York, representatives
appointed by the Government of the Kingdom of the Serbs, Croats,
and Slovenes, appeared before the commission on April 7, 1924. .
They stated that their Government intended to present to the commission a plan for the refunding of its indebtedness to the United
States, but that due to the economic and financial conditions existing in their country it did not feel that it could do so at present.
They placed in the hands of the commission certain information
regarding such conditions and stated that their purpose in coming
to this country had been twofold, namely, to supply the commission
with full information as to such conditions and to demonstrate the
progress which their Government had made during the past five
years. They expressed with confidence the view that as a result of
this progress their Government, at a future date, would be able to
SECRETARY OF THE TREASURY
53
present plans for refunding its indebtedness, not only to this country but also t h a t to Great Britain and Frances, the latter amounting
in the aggregate to about tweiity times that^to the United States. In
reply the commission defined its position and authority and expressed
its strong desire for a refunding of the indebtedness to the United States
at the earliest possible moment. I t also took the position that if a
formal proposal were not presently to h e submitted, the United
States should be assured that, prior to the refunding or discharge of its
indebtedness to the United States, no steps would be taken by the
Government of the Serbs, Croats, and Slovenes^ with respect to any
other indebtedness of that Government which would result in placing
the United States in a less favorable position as a creditor than that
which it then occupied. The representatives of the Serbs, Croats,
and Slovenes responded that in their opinion the United States could
consider that it already had the desired assurance and that no step
was contemplated by their Government which would affect the
United States in the manner suggested. The representatives of the
Serbs, Croats, and Slovenes left the United States shortly after this
meeting.
OBLIGATIONS OF FOREIGN
GOVERNMENTS
The obligations of foreign governments held by the Treasury on
November 15, 1924, aggregated $10,559,929,727.59, in principal
amount, and may be classified as follows:
^
(1) $5,242,247,155.14 representing cash advances made by the
Secretary of the Treasury, with the approval of the President, under
the Liberty bond acts ($9,598,236,575.45 originally held).
(2) $595,052,397.27 received from the Secretary of War and the
Secretary of the Navy on account of sales of surplus war material
under the act of July 9, 1918 ($595,141,368.43 originally held).
(3) $75,812,037.38 received from the American Relief Administration on account of relief supplies furnished under the act of February 25, 1919 ($84,093,963.55 originally held).
(4) $55,172,966.88 received from the United States Grain Corporation on account of sales of flour for relief purposes under the act
of March 30, 1920 ($56,858,802.49 originally held).
(5) $3,736,628.42 received from the United States ^Shipping
Board on account of services rendered to the Government of Poland.
. (6) $4,587,908,542.50 received from the Governments of Finland,
Great Britain, and Hungary under the terms of the respective funding agreements concluded pursuant to the act of Congress approved
February 9,1922, as amended by act of Congress approved February
28, 1923 ($4,610,939,000 originally held). See statement regarding
the World War Foreign Debt Commission embodied in the annual
reports of the Secretary of the Treasury for the fiscal years ended
June 30, 1923 and 1924, pages 24 and 47, respectively.
54
REPORT ON THE FINANCES
The Government of Cuba has paid in full both principal and interest due on its obligations, and the Governments of Finland,
Hungary, and Great Britain have refunded both principal and interest due on their respective obligations. The Government of
Nicaragua is from time to time making payments on account of
principal and interest due on its indebtedness with a view to its full
Uquidation in about 35 months. Payments under the terms of the
refunding agreements with the Governments of Finland, Great
Britain, and Hungary have been made in accordance with the provisions of the respective agreements.
The Governments of Belgium and France have paid in full interest
due on such of their obligations as have been received from the Secretary of War on account of sales of surplus war material under the
act of July 9, 1918.
Statements showing in detail the obligations of foreign governments held by the Treasury, with interest accrued and remaining
unpaid thereon as of the last interest period prior to, or ending with,
November 15, 1924, together with repayments made to that date
both on account of principal and interest, are attached as Exhibits
38, 39, 40, pages 230 to 232.
BUREAU OF INTERNAL REVENUE ^
Internal-revenue receipts for the fiscal year ended June 30, 1924,
were $2,796,179,257.06, cojnpared with $2,621,745,227.57 for the
previous fiscal year, an increase of $174,434,029.49. Income and
profits tax collections amounted to $1,841,759,316.80, compared with
$1,691,089,534.56 for the year 1923, an increase of $150,669,782.24.*
Collections of miscellaneous taxes for the year 1924 amounted to
$954,419,940.26, compared with $930,655,693.01 for the fiscal year
1923, an increase of $23,764,247.25.
In the foregoing statement of receipts no deductions have been
made on account of refunds, which for .the fiscal year 1924 were as
follows:
Refunding taxes illegally collected:
1920 and prior years
1921
.
__..
1922
1923.....___1924 and prior years
Total refunds.._.___
•
-_.
.
--
. - _ . $29, 244, 233. 15
11, 854, 300. 19
.
7, 772, 246. 91
4, 476, 790. 98
83, 658, 654. 42
137, 006, 225. 65
1 The figures concerning internal-revenue receipts as given in this statement differ from such, figures
carried in other Treasury statements showing the financial condition of the Government, because the former
represent collections by internal-revenue oflBcers throughout the country, including deposits by postmasters of amounts received from sale of internal-revenue stamps and deposits of internal-revenue collected through customs offices, while the latter represent the deposits of these collections in the Treasury
or depositaries during the fiscal year concerned, the differences being due to the fact that some of the collections in the latter part of the fiscal year can not be deposited, or are not reported to the Treasury as
deposited until after June 30, thus carrying them into the following fiscal year as recorded ih the statements
showing the condition of the Treasury.
SECRETARY OF THE TR.i)ASUBY
55
The interest allowed on claims.for refunds under provisions of the
act of November 23, 1921, amounted to $7,174,400.37, which is
included in the foregoing statement.
During the year ended June 30, 1924, a number of changes were
made in the organization of the Income^ Tax Unit with a view to
better coordination of work of its several divisions. Authority and
responsibility for auditing the three general classes of returns—personal, corporation, and affiliated corporation—were centered in
three major divisions, thus eliminating duplication of work, needless
transfers of returns, and overspecialization.
The files audit procedure, established during the preceding year
with good results, was broadened to provide for the immediate
examination of the 1923 returns upon their receipt in the unit for the
purpose of determining whether an intensive audit is necessary, and,
if necessary^ w^hether the case should be referred to the field for investigation without passing through the office audit.. In this.examination apparent discrepancies, such as mathematical errors, etc., are
corrected, the assessment list is changed and the taxpayer notified
of the error. Those returns requiring an intensive audit are carded
for field or office examination and those showing no change in tax
liability are closed and immediately filed. As a result of this procedure, needless movement of returns is avoided.
In consequence of the policy of delegating more authority to the
field force, satisfactory progress was made toward establishing a
closer contact between the Income Tax Unit; and taxpayers. For
the convenience of the public, instructions were given the field forces
of the unit to afford taxpayers the opportunity to visit the offices of
the revenue agents in charge in the various cities and discuss the
findings and recommendations of revenue agents before such recommendations were forwarded to Washington. This policy will be
continued with a view to saving taxpayers the expenditure of time
and money necessitated by a visit to Washington.
The efforts of the unit during the year were directed largely toward
adjustment of complicated tax cases for the years 1917, 1918, and
1919. As a consequence of amendments to prior tax laws, many
cases were filed with respect to the earlier tax years, particularly 1917
and 1918. Court decisions and opinions by the Attorney General
have resulted in a considerable increasie in the number of 1917, 1918,
and 1919 cases to be adjusted.
Lists of corporations apparently di9linquent with respiect to capitalstock tax were furnished all collectors' offices, as the result of which
delinquent returns were received from more than 130,000 corporations, involving in many cases taxes for several years.
Field investigations and division audits disclosed additional estate
tax amounting to $45,934,192.94. During the year 17,005 estate
56
REPORT ON T H E FINANCES .
tax cases were audited. The field, force suboitted 24,297 reports,
17,705 of which were of major investigations. The field investigations and the office audit of estate tax cases were practically on a
current basis at the end of the fiscal year.
During the year the bureau completed its program of bringing the
collectors' accounts into reconciliation^ v;dth the bureau's records,
with the result that at the end of the fiscal year no collection district
was out of balance.
There were filed with collectors of internal revenue 214,042 claims
for credit, abatement, and refund.
One of the largest problems presented to the bureau was the work
in connection with refunds and credits due to the 25 per cent reduction in the tax on income received by individuals for the year 1923,
provision for which was made by the revenue act of 1924. When
the records of the 65 cpllectors were examined it was found that more
than 2,200,000 taxpayers had settled their accounts in full when they
filed their returns, and that more than 1,900,000 had selected the
installment plan of payment. I t was necessary to make refunds to
those who paid in full, and in the cases of those who selected the
installment plan it was necessary to credit them with one-fourth of
the taxes reported on their returns. Instructions were issued to
collectors of internal revenue relative to procedure, and indications
at the close of the fiscal year were that the task would be carried
through promptly and with a minimum of friction.
In the field investigations made by the collectors' field forces, as
well as by the special squads working direct from the bureau, a noteworthy increase in the average production record of the men employed was shown. The average production per man per month of
all deputy collectors was increased from $1,648 for the fiscal year
ended June 30, 1923, to $2,015 for the fiscal year ended June 30, 1924,
The average production per man per month of the special force
working direct from the bureau was increased from $5,582 for the
fiscal year 1923 to $9,1.89 for the fiscal year 1924.
During the year, despite the constantly increasing volume of work
thrown upon the solicitor's office, important changes in method
looking to the good of the service were introduced. For example, the
practice in relation to the imposition of penalties and the treatment
of appeals from proposed assessments was greatly simplified by the
establishment in the solicitor's office of a special adjustment section,
which made a prima facie determination of whether penalties should
beimposed in a given case. This section functioned without relation
t o the other divisions of the solicitor's office, so that, were an appeal
taken by the taxpayer, the points raised might be considered and determined by lawyers who could act with a free and unprejudiced mind.
The creation of a Board of Tax Appeals by the revenue act of 1924
SECRETARY OF THE TREASURY
5f
chknged the system of appeals in income tkx and estate tax cases, and
the special adjustment section ofthe solicitor's office was accordingly
abolished. The experience gained in the systeih while it lasted, however, was of great importance in establishing a simplified practicewhich, in so far as applicable, will be continued.
Enabling taxpayers in States distant from Washington to present
appeals without undue expense and loss of time the field division of t h e
committee on appeals and review, which was created toward the end
of the fiscal year 1923, continued to function with success. Offices
were first established in St. Paul, Minn., where it heard and disposed
of about 150 appeals of taxpayers in the States of Minnesota, Wisconsin, North Dakota, South Dakota, Iowa, and Nebraska. The
field division then removed to Los Angeles, Calif., where it heard and
disposed of appeals of taxpayers in the States of Utah, Nevada,
California, and Arizona. During November and December, 1923, a
session was held in Portland, Oreg., where it heard and disposed- of appeals of taxpayeis in the States of Washington, Montana, Oregon, Idaho, and Wyoming. The field division again
began the hearing of cases in the field on April 1, 1924, a session being
held at Kansas City, Mo., where it heard and disposed of about 200
appeals of taxpayers in the States of Texas, Oklahoma, Arkansas,
Kansas, Missouri, and New Mexico. The field division then proceeded to St. Paul, Minn., and held a session beginning about June 1,
1924.
^
Prohibition and narcotic enforcement
The policing activities of the prohibition officers resulted in arrests
during the year of 68,161 persons for violation of the national prohibition act. Fines and forfeitures resulting from these arrests were
turned into the Federal Treasury in the amount of $5,682,719.87,
as shown by the records of the Solicitor of the Treasury Department.
This is in addition to the amounts paid as fines and forfeitures in the
State courts. Offers in compromise for civil liabilities incurred as a
result of violations of the national prohibition act covered into the
Treasury $855,395.37, in addition to the moneys collected as a result
of criminal convictions and forfeitures. Property used in violating
the law, valued at $10,843,881.83, was seized by officers of the Treasury Department operating under the Prohibition Commissioner.
Prohibition agents reported during the year 4,171 cases involving
violations of the law on the part of persons holding permits to use
sell, or prescribe intoxicating liquors.
During the year the withdrawal of whisky for tax paymient and
consumption amounted to 1,813,178.2 gallons. This whisky was tax
paid for distribution under permits, the major part of it being dispensed by druggists on physicians' prescriptions. This consumption
of whisky compares with previous years as follows: During the fiscal
58
REPORT ON T H E FINANCES
year ended June 30, 1921, 8,671,860 gallons were tax paid, this being
the first full year of prohibition under the eighteenth amendment to
the Constitution; 2,645,506 gallons were tax paid during the fiscal
year ended June 30, 1922; 1,754,893 gallons during the fiscal year
ended June 30, 1923. The average annual consumption of whisky,
during 10 years prior to prohibition was approximately 130,000,000
gallons. The high point pf whisky consumption in the country was
reached in the fiscal year ended June 30, 1917, in which year there was
tax payment on 164,291,294 gallons of distilled spirits. The present
consumption of whisky officially released on permits is a little more
than 1 per cent of whisky consumption prior to prohibition.
On July 1, 1922, the date of the beginning of concentration of
large stocks of intoxicating liquor into a small number pf warehouses,
there were 26 general bonded warehouses, 20 special bonded warehouses, and 251 distillery bonded warehouses, or a total of 297 internal-revenue warehouses in which distilled spirits were stored in bond.
Since that time, 9 general bonded warehouses, 15 special bonded
warehouses, and 188 distillery bonded warehouses, or a total of 212
internal-revenue bonded warehouses, have been discontinued. During the past fiscal year 10 general bonded warehouses, 10 special
bonded warehouses, and 84 distillery bonded warehouses, or a total
of 104 internal-revenue bonded warehouses, were discontinued. Of
the remaining 85 warehouses containing spirits on July 1, 1924, 28
are concentration warehouses. Of approximately 33,000,000 gallons of spirits remaining in bond in these 85 warehouses, approximately 24,500,000 gallons are in concentration warehouses and
about 8,500,000 gallons have not yet been concentrated. These
are the figures of the original gauge.
Some of the more serious problems of prohibition enforcement are
concerned in the exportation of whisky and the importation of wine.
To meet and solve these difficulties a commission on importation
of wine and exportation of liquor was created late in the fiscal
year ,1923, consisting of five members. Alf applications to import
wine and to export liquor are considered and passed upon by this
commission. Since the appointment of this commission 306 applications to export 4,555,465 gallons of whisky have been acted upon,
pf which about 4 per cent have been approved; 205 applications to
import wine in the amount of 583,246.5 gallons have been acted
upon and 19 per cent approved. I t is believed that the situation in
connection with imports and exports,is now very well in hand.
A board of review, consisting of five members of the counsel's
office, was appointed during the year to consider revocation cases
where the final action of a .Federal prohibition director is reversed
by the Prohibition Commissioner.
SECRETARY OF THE TREASURY
59
In order to insure uniform and thoroughly considered action on
the part of the Government in matters connected with the control
of basic permits issued under the national prohibition act and to
expedite all permit work, a committee composed of seven members
of the Prohibition Commissioner's office was created, one of the
members being the Assistant Prohibition Commissioner and one
member being the counsel for the Prohibition Unit. This committee is termed the central committee and considers applications
for basic permits of the more important and troublesome classes,
such, as dealcoholizirig plants, alcohol and denatured manufacturers,
as well as any important and perplexing questions that arise in the
unit from day to day.
The Harrison narcotic law has been enforced more vigorously during
the past year than at any time since it became effective, resulting in
an increase in the number of cases made, convictions secured, and
sentences imposed. There were 7,301 persons reported for violation
of the law and 4,242 convictions were secured which resulted in
sentences aggregating over 5,028 years. Of narcotic cases tried,
93.4 per cent resulted in conviction. The educational work which
has been done with legitimate handlers of narcotic drugs has resulted
in more complete cooperation on their part.
TAX SIMPLIFICATION BOARD
The Tax Simplification Board was created by section 1327 of the
revenue act of 1921 ^^to investigate the procedure of and the forms
used by the bureau in the administration of the internal revenue
laws, and to make recommendations in respect to the simplification
thereof." The board was organized on December 6, 1921, and was
originally composed of.Messrs. James H. Beal, chairman, Joseph E.
Stei'rett, W. T. Abbott, representing the public, and Messrs. C. P.
Smith, George W. Skilton, and Jesse D. Burks, representing the
Bureau of Internal Revenue.
During the year 1922 the board, as shown by its report to Congress
of December 2, 1922, devoted its attention primarily to preparing
the new regulations promulgated under the revenue act of 1921,
to considering the simplification of the forms of income-tax returns,
and to studying means of expediting the work of the Bureau of Internal Revenue in auditing the income-tax returns. The various
recommendations of the board with reference to the simplification
of the form of returns and with reference to changes in the administrative procedure for the purpose of expediting the settlement of
cases were adopted by the bureau. Since the adoption of these
recommendations the statistics show a decided acceleration in the
work of completing audits.
60
REPORT ON T H E FINANCES
During the year 1923 the board, as shown by its report to Congress
of December 3, 1923, made further recommendations as to procedure
within the Bureau of Internal Revenue and in addition recommended
certain legislative changes to assist the bureau in the administration
of the tax laws. The most important recommendations made by
the board to the Bureau of Internal Revenue were with reference to
the procedure in cases of appeals taken by taxpayers from the action
of the Income Tax Unit and with reference to the reopening of closed
cases. The board recommended various changes in the procedure
in appeal cases for the purpose of expediting the disposition of appeals
and in addition recommended that cases once closed should not be
reopened in the absence of evidence of fraud or gross error; aD of these
recommendations were put into effect by the bureau. The board
further recommended a discontinuance of the use of ownership certificates except in comparatively few cases, which recommendation
ivas also adopted by the bureau. The recommendation of the board
with reference to decentralization of the work of the Bureau of Internal Revenue has not been adopted but is being given careful and
thorough study by the bureau.
The legislative recommendations of the board advocated the creation of a Board of Tax Appeals to hear appeals from proposed
additional assessments of taxes, the furnishing by Congress of
adequate buildings to the Bureau of Internal Revenue, and the
elimination of capital gains and losses in computing taxable net
income. The provision of the revenue act pf 1924 creating a
Board of Tax Appeals carries into effect to a large extent the
recommendation of the board on this subject.
The representatives of the public on the Tax Simplification Board
have served without pay and, part of the time, without reimbursement for expenses, and the service which they have rendered has been
given in a most unselfish and public-spirited way.
The board ceased to function on October 24, 1924. At this time
it was composed of Messrs. W. S. Moorhead, Henry H. Hilton, and
William N. Davis, representing the public, and Messrs. C. R. Nash
and James G. Bright, representing the bureau.
CUSTOMS
The Congress increased the appropriation for the operation and
maintenance of the Customs Service for the fiscal year 1924 in order
to permit the employment of a larger force and better equipment to
care for the expansion in business and make possible a more thorough
enforcement of the customs and tariff laws.
The wisdom of this additional expenditure to strengthen and.
improve the service is demonstrated by the fact that the collections
for 1924 are proportionately larger than those for 1923. The value
,.,
SECRETARY OF T H E TREASUJlY ., )
61 '
of imports for the fiscal year 1924 is approximately 6 per cent lower
than for the previous fiscal year, but the amount of duties collected
decreased only approximately 3 per cent.
Particularly striking evidence of the greater efficiency of the service is afforded by the increase of $7,097,744 in the duties collected
in the districts along the northern border in spite of the fact that the
value of the imports for these districts is $37,000,000 less than for
the preceding year.
The receipts for the entire service from mail, informal, and baggage
entries, miscellaneous duties, fines, and the sale of seizures exceed
those of the previous year by $1,858,806.
The,total net cost of operation and maintenance of the service,
including the increase of compensation, or so-called bonus, paid to
employees for the fiscal year 1924, was $14,299,254, which is $1,137,909
kl excess of the cost for the fiscal year 1923. Notwithstanding this
increase in the cost of operation and maintenance, the cost to collect
$1 was increased only $0.0027. The cost per $1 for collection in
1923 was $0.0231, and in 1924 $0.0258. In 1922 the cost per $1
was $0.0347.
' The revision of the Customs Regulations of 1915 was completed
and the new volume issued. The availability of the new regulations,
the publication of decisions during the year establishing precedents
and methods of procedure under the tariff act of 1922, and the greater
familiarity of importers with the act have smodthed out many of the
difficulties incident to the administration of a new tariff law.
The complicated provisions of the tariff act of 1922, governing the
importation of dyes, required careful study to overcome the difficulty
of administration. Methods and procedure,, however, have been
adopted so that this part of the tariff act is being enforced with general
satisfaction.
A system of registration cards for automobile tourists was placed
in operation during the year and has greatly reduced the number of
tourists who fail to report to the customhouse, thus giving custoxj^s
officers much closer supervision over automobile traffic. This is
important, as automobile traffic across the international borders
has increased to such an extent that at some ports it averages at a
given point from 125 to 300 machines per hour over a 12-hour period.
Much better supervision has also been obtained over importations
by mail through the establishment of a new system of examination
of foreign-mail packages. The success of the system is evidenced
by the increase of 24,180 mail entries during the quarter ended June
30,1924, although 171,773 more packages, due to part of the Christmas mails being included, were received during the quarter ended
March 31, 1924.
62
REPORT ON T H E FINANCES
THE COAST GUARD
During the year the Coast Guard, through the instrumentaHty of
its vessels and stations, saved or rescued from peril 2;462 persons.
The value of vessels assisted (including their cargoes) amounted to
$25,316,180. The number of persons on board vessels assisted was
15,902. The instances of assistance rendered numbered 4,226. The
number of vessels boarded and examined by the various agencies of
the service in the interest of the enforcement of United States laws
was 46,152, exceeding last year's number by 14,499. The number
of vessels seized or reported for violations of law was 2,205.
Aside from its duties having to do directly with the preservation of
life and property from shipwreck, the Coast Guard has continued its
usual activities, including the international service of ice patrol in the
vicinity of the Grand Banks off Newfoundland, which is conducted
annually under the terms of the International Convention for the
Safety of Life at Sea; special winter cruising better to safeguard shipping during the stormy season from December 1 to March 31; the
patrol of the waters of the north Pacific Ocean, Bering Sea, and southeastern Alaska for the protection of the fur seal and sea otter, and of
the game, the fisheries, and fur-bearing animals of Alaska; enforcement of the rules and regulations governing the anchorage and movements of vessels in the navigable waters of the United States; patrol
and supervision of regattas and marine parades; removal of derelicts
and other floating dangers to navigation from the paths of marine
'commerce; enforcement of navigation and other laws governing merchant vessels and motor boats; rendering medical aid to American
vessels engaged in deep-sea fisheries; examination of applicants for
'^certificated lifeboat men," under the seamen's act; the protection
of the customs revenue, etc.
The Secretary qf the Treasury awarded during the year 33 life-saving medals of honor, under the provisions of law, in recognition of
bravery exhibited in the rescue, or attempted rescue, of persons in
danger of drowning.
I t is a matter of great satisfaction to the department that the Coast
Guard in the spring of 1924 was able to be of material aid along the
Alaskan shores and in crossing the Pacific, to the round-the-world
flight of the Army Air Service. Both the Secretary of War and the
Chief of the Air Service of the Army have communicated with the
department expressuig their high appreciation of the cooperation and
assistance afforded by the Coast Guard in this historic, enterprise.
The department extends to the War Department its hearty felicitations upon the accomplishment of this conspicuous and heroic undertaking by the intrepid American Army fliers.
^
SECRETARY OF THE TREASURY
63
Attention is invited to bill H. R. 6817, Sixty-eighth Congress, first
session, /^To provide for the construction of ai vessel for the Coast
Guard." This bill proposes that a cutter of appropriate design and
special construction shall be constructed and equipped.for Coast
Guard duty in Alaskan waters and for cruises into the Arctic Ocean to
replace the cutter Bear, The bill passed the House of Representatives March 19, 1924. . I t was reported favorably by the Committee
on Commerce in the Senate, with the recommendation that it pass,
and is now pending in the Senate. The Bear is now 50 years old.
She performs most important duty in the Arctic regipns, but is no
longer suitable for such service. I t is urged thkt this bill be enacted
into law at the earliest possible day. I t has the full approval of the
department.
There is imperative need also of funds to make extensive repairs
to the cutter Manning, This vessel upon careful examination was
found to be in such bad condition as to form a menace to her personnel
a t sea. She is not safe, and it has therefore been necessary to withdraw her from service. She was built in 1897 and has seen hard
service on the east and west coasts, on the Bering Sea patrol and
other duties in Alaskan waters, in the blockade off Cuba during thie
Spanish-American War, and on convoy and escort duty in European
wat.ers during the World War. The Manning can be reconditioned
and p u t in shape to last many years. If this work is not done, she
will rapidly deteriorate and soon be of little value. I t is estimated
that it will cost at this time $150,000 to p u t her in good, serviceable
condition. I t is earnestly hoped that the Congress will see its way
clear to provide the necessary funds for this purpose without delay.
The floating equipment of the Coast Guard is in pressing need of
enlargement by the addition of vessels adapted to the important
duty of saving life and property at sea. The ever-increasing demands
upon the service in this regard emphasize the urgency of this need,
and it is recommended that the Congress give favorable consideration
to such measures as may be proposed to this end.
The Coast Guard during the year continued its activities in the
enforcement of the customs, navigation, and motor-boat laws of the
country and rendered very effective service along the coasts of the
United States in the enforcement of the laws relating to the smuggling
of liquor. The regular equipment of the Coast Guard, designed
especially for life-saving and wreck work at sea and along the shore,
is nowise suitable for combating the attempted smuggling of liquor
in its present proportions, and it is therefore a matter of congratulation and "speaks well for the service at large i that it has been able
even with its limited, ill-adapted equipment to produce the very
satisfactory results that have been attained up to this time.
64
-r
REPORT ON .THE-FINANCES
:.:;:
In my annual report for the fiscal year 1923 I recommended to the
Congress that a material increase be made in the appropriations for
the Coast Guard to provide additional equipment, officers, and
men, with the view of preventing the smuggling of liquor into the
country along the coasts. On February 1, 1924, the President forwarded to the Congress supplemental estimates of appropriations for
the Treasury Department for the fiscal year 1924, amounting to
$13,853,989, for increasing the equipment and personnel of the Coast
Guard to prevent smuggling. Of this amount $12,194,900 was for
conditioning and equipping 20 torpedo-boat destroyers and 2 mine
sweepers or other suitable type of vessel, to be obtained from the
Navy Department, and the construction and equipment of 223
''cabin cruiser" type motor boats and 100 smaller motor boats.
The remaining $1,659,089 was for. additional operating expenses
during the remainder of the fiscal year, brought about by this enlargement program. The President also recommended that the
personnel of the Coast Guard be increased by the appointment
of temporary commissioned and warrant officers and by temporary
enlistments. The Congress, by act approved April 2, 1924, appropriated $13,850,622 for the purposes indicated and by act approved
April 21, 1924, authorized the additional personnel. Steps were
immediately taken by the Coast Guard to put the provisions of the
\siW into effect, and the law-enforcement program as contemplated
by this legislation is being pushed to completion with all possible
consistent haste. The whole undertaking is one of great magnitude
and presents a task practically new in our national affairs, which
must be worked out in an orderly and a systematic manner. In
this work no time will be lost.
DOMESTIC CREDIT SITUATION
. The decline in money rates has been the outstanding development
in the domestic credit situation during the past year. After reaching in May, 1923, their highest point since the depression of 1921,
rates on commercial paper declined until September, 1924, apart
from an upward seasonal movement in the fall of 1923, to a poiat
lower than they had been at any previous time since 1916. Rates on
call loans and bankers' acceptances, and yields on certificates of indebtedness have shown similar declines but indicate slight advances in the past two months. The following table shows the rates
on various types of loans for July, 1922, which was about the low
point reached during the depression of 1920-1922, and the movement
of rates since May, 1923:
65
SEGKETABY OF, THE TBEASXJBY
Date
July.-.
May.
June
July
August
SeptemberOctober
November.
December..
January
February...
March
April
May
June
July
August
September.
October.
1923
1924
Rate on
.. 4 to 6
months'
paper
(good)
Rate on
bankers'
acceptances
Rate on
call loans
Yield on
certificates
of indebtedness,
4 to 6
months
4.25
3:06
3.93
3.24
5.25
5.12
5.19
5.25
5.41
5.35
5.25
5.19
4.19
4.19
4.19
4.19
4.19
4.19
4.19
4.19
4.75
5.00
'4.75
5.00
4.94
4.80
4.81
4.81
4.04
3.86
3.90
3.87
4.10
4.23
3.92
3.85
5.00
4.94
4.84
4.78
4.41
4.25
3.90
3.53
3.38
3.38
4.11
4.06
3.94
3.90
3.38
2.44
2.06
2.11
2.22
2.18
4.55
4.31
4.00
4.25
3.25
2.25
2.05
2.00
2.06
2.35
3.75
3.52
3.70
3.48
2.95
2.37
2.13
2.26
2.35
2.62
Rediscount rates at the Federal reserve banks remained unchanged
from March, 1923, until May, 1924. On May 1 the Reserve Bank
of New York reduced its discount rate from 4J^ to 4 per cent. On
June 2 the Cleveland bank reduced its rate from 43^ to 4 per cent.
From June 10 to June 19 eight banks made reductions. The New
York, Boston, and Philadelphia banks reduced their rates to 33^ per
cent, and the Chicago, Richmond, Atlanta, St. Louis, and San
Francisco banks reduced their rates from 43^ to 4 per cent. The
Kansas City and Dallas banks did not reduce their rates until July,
when they were decreased from 43^ to 4 per cent. On August 8
the New York bank again reduced its rates, from 33^ to 3 per cent,
and on August 15 and 25, respectively, the Cleveland and San Francisco
banks made a second reduction in their rates, from 4 to 33^ per cent.
The Minneapolis bank maintained its rate unchanged until October
15, when it was reduced from 43^ to 4 per cent. These reductions were
in the way of adjustments to prevailing market rates and to credit and
business conditions.
The business recession noted during the latter part of 1923 continued during the first half of 1924. Wholesale prices, production
in basic industries, and employment all showed further declines.
Iron and steel and the textiles suffered the greatest curtailment.
Some of the textiles fell off to a point almost as low as that reached
in the depression of 1921. In July, 1924, however, the bottom was
reached, and since that date there has been slow but noticeable
improvement. Wholesale prices have turned upward after declining for over a year. Production in basic industries in September
showed the first advance since last January; factory employment increased 2 per cent during the same month. Of particular importance
is the great improvement in the agricultural situation, as indicated by
good crops in areas that have been suffering severely and the
66
REPORT ON T H E FINANCES
strong upward movement iU' the prices of agricultural products.
The Bureau of Labor Statistics index number of wholesale prices of
farm products increased from 134 in June to 149 in October, 1924.
The Department of Agriculture index of prices at the farm of all
grains increased from 116 in June to 150 in October, and for livestock
from 105 in June to 121 in October. Of particular importance are
the price increases in such crops as corn and wheat. The price at
the farm for the former increased from $0.80 to $1.09 and for the
latter from $0.98 to $1.30 between June and October.
This improvement in the agricultural outlook is one of the strongest
grounds for optimism regarding the future prosperity of the country.
I t enables many farmers to pay off their old debts and strengthens the
purchasing power of this important economic group, thus helping to
restore the balance in our industrial system. This lack of balance
has been one of the most serious handicaps under which the agriculture and industry of the country have labored since the war. I t has
been temporarily restored by the world crop situation, but we may
look forward to its continuation through the beginnings of financial
and industrial stabilization of Europe under the operation of the
Dawes plan. Further favorable conditions for the recovery of business
are to be found in the easy money market conditions prevailing at the
present time and the unusually strong position of the banking system.
In spite of the businessjecession that prevailed up to July, there has
been a substantial increase in the volume of bank credit. The total
loans and discounts of reporting member banks were $12,150,000,000
at the end of June, 1924, conipared with $11,850,000,000 in June, 1923.
The accompanying table gives the changes which have taken place in
the volume of credit extended by reporting member banks and the
Federal reserve banks from June, 1923, to the present time:
Member bank credit,
(in millions)
Date (end of month)
Total
1923
June......
July.
August
.'.J...
September.
October
November
December..
..
January.
February.
INlarch
April
May
June
July
August.
September
October...
Investments
Collat- Commercial
eral
loans
loans
Total
Securities purchased
iri the
open
market
Rediscounts
16,543
16,350
16,244
16,506
16,474
16,368
16,622
4,693
4,610
4,536
4,522
4,531
4, 464
4,555
4,057
3,943
3,872
3,996
3,939
3,959
4,269
7,793
7,797
7,836
7,988
8,004
7,945
7,798
1,114
1,083
1,083
1,150
1,181
1,168
1,298
339
276
267
268
297
^74
^41
775
807
816
882
884
794
857
16, 364
16, 374
16,629
16,656
16,611
17,056
17^ 252
17,571
18,194
18,315
4,481
4,496
4,527
4, 534
4,660
4,906
4,880
5,133
5,411
5,551
4,077
4,033
4,111
4,187
4,075
4,329
4,431
4,570
4,663
4,547
7,806
7,845
7,991
7,935
7,8767,821
7,941
7,868
8,120
8,217
915
951
1,008
873
850
859
825
915
983
1,024
393
419
478
426
420
490
531
613
716
802
522
532
530
447
430
369
294
302
267
222
1924
.'
Reserve bank credit
(in millions)
SECRETARY OF THE TRE4S.URY
67
The table shpwrs that all types of member bank credit increased.
Not only were there increases in the volume of investments and
collateral loans, but also in the amount of loans for commercial
purposes. Reserve bank credit, on the other hand, declined. Although the reserve banks increased their open market holdings, the
decrease in rediscounts more than offset this, so that the total volume
of credit extended by the reserve banks declined.
This expansion in the volume of bank loans is accounted for in
part by the huge gold imports that continued to flow into this country.
The member banks, after paying off their obligations to the Federal
reserve banks, found their reserves accumulating.
The business
situation was such that only a part of this large volume of surplus
funds could be.absorbed by commercial loans even at the reduced
rates. The banks, therefore, increased their investments in order to
use funds that would otherwise have been idle. I t was the surplus
funds, then, made available by the inflowing gold that account for
the unusual phenomena of a credit expansion during a period of
business recession, and the opposite movements of member bank
credit and reserve bank credit. Member banks are now in an unusually strong position, and can make substantial increases in their
commercialloans, in case of need, without rediscounting at the Federal reserve banks.,
Gold imports have also been a factor in creating the present ease
in the money market. The situation in,the money market during
the past year differs from conditions prevailing in 1921-22. The
decline in rates during the earlier period can be attributed almost
entirely to the severe business depression and credit liquidation,
whereas the decline during the past year is due, in large part, to the
gold situation.
The yield on certificates of indebtedness is unusually sensitive to
money market changes, as is indicated in the table on page 65. All
new issues since the previous annual report have been certificates
of indebtedness, and the Treasury has tlierefore been able to take full
advantage of the easy money rates in its financial operations during
the past year. On September 15, 1924, for example, an issue of 12
months' certificates was offered at 2 ^ per cent, compared with an
issue of the same maturity on December 15, 1923, at 43^ per cent.
Fluctuations in the prices and yields of Government bonds are
determined very largely by .changes in interest rates. The prices of
these securities, therefore, have made material increases during the
past year. Each issue except the first 33^'s has made a new high
record. The table following gives the high and low points reached
by the various issues and the closing quotations on July 15 and December 15 for the years 1920 to 1923, inclusive, and on the 15th ofeach month from January to November, 1924:
68
REPORT ON T H E FINANCES
^Market prices of Liberty bonds and Treasury bonds
First
3H's
First
4's
Low p o i n t . . .
High point...
i$86.30
7101.88
a $83. 00
. 8103. 00
1920
J u l y 15
Dec. 1 5 - — . . .
91. 02
90.12
86.10
86.02
86.50
95.10
Date
First
4K's
Second
4's-
Second
4K's
Fourth
4M'S
Third
4K'S
Treasury
4M's
3 $84. 00 * $81. 70 4 $82. 00 • 8 $86. 00 <$82.54
9102. 66 10102.00 10101. 97 i» 102. 69 12 102.84
86.44
86.12
85.26
85.10
87.12
97.30
87.34
97.40
100. 70
98.80
98.. 19
98.31
.\
0 $98. 22
13 106.19
85.42
85.36
88.88
87.90
85.68
85.90
86.92
96.84
87. 02
97.04
91.16
98.14
87.16
97.42
lOa 82
98. 78
100.48
98.10
100.52
98.14'
IOO 34
98.74
IOO 92
98.48
98.38
98.34
98.34
98.22
98.34
98.38
98.91
99.25
98.38
98.44
99.91
99.56
98.94
99.13
99.00
99.72
IOO 47
101. 22
101. 84
101.47.
101. 00
101.31
101.81
98.94
99.13
99. 06
99.78
100.53
101. 25
101. 47
101. 59
101.13
101.41
101.28
99.84
99.97
99.97
100.13
101. 00
102. 00
102.19
102. 53
101. 97
102. 03
101.69
99. 03
99.19
99.13
99.91
l o a 88
102. 22
102. 09
102. 78
102. 22
102.31
102.22
99.97
IOO 16
lOa 16
100.91
102. 63
105. 00
104. 69
105. 97
105.19
106.31
105.88
.
1921
J u l y 15
D e c . 15
1922
J u l y 15
D e c . 15
100^80
IOO 50
.
1923
J u l y 16
D e c . 15
lOa 38
99.84
1924
Jan..15
F e b . 15
M a r . 15
A p r . 15
M a y 15
J u n e 16
J u l y 15
Aug. 15
Sept. 1 5 . . . . . .
Oct. 15
N o v . 15
99.47
99.09
98.94
99.09
100.03
101. 31
101. 41
101.00
lOa 72
IOO 81
100.59
1 J u l y 9, 1921.
2 M a y 19, 1920.
8 M a y 18, 1920.
* M a y 20, 1920.
5 Dec. 21, 1920.
98.94
99.00
99.16
99.19
99.00
99.13
99.78
99.84
100. 56 .. 100 63
IOO 50
102.13
102. 31
102. 09
102. 41
102. 56
101. 81
101. 91
102. 09
102.25
101.88 . 101.84
10 J u l y 29, 1924.
11 A u g . 5, 1924.
12 A u g . 8, 9, a n d 18, 1924.
13 A u g . 9, 1924.
6 M a r . 27, 1923.
7 J a n . 25, 1923, a n d J u n e 12,1924.
8 J u n e 14 a n d A u g . 4, 1924. •
8 A u g . 15, 16, a n d 18,1924.
As the prices of Government bonds have increased, their yields
have of course declined. The yields are shown in the following
table:
Yields on Liberty bonds and Treasury bonds *
Date '
1920(
July.
December
^
First
33^'s
First
4's
First
4^'s
First
second
4K's
Second Second
4^'s
4's
Third
4M's
Fourth
4M's
Treasury
4M's
Perct.
4.049
4.117
Per ct.
4.959
4.974
Perct.
5.221
5.248
Perct.
4.546
4.594
Perct.
5.129
5.164
Per ct.
5.399
5.437
P e r ct.
5.959
6.296
Perct.
5.523
5.556
Perct.
4.359
3.804
4.863
4.185
5.129
4.440
4.429
4.372
4.989
4.237
5.258
4.. 485
5.771
4.657
5.390
4.491
3.459
3.469
3.948
4.074
4.144
4.190
4.328 •. 4.284
3.971
4.133
4.214
4.382
4.166
4.490
4.171
4.373
4.263
3.478
3.618
4.110
4.109
4.364
4.365
4.399
4.388
4.132
4.136
4.379
4.387
4.513
4.432
4.401
4.406
4.265
4.285
3.534
3.555
3.573
3.547
3.506
3.444
3.408
3.435
3.445
3.437
4.062
4. 318
4.049
4.300
4.041 . 4. 298
4. 005
4.256
3.962
4.219
4.133
3.885
4.101
3.855
4.092
3. 839
4.101
3.853
3.837 '4.088
4.334
4.30;
4.302
4.265
4.220
4.161
4.146
4.140
4.141
4.100
4.083
4.060
4.063
4.013
3.979
3.919
3.882
3.889
3.905
3.890
4.332
4.310
4.311
4.261
4.226
4.163
4.125
4.134
4.148
4.128
4.287
4.254
4.245
4.194
4.032
3.788
3. 646
3.619
3.676
3.651
4.340
4.316
4.315
4.253
4.191
4.076
4.038
4.019
4.031
4.015
4.255
4.238
4.238
4.187
4.119
4.002
3.957
3.924
3.932
3.871
1921
July
December
1922
July
December.
1923
July
December
1924
January
February
March
April
May
__
June
July
August
September
October-
..
1 C o m p u t e d b y t h e Qovernriaent A c t u a r y .
SECRETARY OF T H E TREASURY
6^
FEDERAL FARM LOAN SYSTEM
Federal land banlcs
During the fiscal year ended June 30, 1924, the Federal land banks
closed 52,446 loans, amounting in the aggregate to $187,969,194.
Net earnings for the same period amounted to $6,528,549.55, after
paying cost of operation and after the reserve had been increased
from $3,829,500 to $5,706,900 during the year.
The Treasury originally subscribed practically all the capital, stock
in the Federal land bianks. The law provides that this capital is. to
be retired out of proceeds of stock subscriptions by national farm
loan associations. On June 30, 1924, Government capital had been
reduced to $1,985,500. All Government capital had been retired in
five banks.
I t is the policy of these banks to charge real estate acquired by
foreclosure to undivided profits. I t is interesting to note in connection with farms acquired through foreclosure that subsequent sales
by the banks have resulted in a net profit. This indicates that loans
ai:e made upon a conservative basis.
The national farm loan associations, subsidiary organizations
through which Federal land bank loans are made, increased in number
operating during the fiscal year from 4,538 to 4,612.. The combined
capital stock in all Federal land banks on June 30, 1924, amounted to
$47,289,522.50, of which $44,995,997.50 is owned by national farm
loan associations and the remainder, with the exception of $308,025,
is owned by the Federal Government.
Joint-stoclc land banlcs
During the fiscal year a charter was issued to one joint-stock land
bank, and six banks were liquidated. At the end of the fiscal year
there were 66 joint-stock land banks in actual operation. Jointstock land banks are operating in all States except the New England
States, Delaware, Florida, New Mexico, and Montana.
Loans were made by joint-stock land banks during the year to
13,221 borrowers, amounting to $85,756,833. Earnings, after paying
expenses of operation and setting aside a reserve as required by law,
amounted to $2,730,013.76. The small volume of business done by
these banks was due to an unfavorable bond market during the greater
part of the year. I t was necessary to increase the bond interest
rate of Federal land banks to 4 ^ per cent in order to find a satisfactory absorption. The joint-stock land banks were unable to sell
bonds in sufficient volume to meet their loaning requirements. I t
was necessary, therefore, in many sections of the country to curtail
operations. The banks operating.in what is usually regarded as
favored territory were able to procure funds at increased interest
70
REPORT ON THE FINANCES
;rates. At present the bond market is very satisfactory and there is
no reason to anticipate any handicap in this respect during the ensuing fiscal year.
The combined capital stock of all jpint-stock land banks on June
30, was $33,718,785; reserve, $2,306,754.45; surplus and unciivided
profits, $3,270,306.30.
Federal intermediate credit banlcs
The 12 Federal intermediate credit banks, authorized by the
agricultural credits act of 1923, have now been in actual operation
a little more than one year. Each bank has a paid-in capital of
$2,000,000, with a call upon the Treasury for an additional $3,000,000.
I t is not expected that an additional call for capital will be made for
some time, but that the callable stock wilTremain in the Treasury
against a day ^vhen there may not be a favorable market for debentures.
Direct loans to cooperative marketing associations from the
heginning of operations aggregated $57,591,900.33, of which
$30,305,904.62 has been repaid, leaving outstanding at the close
of the fiscal year $27,285,995.71. The aggregate advances wete
distributed as follows:
Cotton
Tobacco
_._.
Wheat__________
.
Canned fruits and vegetables
Wool
Raisins
Broomcorn
Red top clover seed
Peanuts
Prunes
Rice____
-
.
.
.
^
.
$21, 077,506. 06
22, 709, 433. 09
4,379,059.35
2, 648, 826. 73
789,035. 15
5, 000, 000. 00
150, 000. 00
25, 800. 00
69, 300. 00
,
400, 000. 00
'^
342, 939. 95
Rediscounts aggregated $25,794,970.30, of which $5,082,839.37
has been repaid, leaving outstanding $20,712,130.93. The agencies
through which the outstanding rediscounts have been made are as
follows:
Agricultural credit corporations
National banks
.
State banks__l
Livestock loan companies
Savings banks and trust companies
.
$12, 109, 183. 77
115, 126. 98
1, 468, 899. 07
6, 842, 708. 82
176, 212. 29
The Federal intermediate credit banks paid the United States
Treasurer, as provided in section 206, paragraph (b), of the agricultural credits act of 1923, 50 per cent of the net earnings of said
banks on December 31, 1923, amounting to $152,271.20. On, June
30, 1924, the surplus and undivided profits accounts of the 12 banks
aggregated $700,429.07.
SECRETARY OF THE TREASURY
71
I t is estimated that approximately 15,000 farmers have been
directly served thrpugh the rediscount of their individual notes and
600,000 indirectly served as members of cooperative marketing
associations.
The banks have experienced no difficulty in finding a ready sale
for debentures. The market has been so favorable that the rate of
interest ori direct loans to cooperative associations secured by staple
agricultural commodities has been reduced to 43/^ per cent. Rediscounts are now made at 5 per cent. The difference ih rate is due
to the fact that, to take care of rediscounts, i t is necessary to sell a
debenture of longer maturity with a consequent higher rate.
WAR FINANCE CORPORATION
There has been a continued decline during the past year in the
number and amount of applications for loans received by the War
Finance Corporation. The loans authprized for agricultural and livestock purposes from October 16, 1923, to October 15, 1924, inclusive,
aggregated $13,201,000, including-$4,708,000 to banking and financing institutions; $6,993,000 to livestock loan companies; and,
$1,500,000 t'o cooperative marketing associations. Under these and
^previous authorizations $3,230,000 was actually advanced to banking
and financing institutions, $6,095,000 to livestock loan companies,
and $1,020,000 to cooperative marketing associations, a total of
$10,345,000.
The repayments on account of the corporation's agricultural and
livestock loans, from October 16, 1923, to October 15, 1924, amounted
to $42,648,000, of which $20,515,000 was repaid by banking and
financing institutions, $17,981,000 by livestbck loan companies, and
$4,152,000 by cooperative marketing associations. During the same
period, $11,312,000 was repaid on war loans and loans under the corporation's export authority, making the total repayments for the year
$53,960,000. All the corporation's export loans have been coinpletely liquidated.
Since the corporation began to function under the agricultxiral
credits act of August 24, 1921, it has approved advances for agricultural and livestock purposes aggregating $478,739,000, of which
$297,376,000 was actually advanced. Of the totaladvanced, $242,911,000 has been repaid, leaving a balance outstanding on October
15, 1924, of $54,465,000. On the same date loans made under the
war powers o f t h e corporation were outstanding to the extent of
$16,979,000.
When the last annual report was submitted, the law provided that
the corporation should discontinue the making pf advances on March
31, 1924. In view of the acute situation which developed in the
Northwest during the early part of the year, resulting from the failure
of a considerable number of banks in the agricultural districts, it
72
REPORT ON T H E FINANCES
seemed desirable to extend the corporation's authority for a further
period of nine months, and the President so recommended in a special
message to Congress on January 23, 1924. The recommendation
was adopted by the Congress and embodied in the act of February
20, 1924. That act extended until November 30, 1924, the time
during which the corporation may receive applications and until
December 31, 1924, the time during, which it may makp advances.
The corporation, therefore, will cease active operations at the end
of the calendar year, although it will still have authority, under
existing law and in proper cases, to renew or extend outstanding
loans within certain limits.
In the agricultural credits act of 1923 Congress made provision
for a permanent system, of agricultural credits. The Federal intermediate credit banks, the establishment of which was authorized by
that act, were designed to take the place of the War Finance Corporation, and have been in operation for a year and a half. These banks
have power to make loans for agricultural and livestock purposes
for peripds ranging from six months to three years, and they should
be in position to meet all legitimate requirements which can not be
taken care of through the normal banking channels. In the circumstances, and particularly in view of the greatly improved agricultural
and banking situation, there seems to be no occasion for a further
extension bf the authority of the War Finance Corporation. THE AGRICULTURAL CREDIT CORPORATION
In a special message to the Congress on January 23, 1924, the
President discussed the economic situation in certain wheat-growing
sections of the Northwest—a situation rendered the more acute by a
considerable number of bank failures in those sections. He recommended the enactment of the so-called Norbeck-Burtness bill, then
pending in Congress, to assist wheat farmers in diversifying their
operations, and also an extension of the time during which the War
Finance Corporation could make advances for the benefit of agriculture and the livestock industry. He pointed out, however, that
there was a distinct limit to the scope of the assistance which the
Federal Government could render and suggested that it might be
necessary to provide systematically, on a well-organized and extensive scale, for the restoration or strengthening of the capital resources of the country banks ,and financing institutions necessary
to the proper service of the farmer. He said:
The Governnient can nbt supply banking capital, nor can it organize loan
companies, but it can properly call upon those large business concerns, the railroads, the mercantile establishments, the agricultural supply houses, and all
those large business establishments whose welfare is immediately connected
with the welfare of the farmer. It can ask them, in their own interest as well
as in the interest of the country, to cooperate with Federal agencies in attacking
the problem in a large way.
SECRETARY OF THE TREASURY
73
In line with this thought, the President called a conference in
Washington on February 4, 1924, ^^ to consider the pressing agricultural needs of the Northwest," The meeting was attended by a
representative group of business men, bankers, and farm leaders, as
well as by officials of interested branches of the Government service,
including the Secretary of the Treasury, the Secretary of Commerce,
the Secretary of Agriculture, the Managing Director of the War
Finance Corporation, the Comptroller of the Currency, and members
of the Federal Reserve Board and the Federal Farm Loan Board.
The President in addressing the conference indicated the steps which,
in his opinion, the Federal Government properly could take as its
share of the work to be done, and emphasized the necessity of full
and complete cooperation on the part of the interests represented at
the conference. He said:
Agriculture and banking, like all other interests, are not the business of the
Government but the business of the people. Primarily they must assume
responsibility for them. The Government can help, should help, and will help;
but it will be entirely ineffective, unless the main impulse comes from the people.
The principal purpose of this conference is to secure cooperation. Agriculture
can not stand alone. The banks can not stand alone. A great amount of
money has been spent to establish the population in the area affected. It
represents some of the best elements of our citizenship.! In this day of distress
and adversity it ought to be saved because it is worth saving. It can be saved
if all of you who are interested are willing to do what you can do. Without you
the Government can do practically nothing. With you the Government can
save the situation.
In response to the President's appeal for their cooperation, the
banking and business interests represented at the conference agreed
to organize a corporation, with a capital of $10,000,000 privately
subscribed, to aid in meeting the emergency financial needs of the
Northwest which could not be met by existing agencies. A
committee consisting of C. T. Jaffray, president of the Soo Line,
Minneapolis; John McHugh, president . Mechanics & Metals National Bank, New York City; Ralph Van Vechten,.vice president
Continental & Commercial National Bank, Chicago; Clarence M.
Woolley, chairman of the board, American Radiator Co., New York
City; E. W. Decker, president Northwestern National Bank, Minneapolis; Alexander Legge, president International Harvester Co.,
Chicago; and R. P. Lament, president American Steel Foundries,
Chicago, was designated to proceed with the work of organization
and of obtaining the necessary subscriptions. Following a meeting
of the organization committee in Chicago 10 days later, or on February 14, 1924, it was announced that the entire $10,000,000 had been
subscribed. Approximately $5,000,000 was provided by the business
and financial interests centering in and around New York, Phila-
•74
'
REPORT ON T H E FINANCES
delphia, Hartford, and Boston, while the remainder was subscribed
by similar interests in and around Minneapolis, St. Paul, Duluth, Milwaukee, Chicago, Detroit, Cleveland, and Pittsburgh. I t was decided
to organize an operating company under the came of the Agricultural
Credit Corporation, with a holding company known as the Agricultural Securities Co., both companies being formed under the laws
of the State of Delaware, with headquarters in Minneapolis. I t was
understood that, m case of necessity, the Agricultural Credit Corporation would be able to rediscount some of its agricultural paper, within
certain limits, with the War Finance Corporation.'
The officers and directors were promptly selected, temporary offices
were opened in Minneapolis on February 26, and the first loan was
completed and made on March 20. Two million dollars of the capital
was called in the beginning, and subsequently, as the corporation's
operations progressed, two additional calls of $2,000,000 each were
made.
The corporation devoted its initial efforts* to the checking of bank
suspensions and to the reopening of some of the closed banks in key
communities, for it was felt that in this way it would be able to
render the most effective assistance to a larger number of people
within a short time. To September 26, 1924, the latest date for
which figures are available, the corporation had assisted 230 banks,
having deposits totaling $54,000,000, by making loans aggregating
$5,142,000 either directly to them or through their directors or
stockholders. These loans not only kept in operation a number of
banks which otherwise would have suspended, and enabled 16 to
resume business, but were a material factor in stabilizing the banking
situation in the Northwest. I t has been estimated, for example,
that, in addition to safeguarding the deposits of the banks in question, the loans have helped to safeguard at least $25,000,000 of
deposits in banks which received no direct aid from the corporation.
The activities of the Agricultural Credit Corporation, however,
were not confined to the making of advances to banks in the agricultural districts. I t also purchased the tax certificates of a considerable number of farmer taxpayers, thus relieving them of excessive charges on their past due taxes, and made advances, through a
seed wheat distributing association, to assist farmers in obtaining
seed. When the Norbeck-Burtness bill, already referred to, failed
to pass the Senate, the President suggested that the Agricultural
Credit Cprporation undertakcj along sound and effective lines, some
of the work which he had hoped the Department of Agriculture
would be permitted to undertake under the terms of that measure,
and he expressed the opinion that no more effective service could be
rendered to the agricultural interests of the central Northwest. The
SECRETARY OF THE TREASURY
75
corporation promptly formulated plans for making loans to farmers
for the purchase of livestock, with the view of encouraging and facilitating the program of diversification. • On September ^26, 1924, the
corporation had financed the purchase of 2,509 dairy cows for distribution in 104 localities and was arranging to place from 30,000 to
40,000 sheep in Minnesota and North and South Dakota.
By.the early part of September the agricultural and banking conditions in the Northwest had improved to such an extent that the
Agricultural Credit Corporation was receiving only scattering applications from banks, and C. T. Jaffray, chairman of the board, stated
that the emergency functions of the corporation were no longer
required. Since then the corporation has been devoting its efforts
largely to those activities which seek to make farming niore profitable
through diversification, and it is understood that these activities will
be continued.
The results of the operations of the Agricultural Credit Corporation can not be measured by the amount of its loans, for its mere
creation and existence helped to restore confidence and exerted a
stabilizing influence on the general situation. Without question, the
corporation has rendered an important service to the agricultural
interests of the Northwest during a critical period.
F A R M E R S ' SEED-GRAIN LOANS
The Treasury Department has continued to release those whose
crops were failures, as defined in the act of February 26; 1923, from
repayment of the amounts borrowed from the Government for the
purchase/of seed wheat, and is releasing from repayment those to
whom loans were°made on account of seed rye and seed oats. The
Treasury is also making refunds in accordance with the" provisions of
the act of February 26, 1923.
Very few applications for refund or release are now being presented
to the Treasury, and, with a view to making'final settlernent of the
seed-grain loan account, it is advisable that limitation be pilaced upon
the time within which applications for refunds may be submitted.
I t is, therefore, suggested that an amendment to; the act of February
26, 1923, be enacted by the Congress providing that alL claims
for refund under the provisions of the act must be presented on or
before July 31, 1925.
The following table shows |the amount of loans, the amount .released,
the amount of principal collected, the amount of interest collected,
contributions to the guaranty funds, balance of . principal outstanding uncollected, and the amount of refunds made, as of October 31. 1924:
10065—FI 19241
7
76
REPORT ON T H E FINANCES
Amount
loaned
Federal l a n d b a n k
Wichita
St. P a u l
Spokane
Principal
collected
Principal
released
Balance
of principal
uncollected
Interest
collected
Guaranty
funds
Amount
refunded
u n d e r act
of F e b .
26, 1923
$1,891,132. 75 $1, 365, 950. 99 $309,386. 22 $215,795. 54 $75, 295. 32 $246,489. 45 i$100,392.26
67,127. 86 '>270, 705. 00 20, 537. 59 1, 764. 88
443. 20 39,785.10
358,370. 45
478. 30
10, 361. 03 1, 254, 593. 50 686,424. 97
24.15
1,951,379. 50
4, 200,882. 70 1,443,439.88 1, 834, 684. 72 922, 758.10 77, 538. 50 246,956. 80 140,177.36
I This amount includes $97 refunded to borrowers who contributed to the guaranty funds in excess of
the requirements of Joint Circular No. 1, dated August 2,1918.
ALLEGED DUPLICATIONS OF THE PUBLIC DEBT
In a report submitted to the Attorney General under date of"
January 15, 1924, Mr. Charles B. Brewer, special assistant to the
Attorney General, presented certain charges relating to the printing,
delivery, retirement, and destruction of United States securities.
Mr. Brewer charged in substance that there had been large issues of
duplicate Liberty bonds, and implied that there had been a conspiracy, affecting even the higher officials of the Treasury, to suppress
the facts and make it possible for the guilty parties to realize on the
duplicate bonds. His charges covered principally the issue of temporary bonds during the years 1917, 1918, and 1919. These
charges were substantially a reiteration of charges made by Mr. J. W.
McCarter, of South Dakota, in letters published in September, 1920,
in the name of the McCarter Corporation, a family corporation
organized by McCarter. Secretary Houston made a thorough
investigation into the matter at the time, and subsequently stated
in two letters, which were made public on September 28, 1920, that
the charges were without foundation. McCarter had been for a time
Assistant Register of the Treasury under the Democratic administration. His conduct in office had been inefficient and generally unsatis-r
factory, and in July, 1920', he had been permitted to resign, though
Secretary Glass had first asked and obtained authority from
President Wilson to remove him from office.
McCarter, it appears, again presented his charges, in April, 1921,
to a Member of Congress, by whom they were referred to the Department of Justice. Mr. Charles B. Brewer was then employed as a
special assistant to the Attorney General, and the McCarter charges
were referred to him for investigation. As stated, this took place
in April,, 1921. For nearly three years thereafter Brewer devoted
practically all of his time to the investigation of Mc Carter's accusations. He examined the records of the several Treasury offices and
bureaus concerned and accumulated a mass of documentary matter,
which included copies of Treasury records, affidavits of employees,
etc., and in addition was given permission to withdraw from the files
of the department certain securities and interest coupons which
SECRETARY OF THE TREASURY
77
were deemed by him to have a bearing on the charges made by
McCarter. Mr. Brewer's investigation was not confined to the
Treasury offices in Washington, but included visits to several of the
Federal reserve banks and member banks.
After he had been engaged in this work for nearly two and a half
years it appeared that he had had ample time to produce proofs
sufficient to warrant either the dismissal of McCarter's charges or
the immediate arrest and conviction of any persons found to be
guilty of fraud or conspiracy. Accordingly, in October, 1923,
Brewer was directed by a representative of the President of the
United States to complete his investigation and submit his report
not later than January 15, 1924. Since he had already spent two
and a half years in his investigation, it was deemed reasonable to
suppose that three additional months would be sufficient to enable
him to finish the remaining phases of his work and to present the
results of his investigation. In accordance with these instructions,
Mr. Brewer, on January 15, 1924, submitted to the Attorney General
the report hereinbefore mentioned. In his report Mr. Brewer charged
that fraudulent duplications or overissues of the public debt were
evidenced by '^spurious" securities or securities bearing duphcate
serial numbers; that such fraudulent duplications or overissues were
further evidenced by securities numbered higher than the high numbers officially reported as issued; that irregularities in the Bureau
of Engraving and Printing permitted fraudulent duplications or overissues to have been perpetrated without detection; that officials deliberately attempted to conceal the facts regarding fraudulent duplications or overissues; that retired securities were destroyed in order
that proof of duplication might not be available; that changes in
procedure and personnel within the public debt service were made
for the purpose of suppressing evidence of fraud; that the source of
surrendered bonds was obscured to preclude tracing; and that there
was fraud in the handling of securities after retirement. These
charges were contained in a voluminous report, which was prefaced
by Mr. Brewer with the statement that he expected to prove the
facts.
The Brewer charges were referred to the Secretary of the Treasury
for investigation, and on February 13, 1924, the Secretary of the
Treasury advised the President that an exhaustive investigation of
the charges had immediately been ordered and was then under way,
but that since the Brewer charges had been made public and were
practical^ a reiteration of the McCarter charges it appeared desirable, pending the completion of a full investigation, to assure the
public that the charges were wholly unfounded, t h a t there had been
no overissue of Government securities, and that the integrity of the
public debt could not be attacked. The Treasury meanwhile had
78
REPORT ON T H E FINANCES
begun a detailed investigation of each of Mr. Brewer's specific
charges. Incident to this investigation it appeared desirable that
t h e Treasury examine the securities which Mr. Brewer had withdrawn from the files of the department and which had been referred
to in Mr. Brewer's report. Therefore, under date of February 1,
1924, the Treasury requested the Attorney General to instruct Mr.
Brewer to return these securities to the Treasury for the purpose of
examination.
On February 4, 1924 (the date set for the return of the securities
to the Treasury), Mr. Brewer, instead of complying with the instructions of the Attorney General to make such delivery, brought suit
in the Supreme Court of the District of Columbia. This suit was
brought by Charles B. Brewer as plaintiff against Andrew W. Mellon, Harry M. Daugherty, Garrard B. Winston, and Augustus T.
Seymour, as defendants. The chief purpose of the suit was to
' prevent the return to the Treasury Department bf the securities in
Mr. Brewer's custody, thereby depriving the Treasury temporarily
of the opportunity it desired to examine the securities, which examination was necessary in order that a complete report might be
submitted to the President of the United States.
In March, 1924, and while the above suit was pending, the House
of Representatives passed a resolution authorizing a special
committee of five members, to be designated by the Speaker, to
investigate the preparation, distribution, sale, payment, retirement,
surrender, cancellation, and destruction bf Government bonds and
other securities. The following members of the Plouse Committee
on Banking and Currency were designated as members of the special
investigating committee: Louis T. McFadden, Pennsylvania (chairman); Edward J. King, Illinois; James G. Strong, Kansas; Henry
B. Steagall, Alabama; and William F. Stevenson, South Carolina.
The securities withdrawn by Mr. Brewer,from the files of the
Treasury were delivered by him, to the clerk of the Supreme Court
of the District of Columbia. They remained in the registry of the
court until April 14, 1924, when, with the consent of the Treasury,
the securities and other documentary evidence were ordered turned
over to the special congressional committee 'under an agreement
reached between the congressional committee and the Secretary of
the Treasury whereby officials of the Treasury were given an opportunity to examine the impounded securities immediately following
their delivery by the court to the committee. This enabled the
Treasury to complete its reply to the Brewer charges as contained in his
report of January 15, 1924, to the Attorney General. An exhaustive
investigation of each of the specific accusations was made by the
Treasury. Where the charges related to particular transactions or
particular securities the records of the department were carefully
SECRETARY OF THE TREASURY
79
examined for the facts. Where the charges were either indefinite
or general in their application the department brought together all
of the available information which appeared to relate to the matters
in question.
The Treasury's detailed reply was submitted to the President of
the United States in a letter dated April 26, 1924. I t consisted of
nearly 200 pages of printed text and tabulated information. The
substance of the Treasury's reply was to the effect that there had
been no fraudulent duplications or overissues of the public debt, and
that Mr. Brewer's charges that officials of the Treasury had suppressed information concerning fraudulent duplications or overissues
were absurd.
As to the instances of securities bearing duplicated serial numbers,
it was pointed out that erroneously numbered securities were printed
and certain of such securities were issued without the errors in serial
numbers being detected, thus resulting in actual duplication in
serial numbers but without any overissue of the public debt. The
Treasury stated, further, that errors had been made in preparing
lists of serial numbers and in posting serial numbers in the Numerical
registers,.thus resulting in apparent duplications in the serial numbers
of bonds. I t was explained also that thieves, who had stolen bonds
from the public after they had been issued by the Treasury, had
altered the serial numbers on some securities so as to result in apparent duplications in numbers. But in every instance of duplicate
numbering, whether actual or apparent, the Treasury's investigation
disclosed that the duplication was clearly traceable to the abovcT
mentioned errors or alterations, and not to fraud. In no case had
any such errors or alterations resulted in an overissue of the public
debt. The Treasury's conclusions were justified by the following
facts:
(1) The amount of securities issued, as shown by the records of
the Treasury Department, agreed absolutely with the amount of
cash received by the Treasury upon subscriptions.
(2) A. large overissue, such as Mr. Brewer attempted to show,
would have resulted in excessive payments of interest, whereas
the figures as to interest paid show that the amount paid has
continually been far below the actual accruals.
(3) There was an absolute control on each piece of distinctive
paper used in the printing of United States securities, such
control operating from the time the paper left the Government
paper mill through the various printing operations in the Bureau
of Engraving and Printing, and through the various issue
operations in the public debt service and Federal reserve banks,
until the securities were delivered to the public.
(4) Fraudulent duplications or overissues of the public debt
could not have occurred without the collusion of so many clerks
80
REPORT ON T H E FINANCES
employed in the several operating divisions and sections, as well
as those employed on the controls, that any attempted conspiracy would have been exposed.
A complete description of the operations in the Government paper mill, the Bureau of Engraving and Printing, and
in the various offices engaged in the handling of public debt securities,
was included in the Treasury's reply, and particular attention was
called to the numerous checks and verifications accorded the securities in the process of manufacture and issue.
The Treasury's reply explained, further, that errors in the printing
of serial numbers on securities not only were made during the wartime period, when bonds were printed under great stress and adverse
conditions, but that such errors continue to be detected in the current work of the bureau. I t was shown, further, that there were no
irregularities in the Bureau of Engraving and Printing which permitted fraudulent duplications or overissues to occur, nor was there
fraud on the part of officials or employees responsible for the safeguarding of retired securities. Mr. Brewer's charges of ^^manipulat i o n " of the annual reports of the register were shown clearly to be
absurd and ridiculous. In his attempt to support such charges
Mr. Brewer misinterpreted the table headings and disregarded table
contents and otherwise deliberately distorted the facts as they were
set forth in the annual reports of the Register and the Secretary of
the Treasury.
The Treasury's letter to the President also conveyed the assm-ance
that Mr. Brewer's charges were utterly wathout foundation. . These
charges, it was stated, appeared in some instances to be nothing less
than deliberate and malicious distortion of the facts, traceable largely
to misinformation and misunderstanding, and to the malicious gossip
bi disgruntled employees. I t was pointed out that Mr. Brewer repeatedly had dealt in innuendoes and insinuations, and that his
conclusions were nbt justified by the evidence which he presented.
The President was assured, further, that while there had been instances of duplicate serial numbers, the origin of which had been
fully explained, there was no evidence whatever of any duplicate
issues or other fraudulent overissues, of Liberty bonds or other
Government securities, and absolutely nothing to support Mr.
Brewer's charge that there had been a conspiracy to defraud the
United States.
The special committee of Congress has continued its investigation
of the preparation, distribution, sale, payment, retirement, surrender,
cancellation, and destruction of Government bonds and other securities, and Mr. Brewer has reiterated some of his charges before
the committee.
The Secretary's letter of April 26, 1924, to the President of the
United States sets forth all of the facts surrounding matters men
SECRETARY OF T H E TREASURY
81
tioned in Mr. Brewer's written charges. However, the Treasury is
anxious to furnish any additional information that may be desired
by the congressional committee. The charges made by Mr. Brewer
are serious charges, and while the Treasury, as above stated, has'
already furnished a complete answer thereto, it has extended, and
will continue to extend, such assistance and cooperation as will enable
the committee to conduct a thorough investigation of the facts.
CERTIFICATES OF INDEBTEDNESS
Last year's annual report of the Secretary of the Treasury covered
operations in certificates of indebtedness through the offering of
September 15, 1923. Since that date the Treasury has offered only
five issues of certificates, and this financing has been confined to the
quarterly tax payment dates. All issues have been well received and
largely oversubscribed. There have been no new issues of Treasury
notes.
The first offering of certificates after the publication of the previous annual report was on December 15, 1923. ^ On that day about
$350,000,000 of certificates of indebtedness matured and approximately $75,000,000 of interest on the public debt became payable.
To cover any difference between these obligatibns and the December tax receipts and to provide for further requirements of the Treasury in excess of balances on hand, two series- of certificates were
offered. One series, maturing in six months, or on June 16, 1924,
bore 4 per cent interest; the other, maturing in one year, or on December 15, 1924, bore 434 per cent interest. . The combined offering was
for $300,000,000, or thereabouts, and was announced on December
10. Subscriptions, which closed at the close of business December
12, aggregated $765,505,500. Allotments amounted to $349,277,500,
of which $135,128,500 were for the June maturity and $214,149,000
for the December, 1924, maturity. Of the subscriptions, $109,180,500 represented subscriptions for which Treasury certificates maturing December 15, 1923, were offered in payment, all of which were
allotted in full. Cash subscriptions in amounts not exceeding
$10,000 for any one subscriber also were allotted in full, and tho^e
over $10,000 were allotted 25 per cent, but not less than $10,000 on
any one subscription.
On March, 15, 1924, about $550,000,000 of certificates matured and
approximately $143,000,000 of interest on the public debt became
payable. In order to meet these obligations, interest payments due
April 15 and May 15, and other requirements until June 15, 1924, in
so far as they might be in excess of March tax receipts and balances
on hand, a new issue of certificates, dated March 15, 1924, was
announced. This issue consisted of one-year 4 per cent tax certificates, maturing M a r c h a 5 , 1925. The offering was for $400,000,000,
or thereabouts, and Treasury certificates maturing March, 15, 1924,
82
REPORT ON T H E FINANCES
were accepted in exchange for the new issue. Subscriptions closed
on March 11, the day following the announcement of the issue, and
aggregated $662,760,500. Allotments amounted to $400,299,000, of
which $137,365,000 represented allotments on subscriptions in payment for which certificates maturing on March 15, 1924, were tendered. All exchange subscriptions were allotted in full, while allotments on other subscriptions were made on a graduated scale, giving
preference, as usual, to smaller investors..
For the necessary June financing the Treasury offered $150,000,000, or thereabouts, of tax certificates dated June 16, and maturing December 15, 1924. The certificates bore 2 ^ per cent interest,
the low rate reflecting the easy money conditions then prevailing.
Treasury certificates maturing June 16, 1924, and Treasury notes
maturing June 15, 1924, were accepted in payment. Subscriptions
aggregated $609,192,500, or over four times as much as the offering.
The amount allotted was $193,065,500, of which $124,608,400 represented allotments on subscriptions for which the maturing Treasury
certificates and notes were tendered in payment. All exchange
subscriptions were allotted in fnll, while cash subscriptions were
allotted on a graduated scale, previously announced. This offering
of certificates, supplemented by balances on hand and the June
income tax receipts, was intended to provide for the payment of
about $311,000,000 of maturing Treasury notes, $134,000,000
of maturing certificates, approximately $76,000,000 of interest on
the public debt and all other requirements until September 15, 1924,
The September financing took the form of an offering of 2 ^ per
cent tax certificates of indebtedness, dated September 15, 1924, and
maturing September 15, 1925. The amount offered was $350,000,000,
or thereabouts, and Treasury notes maturing on September 15, 1924,
were accepted in payment. The proceeds of this issue, together
with September tax receipts and cash on hand, were intended
to pay the $377,000,000 of 5J^ per cent Treasury notes maturing on September 15, meet public debt interest payments of approximately $135,000,000 in September, $150,000,000 in October,
an'd $66,000,000 in November, and provide for all other Treasury
requirements until December 15, 1924. On that date two issues of
certificates of indebtedness fall due and additional financing will be
necessary. The September certificates were offered on the 8th of
the month and subscriptions closed on the 10th. Subscriptions aggregated $596,145,500 and the total allotted was $39*1,369,500, of
vyhich $125,982,000 represented allotments on subscriptions in payment for which maturing Treasury notes were tendered. The
exchange subscriptions were allotted in full, as were cash subscriptions in amounts not exceeding $10,000 for any one subscriber, while
other allotments were made on a graduated scale, as announced.
S3
SECRETARY OF THE TREASURY
Further details concerning Treasury certificates of indebtedness
will be found in Exhibits 1 to 29, pages 150 to 213, and in Tables
A, C, and D, pages 356 to 373. The official circulars announcing the
various offerings, beginning with that of December 15, 1923, are
printed as Exhibits 26 to 29, pages 208 to 213.
The aggregate amount of certificates issued from the beginning of
the war to October 31, 1924, was $60,880,483,809, of which $21,422,925,500 were loan certificates, $14,972,646,500 were sold in anticipation of income and profits taxes and $24,484,911,809 were special
issues. The following table gives the details regarding the unmatured certificates of indebtedness and Treasury notes outstanding
on October 31, 1924:
Unmatured certificates of indebtedness and Treasury notes outstanding October 3 1 ,
1924
Interest
Detail
Per
cent
4^
Certificates of i n d e b t e d n e s s :
Series TD-1924
L....
Series TD2-1924
Series T M - 1 9 2 5
Series TS-1925
.
. 2M
4
2^
T r e a s u r y notes:
Series A-1925..
Series B-1925
• Series C-1925
Series A-1926 -..
Series B-1926
Series A-1927
Series B-1927
4^
4^
.'
4H
.•
ti
4H
D a t e of issue
Due
Dec.
June
Mar.
Sept.
15,1923 D e c . 15,1924
16,1924 . . . . . d o . 15,1924. M a r . 15,1925
15,1924 Sept. 15,1925
Feb.
June
Dec.
Mar.
Aug.
Jan.
May
1,1922
15,1922
15,1922
15,1922
1,1922
15,1923
15,1923
Mar.
Dec.
June
Mar.
Sept.
Dec.
Mar.
15,1925
15,1925
15,1925
15,1926
15,1926
15,1927
15,1927
Amount
outstanding
$214,148,000. 00
193,049, 500.00
400, 299,000.00
388,869, 500. 00
597,325,900. 00
299, 659,900. 00
406,031.000.00
015,707,900. 00
414,922,300.00
355,779,900. 00
668, 201, 400. 00
4^
GOVEiaNMENT SAVINGS SECURITIES
The last annual report of the Secretary of the Treasury contained
a description of the issue of Treasury savings certificates, dated
December 1, 1923. The terms of these certificates and the regulations governing the surrender of Treasury savings certificates, issue
of September 30, 1922, by collateral agents and post offices appear
in Department Circular No. 329, dated November 15, lS23, published as Exhibit 49, page 295 of the 1923 report.
With the change in price effective December 1, 1923, the sale of
savings certificates increased rapidly. New publicity material was
prepared and a broad campaign for the year adopted. Preparations
were made throughout the Federal reserve districts to increase the
sales, and rapid progress was made until January, 1924. Due to the
strained financial conditions in the agricultural sections of the
country, on January 26, 1924, it was deemed advisable to suspend
all publicity and sale of Treasury savings certificates in the following
States: Arizona, North Dakota, South Dakota, Wisconsin, Montana,
Minnesota, Oklahoma, Idaho, New Mexico, Texas, Iowa, Arkansas,
and Wyoming.
10065—FI 19241^
8
84
REPORT ON T H E
FINANCES
While it was felt that these certfficates were not injurious to the
banks, still some bankers held the view that a suspension would be
beneficial to the general situation and the Treasury acceded to their
request. This suspension of sale was extended in February to include
a total of 21 States. The adoption of a passive program throughout
the remaining unaffected States, followed, with the result that monthly
returns to the Treasury decreased rapidly.
With the easing off of conditions in the spring and the resultant
lowering of the Government interest rates, this particular issue of
Treasury savings certificates was out of line with other interest rates;
and in view of the restricted area of sale, it was not thought advisable
to issue certificates on a new interest rate, but to suspend all sales
throughout the United States. I n accordance with the terms of the
original offering, the Secretary of the Treasury reserved the right to
withdraw the issue at any time, and on July 15, 1924, announcement was made of the withdrawal of the current issue. Regulations
governing the withdrawal, the surrender of unissued stocks, and the
discontinuance of the exchange of war-savings certificates and
Treasury savings certificates, series of 1918 and 1919, appear in
Department Circular No. 343, attached hereto as Exhibit 30, page 214.
Regulations governing the redemption of war-savings certificates,
series of 1920, and Treasury savings certificates, series of 1920,
appear in Department Circulars. Nos. 347 and 348, attached hereto
as Exhibits 31 and 32, pages 215 to 218.
The following table shows the cash receipts from the sale of
Treasury (war) savings securities by months, from the date of the
first offering in December, 1917, up to and including the month of
October, 1924:
Month
January
February
March
April
May
June
July
;
August September
1917
.
_.
-
3..
October
November
December
Total
_
•
1921
Month
January..-,.
February
March
•_
April
May
June
July
August
September
October
November
December
Total
$10,236,451. 32
10, 236,451. 32
^
_
_
-_
_._
. .
$2, 646, 396. 88
3, 324,164. 22
2, 838,416. 58
2,471,904.05
1, 682, 606. 72
1,481, 271. 98
1,403,106. 07
1, 321,198. 52
1,083,602.12
1, 209, 074. 50
1, 285, 573. 34
2,245,408. 97
22, 992, 723. 95
1918
$24, 559, 722.15
41,148, 244. 22
53,967, 864. 49
60,972,984.12
57,956,640.12
58, 250,485. 00
211,417,942.61
129,044, 200. 62
97,614, 581. 48
89,084, 097. 31
73, 689,846. 00
63,970, 813. 47
961, 677,421. 59
1922
$8,896,071. 56
8, 693, 242. 30
9, 880, 942. 69
10, 749, 347. 94
10, 542,156. 31
12, 059, 050. 88
14,183, 629. 47
11, 544,404. 78
13, 661, 364. 60
18,763, 085. 89
4,834, 624. 68
18,441, 740. 90
142, 249, 662. 00
1919
$70,996,041.14
15,816,539.27
10,143, 081. 68
9, 572, 728. 48
6, 558,198. 33
5, 269, 535. 51
5,176,865.12
6, 201,164. 07
6,111,944.78
7, 316,467. 60
8, 020,436. 67
9,124, 292.13
160, 307, 294. 78
1923.
1920
$8,987,462. 59
5, 221, 213. 48
6,063,359. 22
4,815,437. 69
3, 552, 962.19
3,107, 909. 72
2,359, 274. 53
2, 231, 509. 77
1, 814, 705. 89
1, 889, 750. 48
1,912,967. 05
1,934, 452. 46
43,891, 005. 07
1924
$55, 024, 798. 53 .
27, 003, 547.16
13, 355, 434. 95
9,473, 432. 77
7,842,896. 64
8, 257,445. 35
8,108, 997.13
7,113,879.99
6, 543,062. 03
7,433, 534. 57
6,874, 753. 92
24, 014, 474. 55
$45, 608, 046. 62
19, 383,936. 33
11,908, 248. 64
10, 222,244. 58
8, 651,022. 60
8, 004,118. 84
12,478, 787. 62
1, 205,416. 35
1, 090,932. 42
963,329. 95
181, 046, 257. 59
119, 516, 083. 95
SECRETARY-OF THE TREASURY
i)EPOsn;s OF
GOVERNMENT
85
FUNDS
Deposits of Government funds during the fiscal year ended June 30,
1924, comprised four general classes, as follows: (1) Deposits maintained with depositary banks to the credit of the Treasurer of the
United States as a basis for the transaction of the essential business
of the Government; (2) deposits carried with such depositaries by
Government officers other than the Treasurer of the United States
in the form of official checking accounts to facilitate current disbursements; (3) temporary deposits with special depositaries of
public moneys, resulting from the purchase of Government securities
for which payment was made by credit, subject to withdrawal on'
demand by the Secretary of the Treasury; and (4) temporary deposits
with Federal land banks under the provisions bf section 32 of the act
approved July 17, 1916, as amended July 1, 1921. The depositary
system of the Treasury during the year embraced, in addition to the
Treasurer of the United States, Federal land banks. Federal reserve
banks and branches, special depositaries, national-bank depositaries—both general and limited—foreign depositaries, and insular
depositaries, including the treasurer of the Philippine Islands.
Statements indicating the number of depositaries by classes and the
Government deposits held by them, on the basis of daily Treasury
statements, revised, at the end of the fiscal year 1923 and at the end
of the fiscal year 1924, are shown, in the abstract of report of the
division of deposits on page 341.
In conformity with the estabhshed policy of the Treasury to maintain deposits of Government funds with depositary banks as nearly
as possible in proportion to the Government's actual requirements,
the trend of Government deposits during recent years has been
downward. This downward trend was particularly marked during
the past fiscal year. The total amount of Government deposits with
depositary banks on June 30, 1924, was $234,299,077.89, compared
with deposits amounting to $361,026,583.43 at the end of the fiscal
year 1923. ^A review of the average daily totals of Government
deposits throughout the past fiscal year likewise shows a very material
decrease over the average daily deposits of the preceding fiscal year.
The greater part of this decrease was effected in the deposits held by
special depositaries of public moneys as a result of the purchase of
Government securities for which payment was made by credit.
These deposits are governed principally by the refunding operations
of the Treasury, which were upon a considerably smaller scale during
the past fiscal year than in the fiscal year 1923. Consequently, the
average daily balance of Government deposits held by special depositaries during the fiscal year ended June 30, 1924, was approximately
$198,000,000 against an average daily balance during the preceding
fiscal year of approximately $241,000,000. Special depositaries of
86
REPORT ON T H E ^FINANCES
public moneys, however, continue to hold an important place in the
depositary system of the Treasury. Such depositaries are permitted
to subscribe for Government securities offered for sale from time to
time and to make payment for them by credit, thereby retaining the
proceeds of such sales in the form of deposits until withdrawn as
needed to meet current disbursements of the Government. This
procedure has been of great assistance in. providing facilities for the
sale of large issues of Government securities without disturbance to
the money market. Furthermore, since special despositaries of
public moneys are required to pay interest on daily deposits at the
rate of 2 per cent per annum, the sale of Government securities by
this method is productive of a substantial revenue which would not
be received if all Government securities were sold for cash. The
interest received on these deposits during the fiscal year ended
June 30, 1924, was $3,961,872.50. The total amount received from
April 24, 1917, to June 30, 1924, was $61,648,043.97. This is shown
by Federal reserve districts and semiannual periods in the following
statement:
T A B L E N O . 1.—Interest collected to J u n e 30, 192//., by Federal reserve districts, on
deposits in special depositaries on account of sales of Liberty bonds. Victory notes,
Treasury notes, and certificates of indebtedness, and income and profits tax p a y ments, under acts of A p r i l 24, 1917, September 24, 1917, April 4, 1918, September
24, 1918, J u l y 9, 1918, and March 3, 1919
Federal reserve district
Boston
New York
Philadelphia
Cleveland..
Richmond
Atlanta
New Orleans branch.
Chicago
St. Louis
Minneapolis!
Kansas City
Dallas
San Francisco
Total.
Federal reserve district
Boston
New Y o r k . . .
Philadelphia..:
Cleveland
Richmond
Atlanta
.1.
New Orleans branch
Chicago
St. Louis
Minneapolis
_
Kansas City
Dallas
San Francisco.
Total
April 24 to
June 30, 1917
Julv 1 to Dec.
31, 1918
July 1 to Dec.
31, 1917
Jan. 1 to June
30, 1918
1, 353. 62
2, 726. 51
$495,044. 28
2, 418, 335. 72
200, 276. 04
290,482. 56
81, 252. 94
28,189. 21
. 26, 332. 71
300, 428. 59
56,412. 34
32. 520.-68
39, 634.'27
35, 888. 58
137, 996. 92
$757, 345. 98
2, 4,86, 301. 63
557,068. 79
803, 219. 84
128, 860. 72
96,086. 74
60, 320. 38
658,048.19
268, 726. 24
168, 309. 21
150,897. 61
80,191. 52
208,486. 34
$1,138, 915.47
6, 720,162. 97
1, 059,668.15
872, 392.10
109, 503. 64
144, 165. 99
79, 005. 33
974, 334. 63
403, 488. 76
164, 790. 29
332, 145. 49
268, 329. 88
377, 421.12
358, 221. 4.3
4,142, 794. 84
6,423,863.19
12, 644, 323. 82
$5,340.47
338, 480. 60
1, 044. 64
252. 06
"9," 023." 53'
Jan. 1 to June
30, 1919
July 1 to Dec.
31, 1919
$733; 867. 20
2, 968,858. 77
596,436. 23
696,750. 48
242, 735.18
203, 550. 98
88,140. 55
1,107, 399. 81
369, 783. 56
311, 793. 53
309,106. 79
132, 651. 09
590, 811. 02
$563, 524. 88
3, 336,357. 90
•529, 102. 81
530, 146. 39
555, 390.68
153, 908. 04
40, 666. 90
817, 172. 84
264, 058. 53
171, 863. 85
159, 047. 57
182, 127. 50
246, 486.13,
8, 351,885.19
7, 549, 854. 02
Jan. 1 to June
30, 1920
$254, 689. 51
1, 887, 688. 21
171, 509. 48
352,082. 30
140, 635. 35
82, 811. 99
61,682. 62
355, 685. 31
100, 947. 90
104, 223.41
95, 489. 75
118, 843. 58
182, 833.46
, 122. 87
July 1 to Dec.
31, 1920
$131, 904. 55
837, 038. 64
123, 242. 32
98, 748. 63
29, 202. 82
17,182.07
23, 774. 93
159, 607. 51
45, 418. 04
19, 254.89
49, 622. 84
15, 256. 09
97,164.11
1, 647, 417. 44
SECB-ETARY OF THE
87
TEEAaaEY
TABLE NO. 1.—Interest collected to June 30, 1924, by Federal reserve districts, on
deposits in special depositaries on account of sales of Liberty bonds. Victory notes,
Treasury notes, and certificates of indebtedness, and income and profits tax payments, under acts of April 24, 1917, September 24,1917, April 4,1918, September
24, 1918, July 9, 1918, and Marches, 1919—Continued
Federal reserve district
Boston.
..
New York.._
Philadelphia
.
.
Cleveland
Richmond _ _ . - - .
Atlanta
1
N e w Orleans b r a n c h
Chicago .
St. Louis
Minneapolis
Kansas City
Dallas
San Francisco
.
. . _.
.
Total._
Federal reserve district
Boston..
New York
Philadelphia
Cleveland...
Richmond
Atlanta
N e w Orleans b r a n c h
Chicago .
St. Louis
Minneapolis
Kansas City.
Dallas. '
San F r a n c i s c o . . . .
Total
..1
'
_
__1...
J a n . 1 to J u n e
30, 1921
J u l y 1 to D e c .
31, 1921
J a n . 1 to J u n e
30, 1922
$197,098. io
905, 079. 42
203,114. 68
170, 999. 61
61,321. 73
16, 393.10
5,417.03
87, 765.18
55, 839. 57
39, 930. 85
40, 237.12
17,151. 75
64, 542. 38
$229,145. 55
1, 382, 584. 79
296, 937. 77
339,829. 56
53, 373. 59
20, 544. 91
10, 288. 39
356,846.54
93, 306. 68
74,455. 39
63, 463. 86
49, 760. 21
103,123.90
$293,199. 36
1,130, 984. 88
196, 007. 92
208, 690. 66
105,497. 31
44,474. 72
24, 339. 61
412, 204. 08
109,287.53
63, 793.12
69, 799. 89
71, 030. 98
154, 947.15
$109, 546.16
» 693, 384. 69
172,844. 37
1 206,926. 49
85, 398. 34
38,485.08
32, 393.11
189, 668. 39
48,373.71
81, 572. 42
58,396. 98
29, 366. 09
118, 043.85
1, 864, 890. 58
3, 073, 661.14
2, 884, 257. 21
1 1, 864, 399. 57
J a n ! 1 to J u n e
30, 1923
J u l y 1 to D e c .
31, 1923
J a n . 1 to J u n e
30, 1924
$291, 740. 35
1,137, 074. 57
315,175. 60
155, 886. 06
128, 889. 67
71, 747. 98
18,198. 15
372, 426. 72
115, 628. 15
57, 523. 22
72, 323. 95
101, 254. 81
133, 610. 94
2,971,480.17
$228,554.85'
919,210.35, .
160, 276. 86
196,574.67!
66, 881. 86
31, 532. 49
63, 729. 64
220, 950.16 •
124, 289. 35
75, 635. 84 >
30, 645. 92!
37, 670. 17
198, 652.16
2, 354, 604. 32
J u l y 1 to D e c .
31, 1922
Total
$209,125.72
456, 624. 89
132, 972. 32
176, 743. 67
58, 751. 56
32, 588. 73
49, 524. 35
174,621.16
64,467. 92
32,482.57
21,673. 76
66,850. 55
130,840. 98
$5, 639,042. 48
27,618,167.93
4, 715, 677. 98
5, 099,473. 02
1,847, 695. 39
981, 914. 09
583,813. 70
6,196,182. 64
2,120,028. 28
1, 398,149. 27
1,492,485. 80
1, 207, 726. 42
2,747, 686. 97
1, 607, 268.18
61, 648,043. 97
1 Amended figures.
The Federal reserve banks and their branches, acting.as depositaries and fiscal agents of the United States,: received the greater
part of all deposits of Government revenues from day to day throughout the year. Consequently, the balances carried therewith to the
credit of the Treasurer of the United States are very active and are
subject to considerable variation. No idle or excessive balances of
Government funds are carried with the Federal reserve banks and
their branches.
Adjustments during the past fiscal year in the deposits to the
credit of the Treasurer of the United States with general nationalbank depositaries p i public moneys resulted mainly from the constantly changing requirements of the Government for depositary
facilities in different parts of the country. As an indication of the
necessity for close supervision of the depositary accounts of all
general national-bank depositaries, it is interesting to note that while
the aggregate amount of the fixed balances carried wdth such depositaries throughout the country averaged approximately $8,000,000
during the year under review, there was a shifting of balances totaling
88
REPORT ON T H E FINANCES
in the aggregate $1,409,000. These adjustments and changes are
summarized, as follows: Twenty-five general depositaries, carrying
aggregate fixed balances of $207,000 to the credit of the Treasurer
of the United States, were discontinued; and reductions totaling
$624,000 were made in the fixed balances held by 27 other such depositaries., Seventeen additional general national-bank depositaries,
with authority to maintain fixed balances aggregating $241,000, were
designated, and increases in the fixed balances of 17 general depositaries, amounting to $337,000, were granted. The net reduction in
the number of general national-bank depositaries during the fiscal
year, therefore, was eight, while the net reduction in the amount of
the fixed balances was $253,000. Sixty additional limited nationalbank depositaries were^ designated, and 56 such depositaries were
discontinued during the fiscal year. There were 885 limited depositaries on June 30, 1924, and deposits held by them and general
national-bank depositaries to the credit of Government officers other
than the Treasurer of the United States during the past fiscal year
averaged approximately $21,700,000, as against an approximate
average daily balance of $20,000,000 during the preceding fiscal year.
All of these deposits, with a few exceptions, are maintained by the
United States courts and their officers and by postmasters in the
form of official checking accounts.
Depositaries of public moneys in foreign countries and in the
insular possessions of the United States were continued throughout
the past fiscal year where necessary for the convehience of Government officers. The deposits of Government funds carried with such
depositaries during the fiscal year ended June 30, 1924, however,
were considerably less in the aggregate than during the previous
fiscal year.
Since June 1, 1913, all Government depositaries have been required
to pay interest at the rate of 2 per cent per annum on daily balances.
The amounts received during the past 12 years from this source,
exclusive of special depositaries, which are shown above, are as
follows:
TABLE N O . 2.—Interest on Government deposits, exclusive of those in special
depositaries
1913
1914.
19151916
1917-_-_-_l
1918
$122, 218. 89
1, 409, 426. 07
1, 222, 706. 93
791, 671. 45
703, 771. 76
1/134, 569. 09
1 Amended figures.
1919
1920
1921
1922._:
1923
1924
..
$5, 507, 742. 43
1,865,975.76
2, 580, 746. 84
865, 848. 30
1 584, 192. 96
2 570, 225. 42
2 Incomplete and subject to revision.*
During the fiscal year under review temporary deposits of Government funds aggregating $5,000,000 were made with Federal land
89
SECRETARY OF THE TREASURY
banks under the provisions of section 32 of the act approved July
17, 1916, as amended July 1, 1921; $4,000,000 of these deposits were
repaid to the Treasury prior to June 30, 1924, and the balance was
repaid on July 9, 1924.
•
SECURITIES OWNED BY THE UNITED STATES GOVERNMENT
The statement of securities owned by the Government on June 30'
1924, compiled from latest returns received by the Treasury shows an
aggregate of $11,301,313,434.70, as against $10,839,774,452.46 on
June 30, 1923, a net increase of $461,538,982.24. A comparative
summary classification of the respective holdings is as follows: ,
June 30, 1924 ,
Foreign obligations:
Funded under debt settlements
All other
_..'
Capital stock of war-emergency corporations.
Railroad obligations
.:
.1
Capital stock of Panama Railroad.
Federal land-bank securities:
Capital stock of Federal land banks^
^
Federal farm loan bonds
_
Capital stock of Federal intermediate credit banks
Miscellaneous securities received by War and Navy Departments and United States Shipping Board
June 30, 1923
$4, 587,894, 000. 00
5,968;435,295.61
$10, 090, 900, 222. 96
10, 556y 329, 295. 61
102, 215, 837. 80
449; 377, 995.16
7,000,000.00
10,090, 900, 222. 96
138, 768, 824. 98
419, 383,158. 97
7, 000, 000. 00
l; 985, 500. 00
101, 885, 000. 00
24, 000, 000. 00
3,086, 070. 00
101, 885, 000. 00
12, 000, 000. 00
58, 519, 806.13
66, 751,175. 65
11, 301,313, 434. 70
10,839,774, 452. 46
The largest net increase appears in the holdings of foreign obligations, and is due to the funding of accrued interest into principal under
debt settlements with the Governments of Great Britain, Finland,
and Hungary. The other foreign obligations do not include accrued
interest. The funded obligations of Great Britain and Finland were
reduced during the fiscal year by payments of principal in the respective amounts of $23,000,000 and $45,000. The net reduction in the
total amount of capital stock of war-emergency corporations was accomphshed through net cash deposits of $52,539,931.15 made by the
War Finance Corporation to its credit with the Treasurer of the
United States. This was partially offset by ah increase of approximately $19,000,000 on account of the Emergency Fleet Corporation
and is due to the decrease of about that amount in the balance to the
credit of the corporation with the Treasurer of the United States as
compared with such balance on June 30, 1923. In all cases of holdings by the Government of capital stock of war-emergency corporations, the cash balances of the corporations with the Treasurer of the
United States are deducted from the par amount of capital stock
owned in each case in order to exhibit the net cash outgo on account of
the stock ownership. The holdings of railroad obligations show an increase of approximately $30,000,000, although payments aggregating
90
REPORT ON T H E FINANCES
about $65,000,000 were received during the year on account of the
principal of such obligations matured, sold, or paid before maturity..
The Federal intermediate credit banks made additional calls for payments aggregating $12,000,000 on subscriptions to their capital stock
by the Government under the provisions of section 205 of the '^Agricultural credits act bf 1923,'' The total amount subscribed was
$60,000,000 of which $24,000,000 has been paid to the close of the
fiscal year 1924. In this connection franchise tax payments under
section 206 of the act above mentioned were made to the Treasury
by the Federal intermediate credit banks aggregating $152,271.20,
representing one-half of the net earnings to December 31, 1923, for
such part of the calendar year 1923 as the banks were in operation.
The detailed items of the security holdings are shown in Exhibit 37^
page 227, of this report.
RAILROADS
The total railroad obligations owned by the Government on June
30, 1924, which were acquired under the Federal control and transportation acts, as amended, were $449,377,995.16, principal amount^
as against $419,383,158.97 on June 30, 1923. The total obligations
increased during the fiscal year approximately $30,000,000, although
in the same period payments of railroads to the Government amounted
to approximately $65,000,000 on account of principal. For a detailed
statement of these obligations see Exhibit 37, page 227, of this report.
On the basis of the daily Treasury statements the net cash receipts
on account of railroads during the fiscal year amounted to $58,631,367.78, as against the earlier estimates included in the Budget of a net
cash outgo amounting to $57,986,299, a difference of $116,617,666.78.
This reversal of the estimate was due primarily to the change in the
money market since the first of the calendar year, which enabled the
carriers to refund at lower rates of interest their securities held by the
Government. Easy money conditions also made it possible for the
carriers in some cases to make substantial cash payments to the
Director General of Railroads on final settlements made with him^
instead of fimding their indebtedness to the Government with their
obligations.
The total receipts from railroad securities during the fiscal year
were $94,373,535.52, of which $64,976,163.81 was on account of
principal and $29,397,371.71 represented interest.
The t o t a l n e t expenditures were $35,742,167.74. Under the transportation act, 1920, net payments during the fiscal year for reimbursement of deficits under section 204 were $1,772,444.32, net guaranty
payments under section 209 were $27,898,071.72, and new loans made
under section 210 amounted to $12,971,000. The total payments
by the Railroad Administration during the fiscal year, amounting t o
$17,466,640.94, were more than offset by credits of $24,364,989.24,
SECRETARY OF THE TREASURY
91
practically all of which was received in cash by the director general on
account of final settlements; the net excess of credits was accordingly
$6,899,348.30.
The probable continuance of low interest rates for the balance of
the year and the decreasing scale of expenditures by the director
general as final settlements with carriers are concluded should result
in a substantial excess of receipts over expenditures for the current
fiscal year. During the period from July 1 to.October 31, 1924, the
proceeds of railroad securities received by the Government amounted
to $88,222,410.45, while net expenditures were only $4,059,990.91,
an excess of receipts for the period amounting to $84,162,419.54.
Of the $88,222,410.45 received, $80,215,122.08 was on account of
principal and $8,007,288.37 represented interest.
The payments under sections 204, 209, and 210 of the transportation act, 1920, as amended, are made by the Treasury in accordance
with certificates issued by the Interstate Commerce Commission for
purposes briefly described as follows:
Section 204: For reimbursement of deficits of the so-called '^ shortline'' railroads during Federal control.
Section 209: For the guaranty of net railway operating income
during the six months' period immediately following the termination
of Federal control on March 1, 1920.
Section 210: For loans to carriers from the $300,000,000 revolving
fund therein provided made when authorized by the Interstate Commerce Commission upon applications filed within two years after
termination of Federal control.
In previous annual reports payments made by the Treasury under
the provisions of the three sections above enumerated have been
shown covering the period of a year ending with November 15.
'Similar transactions, covering the period from November 16, 1923,
to October 31, 1924, inclusive, are given below.
Section W4I n making payments under this section the, Treasury is required,
upon request of the President, to deduct from the amount certified
to be due to the carrier the amount certified to be due from the carrier
to the President, as operator of the transportation systems under
Federal control, and payable to his agent, the Director General
of Railroads. From November 16, 1923, to October 31, 1924,
$1,160,482.19 was paid under this section, $862,657.17 to the carriers directly, and $297,825.02 to the Director General of Railroads,
making a total of $9,435,354.99 paid up to October 31, 1924,
$7,579,616.40 to the carriers directly and $1,855,738.59 to the
Director General of Railroads. The Interstate Commerce Com-missioh
92
REPORT ON THE FINANCES
estimates the total amount payable at approximately $15,000,000,
leaving an estimated balance to be paid of $5,564,645.01,, all of
which it hopes to certify for payment during the remainder of the
present fiscal year.
The following.is a list of carriers indebted to the United States as
of October 31, 1924, by reason of overp^ayments under this section:
Midland Ry. Co
Randolph & Cumberland Ry. Co
Texas State Railroad C o . . .
$33, 861. 93
13, 586. 31
5,361. 54
i
Total
52,809.78
A statement showing partial and final payments to carriers under
this section of the act, together with the deductions therefrom, for
the period from November 16, 1923, to October 31, 1924, is attached
as Exhibit 34, page 222.
Section 209
From November 16, 1923, to October 31, 1924, carriers have paid
into the Treasury on account of excess earnings during the guaranty
period, pursuant to the provisions of paragraph (d) of this section,
$32,340.90, making the total amount paid up to October 31, 1924,
$256,130.50. The Interstate Commerce Commission estimates the
total amount which will be payable to the United States from carriers
under paragraph (d) at $2,500,000, leaving an estimated balance to be
paid to the United States of $2,243,869.50, all of which it hopes to
certify as payable during the remainder of the present fiscal 5^ear.
The following is a list of carriers indebted to the United States as
of October 31, 1924, on account of excess earnings during the guaranty period, pursuant to paragraph (d):
Mammoth Cave R. R. Co___
Yreka Valley R. R. Co
Total___.
-
$6, 818. 84
562. 52
7, 381. 36
From November, 16, 1923, to October 31, 1924, $5,947,354.72 was
paid to carriers under this section, making the total amount paid
up to October 31, 1924, $507,517,685.58, which includes final payments to 370 carriers out of 676 accepting the guaranty.. The Interstate Commerce Commission estimates the total amount payable
under this section at $536,000,000, leaving an estimated balance to
be paid of $28,482,314.42, all of which it hopes to certify for payment during the remainder of the present fiscal year.
The following is a list of carriers indebted to the United States as
of October 31, 1924, by reason of overpayments under the provisions
of paragraphs (g) and (h) of this section:
SECRETARY OF THE TREASURY
Atlanta & St. Andrews Bay R; R. Co
Gulf, Texas & Western Ry. Co
Minneapolis & St. Louis R. R. Co
Missouri & North Arkansas Ry. Co
Peoria Railway Terminal Co
Total
93
-_-
..
$31, 472. 36
12, 439. 57
292, 022. 23
41, 375. 46
9, 650. 04
386, 959. 66
A statement showing partial and final payments to carriers and
amounts received from carriers under this section from November
16, 1923, to October 31, 1924, is attached as Exhibit 35, page 223.
.
.
Section 210
An appropriation of $300,000,000 was provided by section 210 of
the transportation act of 1920 as a revolving fund for loans to railroads and for paying judgments, decrees, and awards rendered against
the Director General of Railroads.
Loans made by the Treasury to railroads under this section from
November 16, 1923, to October 31, 1924, aggregated $10,800,000,
making the total loans up to October 31, 1924, to 84 railroads,
$350,600,667.
Advances made by the Treasury to the Director General of Railroads iov the purposes specified from November 16, 1923, to October
31, 1924, aggregated $3,000,000, making the net total of such advances up to October 31, 1924, $28,924,539.88.
Repayments of loans from November 16, 1923, to October 31, 1924^
amounted to $14,060,401.51, of which $13,183,991.51 represented
payments on account of principal in advance of maturity, making
the total repayments up to October 31, 1924, $161,922,993.92.
Pa^nnents received on account of interest from November 16, 1923,
to October 31, 1924, amounted to $10,739,682.63, making the total
of such payments up to October 31, 1924, $45,040,318.91.
The balance to the credit of the revolving fund at the close of
business on October 31, 1924, was $127,438,105.95.
From November 16, 1923, to October 31, 1924, 11 railroads paid
their loans in full and 19 reduced their loans; 9 have defaulted in
interest payments and 2 in payments due on account of principal.
The following is a list, as of October 31,1924, of the carriers in default
in respect to loans made under this section:
Atlanta, Birmingham & Atlantic Railway Co.:
Balance of interest due Feb. 1, 1922
Interest due Aug. 1, 1922
Principal due Aug. 13, 1922..
Interest due Aug. 13, 1922.
Interest due Feb. 1, 1923
Interest due Aug. 1, 1923
Principal due Aug. 13, 1923
_..*
Interest due Aug. 13, 1923
Interest due Feb. 1, 1924
Interest due Aug. 1, 1924
Principal due Aug. 13, 1924
Interest due Aug. 13, 1924
Total
__.
$4, 404. 59
5, 400. 00
20, 000. 00
39. 13
5, 360. 87
5,400.00
20, 000. 00
39. 13
5, 360. 87
5, 400. 00
20, 000. 00^
39. 13^
'.....
$91, 443. 72
94
REPORT ON TFIE FINANCES
Charles City & Western Railway Co.: Interest due
July 1, 1924
:.
._
Gainesville & Northwestern Railroad Co.:
Interest due July 1, 1923
._
Interest due J a n . 1, 1924.
_.
Interest due July 1, 1 9 2 4 . _ _ _ . . _
$4, 200. 00
$2, 250. 00
2, 250. 00
2, 250. 00
Total
1
Kansas City, Mexico & Orient Railroad Co. (re. ceiver):
Balance of interest due J u n e 1, 1922
$42, 095.
Interest due Dec. 1, 1922
75, 000.
Interest due J u n e 1, 1923--__
75, 000.
Principal due Dec. 1, 1923
2, 500, 000.
Interest due Dec. 1, 1923
.
75, 000.
Interest due J u n e 1, 1924
75, 000.
Total
Minneapolis
Interest
Interest
Interest
& St. Louis
due Oct. 1,
due Apr. 1,
due Oct. 1,
.
Railroad Co.:
1923
1924
1924
._
6, 750. 00
83
00
00
00
00
00
.__ 2, 842, 095. 83
$41, 460. 00
41, 460. 00
41, 460. 00
.
__..
Total
....
Missouri & N o r t h Arkansas Railway Co.:
Balance of interest due Oct. 1, 1923
Interest due Apr. 1, 1924
Interest due Oct. 1, 1924
124, 380. 00
$95, 000. 00
105, 000. 00
105, 000. 00
TotaL
•__
Virginia Southern Railroad,Co.: Interest due July
1, 1 9 2 4 . . . . ' .
Waterloo, Cedar Falls k Northern Railway Co.:
Interest due Apr. 15, 1922
305, 000. 00
1, 140. 00
$37, 800. 00
I n t e r e s t due Oct. 15, 1 9 2 2 L
37, 800. 00
Interest
Interest
Interest
Interest
37,800.00
37, 800. 00
37,800. 00
37,800.00
due
due
due
due
Apr.
Oct.
Apr.
Oct.
15,
15,
15,
15,
1923
1923
1924
1924
_.
_"_
Total
.__._-_
Wichita Northwestern Railway Co.: Interest due
J u n e 1, 1924
,
Grand total
\
226, 800. 00
11, 452. 50
3, 613, 262. 05
A statement shomng the amount of loans outstanding on November
15, 1923, loans made between November 16, 1923, and October 31,
1924, and loans outstanding on October 31, 1924, is attached as
Exhibit 36, page 225.
CHECKING ACCOUNTS OF GOVERNMENT CORPORATIONS AND AGENCIES
The United States Shipping Board Emergency Fleet Corporation,
the United States Housing Corporation, the War Finance Corporation, the several Federal land banks, the Railroad Administration, the
United States Sugar Equalization Board (Inc.), and the United States
95
SECRETARY OF T H E TREASURY
Spruce Production Corporation have maintained checking balances
with the Treasurer of the United States during the year, in the
manner outlined in previous annual reports of ^the Secretary of the
Treasury.
The following table shows the amount of checks on these accounts,
including similar accounts formerly maintained by the United States
Grain Corporation and the Russian Bureau of the War Trade Board,
paid by the Treasurer from the dates of the establishment of the
account to October 31, 1924, and the balances on deposit with the
Treasurer on the latter date:
Checks paid by the
Treasurer of the
United States
Emergency Fleet Corporation
United States Housing Corporation..
War Finance Corporation
United States Grain Corporation
Russian Bureau of the War Trade
Board
-.
_.
Federal land banks
Hailroad Administration
U^nited States Sugar Equalization
Board (Inc.)
_-......
United States Spruce Production
Corporation
Balances with
the Treasurer of the
United States
Oct. 31, 1924
Period
$7,340, 544,627. 60
158,715,834.71
3,429,182,682. 28
933, 967, 229. 41
Feb. 28.1918-Oct.
July 27,1918-Oct.
June 2,1918^0ct.
Oct. 31,1918-Feb.
31,1924
31,1924
31,1924
2,1922
13, 333, 773. 99 Nov. 30,19187Sept. 28,1920
27, 724,557. 51 June 2,1920-Oct. 31,1924
1, 859,629,713.45 Apr. 13,1918-Oct. 31,1924
2,482,476. 33
7,1922-Oct.
31,1924
6, 035, 275. 15 Dec. 20,1921-Apr.
Apr:
14,1924
$34,373,937. 93
919, 626. 92
490, 583, 550. 50
0)
(2) .
355, 200. 00
37, 686,195. 96
12, 797,160.19
(^)
576,715,671. 50
13,771, 616,170. 43
1 Closed Feb. 2, 1922.
2 Closed Sept. 28, 1920.
3 Closed Apr. 14, 1924.
The plans worked out by the Treasury for handling these accounts
have operated to the entire satisfaction of all concerned. The results
have been to assure absolute security to the funds and to save withdrawals of large amounts from the Treasury until actually needed
to pay obligations of the Government, thus reducing the amount of
Government borrowings with consequent savings in interest charges.
GOLD
The stream of gold which has been flowing into this country since
the closing months of 1920 continued throughout the past fiscal
year, imports aggregating $417,000,000 during the year. During
the past few months, howeverj there has been a noticeable decline in
the volume of imports. The net imports during the past seven
months are shown in the following table:
April
May
June.
July
August.__L
September
October
.
:
:____
.
,
...
$44, 028; 000
40, 480, 000
24, 913, 000
18, 507, 000
•__. 15, 753,000
2, 077, 000
15,576,000
96
REPORT ON T H E FINANCES
From September 1, 1920, to the close of the past fiscal year, n e t
gold imports amounted to $1,611,180,000. The fiscal years 1921
and 1922, with net imports respectively of $505,000,000 and $441,000,000, are responsible for a large part of the total. I n 1923 n e t
imports fell to $235,000,000, b u t for the fiscal year 1924 they increased to $407,000,000, an excess over 1923 figures of $172,000,000.
Gold exports throughout the four-year period have been very
small and almost ceased in the fiscal year 1924, amounting to only
about $10,000,000. I n no 3^ear since 1887 has the gold exported
from this country stood at so low a figure. The following tablegives the imports and exports of gold for the fiscal years 1921, 1922,
1923, and 1924, and from July 1 to November 1, 1924:
Gold imports .
Gold exports
Net imports
_
Fiscal year
1921
Fiscal year
1922
Fiscal year
1923
Fiscal year
1924
$638, 559, 805
133, 537,902
$468, 318, 273
27,345, 282
505,021,903
440,972,991
$284,089, 550
49,021,975
235,067, 575
$417, 025, 638
10, 206,941
406, 818, 697
July 1 to
Nov. 1, 1924
$63,342,101
11,429,404
51,912,697
Imports from practically all the principal countries, except France,
were,greater in 1924 than in 1923. The largest amounts came from
Great Britain, Canada, and the Netherlands, while the greatest increases over the preceding year were from Great Britain, the Netherlands, and Argentina. The following table shows the principal
sources of imports during the fiscal years 1922, 1923, and 1924:
Principal sources^ ^of imports of gold during the fiscal years 1922, 1923, and 1924
Country
Great Britain
Canada
Netherlands
Germany
France
Argentina
Sweden
Denmark
Australia a n d N e w Z e a l a n d .
British I n d i a
All o t h e r s . . .
Total.
Fiscal vear
1922
$124, 654, 463
19, 509, 099
4,186, 976
19, 924,893
129, 650, 473
265,191
55, 294, 298
18,(924,110
13,011,302
14, 863, 765
68, 033, 703
468, 318, 273
Fiscal year
1923
Fiscal year
1924
$141, 722, 541 $21^,511,546
44, 204, 261
34, 254, 897
41, 781, 818
15, 957,.122
27,482, 036
26, 918, 284
22, 391, 027
21,114, 498
13, 696, 438
120,486
6,194, 051
329,
788
1,
3, 561, 829
1. 115,469
3, 027,170
713,
278
1,
38, 566, 658
284, 089, 550
40, 451, 991
417, 025, 638
Increase 1924
over 1923
$73, 789, 005
9, 949, 364
25, 824, 696
563, 752
21, 276, 529
13, 575, 952
4, 864, 263
2, 446, 360
1,313,892
1,885, 333
132, 936, 088
1 Includes every c o u n t r y from which t h e U n i t e d States i m p o r t e d $10,000,000 or more of gold in 1922, 1923,
or 1924.
2 Decrease.
The increase in gold imports from Sweden followed the resumption
on April 1, 1924, of gold payments by the Swedish Central Bank and
the removal of restrictions on the export of gold. Imports from
Sweden for the fiscal year up to that date amounted to only $44,426,
while the total for the year reached more than $6,000,000 and exceeded that of 1923 h y almost $5,000,000. The increase in the
imports from Great Britain during the fiscal year 1924 reflects in
part the larger output of the South African mines. During recent
months, however, there has been a falling off in imports from Great
Britain, and this is responsible for much of the decline in total imports. Imports from Germany during the past fiscal year came
SECRETARY OF THE TREASURY
97
largely from the reserves of the Reichsbank, and a large part of the
imports from the Netherlands came from the reserves of the central
bank of that country. The increased importation from Canada is
due to the enlarged production in that country, to which reference
is made later.
Of the $10,206,941 gold exported during the fiscal year 1924,
$3,439,703 went to Mexico, $1,849,733 to Canada, $1,431,070 to
Hongkong, $1,310,728 to British India, $1,101,600 to Venezuela, and
$1,074,107 to other countries.
In connection with the increase in net imports of gold ($172,000,000), it is of interest that the increase in net exports of merchandise
between the fiscal years 1923 and 1924 amounted to about $580,000,000, while silver showed a net export increase of $28,000,000. No
estimates of other items in the balance of international payments of
the United States have been made by fiscal years; but estimates
for the calendar year 1923 placed the net debit balance of international payments by the United States at $152,000,000 as compared with $488,000,000 for the previous calendar year. The lower
debit balance is explained mainly by changes in three items. Our
net balance of merchandise exports fell from $754,000,000 in 1922
to $389,000,000 ih 1923, and net gold imports rose from $238,000,000 to $294,000,000. On the other hand, foreign investments in
the United States increased in 1923, while the amount of American
capital invested abroad decreased very materially, which gave the
United States a net credit balance on capital movements in 1923
(including an increase in debt payments by foreign countries) of
$125,000,000 as compared witli a net. debit balance on the same
items of $638,000,000 in 1922. This resulted in a much lower debit
balance for 1923, in spite of the decreased merchandise exports and
the increased gold imports. The net excess pf credits in favor of
foreign countries in the final balance indicates continued payments
on outstanding and open merchandise account^.
With the exception of the German Reichsbank gold and the recent
imports from Sweden and the Netherlands, the gold received by
the United States in 1923 and 1924 was largely newly mined gold.
The world's production in the calendar year 1923 was estimated at
about $350,000,000, a small increase over the production of the three
previous years but below the average production of the last 20 years.
The decline in the world's production of gold since 1915 has been
constant. The decrease has apparently been due to the loss of the
Russian product, the increased cost of the output of a fixed-price
product, natural exhaustion of the mines, and, until the development of the recent discoveries in Canada, the absence of any new
source of supply. More than one-half of the world's gold production in 1923 and 1924 was mined by the Transvaal in South Africa.
The output of these mines has never dropped far below the high level
of their 1916 production, and in 1923 was only slightly less than the
production of that record year. Their output in 1923 was almost
98
REPORT ON T H E FINANCES
$190,000,000 and bids fair to be at least that large in 1924. Canada,
now third in world production, is showing increased output due to
the development of two very important producing areas in the last
decade. Her total production figures have increased frora around
$16,000,000 in 1920 to about $25,000,000 in 1923. Production in
the United States was about $51,734,000 in 1923, which is slightly
higher than production for any year since 1919.
Gold reclaimed from the arts in the United States during the
calendar year 1923 is estimated at about $13,000,000, but there was
used in the arts in the same period about $69,000,000, of which
$40,000,000 was new material.
The total monetary stock of gold in the United States has increased
$441,000,000 in the fiscal year just closed, as against an increase of
only $265,000,000 during the previous year. Our holdings continue
to equalabout one-half of the visible monetary stock of gold in the
entire world. At the present time, the United States has 2.4 times
as much gold as it had in 1913.
On July 23, 1924, the gold holdings of the Federal reserve banks
were at the highest point ever reached—$3,167,527,000—but have
declined somewhat since that date. The banks' proportionate holdings of the total gold stock decreased from 76 per cent in July,
1923, to 67 per cent in November, 1924. The following table shows the
monetary stock of gold in the United States on the 1st of July each
year from 1913 to 1922, inclusive, and on the first of each month from
July 1, 1923, to November 1, 1924, together with the gold holdings
of the Federal reserve banks on or about the same dates:
Date
Stock of
monetary
gold in
United
S t a t e s (in
millions of
dollars)
T o t a l gold R a t i o of
gold
P e r c e n t holdings of
Federal
held b y
of
reserve
F
e
deral
amount
b a n k s (in
reserve
in 1913 millions
of ^banks to
dollars)
total
Per cent
J u l y , 1913
J u l y , 1914
J u l y , 1915
J u l y , 1916 _ . . - . . . . .
J u l y , 1917
J u l y , 1918.
J u l j ^ 1919
J u l y , 1920
July,.1921..
J u l y , 1922
J u l y , 1923
A u g u s t , 1923
S e p t e m b e r , 1923..
October, 1923
N o v e m b e r , 1923..
D e c e m b e r , 1923..
J a n u a r y , 1924
F e b r u a r y , 1924..
M a r c h , 1924
..
April, 1924
M a y , 1924
J u n e , 1924
,
J u l y , 1924..
A u g u s t , 1924
S e p t e m b e r , 1924..
O c t o b e r , 1924
N o v e m b e r , 1924..
* 1,871
1,891
1,986
2,450
3,019
3,076
3,113
2,709
3,298
3,785
4,050
4,079
4,109
4,135
4,168
4,210
4,247
4,289
4,338
4,368
4,417
4,460
4,491
4,517
4,531
4,548
4, 554
100
101
106
131
161
164
166
145
176
202
216
218
220
221
223
225
227
229
232233
236
238
240
241
242
243
243
329
543
1 1, 237
1 1, 928
2,148
1 1, 854
2,468
3,021
3,095
3,101
. 3,106
3,113
3,111
3,101
3,080
3,143
3,120
3,095
3,120
3,113
3,128
3,143
3,089
3,047
3,037
I E x c l u d i n g gold held a b r o a d , w h i c h is n o t included in t h e m o n e t a r y stock in t h e U n i t e d S t a t e s .
16.57
22 16
40. 97
62 68
69.00
68.44
74.83
79.82
76.42
76.02
75.59
75.28
74.64
73.66
72 52
73.28
71. 92
70.86
70.64
69.80
69.65
69.58
68.17
67.00
66.69
99
SECRETARY OF T H E TREASURY
Gold certificates in circulation have more than doubled since
July, 1923, and the proportion of gold coin and certificates in circulation to total money in circulation is substantially larger than a
year ago. The following table shows the total money in circulation
and the amount of gold coin and gold certificates in circulation outside of the Treasury and the Federal reserve banks on July 1, 1922,
and subsequent dates:
Month
July 1, 1922.
Oct. 1, 1922.
Jan. 1, 1923.
Apr. 1, 1923.
July 1, 1923.
Oct. 1, 1923.
Jan. 1, 1924.
Apr. 1, 1924.
July 1, 1924.
Oct. 1, 1924.
Nov. 1, 1924
Gold certifiGold coin
cates
in circulation in circulation
$415, 937, 553 $173, 342,199
412,894,448
214, 956, 729
302, 743,899
429,192,179
319, 068,349
410,102,015
386, 456, 089
404,181,003
397,980, 664 465, 279,009
582, 029, 209
415,319,417
687, 252, 519
408,061,873
801,
380,819
395, 746,934
898, 165, 509
427,969, 721
436,159, 800 904, 861, 229
Total gold
in circulation
Ratio of
gold coin
and certifiTotal money
cates to
in circulation total rhoney
in circulation
279, 752 $4,374, 015,037
4, 520,895, 293
627, 851,177
731, 936, 078 4, 732,898, 991
729, 170, 364 4, 655,675, 790
4,729, 378, 516
790, 637,092
863, 259, 673 4,849, 921,139
348,
626
4,951, 085, 383
997,
4, 812,861,042
1,095, 314,392
127,
753
4, 754,772, 754
1,197,
1,326, 135, 230 4,806, 366, 540
021,029
. 4,879,693, 585
1,341,
13.5
13.9
15.5
15.7'
16.7
17.8
20.1
22 8
,25.2
27.6
27.5
This steady increase in the circulation of gold certificates since
July, 1922, is a result of the policy of the Treasmy and the Federal
reserve banks, inaugurated in March, 1922, of paying out gold
certificates in the ordinary course of business with other forms of
money. With the increased circulation of gold certificates it has
been necessary to continue the coinage of gold in order to be in a
position to meet the legal requirement that at least one-third of the
gold held against certificates be in the form of gold coin. From July,
1923, to November, 1924, the amount of gold coin held in the Treasury
has increased from about $312,000,000 to $532,000,000. The gold
coin held in the Treasury above the legal requirement against gold
certificates in circulation on November 1,1924 ($78,000,000), exceeded
the amount so held at the beginning of the fiscal year 1923 by about
$12,000,000.
Probably the most important result of thei continued and large
increase in gold imports during the fiscal year has been its effect
on the credit situation and more particularly on the Federal, reserve
system. Gold imported into the country goes immediately into
the banks. By enabling them to repay their borrowings and increase their reserves at the Federal reserve banks, it has served as
a basis for credit expansion by the member banks. This phase of
the gold situation is more fully discussed in the article, " Domestic
Credit Situation," pages 64 to 68 of this reportj
SILVER
Although the acceptances of silver tenders under the act of April
23, 1918, were concluded in June, 1923, deliveries of silver continued
100
REPORT ON T H E FINANCES
during the fiscal year 1924. All accepted tenders of silver were due for
delivery by the. 1st of October. At the close of the fiscal year 1924
there remained to be delivered 588,642 ounces.
The coinage of silver dollars, held back by the more urgent gold
coinage, has continued in moderate amounts throughout the year.
By the close of the fiscal year 1924, 234,016,473 silver dollars had been
coined, leaving 36,216,249 to. be manufactured to complete the
number required to replace the dollars melted under the Pittman Act.
The production of silver in the United States during the calendar
year 1923 amounted to 73,335,170 ounces, an increase over the previous year of 17,095,122 ounces. Whatever apprehension may have
existed as to the disturbing effect of the cessation of purchases
under the Pittman Act on the price and production of silver has
been allayed during the past year. Not only has production in
this country during the past fiscal year been somewhat higher than
. the average production during the three-year period when purchases
were being made under the Pittman Act but there has also been a
substantial advance in price during recent months. The following table shows the average monthly, price of fine bar silver per
ounce in New York during 1923 and 1924:
1923
January.
February
March...
April
May
June
$0. 66094
. 64716
. 67963
. 67270
. 67455
.65194
1924
$0.63781 J u l y . . . . . . .
. 64652 August. _..
.64293 1 September.
.64403 i October. _.
.65860 November.
December.
.67045
$0. 63383
. 63176
. 64529
.63928
. 64122
• .65035
$0. 67497
. 68865
. 69680.
.71168
Fluctuations in the price of silver are in a very large measure due
to variations in demand, and changes in production have less
influence upon the course "of the market. The demand from the
Far East, principally India, is, as a rule, the prevailing and most
variable demand and is, therefore, a dominant factor in price changes.
The proportion of the world's production of silver absorbe(J by India
and China is shown in the following table:
Year
1911.
1912
1913.
1914.
1915.
1916
1917.
1918.
1919.
1920.
1921.
1922.
1923.
World
production
of silver
Percentage
Net imof world
Average
ports into production
price of
India and absorbed
silver in
bytndia New York
China
and China
I n millions
226.2
230.9
208.7
167.0
167.5
175.8
181.2
198.2
176.5
173.3
175.3
213.5
234.5
of fine ounces
121.0
125.1
132 8
54.7
38.1
71.0
53.0
204. 0
223.9
96.3
88.3
104.4
150.3
54
54
64
33
23
40
29
103
127
b&
50
49
64
$0.54
.62
.61
.56
.51
.67
.84
.98
1.12
1.02
.63
.68
.65
SECRETARY OF THE TREASURY
101
Good business conditions in India during the past year and her
favorable trade balance have given rise to a sustained demand for
silver from that quarter. During recent months there has also been
-some demand from Europe and exports from the United States to
England' have increased materially compared with corresponding
months for previous years. While production figures do not
play a major role in market quotations, the reverse is equally
true. Silver is very largely a by-product and the amount produced
i n the United States varies directly with the production of copper,
lead, and zinc. While the silver-producing industry benefited by
millions of dollars through, the operations of the Pittman Act, its
•existence in no sense depended upon the act and apparently.the cessation of purchases had no effect upon production.
MINTS•
The coinage of double eagles and standard silver dollars absorbed
the chief energies of the coinage mints during the fiscal year 1924.
Gold coinage amounted to 7,706,000 pieces, silver coinage to 86,702,080
pieces, and minor coinage t o 167,770,000 pieces, making a total of
262,178,080 pieces. The combined coinage for the two previous
years was 238,854,675 pieces. Foreign coinage amounted to
9,632,196 pieces during the fiscal year.
As the law requires t h a t at least one-third I of. the gold held in
trust against outstanding gold certificates must be gold coin, the
emission of gold coin was expedited in order to maintain this
proportion.
The purchases of gold bullion by the mint institutions amounted
to $488,753,331 and silver bullion to 18,785,464 fine ounces.
The total expenses of the Mint Service were $1,848,461.41, and the
income, including charges on bullion, recoveries of precious metals
in operation, and seigniorage, $8,616,444.37.
The annual legal examination of the coinage mints and the New
York assay office manifested that all coin and bullion with which the
respective institutions were charged was properly accounted for.
The annual trial of pyx coins showed that the integrity of the coins
as to weight and fineness had been maintained by all the mints.
PUBLIC HEALTH SERVICE
The Public Health Service has conducted its work efficiently
und with benefit to the country. With the passage of legislation
relieving it of the duties and obligations connected with the care
of the ex-service men and women, it has been able to concentrate
more intensively upon the public health work of the country. This
work of conserving our human resources is of prime importance.
While it is neither possible nor desirable- for the Federal Govern
102
REPORT ON T H E FINANCES
ment to replace the appropriate public health responsibilities of b u r
cities and States, there is a broad field of operation for the Federal
Public Health Service in preventing the importation of disease and
the spread of disease from one State to another, in helping the State
public health authorities when necessary, and in conducting .research
looking toward the protection of the health of the Nation at large.
Through its own medical officers stationed in consulates abroad,
the Department of State, the International Office of Public Hygiene,
the Pan American Sanitary Bureau, and.other agencies and through
its collaborating epidemiologists and State health officials, the
service has continued observations of the health conditions both
abroad and in this country.
The Surgeon General served as the American member of the
permanent committee of the International Office of Public Hygiene,
Paris. He represented the Government as a delegate to the International Conference on Emigration and Immigration at Rome,
and in his capacity as an advisory member to the health committee
of the League of Nations attended the session of this committee.
He has continued as director of the Pan American Sanitary Bureau.
The Assistant Surgeon General, in charge of foreign quarantine,
continued as the assistant director of the Pan American Bureau in
addition to his other duties. In this capacity he attended the first
Pan American Conference on Red Cross in Buenos Aires, thus having
opportunity to confer with the sanitary authorities of the several
South American maritime countries. In February he attended a
maritime, quarantine conference in Panama. The relations t h u s
maintained with the health authorities of foreign countries have contributed materially toward a mutual understanding of sanitary problems and are tending toward uniformity in quarantine methods with
consequent benefit to our commerce.
The health conditions abroad still require vigilance to prevent the
introduction of disease into this country. The past year has been
marked by a continued spread of bubonic plague into southern Europe
and the Canary Islands, A severe epidemic of cerebral meningitis
has caused a distressing number of deaths in Japan. There has been
during the past summer a recrudescence of yellow fever in Central
and South America. Cholera has continued its devastation in the
Orient and has appeared in Russia, but fortunately not in Europe.
Smallpox has been extremely prevalent both in this country and
abroad, while typhus fever is disappearing in Europe with the return
to more normal conditions.
Health conditions throughout the United States were generally
good though provisional figures indicate that the death rate was higher
than those of the ..years 1921 and 1922. There was a continuation
of the remarkable decline in the death rate from typhoid fever which
SECRETARY OF T H E TREASURY
'
103
has been'recorded for many years. Forty-four States reported 32
cases per hundred thousand as compared with 34.6 cases in 1922, and
the death rate was 7.2 as compared with 8 per hundred thousand in
1922. Although the means for its control are known, diphtheria
continues to cause many deaths. The cases per hundred thousand
reported in 1923 were 132.6 compared with 164.1 in 1922. The death
rate was 11.3 in 1923 and 14.3 in 1922. The reports of both cases and
deaths from measles show a decided increase; for the calendar year
1923, 45 States reported 689.2 cases per hundred thousand population
as compared with 253.7 in 1922. The death rates from this disease
were 9.4 in 1923 and 3.5 in 1922.
Tuberculosis death rates based on reports from 45 States were
92 per 100,000 population in 1922 and 89.1 per 100,000 in 1923.
Cordial relations and mutual cooperation have been continued
between the Public Health Service and other agencies of the Federal,
State, and local governments as welh as with the various unofficial
organizations interested in the advancement of the public health.
Through its studies of administrative work in rural sanitation in
cooperation with State and local authorities, this service has aided
in the establishment and maintenance of efficient whole-time local
health officers.
The investigational work in public health is being developed in
accordance with a limited but well-rounded program. Substantial
progi-ess has been made, notably in relation to studies of tularaemia,
the standardization of biologies, and pollution of navigable waters.
Investigations of endemic goiter, mental health, milk control,
public h e a l t h ' administration,! and minor respiratory diseases are
being continued. Special effort is made to disseminate the information
gained to research workers, hejalth officials, and others interested.
Cooperation of State and municipal health authorities has enabled
the Public Health Service td collect and publish currently information concerning the prevalence of preventable diseases. The
fact is being continually emphasized, however, that the Federal
Government is dependent on! State and local authorities for this
information and contributes little toward its collection. There is
a legitimate demand on the palrt of the health authorities and others
for the establishment of a registration area for the collection of
morbidity reports. By reason of its public health and economic
importance, funds should be aippropriated for this purpose.
Changes were made during | the year ih the manner of presenting
the information collected regarding the prevalence of communicable
diseases in cities of the United States. I t is now possible, therefore,
by consulting the printed reports to ascertain readily from week to
week the variations of the prevalence of the principal communicable
diseases in different parts of I the country, as reported by certain
104
REPOET ON THE FINANCES
cities, haying an aggregate population of more than 29,000,000*
people. The Public Health Reports have been issued weekly during
the year, a practice continued since 1878.
In accordance with legislation first enacted in 1798, hospital and
medical care of American seamen has been continued. Facilities
for these purposes are provided in 149 ports of the United States
and its possessions. There was an increase of 7.7 per cent in the
number of hospital-patient days and 41 per cent in the number of
out-patient treatments as compared with the previous year. During
the same period there was a reduction in the per diem operating cost
which amounted in the marine hospitals to 5.6 per cent. The
increased amount of relief rendered was accordingly met m t h o u t
increase of funds by reason of economies effected.
Merchant seamen were the chief class of beneficiaries at marine
hospitals and relief stations, constituting 52 per cent of all patients,
but other important classes of beneficiaries have been added from
time to time by law and Executive order. Out of a total of 163,100*
patients treated 37,265, or 22.8 per cent, were patients of the United
States Employees' Compensation Commission; 16,994, or 10.4 per
cent, were Coast Guard personnel; and 11,000, or 6.8 per cent, were
immigrants detained for examination and treatment, chiefly at Ellis
Island. Lepers constitute another important class of patients, for
whom a total of 66,000 hospital-patient days were provided, chiefly
at the National Leper Home at Carville, La. Hospital facilities were
continued for patients of the United States Veterans' Bureau and
other beneficiaries designated by law. Under an Executive order of
June 18, 1923, there were 15,679 physical examinations of applicants
for civil-service positions.
The work of venereal-disease control is taking definite form.
New and important activities have been undertaken including the
study of syphilis in pregnant women, the organization of prenatal
clinics, the more general incorporation in schools of courses of sex
education in their curricula, and the standardization and improvement of clinical facilities on the part of the State and local health
organizations. The publication Venereal Disease Information has
achieved a more general distribution among the medical profession
not only in this country b u t in foreign countries, and is regarded as
an important aid in venereal-disease control w^ork. Compilations of
special material relating to^ venereal diseases, such as syphilis of the
nervous system and congenital syphilis, have been prepared by the
Public Health Service and widely distributed among physicians
throughout the country. The reception of these publications on
the part of the medical profession has been enthusiastic.
The total personnel of the service on June 30, 1924, was 8,668^
including 4,261 State and local health officers emplo^^ed at nominal
SECRETARY OF T H E TIIEASURY
105
salaries, generally $1 per year, for the purpose of furnishing epidemiologic information. There was a total reduction of 752 on June 30,
1924, as compared to June 30, 1923. Six hundred and eighty-two
officers of the Reserve Corps were placed on inactive status, the
majority as a result of the passage of an act to '^ consolidate, codify
and reenact the laws effecting the establishment of the United States
Veterans' Bureau."
The constantly increasing use of the facilities and scientific knowledge of the Public Health Service by other governmental agencies is
•a source of gratification to the department.
The efficiency of le personnel would be increased and economies
effected by legislation enlarging the commissioned corps.
Attention is invited to the recommendations of the Surgeon
General in respect to new construction and repairs of buildings at
hospital and quarantine stations, in which I concur.
PUBLIC BUILDINGS
The need for the exercise of very strict economy in governmental
expenditures has crowded the public-buildings situation into the background. That situation has been serious for some time. I t could
not well be otherwise. There has been no legislation authorizing the
construction of public buildings since 1913. Many of the buildings
authorized at that time have not been constructed. I t was found
necessary during the World War, in the interest of conserving man
power, money, and transportation facilities, to postpone the letting
of contracts for the construction of Federal buildings. Meanwhile
the abnormal increase in construction cost has rendered it impossible
in many cases to construct Federal buildings within the limits of cost
fixed by Congress therefor. Although the Government's building
program has been practically at a standstill during this period its
business has steadily and rapidly increased, with the result that a
large number of the Federal buildings have become congested to such
an extent as to make it necessary to rent outside accommodations or
to attempt to operate under conditions which seriously interfere with
the transaction of the public business and cause discomfort and inconvenience alike to the officials and the public.
In a letter recently addressed to this department by the Postmaster
General he calls attention to the list of 140 buildings mentioned in the
letter addressed under date of October 27, 1922, to the Speaker of the
House by the Postmaster General and the Secretary of the Treasury,
and states with respect to these buildings, and some others, that:
At a great many of these offices, if relief is not provided by the construction
of additions, the department will within the next year be obliged.to rent outside
space in order to carry on the constantly increasing volume of business, the
congestion now having reached such an acute stage that the service is unduly
106
REPORT ON THE FINANCES
hampered, and it is impossible to continue under existing conditions. After a
thorough study of the problem I am convinced that it is not to the Government's
interests to rent space where it is possible to provide the additional floor area
needed by an extension to the Government-owned building.
I t would require a very large expenditure to bring the Government's public-building requirements up to date, and it would not be
practicable procedure to enter upon such an extensive program at
one time. A start should be made on a program which will gradually provide for the Government's actual needs, due attention being
given to extensions of buildings in which extreme congestion exists or
where relief can otherwise be had only by renting outside space.
There has been just ground in the past for criticizing the prodigality
with which public buildings have been authorized at times, as well as
the unnecessarily high cost of many of the buildings constructed.
Sound business considerations alone should govern the authorization
of public buildings, and the limits of cost therefor should have in
contemplation structures of standardized types of the general character more recently designed and constructed by the Supervising
Architect's Office.
While the determination of what public buildings shall be authorized lies with Congress, it is believed t h a t . t h i s department is in
position to render valuable preliminary service, and attention is again
called to the recommendation made by one of my predecessors. Secretary Cortelyou, in a report addressed under date of December 7,
1908, to the Speaker of the House. This recommendation, which has
been renewed from time to time by a number of his successors, was
quoted in my 1923 report, pages 82-83.
Hospitals
During the period covered by this report the last of a number of
hospitals constructed by this department for the treatment of veterans
of the World War was completed. This concludes the major hospital program under the supervision of the Treasury Department under appropriations totaling $26,496,500. Twenty-three hospitals have
been constructed in all, providing a bed capacity of 8,188. These
hospitals, with the exception of three, were designed and constructed
by the Supervising Architect's Office. Many of the hospital buildings
were constructed under the so-called purchase and hire method, consisting of the purchase of materials and the employment of labor,
instead of under lump-sum contracts, with very satisfactory reductions in cost over the latter method. The progress made and results
obtained reflect much credit on the Supervising Architect's Office.
An abstract of the .report of the Supervising Architect's Office will
be found on page 308 of this report, and shows in considerable detail
the work carried on by that office, together with a list of buildings
authorized but not put under contract.
SECRETARY OF THE TREASURY
107
DISTRICT OF COLUMBIA TEACHERS' RETIREMENT FUND
The total credits into the District of Columbia teachers' retirement
fund during the fiscal year amounted to $254,567.43, of which
$32,430.62 represented interest on investments and $222,136.81 was
on account of deductions from salaries. The total charges against the
fund in the fiscal year amounted to $240,877.08, of which $27,472.58
represented advances to the disbursing officer of the District of Columbia for payments of annuities and $213,404.50 was advanced to
the Treasurer of the United States in payment for investments made
in accordance with the provisions of the amendment of June 5, 1920,
to the act approved January 15, 1920. Purchases for account of the
fund are made upon advice received from the Commissioners of the
District of Columbia from time to time, stating the amounts available
•for investment. During the year purchases of fourth Liberty loan 43^
per cent bonds aggregating $233,250 face amount were made for the
investment account at a principal cost of $231,341.85. The total
amount of securities held in the investment account of the fund on
June 30, 1924, was $888,400, the details with respect to which are as
follows:
0
Par value
Third Liberty loan 4J^ per cent bonds...
Fourth Liberty loan 4J^ per cent bonds.
Treasury bonds, 4 ^ per cent, 1947-1952..
Total
Principal
cost
$165,450
712,950
10,000
$157,611. 47
680, 072 16
10, 000. 00
888,400
847,683.62
UNITED STATES GOVERNMENT LIFE INSURANCE FUND
Under the provisions of section 18 of the act approved December
^4, 1919, as amended March 4, 1923, all moneys received in payment
of premiums on~^converted insurance in excess of reserve requirements
and authorized payments are required to be invested by the Secretary
of the Treasury in interest-bearing obligations of the United States
or in bonds of the Federal land banks. The Director of the United
States Veterans' Bureau advises the Treasury when funds are
available for investment. Purchases for account of the fund during
the fiscal year 1924 aggregated $29,874,900 face amount, all of which
IVere 4}4 per cent Treasury bonds of 1947-1952, and the aggregate
holdings on June 30, 1924, were $116,563,950 face amoimt. Beginning with the fiscal year 1925, purchases of Federal farm loan bonds
have been made under authority of the amendment to the act
approved March 4, 1923. The securities purchased for the investment account are held in trust by the Secretary of the Treasury
for account of the fund and the director of the bureau makes
10065—FI 19241
9
108
RiSPORT ON T H E FINANCES
periodical verifications of the security holdings from time to time
through detailed custody reports rendered by the Treasury. The
securities held in the fund June 30, 1924, classified by loans, are as
follows:
Par value
First Liberty loan converted A}4 Per cent bonds...
Second Liberty loan converted 43^ per cent bonds.
Fourth Liberty loan i}4 per cent bonds
i}4 per cent Treasury bonds of 1947-1952.
Principal cost
$6,639,900
18,089,300
42, 661, 550
49,173,200
$6,316,209. 21
16,247,357.00
39,495, 573.60
49,201,905.28
116,563,950
111, 261,045.09
CIVIL-SERVICE RETIREMENT AND DISABILITY FUND
The total credits entered in the civil-service retirement and disability fund during the fiscal year 1924 aggregated $16,642,270.98.
The net charges against the fund on account of refunds to employees,
annuities, etc., were $8,624,999.04, and on account of investments
under the provisions of section 8 of the act aggregated $8,028,336.62.
The unexpended balance on June 30, 1924, was $85,423.55. The
administration of the fund is vested in the Secretary of the Interior,
but the Secretary of the Treasury is required to make investments
from time to time from such portion of the fund as may not be required
for authorized payments and to credit the fund with the income.
Part of thei investments are made each year in short-term obligations
during the period when the funds are not required for immediate disbursement. Such part of the fund estimated not to be required for
use during the fiscal year is invested in longer term securities. The
net investments during the fiscal year 1924 aggregated $7,993,500
face amount, $7,000,000 of which were 4 % per cent Treasury notes
of series A-1927, maturing December 15, 1927, and $993,500 face
amount were 4 per cent Treasury certificates of indebtedness of
series; TM~1925, maturing March 15, 1925. The interest on investments credited to the account during the year amounted to
$1,484,514.97. The total interest and profits collected and earned
on investments made to June 30, 1924, was $3,115,802.98. The
following statement shows the securities held in the fund as of June
30, 1924:
Par value
Second Liberty loan 434 per cent converted bonds.
Fourth Liberty loan 43^ per cent bonds
Treasury notes, series A-1926
Treasury notes, series B-1926
.
Treasury notes, series A-1927
Treasury certificates, series TM-i925
Total
1
-
Principal cost
$8,120,000
9,864,250
2,050,000
6,000,000
7,000,000
993,500
$7,944,608.00
9, 245,997. 64
2,065,065.11
6,030,000.00
7,016, 796.88
1,001,754.69
34,027, 750
33,304,222.32
Further information in regard to the fund will be found on page
300 of this report.
109
SECRETARY OF THE TREASURY
SURETY BONDS
The amount of work devolving upon the Secretary of the Treasury
in the enforcement of the law with respect to the acceptance of corporate surety companies on obligations running to the United States
is steadily increasing.
The Secretary of the Treasury is required (1) to decide whether
any corporate surety company is qualified to act as surety on obligations running to the United States; (2) to determine the continuing solvency of all companies so authorized; (3) to keep all branches
and agencies of the Federal service fully informed as to the financial
status of all companies authorized under the law, and the maximum
liability which each company may assume on any single risk or undertaking; and (4) to revoke the certificate of authority of any company
whenever in his judgment it is no longer sufficient security.
On June 30, 1921, 31 companies held certificates of authority to
transact business with the United States; on June 30, 1924, 44 companies held such certificates and 26 other companies were reporting
for reinsurance purposes. During that period the certificates of
authority of seven companies were revoked.
Not only has the number of companies authorized to write Government bonds increased but the aggregate volume of assets of the
individual companies is greater, so that the work involved in the
examination and audit of these financial returns is steadily increasingo
The following tabulation briefiy shows the development of the work
which the Treasury is now called upon to perform in the examination
of such companies:
Number
of companies
authorized
June 30
1921
1922
1923
1924........
.
.
Increase in 3 y e a r s . . . . .
.
.
:....
:
'
Aggregate
assets of all
companies
31 $304,518,567.51
36 368, 505, 814. 82
40 424, 363, 350. 95
44 475,177, 804. 8T
13
170,659, 247. ^
The above data do not include figures from statements of th®
26 companies reporting only for reinsurance purposes.
In the examination and audit of these financial returns representatives of the Treasury,are in close touch with the officers of th©
reporting companies. Conferences are frequently necessary, and th©
decisions rendered by the Treasury as to the valuation of assets and
the determination of liabilities have an important bearing upon the
welfare and standing of the companies.
JIO
REPORT ON T H E FINANCES
The growing importance of the supervision of surety companies
writing Government bonds, as it affects both the Government and the
companies, justifies the creation of a division of surety bonds with
adequate personnel to carry out the responsibilities of the Treasury
under the law.
In my report for the fiscal year ended June 30, 1923, emphasis
was given to the importance of a centralized control of data which
would result in a record of every bond or other obligation executed
h j surety companies in favor of the United States. To establish this
control, it is necessary that all such obligations shall clear through a
central office. No legislation has been passed to bring about this
result, but the records of the Treasury with respect to surety bonds
taken by it are now so kept that it is possible to ascertain at any
time the extent of the liability of each company on such risks. I
renew the recommendation, however, for a centralization of the records of all surety bonds in which the Government has an interest.
TREASURY ORGANIZATION
The savings division of the public debt service was abolished
during the year, the need for this division having ceased with the
suspension of the sale of Treasury savings certificates at the close of
business July 15, 1924, in accordance with Department Circular
No. 343 of July 10, 1924 (Exhibit 30, p. 214). Aside from this,
only minor changes in organization in the natural trend of efficient
administrative operation have taken place during the year.
BUDGET AND IMPROVEMENT COMMITTEE
As set forth in the last annual report, reserves had been set up
from appropriations for the fiscal year 1924 amounting to $545,967.50
on October 31, 1923. Subsequently additional reserves amounting
to $23,000 were added and reserves amounting to $141,000 were
released, leaving a balance of $427,967.50 in reserve for the fiscal year
1924. For the fiscal year 1925 heads of bureaus and offices reported
reserves of $60,138, to which, after investigation by the budget and
improvement committee, were added $469,980, making a total reserve for the year of $530,118 of which $509 was subsequently
released, leaving a total of $529,609 in the general reserve on
October 31, 1924.
During the year various supplemental and deficiency estimates
were submitted, aggregating $188,968,590.53, of which $156,849,000
was for refund of internal-revenue taxes. After examination by the
committee these estimates were revised and reduced to $187,905,709.91.. A number of requests for legislation authorizing projects
which would result in estimates for appropriations were considered by
the committee, which made appropriate recommendations thereon.
SECRETARY OF T H E TREASURY
111
The preliminary estimates of the department for the fiscal year
1926, exclusive of interest on the public debt, debt retirements frona
ordinary receipts, and estimates for the Bureau of the Budget, aggregated $174,415,007.85. The Bureau of the Budget made a tentative
allocation to the Treasury Department of $155,695,855, including
$26,091,500 for estimated permanent and indefinite appropriations. This allocation was $8,628,435 less than the appropriations,
including items contained in bills H. R. 9559 and H. R. 9561, for
the same purpose for the fiscal year 1925, and $18,719,152.85 less
than the preliminary estimates. The regular estimates submitted
by heads of bureaus and offices for the same purposes amounted
to $176,587,203.15. These estimates were carefully examined by the
committee with the purpose of eliminating all items not considered
absolutely necessary, $3,170,971.16 being thus eliminated. In^orde^r
to bring the estimates within the amount, allocated by the Bureau of
the Budget it was necessary to consider which activities of the depart^
ment could be curtailed or entirely abolished with the least detriment
to the public service. As a result such items aggregating $17,720,954
were deducted from the regular estimates, of which; $17,575,454 were
submitted as supplemental estimates, and $145,500 emergent items
for inclusion in the next deficiency bill, leaving the regular estimates
$155,695,277.99, or $577.01 less than the allocation made by the
Bureau of the Budget.
The committee has considered and reported on various subjects
which have been referred to it from time to time. Through a subcommittee, it has recently made a thorough examination of one of
the bureaus of the department with a view to determining whether
the organization and business methods of the bureau are susceptible
of improvement. Similar examinations will be made of other bureaus
and offices from time to time.
BUREAU OF SUPPLY
Department Circular 283 of March 28, 1922, and amendatory
circulars of eTune 16, 1922, and January 9, 1923, authorized t h e
creation of the Bureau of Supply and the consolidation therein of all
activities incident to purchasing, warehousing, and distributing supplies, together with most of the accounting work in connection therewith, for all units of the Treasury Department, both in Washington
and in the field (except the Bureau of Engraving and Printing/
which, because of statutory restrictions, could not be included).
This consolidation has proceeded gradually until the pm'chasing for
only the Bureau of Engraving and Printing, the Coast Guard, and
the Mint is now done independently of the Bureau of Supply.
The purchasing functions of the bureau during the fiscal year 1924
involved the preparation of 3,452 sets of specifications on which
112
REPORT ON T H E FINANCES
proposals could be based and the writing of 32,966 purchase orders.
The figures for 1923 were 2,800 and 28,285, respectively. The in<creases were due to the fact that during a part of 1923 the work of
several of the bureaus had not been transferred to the Bureau of
Supply.
During the fiscal years 1923 and 1924 there were expended and
accounted for by the Bureau of Supply, from allotments made to it
from appropriations to the several bureaus and offices, to be used
for the purchase of supplies, the following amoimts:
1924
Chief clerk and superintendent
General Supply Committee
Division of Printing and Stationery
Supervising Architect i
Bureau of Internal Revenue
Treasurer ofthe United States
Commissioner of the Public Debt ^ . . . . . .
Division of Bookkeeping and Warrants.
Bureau of the Public Health Service
, Division of Customs 3
Total.
$170,938.62
118,506.98
379,971.90
768,419.45
528, 231.80
3,942.44
. 63,124. 79
1,493. 50
2,069,435.02
$159, 562. 45
111, 436. 68
319,293.10
1,925,066.63
436, 254.19
141. 77
72,902.39
3,193. 67
1,983,116. 44
46,117.78
4,104,064. 50
5,057,086.10
1 Purchasing for Supervising Architect transferred to Bureau of Supply on Oct. 17, 1922.
^ Purchasing for the Commissioner of the Public Debt transferred to Bureau of Supply on Sept. 15,1922.
3 Purchasing for Division of Customs transferred to Bureau of Supply on Apr. 1, 1924.
I n addition, $88,953.96 was expended in 1924 from numerous other
appropriations from which there were no allotments, the appropriation
accounting being done by the several administrative offices for which
the purchases were made.
The accounting work of the Bureau of Supply involved the examination and approval for payment of 64,760 vouchers, totaling $5,279,983.59, and also 5,896 transportation vouchers for express and freight
shipments were forwarded to the General Accounting Office for direct
settlement. Cash discounts for prompt payment, totaling $4,832.61,
were claimed by the department and allowed by contractors.
Compared with the fiscal year 1923 there was a decrease in 1924
of $63,258.87 (from $505,023.56 to $441,764.69) in expenditures by
the Bureau of Supply for stationery supplies, while the value of such
supplies issued decreased $41,903.05 (from $533,935.14 to $492,032.09),
the excess of issues over expenditures being met by a corresponding
reduction in the value of the stock in the stationery warehouse.
The inventory value of the stock of stationery supplies on hand
J u l y 1, 1924 (based on replacement costs), was $155,290.37, compared
with $215,442.22 on July 1, 1923, or a decrease of $60,151.85.
On September 10, 1923, the Bureau of Supply absorbed a section
of the Bureau of Internal Revenue engaged in the distribution of
supplies to field offices, and on January 1, 1924, it absorbed the blank
l)ooks and forms section of the Division of Printing.
The shipping of all supplies from one warehouse has permitted
t h e consolidation of shipments to single points of both stationery and
SECRETARY OF THE TREASURY
113
blank forms, thus decreasing largely the total number of shipments,
and has resulted in savings to the department in clerical work and
transportation costs, although the work of the Bureau of Supply has
been increased. Further savings have been effected by the adoption
of the policy of making shipment'^> by freight or express wherever
practicable, and the discontinuance of the practice of utilizing the
more expensive method of mail transportation. This change in
policy is reflected particularly in the increase in the weight of freight
and express shipments from 398 tons in 1923 to 600 tons in 1924,
which required 1,646 bills of lading in 1923 and 3,817 in 1924. The
shipments in 1924 were packed in 6,462 boxes, crates, etc.
However, parcel post is utilized for small shipments when the carriage charge is lower or quick delivery is urgent. This class of shipments in 1924 numbered 1,527 packages, weighing 19,356 pounds
and requiring $733.98 in postage.
Since February, 1923, all freight shipments by the department
have been routed by the traffic section of the Bureau of Supply.
This policy has resulted in material economy in transportation
expenditures.
General Supply Committee
During the fiscal year 1924 various Government agencies reported
purchases totaling in value $6,498,619.23 from the General Schedule
of Supplies issued by the General Supply Committee, which is the
contracting agency for supplies in common use in two or more
departments of the Government. This was an increase of $274,657.34
compared with similar purchases in the fiscal year 1923, which totaled
$6,223,961.89.
Reissues by the committee of surplus supplies to Government
establishments showed a decrease in value, however, of $174,373.81—
from $324,376.77 in 1923 to $150,002.96 in 1924—due to a reduction
in serviceable articles available for reissue; while sales to the public
of unusable surplus material amounted to $241,708.08, compared
with $114,492.74 in 1923.
Thus there was deposited in miscellaneous receipts of the Treasury
during the fiscal year 1924, $391,711.04—the sum of $150,002.96
from reissues to Government offices and $241,708.08 received from
sales to the public—compared with $438,869.51 so deposited in 1923,
a decrease of $47,158.47. The decrease recorded was due to a
gradual diminishing of surplus materials.
The total of all purchases by Government establishments from
both General Supply Committee contractors and from serviceable
surplus stores was $6,648,622.19 in 1924 and $6,548,338.66 in 1923,
an increase of $100,283.53. The total in 1924, however, was only
about 66 per cent of similar purchases in 1919, the record year,
though it was about twice that for years immediately preceding the
114
REPORT ON T H E FINANCES
World War. These increases are due principally to greater demands
and more extensive purchasing from General Supply Committee
contractors instead of in the open market, although higher prices in
recent years are also a factor.
Particular attention is being given by the committee to the standardization of supply items and the elimination of unnecessary
articles from its annual schedule. The committee has also continued
its efforts to obtain the widest competition and the lowest prices for
supplies. Further, it has demonstrated by actual experience that
material economies can be effected through purchases in definite
quantities of commonly used supplies. If the cumbersome procedure
required by existing law could be eliminated and full advantage
taken of prompt payment of bills, even greater savings could be
accomplished. In addition to the materially lower prices that have
been obtained by purchases in definite quantities it has been possible
to inspect and test properly the deliveries of commodities to assure
strict compliance with specifications.
PERSONNEL
On June 30, 1923, there were on the rolls of the Treasury Department in Washington 18,252 employees. By September 30, 1924, the
force had been reduced to 16,761 employees, or a net decrease of
1,491. A reduction of 394 took place in the office of the Register oi,
the Treasury and 333 in the Division of Loans and Currency.
These reductions have been made possible by the clearing up of
work incident to the bond issues, the discontinuance of the assortment of interest coupons, and the introduction of labor-saving
methods. During the same period, the force of the Internal Revenue
Bureau was reduced from 7,260 to 6,627, or by 633 employees.
Other branches of the Treasury in which considerable reductions
in force have been accomplished are the chief clerk's office and the
office of the Treasurer of the United States.
A slight increase occurred in the field services of the Treasury
during the last fiscal year. On June 30, 1923, the entire field force
numbered 41,685, while on June 30, 1924, the number was 41,882,
or a net increase of 197. The field force in the Internal Revenue
Service was reduced by 927 employees and that of the Public Health
Service by 750. Due to increased activities authorized by law, the
Coast Guard Service was increased 1,520 and the customs service 390.
A statement showing by bureaus, divisions, and offices the number
of employees in the departmental service of the Treasury at the close
of each month from June, 1923, to September, 1924, is included in
this report as Exhibit 55, page 263. A summary of the number of
employes in the offices having both departmental and field services
is shown in the following table:
115
SECRETARY OF THE TKBASURY
June 30,1923
June 30, 1924
Increase (+) and decrease ( - )
Bureau or oflSce
Depart- Field
mental
Total Departmental Field
Division of Customs
7,456
46 7,410
129
Secret Service Division
12 • 117
80 4,244 4,324
United States Coast Guard..
34
109
75,
Federal Farm Loan Bureau..
738
752
14
Mint Bureau
7,260 14,026 21, 286
Internal Revenue Bureau
224 6,727
5,951
Supervising Architect's Office
280 . 9,389 9, 669
Public Health Bureau
i.
10, 261
All other
10, 261.
Total
...
18,252
41, 685 59,937
Total Departmental Field
65 7,800
7,855
. 13
123
136
107 6,764
5,871
92
92
14 """'738"
752
6,469 13,099 19, 568
211 6,719
6,930
261 8,639 8,900
9,897
9, 897
17,119
41,882
+9
-f390
+1
+6
-^27 +1,520
-34
+17
-791
-13
-19
-364
-927
-8
-750
, 1 +197
59,001 — .1,133
Total
-i-399
+7
+1, 547
-17
-1,718
-21
-769
-364
-936
PERSONNEL CLASSIFICATION
Under the classification act of 1923, 16,168 departmental positions
were allocated and the rate of compensation of each employee was
fixed in accordance with section 6 of the act.
A Treasury board, consisting originally of nine members, but
since January 1, 1924, composed of five members (Exhibit 54, page
261), reviewed the allocations and efficiency ratings made by the various offices and divisions of the department. All protests and complaints of employees are passed on by the board and transmitted to
the Personnel Classification Board for final review.
This work was done without interference with the regular routine
of the department,. Each employee was allocated to the proper
grade and rate of compensation and the records were changed before
July 1, so that there was no delay or confusion at the end of the first
pay period after classification became effective.
RETIREMENT OF CIVIL-SERVICE EMPLOYEES
During the last fiscal year the Treasury further raised the standard
of its personnel b*y the retirement of a large number of superannuated
and disabled employees. From July 1, 1923, to September 30, 1924,
169 persons were retired on account of age and 49 were retired bn
account of disability. Since the retirement law went into effect 1,741
employees have been retired under the provisions of the law. At the
present time only 92 persons above the retirement age are retained
in the Treasury Department in Washington and 386 in its field service. Of the total number retained in the field service 225 are in the
Customs Service, where on account of their long experience in the
interpretation and administration of the customs laws many of these
employees are more valuable to the.Government than would be new
employees without experience. The retirement law has proven a
great benefit both to the department and to many of the aged and
disabled employees who, without the benefits of the law, would have
10065—FI 19241
10
116
REPORT ON T H E FINANCES
been without means of support after their separation from the service.
I am still of the opinion, however, that the age limits for retirement
should be lowered and the annuities granted under the law increased.
In this connection, it should be noted that before July 1, 1924, deductions were not made from the portions of salaries commonly
known as the bonus. In the course of reclassification, the bonus has
been added to the basic salaries of a large majority of employees,
and the deductions which accrue to the retirement fund are correspondingly increased. With this accretion to the retirement fund
more liberality toward retiring employees either by reducing the age
limit or increasing the retirement annuities, or both, would certainly
be justified.
The following table shows the number of persons retired and the
number retained in the departmental and field services of the Treasury under the provisions of the act of May 22,1920, and the amendments thereto.
Departmental Service
Office
Secretary's
A p p o i n t m e n t division ^
Mint Bureau
_
Customs Division.
P r i n t i n g Division
T r e a s u r e r ' s office
Bookkeeping and Warrants
Public Health . . . .
C o m p t r o l l e r of C u r r e n c y . Loans and Currency
Supervising Architect
Public Debt
...
Secret Service
M a i l a n d Files .
..
Register's office
Engraving and Printing
Internal Revenue
Chief Clerk
Coast G u a r d - .
A u d i t o r s ' offices
Public Moneys
War Risk
Total
Retained
3
1
13
2
2
6
8
6
2
5
2
4
1
11
26
92
R e t i r e d on a c c o u n t
of age
R e t i r e d on account
of disability
From
J u l y 1,
1923,to
Sept. 30,
1924
From
J u l y 1,
1923,to
Sept. 30,
1924
To
J u n e 30,
1923
2
2
19
13
8
1
3
2
4
191
37
17
5
86
3
14
454
1
2
4
22
5
6
23
5
2
4
2
3
2
1
3
67
13
6
2
1
^
8
2
ii
8
1
1
1
1
1
42
Total
number
retired
1
1
1
3
1
1
1
1
43
6
^
To
J u n e 30,
1923
Retired
under
act
Sept. 22,
1922
142
18
44
14
13
2
5
22
3
7
1
1
8
89
31
12
73
6
3
23
18
14
3
3
2
11
296
58
30
5
98
4
15
668
Field Service
Customs
Coast G u a r d
Internal Revenue
Public Health
M i n t a n d Assay
Custodian
Subtreasury
225
1
25
12
36
87
Total
386
305
6
201
o 7
108
118
24
769
56
1
18
16
36
127
45
1
11
57
4197
284
10
131
184
38
1,073
SECRETARY OF T H E TREASURY
117
PRACTICE BEFORE THE TREASURY DEPARTMENT
Treasury Department Circular No. 230 governing the recognition
of attorneys and agents to practice before the department, was
revised and reissued August 15, 1923. Three supplements to t h e
revised' circular have been issued, dated respectively, January 4,,
February 15, and April 15, 1924. (Exhibits 49, 50, and 51, pages 251
to 254.) The first supplement deals with the make-up of the committee
on enrollment and disbarment, provides for a secretary to the committee, and directs that the duties formerly assigned to the chief
clerk of the department by Circular No. 230, shall be performed b y
the committee on enrollment and disbarment, or by its secretary
under the direction of the committee. The third supplement authorizes enrolled attorneys and agents to indicate on their letterheads or
cardsi that they are enrolled to practice before the Treasury Department, and provides that a former employee of the Bureau of Internal
Revenue who violates his agreement to stay at least a year in t h e
bureau shall not be admitted to practice until after two years from,
his severance of connection with the bureau. The second supplement
amends paragraph 7 (b) of the circular so as to enumerate as one
of the causes for suspension, rejection, or disbarment ^^ Conduct
contrary to the canons of ethics as adopted by the American B a r
Association," but |strikes out '^or the rules of professional conduct
approved by the American Institute of Accountants, or their equivalent."
The principal] change is embodied in the second supplement, dated
February 15, 1924, which provides that no former officer, clerk, or
employee of the Treasury Department shall act as attorney or agent
in any matter or controversy pending in such department during his
employment therein within two years after the termination of his
employment, without having obtained the consent thereto of the
Secretary of, the Treasury or his duly authorized representative, and
that no attorney or agent shall, without such consent, employ or
retain any such former clerk or employee, directly or indirectly, in
any such matter or controversy, within such two-year period. I t
further provides that such consent may only be granted when i t
appears (1) that such employment is not prohibited by law or t h e
regulations of the Treasury Department, (2) that the matter or
controversy, to handle which such consent is sought, was not pending
in the particular office or division (departmental or field) in which t h e
applicant was formerly employed. The chairman of the committee
on enrollment and disbarment is designated as the duly authorized
representative of the Secretary in carrying out the foregoing provisions.
118
REPORT ON T H E FINANCES
The requirement that no attorney or agent shall be recognized as
such until he has filed an affidavit relative to contingent fees has
resulted in the reenrollment of those actively engaged in practice
before the department. On September 30, 1924, 10,094 attorneys
and agents had filed the required affidavit.
,
During the fiscal year 3,718 applications for enrollment as attorney
or agent were approved and 100 were disapproved. I t is the practice to refer applications to field officers of the department for inquiry
as to the applicants' qualifications and standing. Owing to the time
required for such investigations and the subsequent inquiry and con- •
sideration by the committee on enrollment and disbarment, there are
on hand a large number of applications which have not been acted
upon. Twenty-four applicants for enrollment appeared before the
committee for hearings on their applications.
On June 30, 1923, there were 12 unsettled cases in which disbarment
proceedings had been instituted against enrolled attorneys or agents.
During the year new proceedings were instituted in 79 cases; in 23
€ases the answer of the respondent was accepted as sufficient and the
complaint was dismissed, 8 were disbarred, 18 were suspended from
practice for various periods from 30 days to 1 year, and 3 were
reprimanded, leaving 39 cases unsettled on June 30, 1924. In 10
cases the attorney or agent was suspended from practice pending the
outcome of the disbarment proceedings. In numerous instances
where apparent violations of the regulations have been brought to
the attention of the committee on enrollment and disbarment the
attorney or agent has been given an opportunity to make an explanation, and in cases of minor infractions individuals have been admonished to observe the regulations strictly. In the more serious
cases formal complaints have been presented to the committee by
its attorney, and the attorney or agent has been called upon to make
formal answer.
. PANAMA CANAL
.
The general fund of the Treasury was charged during the fiscal
year 1924 with $7,535,675.34 bn account of the Panama Canal,
including $7,141,711.97 for maintenance and construction work and
$393,963.37 for fortifications and miscellaneous expenditures. The
general fund was credited^during the year with $26,074,513.33 on
account of receipts from tolls, etc., making an excess of receipts for
the 3'^ear of $18,538,837.99. The total amount expended for canal
construction, fortifications, maintenance, and operation, together
with the amount of interest paid on Panama Canal loans up to the
close of the fiscal year 1924, is shown in the following table:
SECBBTARY OF T H E TE.EASTJRT
Year
1903...
1904
^.
...
1905 .
1906
1907 .
1908...
1909..
.1910
1911..
1912..
1913
1914
1915.
1916.
:..
1917
•
1918........1......
1919 . . .
1920
1921 .
1922
1923..
1924
Total
Construction,
mamtenance,
a n d operation
Total
Fortifications
i$9,985.00
60,164, 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, 038, 994. 71
34, 285,-276. 50
39,917,860.71'
31, 452,369. 61
24,427,107. 29
14, 638,194. 78
15, 949, 262. 47
13, 299, 762. 66
10, 704, 409. 74
6, 031, 463. 72
16, 230, 390. 79
2, 791, 035. 40
3, 620, 503. 37
7,141,711.97
$30, 608.76
1, 036, 091. 08
1, 823, 491. 32
3, 376, 900. 8.5
4, 767, 605. 38
2,868, 341. 97
3, 313, 532. 55
7, 487, 862. 36
1, 561,364. 74
3, 433, 592. 82
2, 088, 007. 66
896, 327. 45
950,189. 20
393,9,63. 37.
461, 624, 681. 69
34, 027, 879. 50
Interest paid
on P a n a m a
C a n a l loans
119
Receipts
covered intothe Treasury
$9,986. 00
60,164, 600. 00
$371,253. Od
3, 918,819. 83
19,379, 373. 71
380, 680.10
27,198,618.71,
.1,178,949.85
38, 093, "929. 04
$785, 268. 00
1, 083, 761. 4&
705, 402. 4 2
31, 419, 442. 41'
r,.3l9,076.58
3, 214, 389. 48,
1, 692,166. 40
33, 911, 673. 37
1, 757, 284. 441,691,107.20
•37, 069; 603.-46
2, 982, 823.92:
3,000,669.60
35, 321, 367. 58
3, 201, 065. 81
4, 070, 231. 27
41, 741, 358. 03
: 698,647.87
3,194,106. 95 .
34, 829, 260. 46
4,130, 241. 27
3,199,385. 05
29,194, 712. 67
2, 869, 996. 2&
3,189, 024. 79
17, 506, 636. 75
6,160, 668. 5&
3,103, 250. 67
19, 262, 795. 02
6,414,670. 25.
2, 976, 476. 56
20, 787, 624. 92
6, 777, 046. 65
2, 984, 888.33
12, 265, 774. 48
3,040,872789
9, 039, 670.95
9, 4.65, 056. 54
11,914,361.32
2,994,776. 66
18,318,398. 45
2, 995,398.14 • 12,049,660.65
3, 687, 362. 85
4, 570, 692. 67 • 2, 997,-904. 81 . 17, 869, 985. 25
26, 074, 513.33
7, 535, 676.,34
2,992,461.19
496,652,561.19
45,357,888. 62
119,734,137.3^
FINANCES
Condition of the Treasury, June 30, 1924'
[Revised figures]
General fund:
In Treasury offices—
Gold
. . . $153,840,269.23
Standard silver dollars
• 17, 906, 043. 00
United States notes. _ _
. 4, 260, 547. 00
Federal reserve notes--•
718,558.00
'^
Federal reserve bank notes
193,898.00'
National-bank notes
191, 064;'00 •
Subsidiary silver coin
8, 07-3, 620. 73
Minor coin
2,738,648.76 •
Silver bullion (at cost)
31,072,996.78 •
Unclassified (unassorted currency,
etc.)
„ . _ L -34,342,165.80
Public debt paid, awaiting reim,• .
.
bursement
a2'6, 949. 12 '
- .
. ^-^
$253, 464, 760. 42
In Federal reserve banks". _ _ _
_ _ . . 43," 250, 226. 26,
,; Ih transit
3,874,540.84
47, 124, 767. 10
In Federal land banks__---....^..
1,000, 000. OO
In special depositaries—
•
Account of sales of Treasury notes
and certificates of indebtedness
162, 091, 572. 40
In national-bank depositaries;—
To credit of Treasurer of the
United States
6, 821, 829. 92
To credit of other Government
officers.,
20,022,705.27
In transit
2, 699, 865. 99
29, 544, 401. 18
120
REPORT ON THE FINANCES
General fund—Continued.
In treasury of Philippine Islands—
To credit of Treasurer of the
United States
.In transit
In foreign depositaries—
To credit of Treasurer of the
United States
To credit of other Government
officers
In transit
__-_
$732,487.25
822. 11
$733, 309. 36135, 907. 47
244, 349. 32
150. 00
380, 406. 79
494, 339, 217. 2&
Deduct current liabilities—
Federal reserve
note 5 per cent
fund
$141,046,727.99
Less notes in
process of redemption
406, 290. 00
National-bank
note 5 per
cent fund
30, 314, 179. 01
Xess notes in
process of redemption. _ _ _
18, 099, 987. 50
:
Treasurer's checks outstanding
Post Office Department balance_._
Board of trustees, Postal Savings
System balance.
Balance to credit of postmasters,
clerks of courts, disbursing
officers, etc
Undistributed assets of insolvent
national banks
Retirement of additional circulating notes, act of May 30, 1908..
Miscellaneous redemption accounts
140,640,437.99
12, 214, 191. 51
1, 267, 180. 65
14, 955, 576. 26
7, 867, 446. 87
36, 844, 728. 78
5, 151, 652. 94
8, 745. 00
37, 359, 742. 51
256, 309, 702. 51
Balance in the Treasury June 30, 1924, according to statement of the public debt of t*he United
states...
238,029,514. 74-
SECRETARY OP THE TREASURY
121
The following is a brief summary of the net change in the general
fund balances between June 30, 1923, and June 30, 1924:
General fund balances:
Balance per daily treasury statement, June 30, 1923
$370, 939, 121. 08
Deduct net excess of expenditures over receipts in June
reports subsequently received
1,052,305. 05
Net balance June 30, 1923, according to statement
of the public debt of the United States
:.__- 369, 886, 816. 03
Excess of ordinary receipts over expenditures chargeable
against ordinary receipts in the fiscal year 1924
508, 815, 929. 72
Total to be accounted for
878,702, 745. 75
Public debt retirements from surplus revenue
508, 815, 929. 72
(This is additional to $457,894,100 sinking fund^and
other debt retirements chargeable against ordinary
receipts.)
Public debt retirements resulting in decrease in general
fund balance
._.._
___.-_..
.
131,857,301. 29
Balance in the Treasury June 30, 1924, according to
statement of the public debt of the United States
238, 029, 514. 74
Total....
_-__-
878, 702, 745. 75
United States notes (greenbacTcs),—The redemptions of United States
notes unfit for circulation during the year amounted to $304,120,000.
An equal amount was issued in order to maintain the outstanding
aggregate of the notes as required by law.
Gold reserve fund,—There were no redemptions of United States
notes for gold from the reserve fxmd during the year. This fund
remains at $152,979,025.63, or the same amoimt as at the close of
the previous fiscal year.
Trust funds.—The following table shows the trust funds held for
the redeniption of the notes and certificates for which they are
:r3spectively pledged:
Gold coin and bullion. $1, 218, 350, 659
Silver dollars._ _ .
408, 365, 410
Silver dollars, 1890 _.
1, 422, 626
Gold certificates outstanding
$1, 672, 541, 159
Less amount in the
Treasury.._-.-__454, 190, 500
Net
Silver certificates outstanding
Less amount in the
Treasury
1, 218, 350, 659
Net
Treasury notes (1890)
outstanding
Less amount in the
Treasury
408, 365, 410
Net
Total
1, 628,138, 695
Total
410, 607, 623
2, 242, 213
1, 429, 626
7,000
1, 422, 626
1, 628, 138. 695
122
REPORT ON T H E FINANCES
Gold fund, Federal Reserve Board,—The balance to the credit of
the gold fund of the Federal' Reserve Board on June 30, 1924,
amounted to $2,260,891,035.12, a decrease of $24,278,610.53 from
the amount tb the credit of this fund d n J i t n e 30, 1923.
Tlie public debt,—The gross public' "debt of the United States at
the close of the fiscal year 1924 amounted to $21,251,120,426.83.
This is shown in detail in Exhibit 1, page 150, and Table'A, page 356.
Receipts and expenditures, on cash basis
The following statements summarize cash..receipts and expenditures during the fiscal year 1924, and the estimated receipts and
expenditures for the fiscal years 1925 and 1926 on the basis of the
latest information received from the Bureau of the Budget and the
various departments and establishments of the Government:
Summary, of receipts and expenditures on the basis of daily Treasury statements,
. .
unrevised
Actual, fiscal Estimated,fiscali Estimated, fiscal
year 1924
year 1925
year 1926
Net balance in the general fund at the beginning of
.fiscal year. _.
_
_,
Receipts:
., Ordinary
_
_•
_
Public debt
._.
Total
-„.-
$370,939,121
$236,411,482
$235,411,482
4,012,044,702
1,001,148,687
3,601,968, 297
1,884,337,610
3,641,295,092
1,145,990,066
5,384,132,510
5,721,717,389
5,022,696,630
3,062, 277,407
471,806,401
1,952, 222,099
235,411,482
2,782,786,248
484,766,130
1,519,733,770
235,411,482
5, 721, 717,3
6,022,696,630
Expenditures:
3,048,677,965
Ordinary
..__
-.
457, 999, 750
Public debt chargeable against ordinary receipts...
1 1,642,043,313
Other public debt
__..._,
235,411,482
Net balance in the general fund at close of fiscal year...
Total
-
..-
..—....,.
5,384,132,510
POSTAL SERVICE
Postal receipts...Postal expenditures
Deficiency in postal receipts*
..-_.._---.
.._-
572, 948,778
585, 587, 628
610.190,000
620,320, 931
647,410,000
637,376,005
12,638,850
10,130,931
310,033,995
1 Other public debt expenditures and public debt receipts, as shown in this statement, are exclusive
of $1,206,307,000 Treasury certificates issued and iretired within the same fiscal year.
a. The postal deficiency for 1924, the estimated postal deficiency for 1925, and the estimated surplus for
1926 are included in the ordinary expenditures shown above and in the general classification of ordinary
expenditures and estimated ordinary expenditures on p. 124.
8 Surplus of receipts.
Receipts and expenditures for the fiscal years 1923 and 1924, and estimated receipts and expenditures for the fiscal years 1925 and 1926 {on the
A .- •
basis of daily Treasury statements, unrevised) .
-
Fiscal year 1923
,
Fiscal year 1924
Fiscal year 1926
, Fiscal .year 1926
RECEIPTS
Ordinary
• '• $561,928,866.66
Customs
Internal revenue:
I n c o m e tax . .
. - $1, 678, 607, 428. 22 '
Miscellaneous i n t e r n a l reve945,865,332.61
nue
.
$550,000,000
$546,637, 503.99
$1, 842,144,418.46
$1,660,000,000'
953,012, 617. 62
826,326,000
$535,000,000
$1,710,000,000
Miscellaneous receipts:
Proceeds of
Governmentowned s e c u r i t i e s Foreign obligations—
Principal.
Interest...
Railroad securities
All other securities
T r u s t fund receipts (reapp r o p r i a t e d for- i n v e s t m e n t ) .
Proceeds sale of s u r p l u s p r o p erty
P a n a m a C a n a l tolls, etc
Receipts from miscellaneous
sources credited direct to
appropriations....
Other miscellaneous
T o t a l o r d i n a r y receipts
31, 656, 907. 64
201, 332, 247. 86 99, 297, 348. 01
46, 361, 371. 60 .
23,088,687
169,215,670
110,000,000
17,253,825
24,086,800
"158,508,099
26,000,000
30,621,160
59, 636, 792
20,102,059
21,000,000
26,862, 679. 69
30, 643, 799.16
91, 706, 388. 29
17,271,-855..23
46,774, 600. 22
27,063, 204. 24
26,850,159
21,009,000
65,'911, 405. 93
240, 333, 648. 82
29, 609,735.46211,408, 207. 56
18,180,154
143,552,961.
4,007,135,480. 56
2,600,875,000
61,089,867.14
160, 684,807. 75
94,373, 535. 52
9,602,404. 63
46,492,841
4,012,044,701.66
CP
890,875,000
2,486,325,000
1
H
o
H
18,492,126
146, 973,056
565, 643,297
505,420,092
3,601,968,297
3,641,295,092
>
Cfl
ri
to
OP
receipts and expenditures for the fiscal years 1923 and 1^24, and estimated receipts and expentdiures for the fiscal years 1926 ank 19^6 {on the
basis of daily Treasury statements^ unrevised)—Continued
Fiscal year 1923
Fiscal year 1924
Fiscal year 1925
to
Fiscal year 1926
EXPENDITURES
'Ordinary 'ichecUs and warfartts
"paid, etc.)
'O eneral -expendftures:
i
Legislative e s t a b l i s h m e n t
E x e c u t i v e proper
State Department
;._
Treasury Department
War Department
D e p a r t m e n t of Justice
P o s t OflBce D e p a r t m e n t
Navy Department
Interior D e p a r t m e n t
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 C o m m e r c e . —
D e p a r t m e n t of L a b o r
U . S. V e t e r a n s ' B u r e a u .
Other independent
offices
a n d commissions
. . .
D i s t r i c t of C o l u m b i a
Total
D e d u c t unclassified i t e m s
$14,165,243.89
349,380.15
15,463,276.30
1 145,016,859. 60
392, 733. 634.86
23,521,485.79
146,942.46
333,201,362.31
364, 623,058.88
128,746,677.33 21, 783, 608. 71
7, 241,466. 73
461, 719,433. 83
$13, 784,866
431,474
16,077,257
145,303,399
344,431,634
22,690,160 •
114,783,065
436,567
16,033,783
- 131,241,338
322,891,798
25,047,660
330,150,000
300,516,363
154,859,950
25, 529,300
7,843,410
411,979,821
292,000,000
279,924,857
145,370,450
22,729,000
8,152,998
387,490,261
28, 712,285. 42
24,053, 705. 47
32,846,244. 39
26,873,115.19
26,680,423
30,559,284
27,452,889
32,055,927
1,951,477,321.73
1,436, 386. 81
1,834,281,324 57
1,234,150.47
1,830,837,341
1,705,610,593
1, 833,047,174 10
3 940,602,912.92
1,830,837,341
865,000,000
1,705,610, 593
830,000,000
20, 566,638.33
127, 220,151.47
12, 638,849. 75
8,387,099.90
20,012,500
127,310,000
10,130,931
9,799,805
19,622,500
91,905,000
•10,033,995
8, 560,659
22,771,167.74
8 52, 539,947. 20
85,491,358. 71
81,150,676.16
15,733,489
8 30,000,000
54,500,000
3,317,699
•20,000,000
39,000,000
12,971,000.00
6,000,000
30,410,378.80
8,028,336.62
39,659,841
8,000,000
1,950,040,934 92
Total
2 1,055,923,689. 61
I n t e r e s t on p u b l i c d e b t
R e f u n d s of receipts:'
28, 736,711. 58
Customs
125, 279,043. 35
Internal revenue
32, 526,914.89
Postal deficiency
•
4,316,961. 30
Panama Canal....
Operations in special a c c o u n t s :
100,618,067.12
Railroads
_ .
3109,436, 238.13
W a r F i n a n c e Corporation
57,023,838.18
Shipping B o a r d .
Alien p r o p e r t y funds
' 3 1,365,554 16
2,482,476.33 .
Sugar Equalization Board
13,526, 587.00
L o a n s t o railroads
I n v e s t m e n t of t r u s t a n d special
funds:
G o v e r n m e n t life i n s u r a n c e
26,672,161.78
fund
8,091,417.48
Civil-service r e t i r e m e n t f u n d .
$14,315,684 73
450,952. 65
14,669,456.89
1137,411,205.17
348, 629,778. 56
21,134 228.10
186,789. 29
332, 249,136. 67
328,227,697.11
141,116,440.69
21,429,678.93
6, 620,052. 65
409,120,863.66
52,497,792
7,000,000
i
§
w
M
£)istrict oi Columbia teachers*
retirement fund
Foreign Service retirement
fund
General Railroad contingent
fund
Adjusted Service certificate
fund
Public debt retirements chargeable against ordinary receipts:
Sinking fund....
Purchases from foreign repayments
Received from foreign governments under debt settlements
1.
Received for estate taxes
Purchases from franchise tax
receipts (Federal reserve
banks and Federal intermediate credit banks)
Forfeitures, gifts, etc
190,517.91
233,420.36
(4)
• 3,294,627, 529.16
230,000
235,588
63,600
70,000
5,000,000
5,000,000
100,000,000
60,000,000
• 3,048j677,965.34
284,018,800.00
295,987,350.00
310,000,000
32,140> 000.00
38,509,150.00
208,600
68,752,950.00
6,568,550.00
110,878,450.00
8,897,060.00
160,345,601
100,000
3.062,277^407
2i782i 785^248
323^175^000
Ul
10,815,300.00
554,891.10
402,850,491.10
3,634,550.00
93,200.00
160,641,130
1,152,200
O
950,000
457,999,750.00
471,806,401
484,766,130
Total expenditures chargeable against ordinary receipts..
. 3,697,478,020. 26
3, 506,677,715. 34
3, 534,083, 808
3, 267, 551,378
Excess of ordinary receipts over
total expenditures chargeable
agai nst ordinary receipts
. 309,657,460.30
505,366,986. 31
67,884,489
373,743,714
o
1 Includes $12,000,000 subsciriptions to capital stock of Federal intermediate credit banks for each of the fiscal years 1923 and 1924.
2 Includes $97,078,362 for 1923, and $25,020,344.59 for 1924, accrued discount on war savings certificates of the series of 1918 and 1919.
3 Excess of credits, deduct.
'
< $4,584,262.92 for this purpose included under "Other independent offices and commissions" above.
to
Public debt expenditures and receipts for fiscal year 1924 ctnd estimates for fiscal years 1925 and 1926
to
[On basis of daily Treasury statements, unrevised]
Fiscal year 1924
Fiscal ^ear 1925
Fiscal year 1926
EXPENDITURES
$807, 613,500
10, 000, 000
1,391, 500, 000
$1, 000, 000,000
2, 000, 000
927, 000, 000
33,084 377
45, 337
16, 000, 000
116, 000, 000
86, 000, 000
15, 000
12, 000, 000
3, 489, 900
60,000,000
10, 000
1 2,100, 043, 063
2,424, 028, 500
2, 004, 499, 900
1 $1,032, 270, 000
80, 751, 050
866,428,600
6,000
87,457, 799
Certificates of indebtedness
Victory notes
T r e a s u r y notes a n d L i b e r t y b o n d s . .
Treasury bonds
T r e a s u r y (war) savings securities
Loan of 1925 -.
R e t i r e m e n t s of Federal reserve b a n k notes a n d n a t i o n a l - b a n k n o t e s . . . .
Olddebtitems
.
.-.
;
T o t a l p u b l i c d e b t expenditures
D e d u c t d e b t expenditures chargeable against o r d i n a r y receipts:
Sinking fund
P u r c h a s e of L i b e r t y b o n d s from foreign r e p a y m e n t s
...
Received from foreign g o v e r n m e n t s u n d e r d e b t s e t t l e m e n t s . .
R e d e m p t i o n of b o n d s a n d notes from estate taxes
R e t i r e m e n t s from Federal reserve b a n k franchise t a x reiseipts .
. . .
Obligations retired from n e t earnings of F e d e r a l i n t e r m e d i a t e credit b a n k s . .
R e t i r e m e n t s from gifts, forfeitures, e t c .
..
$295,987,350
38,509,150
110,878,450
8,897,050
3, 634, 550
$310,000,000
208, 600
160,345, 601
100,000
1,000,000
152,200
io
w
$323,175,000
O
160, 641,130
H
500, 000
450,000
93,200
457,999,750
471,806,401
484,766,130
1,642, 043,313
1,952,222,099
1, 519, 733,770
RECEIPTS
O
D e p o s i t s t o retire Federal reserve b a n k notes a n d n a t i o n a l - b a n k notes
T r e a s u r y savings securities
O t h e r n e w issues of securities, including T r e a s u r y notes a n d certificates
T o t a l public d e b t receipts
;
.
.
Excess of p u b l i c d e b t r e t i r e m e n t s over t h e r e t i r e m e n t s chargeable against ordinary
receipts d u e t o indicated s u r p l u s a n d decrease in'general fund b a l a n c e . . ._
-
llO, 000, 000
28,453,557
163,866,320
808,828,810
1, 774,337, 610
» 1,001,148, 687
1,884, 337, 610
..
20, 000, 000
1,125,990 056
1,145, 990 056
640,894,626
67,884,489
373, 743,714
1,642,043,313
1,952,222,099
I, 519,733,770
I Public debt expenditures and public debt receipts, as shown in this statement, are exclusive of $1,206,307,000 Treasury certificates issued and retired within the same fiscal year.
Preliminary siaiemeni showing classified expenditures of the Governrneni for the period from J u l y 1, 1923, to J u n e SO, 1924
[For c o m p a r a t i v e figures a n d total e x p e n d i t u r e s for t h e fiscal year 1923, see T a b l e F , p . 375J
[On t h e basis of daily T r e a s u r y s t a t e m e n t s , unrevised]
J u l y , 1923
A u g u s t , 1923
September,
1923
October,
1923
November,
1923
December,
• 1923
January,
1924
General e x p e n d i t u r e s :
ORDINARY
$1,449, 484. 46 $1, 093, 540. 04 $1,105, 957. 56
$1,167, 644 39
$1, 293,166. 20
Legislative e s t a b l i s h m e n t .
$1,165,967.15
$1, 220, 315. 03
27,002.10
40,853. 99
44, 774. 75
26.078. 78
57,107.12
Executive proper_.
.....^
31, 300. 71
28, 210.12
6ie, 665. 36
992,034 37
5, 603,443. 84
State D e p a r t m e n t . . .
843,119.75
1,032, 628. 76
832, 909. 54
873, 268. 60
12, 664, 984. 29
11, 726, 490. 74 13, 729, 977. 20 13, 579, 204. 44
Treasury Department
....
10, 084 722. 84
11, 293,486. 83
9, 384 605. 04
35, 253,112. 09
35, 277, 296. 74 27, 462, 631.16 31, 783, 661. 64
War Department
_,.
.
.
28, 684,150. 06
27, 385, 595. 21
26, 360, 879. 61
1, 906,430. 69
D e p a r t m e n t pf Justice
1, 516, 899. 84
1,836,886.69
1, 518, 561. 79
1, 923,401. 02
1,854,719. 93
1, 545, 249. 48
1 5, 829. 20
50,142. 86
,
44, 901. 06
P o s t Office D e p a r t m e n t
.J
13, 705. 87
106. 777. 59
18,166. 69
1 77, 205. 63
36, 867, 695. 36
26, 673, 939.85
27, 640, 996. 38 23, 609, 975. 94 30.649, 777. 72
Navy Department
.'
26. 678,128. 73
29, 269,431. 89
27, 550,076. 06
31,038,899.11
27,127, 962. 40 29. 602. 259. 00 i 31. 916. 036. 62 26.810,844. 00
Interior D e p a r t m e n t
23, 576, 995. 95
14 604, 815. 41
10, 419, 442. 07
13, 213, 528.18 12. 855.869. 52 14 277, 008. 96
D e p a r t m e n t of A g r i c u l t u r e . . .
......
16, 712,098. 68
11, 990, 608. 63
1, 737, 280.19
1, 861, 608. 55
1, 596, 205. 82
1.889, 587.44
D e p a r t m e n t of C o m m e r c e
.
1, 941, 766. 75
1, 986, 990. 73
1,731, 397. 79
513, 738. 57
583. 463. 99
620, 969. 84
D e p a r t m e n t of L a b o r
536, 310.-61
402,066.85
442,958. 69
629, 585. 30
36, 865, 858.18
34,832. 998. 62 34, 540, 937. 40 37, 793. 334 21
34, 057, 300. 33
U n i t e d States V e t e r a n s ' B u r e a u 2 . . .
33,542.763.04
33, 646, 655.14
2,468, 668. 50
1,447, 420. 96
1, 717. 929. 05 • 2.789,203.34
O t h e r i n d e p e n d e n t offices a n d commissions
1, 811, 690. 84
3. 680.121. 08
1, 739,950.19
1, 763. 300. 01
1, 982. 822. 62
1,845, 566. 94
2, 631. 067.42
D i s t r i c t of C o l u m b i a
.
2,478. 974. 57
2. 668, 361. 66
2. 088, 336.45
Total....:.
159, 744. 004. 59 155, 756, 348.16 171, 616. 272. 34 161.797, 872. 08
163. Oil, 016.10
145, 818,824. 70
160,846,971.03
3 1.334 692.80
2,140,.836. 69
846, 092.16
179, 696. 80
590. 544. 47
3 261,023. 87
3 246, 899. 69
D e d u c t unclassified i t e m s . . — . . Total..........
'.
159, 999,878. 87
167, 603. lo9. 00 165. 576. 651. 36 171,026, 727. 87 152. 058. 895. 95
146. 065, 724. 39
164 345. 708.,90
I n t e r e s t on p u b l i c d e b t
,_
79, 220. 700.08
10. 963; 431.44 122. 302, 910. 81 147,869, 587. 96
23,797. 966. 92
86, 979, 766. 79
23, 645. 508. 44
Refunds of receipts:
Customs
1,154, 962. 29
1, 621,873. 53
1,900,072. 31
1,462,159.16
2, 201,366. 76
• 3, 698. 467. 41 1, 607.334 17
11,899,704 39
I n t e r n a l revenue
2, 305,400. 70
8, 697,535.19
8, 675,112. 71
9,877, 294 91 11, 007, 438. 71 14,614 863.08
8, 000. 000. 00
Postal deficiency
__...
4 4 7 6 , 3 1 4 18
1, 660, 302. 23
P a n a m a Canal '.
43,531.62
432,460. 06
619, 54§. 36
321, 681. 52
271, 711. 63
1,133, 224. 88
Operations in special a c c o u n t s :
1, 734, 432. 27
14, 610,108. 67
Railroads
_
1, 649. 608. 56
9.068.654 00 110,263,158.67 15, 239,139.10 1 14 679,718.19
1 3,334. 070. 04
1 4,937, 068. 46
1 6, 759.778. 87' " 5. 949,357. 98 1 8,058, 218. 86 1 6, 934, 689. 90 1 11, 633,368. 32
W a r F i n a n c e Corporation
_
8. 845. 882. 24
2, 981,473. 32
9, 324 927. 95 31, 626,839. 37
Shipping Board
......
3, 768, 600. 98
4 180.151. 44
9,094. 024. 66
943,302.16
1 2, 309, 284. 07
Alien p r o p e r t y funds
_
2,812,425. 62
501,570. 39
2.140.877. 97
1 56. 948. 72 3. 713,180.12
Sugar E q u a l i z a t i o n B o a r d
.-......_•
Loans to r a i l r o a d s .
.;
_
450,000. 00
360,000. 00
7, 400,000. 00
371.000. 00
1,000,000. 00
I n v e s t m e n t of t r u s t funds:
2, 393, 640.14
2, 224 306. 09
3, 045, 012. 38
2,148,395. 50
3,932,872.99
3, 053,706. 29
1,424. 718. 68
. Q o v e r n r n e n t life insm-ance f u n d .
.
-....
2, 527,463. 28
> 5,023,668. 79
1,000,700. 64
10,022. 965. 67
Civil service r e t i r e m e n t fund
-'..
17, 031. 88
29,019.71
19,980. 74
19, 998. 66
19,966. 31
15,030. 72
D i s t r i c t of C o l u m b i a . t e a c h e r s ' r e t i r e m e n t f u n d .
386,
560,
332.11
231,
365,
547.
59
265,
790.
438.
64
195,
823,390. 28
214,
490,
208.
16
195, 560, 774 76 286,072, 504 03
Total ordinary
.
1 D e d u c t , excess of credits.
2 D u r i n g t h e fiscal year 1924 to d a t e , a l l o t m e n t s for v e t e r a n s ' relief h a v e been m a d e to t h e T r e a s u r y D e p a r t m e n t in t h e a m o u n t of $457,150. to t h e W a r D e p a r t m e n t in t h e a m o u n t
of $4,434,713.92, to t h e N a v y D e p a r t m e n t in t h e a m o u n t of $1,474,600, a n d to t h e Interior D e p a r t m e n t in t h e a m o u n t of $44,791. Similar a l l o t m e n t s in t h e fiscal year 1923 to t h e
T r e a s u r y D e p a r t m e n t w e r e $3,164,426.11, t o thepWar D e p a r t m e n t $4,889,241.91, a n d to t h e N a v y D e p a r t m e n t $2,652,303. E x p e n d i t u r e s u n d e r t h e s e a l l o t m e n t s , h o w e v e r , a p p e a r
as expenditures of t h e respective d e p a r t m e n t s a n d not of t h e V e t e r a n s ' B u r e a u . I n t h e fiscal year 1922, p a y m e n t s on account of v e t e r a n s ' relief m a d e prior to A u g u s t 11, 1921, b y
t h e W a r Risk I n s u r a n c e B u r e a u are included u n d e r T r e a s u r y D e p a r t m e n t , while similar p a y m e n t s m a d e prior to t h a t d a t e b y t h e Federal B o a r d for Vocational E d u c a t i o n are
included u n d e r other i n d e p e n d e n t offices a n d commissions.
?Add.
.CD
o
I
o
W
H
cn
to
Preliminary statement showing classified expenditures of the Government for the period from July 1, 1923, to June 30, 1924—Contiuued
J u l y , 1923
A u g u s t , 1923
September,
1923
October,
1923
November,
1923
December,
1923
$23. 500,000. 00
467, 600. 00
$41. 928,000.00
[^
to
00
January,
1924
ORDINARY—continued
P u b l i c d e b t r e t i r e m e n t s chargeable a g a i n s t o r d i n a r y receipts:
$26, 535,800.00
Sinking f u n d . .
371,150. 00
P u r c h a s e s from foreign r e p a y m e n t s . . . ,
Received from foreign g o v e r n m e n t s u n d e r d e b t s e t t l e m e n t s . .
819,900. 00
Received for e s t a t e taxes
P u r c h a s e s from franchise tax receipts ( F e d e r a l reserve b a n k s ) .
" " 4 650." 55'
Forfeitures, gifts, etc
.
Total
27, 731, 500.00
T o t a l e x p e n d i t u r e s chargeable against o r d i n a r y receipts 242, 221, 708.16
$30,306,800. 00 $20, 231,000.00 $16,588,300. 00
7,047,650.00
8 221, 900. 00 22,311,000. 00
1, 568,650. 00
292,300. 00
1,078,360. 00
"""i3,'750.'5o"
""3,"5o5.'55"
i5,'o55.'5o"
38,936,860. 00
28, 748, 200.00
943,100.00
" 15,155.'55'
91. 858, 200. 00
1, 366, 250. 00
5,700. 00
$60,181,850. 00
89,850. 00 1,030,050. 00
3,634,550.00
5,000.00
39,987, 650. 00
24,921,100.00
135,148,150. 00
64,941,300. 00
234,497,624. 76 314,820,704. 03 426, 547,982.11
256, 286, 647. 69
400,938, 588. 64
260,764,690. 28
o
PUBLIC D E B T
P u b l i c d e b t r e t i r e m e n t s chargeable against o r d i n a r y
(see above)
Other public debt expenditures.
•
receipts
Total public d e b t .
Recapitulation, public debt:
Certificates of i n d e b t e d n e s s
Treasury notes
Treasury bonds
W a r savings securities
T r e a s u r y savings securities
First Liberty bonds
Second L i b e r t y b o n d s
....
Third Liberty bonds
Fourth Liberty bonds
Victory n o t e s . . .
Other debt items
....j..
N a t i o n a l - b a n k n o t e s a n d F e d e r a l reserve b a n k n o t e s .
Total public debt
27,731,500.00
64, 715,230.94
38,936,850.00 28,748,200. 00
41,063,163.64 399,450,780.12
39,987,650.00
12,763,363.27
24,921,100.00
10,818,979.16
135,148,150 00
.568,784,775.66
64,941,300.00
63,614,585.20
92,446,730.94
80,000,013. 64 428,198,980.12
52,751,013.27
35.740,079.16
703,932,925. 66
118,45.5,886.20
30.606,000.00
16, 635,800.00
23,616,500. 00 383,919,500.00
21,207,800.00 11,512,000.00
578, 710. 79
1, 905,220.15
16,950. 00
178, 300. 00
10, 576, 550. 00
423,900. 00
28,846,400.00
2,800.00
2, 776,100.00
479,959. 39
2,102,754 25
68.560. 00
357,900.00
16,482, 650. 00
819,450. 00
12,072,100. 00
2,600. 00
2,789,750. 00
1,927, 000.
4,717, 300.
2, 000.
443, 091.
2,264, 451.
25, 650.
275, 550.
32,272, 850.
512, 150.
7,760. 500.
4, 420.
2,546, 050.
92,446,-730.94
80,000,013. 64 428,198,980.12
445,873. 57
2,112,126. 55
5,300. 00
47,860. 00
19,195.000. 00
164,800.00
7,820, 650. 00
13,730. 00
2,962,150. 00
00
00
00
22
70
00
00
00
00
00
35
00
965,600.00
553,988,500.00
4,020,000.00
1,363,000.00
14,000.00
356,419.01
2,033,410.15
6,350. 00
239, 650 00
24,251, 450. 00
422, 650. 00
5,038,150. 00
3, 270.00
2,423, 230. 00
3,812,331.21
3,461,134 45
36, 700.00
92,338,250. 00
38,246,500.00
506,700.00
4,748.150. 00
950. 00
2, 783, 710.00
40,307,663.85
3,826,316.35
27,600.00
262,550.00
64,132,800.00
504,350. 00
4,651,200. 00
1,530. 00
3,364,875. 00
62,751,013. 27
35,740, 079.16
703,932,925. 66
118,465,885.20
N O T E . — T h e figures f i v e n for o p e r a t i o n s i n special accounts are n e t figures a n 4 m a k e allowaiice for receipts a n d deposits c r e d i t e d to tt}e a c c q u n t c o n c ^ n i e d .
O
Preliminary statement showing classified expenditures of the Government for the period from July 1, 1923, to June 30, 1924
F e b r u a r y , 1924
M a r c h , 1924
$975, 536. 28
42, 714. 87
683, 363. 83
10, 518, 546. 90
24 248, 979.16
1, 769,632. 93
19,179.05
27, 334, 373. 01
26,172,972.77
11,636,630.48
1,661, 518. 90
443,068.21
32,403, 331.71
2, 651, 605.80
2,153, 502. 69
$896, 611.19
24, 758. 08
877,113. 71
11,152,916. 33
25,102, 384. 71
1,756, 345. 57
20,865.49
25, 501,193. 36
24991,446.19
9, 733, 668. 31
1,745,127. 28
612, 269. 00
33, 384, 824. 53
1,198, 333. 26
976, 302. 87
AprU, 1924
M a y , 1924
J u n e , 1924
T o t a l J u l y 1,
1923, t o J u n e
30,1924
T o t a l J u l y 1,
1922, t o J u n e
30,1923
ORDINARY
General expenditures:
Legislative e s t a b l i s h m e n t .
Executive proper.. . . .
State Department
'.
Treasury Department. . .
.
_
War Department
D e p a r t m e n t of Justice
_
Post Office D e p a r t m e n t
Navy Department
Interior D e p a r t m e n t
..
D e p a r t m e n t of Agriculture
D e p a r t m e n t of C o m m e r c e
D e p a r t m e n t of L a b o r . . .
U n i t e d States V e t e r a n s ' Bureau^
Other i n d e p e n d e n t offices a n d commissions
District of C o l u m b i a . _
....
.
. .
Total..
D e d u c t unclassified items
Total.
Interest on public d e b t
Refunds of receipts:
Customs
Internal revenue
Postal deficiency
Panama Canal
Operations in special a c c o u n t s :
Railroads
War Finance Corporation
Shipping Board
Alien p r o p e r t y funds
Sugar E q u a l i z a t i o n B o a r d
.
...
.
137, 974,148. 88 146,894, 021.47 144, 872, 746. 67 153,363, 600. 26 1,834, 281, 324. 57 1,951,477, 321. 73
514, 584.44
1,234,160. 47
1,436, 386. 81
3 388,353. 62
189,437. 72
3 221,969. 73
143,360,699.39
9. 944,991. 66
138,196,118. 61 146, 704, 583. 76 146,261,100.19
127, 567,938. 02 144411,729.40 79, 420,633. 51
1. 358.945. 02
389. 986. 63
. ..
704,103. 56 . _.
<.....
841. 221. 89
1 1,166. 969. 25
996. 886. 71
_.
334 384. 32
._
$1, 224, 083. 66
$14, 315, 684 73
$14,166, 243.89
58. 041. 22
450,952. 65
349, 380.15
1,159, 488. 31
14, 669,456.89
15,463, 276. 30
11,664 646.17 2 137,411,206.17 2 146, 016,869. 60
392, 733, 634. 86
348, 629, 778. 56
27. 003,178.11
21,134, 228.10
23, 521,485. 79
1,807, 863. 36
186, 789. 29
146,942. 46
27, 346. 92
332, 249,136. 67
29,602,164.13
333, 201, 362. 31
32,318.869.89
328, 227, 697. 11
354, 623, 068. 88
141,116,440.69
128,746,677.33
9,688. 844. 66
21,429, 678. 93
1,865,074. 70
21, 783, 608. 71
6, 620, 062. 55
663, 545. 69
7,241,466.73
31,499, 721. 84
409,120,863. 66
461, 719, 433. 83
2,407,940. 48
32,846, 244 39
28, 712, 286.42
2,482, 793. 24
25,873,116.19
. 24, 053,705.47
142, 586, 598. 39
3 774,101. 00
1,159.873. 27
513.483.82
. .
$1, 490, 833.18 $1, 232, 645. 60
33,459. 24
36. 661. 67
462, 727. 94
702,702. 88
11, 000,160. 47 10, 621, 674 92
31, 417, 947.99 28. 669. 972. 07
1,722,885. 93
1,975, 350.98
1 9, 225. 58
6, 333. 27
^24,503.689.44 26,127,770. 86
26.153, 341. 67 23, 068. 995. 46
8,119. 774. 16 9, 064. 261. 63
1. 761, 836. 60
1,661,296.18
611,734 32
761, 342. 68
33, 663, 703. 80 32, 989, 634. 96
7, 070, Oil. 49
3, 863, 379. 41
2,464, 662.13
2, 647, 524. 69
797. 253. 24
1, 607, 631. 00
1,142, 550. 35
17,456. 461. 30 23. 664, 392.96
162, 536. 57
657,137.71
1, 264, 274.15
1 752, 399. 85 1. 267. 632. 79
3. 848.160. 22
1 12, 731.45
1 913, 602. 48 1 1, 719, 243. 52
3,449, 699. 66
4, 345, 328. 40
3, 943, 778. 77
1 2, 265, 395. 54 1 3. 800,921. 80 1 3,319, 813. 49
O
152,848,915. 82 1, 833, 047,174.10 1,960,040,934. 92
940, 602,912. 92 1, 055,923, 689. 61
84,497,747. 99
1, 751,413. 06
18.118. 477. 07
481,871.04
117,486.95
1 1, 220,948.07
2. 933,866. 21
7, 582,407.12
20. 666, 638. 33
127. 220.151. 47
12.638. 849. 76
8,387,099. 90
28,736,711.58
125, 279. 043. 35
32, 526, 914. 89
4 316, 961. 30
100,618,067.12
22, 771,167. 74
1 52, 639,947. 20 1 109, 436, 238.13
85,491,358. 71
57, 023,838.18
1 1, 365, 554.16
I 1,160, 676.16
2,482,476.33
> Deduct, excess of credits.
2 Includes $12,000,000 for each of the fiscal years 1923 and 1924, subscriptions to capital stock of Federal intermediate credit banks.
3 Add.
* During the fiscal year 1924 to date, allotments for veterans' relief have been made to the Treasury Department in the amount of $457,160, to the War Department in the amount
of $4,434,713.92, to the Navy Department in the amount of $1,474,600. and to the Interior Department in the amount of $44,791. Similar allotments in the fiscal year 1923 to the
Treasury Department were $3,164,425.11, to the War Department $4,889,241.91, and to the Navy Department $2,652,303. Expenditures under these allotments, however, appear as
expenditures of the respective departments and not ofthe Veterans' Bureau. In the fiscal year 1922 payments on account of veterans' relief made prior to Aug. 11, 1921, by the War'
Risk Insurance Bureau are included under Treasury Department,, while similar payments made prior to that date by the Federal Board for Vocational. Education are included under
other independent offices Sknd. commissions.,
: • . - ' - • .
O
to
Preliminary statement showing classified expenditures of the Government for the period from July Jf, .1.923, to June 30, 1924—Continued
F e b r u a r y , 1924
M a r c h , 1924
A p r i l , 1924
M a y , 1924
J u n e , 1924
T o t a l J u l y 1,
1923, t o J u n e
30,1924
T o t a l J u l y 1,
1922, t o J u n e
30,1923
$12,971,000. CO
$13, 626, 587. CO
30,410,378.80
8. 028,336. 62
233.420. 36
26, 672,161. 78
8, 091, 417. 48
190, 617. 91
CO
O
ORDINARY—continued.
L o a n s t o railroads
I n v e s t m e n t of t r u s t f u n d s :
G o v e r n m e n t life insurance fund
Civil service r e t i r e m e n t fund
l
D i s t r i c t of C o l u m b i a teachers* r e t i r e m e n t
$1, 500,000.00
.
,764145.33
fund-
18,957. 84
Total ordinary.
158,471,777. 44
P u b l i c d e b t r e t i r e m e n t s chargeable against o r d i n a r y receipts:
49,468,150. 00
Sinking fund
P u r c h a s e s from foreign r e p a y m e n t s
Received from foreign g o v e r n m e n t s u n d e r d e b t s e t t l e m e n t s . .
482,150. 00
Received for e s t a t e taxes
P u r c h a s e s from franchise t a x receipts ( F e d e r a l reserve b a n k s ) .
9,850. 00
Forfeitures, gifts, etc
49,960.160. 00
Total
T o t a l e x p e n d i t u r e s chargeable against o r d i n a r y receipts.
18,431, 927. 44
1,968,979. 32
1 1, 000. 700. 64
20. 010.16
$1,900. 000.00
4, 204, 673. 28
33, 427.86
$2,409,332. 90
457, 398. 66
19, 989. 74
272,103, 332. 01 317, 767,122. 94 266. 656.419.44
9, 016,117. 94 3, 048, 677, 965. 34 3. 294 627, 529.16
2, 300. 00
7,400.00
10, 600.00
10, 650.00
295,987,350. 00
38, 509,150. CO
110, 878,450. 00
8,897,050.00
3, 634, 560. 00
93, 200. 00
18, 922, 600. 00
9, 234. 700. 00
429, 050. 00
19, 038. 500. 00
457,999. 750. 00
18, 210, 000. 00
710, 300. 00
8,887,450.00
$1,840,696.00
44,177. 90
20. 006. 85
339,850.00
150,000. 00
268, 660.00
291,026, 932. 01 327, 001,822. 94 256.085, 469. 44
19,020, 250.00
7,600.00
284,018,800. 00
32,140,000. 00
68, 762,950. 00
6, 568, 650. 00
10,815, 300.00
554.891.10
402.860,491.10
o
w
O
8,054 617.94 3, 506, 677, 715. 34 3. 697,478. 020. 26
PUBLIC D E B T
P u b l i c d e b t r e t i r e m e n t s chargeable a g a i n s t o r d i n a r y receipts (see
above)
Other public debt expenditures
.
Total public debt
R e c a p i t u l a t i o n , p u b l i c debt':
Certificates of i n d e b t e d n e s s
-_
...
T r e a s u r y notes
Treasury bonds
^
W a r savings securities
T r e a s u r y savings securities
First Liberty bonds
.
; Second L i b e r t y b o n d s . .
Third Liberty bonds
Fourth Liberty bonds
V i c t o r y notes
Other debt items
•
N a t i o n a l - b a n k notes a n d F e d e r a l reserve b a n k n o t e s . .
Total public debt
18, 922, 600. 00
49. 960.160. 00
32, 633, 902. 28 1,006. 481, 474 86
9, 234,700. 00
12,939,986.84
429,050. 00
81, 096, 906.11
82, 694. 052. 28 1. 024.404 074.86
22,174, 686. 84
81, 524,956.11 j 584.126, 665. 09 3,308.350.063.17
996, 252, 000. 00
5, 090, 500. 00
1.811, 000.00
444, 555. 61
3,338, 556. 25
14, 200. 00
261,400. 00
18. 289,050. 00
357, 950. 00
2, 737, 860. 00
1,593.00
2, 706, 920. 00
247,355.14
3,169.166.70
33,800.00
121,150. 00
8,928,600. 00
161,160. 00
1, 636,300. 00
410.00
2, 797, 255. 00
4,000. 00
219,411. 07
3, 568, 474 26
3,000. 00
158,800.00
71,358, 500. 00
104,760. 00
1,426. 760. 00
11,140. 79
2,869,130. 00
221,301, 000. 00 2,238. 677. 000. CO 5. 096,993, 000. 00
298, 974, 700. 00
143, 339, 600. 00
356,981. 600. 00
8.000.00
6, 000. CO
628.157, 586. 60
182, 016.19
54, 051,976. 93
15. 996, 572. 75
33. 406, 822.10
2,730, 328. 90
78. 550. 00
240,450. CO
111. 539,900. 00
94, 469, 500. 00
29, 050. 00
65, 987.100. 00
410, 600,460. 00
57, 275, 600. 00
16,761,660. 00
4,136, 500. 00
200. 00
80. 751,050. 00 1, 911, 285, 660. 00
1,133. 760. 00
246,106. 82
45,336. 64
1, 240. 00
33, 084,377. 50 • 74,414 564 00
2. 498,180. 00
82. 594,052. 28 1, 024,404, 074. 86
22,174, 686. 84
81, 524, 956.11
584 126, 665.09 3, 306, 350. 063.17
17. 736, 500. 00
6, 634. 589. 88
2. 913.882. 40
2,350. 00
198.460. 00
49, 590,900. 00
168. 450. 00
2, 880, 260. 00
1. 662. 50
2. 667,027. 60
19, 038, 500. 00
467.999.750. 00
402,860,491.10
566, 088,165. 09 2,848. 350.313.17 7, 560,947, 689. 07
i D e d u c t , excess of c r e d i t s .
N O T E . — T h e figures given for o p e r a t i o n s in special a c c o u n t s are n e t figures a n d m a k e allowance for receipts a n d d e p o s i t s credited t o t h e a c c o u n t concerned.
7,963.798,180.17
7,963,798,180.17
o
CQ
131
SECRETARY OF THE TREASURY
Receipts and expenditures, on warrant basis
The following comparison of receipts and expenditures is on the
basis of warrants issued (net) and includes unexp^ uded balances to^
the credit of disbursing officers at the end of the year, but not expenditures under such unexpended balances at the beginning of the
year:
Comparison of receipts, fiscal years 1924 and 1923, on the basis of warrants
issued {net)
Ordinary receipts:
Customs
Internal revenue— .
Income tax
Miscellaneous taxes
.;
MiscellaneousInterest, premium, and discount—
Interest on loans to foreign governments
.
Interest on miscellane-.
ous obligations of foreign governments
Interest on miscellaneous obligations
Interest on overpayments under section
• 209, transportation act,
1920, as amended
Interest on farm-loan
bonds..
Interest on public deposits
Interest on advance payments to contractors
Dividends on capital
stock of the Panama
Railroad owned by the
United States •
Discount on bonds, notes,
and certificates of indebtedness purchased..
Gain by exchange...
Sales of Government prop. erty—
Proceeds of sale of Government property (unserviceable)
Sale of office material,
' etc., including auction
sales (General Supply
Committee)Disposal of properties,
United States Housing
Corporation
Sale of war supplies
Sale of buildings, plants,
etc. (war supplies)
Sale of seal and fox skins
Sale of public documents
and charts
• Sale of • card indexes.
Library of Congress
Miscellaneous Government property
Public-domain receipts—
• Sale of public lands
Receipts under mineral
leasing acts
Forest reserve fund
National park revenues
Other. . .
Federal reserve bank franchise tax and net earnings
derived by the United
States from Federal intermediate credit banks
Profits on coinage, bullion
deposits, etc
1924
1923
$546,012,116.13
$562,189. 038. 87
Increase, 1924 Decrease, 1924
$17,176,923. 74
1,841, 759,316. 80 1,691,089, 634 56 $150,669,782.24
952. 530. 768. 41 935. 699. 504. 36 16, 831, 264. 05
138. 663. 592.17
179.101,699.16
40.448,106.9 8"
22. 031. 215. 68
22, 230, 548. 71
'199.333.13.
1.157,966. 63
1,412,896.77
254.931.14-
30. 968. 23
10, 344. 34
4, 684,826. 00
5, 423, 694. 68
838. 869. 58-
4, 630, 099. 08
5. 460, 769. 69
820. 670. 61
576, 023. 86
532, 810. 46>
43, 213.39
20.623.89
1, 050. 000. 00
1,060, 000. 00
1, 631, 456. 83
16, 820. 93
816, 667. 85
6,109, 449. 60
814,788.98
6. 092. 628. 67"
•
4 098. 506. 56
12,129, 618. 21
8. 031, Oil. 6 .'-
366. 514 29
574 215. 50
207, 701. 21.
1, 272, 307.17
44, 267, 023. 74
961,965. 90
77. 931, 236. 95
310, 592. 05
110, 968. 09
4, 524,444. 62
400,445. 76
225, 696. 90
310,341. 27
33, 664 213. 21
4, 213,852. 67
289,487.67
226. 696. 90
149.130. 32
149,130. 32
398. 846. 32
417,448.19
18, 601. 87
522, 222. 93
666, 508. 40
134,285.47-
12. 619.155. 66
5, 369, 707. 36
651, 377. 06
1,404 241. 03
8. 825. 655. 60
5.446,162. 72
516, 529. 86
974,946. 48
3. 793, 500. 06
134,847. 20
429,294. 65
76,445. 3&
3, 766, 326. 68
10.850,604. 72
7,085, 278.14
8,133,587.23
\
17. 731, 583. 22
25, 866,170. 46
132
REPORT ON THE FINANCES
Comparison of receipts, fiscal years 192,4 and 1923, on the basis of warrants issued
{net)—Continued
1924
Ordinary receipts—Continued.
Miscellaneous—Continued.
Revenue-producing
enterprisesOperation of properties.
United States Housing
Corporation
Funds deposited for construction loans under
section 11,. merchant
marine act, 1920
Balance of funds held by
United States Shipping Board Emergency Fleet Corporation deposited under
act of Feb. 13, 1923
Center Market, Washington, D. C
Earnings from radio service...
Tolls, profits, etc., Panama Canal
United States telegraph
lines
Laundry and dry-cleaning operations (War)...
Other
Rent of public buildings
and grounds
Tees, fines, penalties, forfeitures, etc.—
Alaska fund
Fees on letters patent
Copyright fees
.,
Registers' and receivers'
fees (Land Office)
Consular and passport
Tax on circulation of
Federal reserve and national banks
Customs Service
Collections under enforcement of national prohibition act (internal
revenue and judicial) .
Navy fines and forfeitures....
Naval hospital fund
Naturalization fees
Immigration head tax....
Judicial
Forfeitures by contractors
Other......
Licenses under Federal
water power act
Taxes, licenses, fines, etc..
Canal Zone
1...
Oifts and contributions—
For river and harbor improvements...
For Forest Service cooperative work
Contributions by New
York Liberty loau) associations
For roads, bridges, and
related works, Alaska.
Moneys received from
persons unknown
Donations to the United
States
Pan American Union
quotas
Other
Repayments of investmentsPrincipal of loans made
to foreign governments.
Principal of sale of surplus war supplies to
foreign governments
1923
Increase, 1924 Decrease, 1924
• $888,023.09
16,861.81
$108,838. 72
20,108.729.48
50,000,000.00
29,891,270.62
25,761,631.04
., 761,631.04
269,589.23
236,634. 67
314,074.60
339,775.22
25,709,662.43
17,686,963.95
22,964. 66
26,700. 62
8,022,698.48
209,154.13
209,164.13
1,269, 656. 38
221,962. 60
1, 269, 666.38
406,667.40
1,187,904,53
940, 765.46
184,553. 24
2,998, 683.02
164, 582. 85
183,349.95
3,031,276. 63
183,704 80
247,139.07
1,203.29
*i64582.'85'
681, 206.92
835,229.48
8,114,688.73
7,702, 265. 66
412,423.07
4 057, 299.17
.947,231.88
4,304,331.82
621,895.66
325,336.23
32,593.51
154,023.66
247,032. 66
6,607,062.12
6, 507,062.12
818,474 43
273,753.80
481,033.50
5,539,349.96
3,038,763. 53
2,925,278.82
• 871,083.44
664,562. 60
4,151, 694. 68
6,647,494. 25
17, 210.38
1, 111, 003.40
151,022.92
1, 277,881.05
2,106,804.39
697,329. .64
173,529.00
1,387,655.28
133,812.54
166,877.66
53, 713.42
53,713.42,
159,841. 24
159,841. 24
2,814,422. 25
3,007, 755. 22
2,618,441.59
1, 514, 772.16
3,608,730.72
193,332.97
1,103,669.43
200,000.00
200,000.00
107,365.35
107,365.36
3,911.64
2,838. 23
1,073.31
6,914. 27
2, 578. 52
4,335.75
69, 936. 62
1,062. 60
116,964.92
61,024,695.13
31,603,108.49
20,172.01
63,799.16
115,892.42
29,421,586.64
33,627.14
133
SBCEBTABY OF THE TKEAStTRY
Comparison of receipts, fiscal years 1924 ctnd 1923, on the basis of warrants issued
{net)—Continued
1924
Ordinary receipts—Continued.
Miscellaneous—Continued.
Repayments of InvestmentsContinued.
Liquidation of capital
s t o c k . Federal land
banks
Principal on account of
"Relief—American
Relief Administration"
Sale of farm-loan bonds . .
Return of advances made
to reclamation fund
Principal of loans made
by United States Housing Corporation.
Other
Assessments and reimbursementsSalaries and expenses,
national-bank examiners
.
Expenses of redeeming
national currency
Assessments on Federal
reserve banks for salaries and expenses. Federal Reserve Board
..Assessments on Federal
intermediate credit and
Federal and joint-stock
land banks for salaries
and expenses, Federal
Farm Loan Board
Payment by German
Government
under
terms of the armistice.
Overhead charges on
sales of services or supplies (War and Navy).
^Settlement of claims
(War)
1
Work done by individuals, corporations,
etal .Oeneral railroad contingent fund
cleimbursement of appropriations made for
Indian tribes
Expense of international
service of ice observation and patrol
Reimbursement for Government property lost..
Damages to Government property
Other
District of ColumbiaRevenues of the District
of Columbia—
District of Columbia
share
(excluding
trust funds)
United States share
Miscellaneous
unclassified
receiptsClothing and small stores
fund
Other
Trust funds:
Government life insurance f u n d Premium on conInterest
Oivil service retirement
and disability f u n d Interest on investments
Deductions from Indian tribal funds.. .
$1,100,670.00
46,000.00
1923
Increase, 1924 Decrease, 1924
$1,456,206.00
$2,556, 775.00
$45,000.00
36, 750,000. 00
36,760,000.00
1,000,000.00
1,000,000.00
713,628.37
1,561,975.93
63,822.30
2,333,836.31
2,145,855.91
759,933.16
968,516.57
208,583.41
2,215,228. 62
177,174 80
848,347. 66
63,822.30
187,980.40
2,038,053.82
0
365,932.96
365,932.95
344,663.88
344, 663.88
465,238.67
455,238. 57
786, 597. 81
2, 435,403. 62
148,919. 64
1,633,102. 62
1,648,805.81
1,484,182.98
4,652, 470. 79
4,662,470. 79
360. 615. 95
360,616.96
134,083.22
134,083. 22
391,668.95
359,191.07
63,153. 58
1, 519,069.33
63, 953, 77
1, 620, 689. 60
800.19
101,620.17
16,491„658. 99
635, 471. 97
16, 930,989.18
682, 966. 05
439,330.19
47,494.08
4, 055, 548. 06
• 164 512.19
655, 970. 38
34, 716. 888. 03
4, 327, 469. 07
30, 710,055. 71
3,129, 702. 63
32,477.88
1, 484, 514 97
10,979.85
981,888.87
' 11,272.63
4,056,548.06
391,458.19
4, 006, 832. 32
1,197, 766. 44
602, 626.10
292. 78
134
REPORT ON T H E FINANCES
Comparison of receipts, fiscal years 1924 and 1923, on the basis of warrants issued{net)—Continued
1924
O r d i n a r y receipts—Continued.
Miscellaneous—Continued.
T r u s t funds—Continued.
Civil service r e t i r e m e n t
and disability f u n d Continued.
Deductions from Indian r e i m b u r s a b l e
appropriations!
D e d u c t i o n s from salaries from revenues
of Virgm I s l a n d s . . .
D e d u c t i o n s from salaries p a y a b l e by
Porto Rican treasurv
Deductions from cooperative employees
(Agriculture)
Deferred d e d u c t i o n s
due civil service
r e t i r e m e n t a n d disability fund
Service credit p a y ments.
Soldiers' H o m e p e r m a nent fund
N a v y and M a r i n e Corps
deposit funds
Indian m o n e y s Proceeds of labor
Proceeds of sale of
I n d i a n lands* a n d
timber
Other
•
District of
trust funds
Columbia
T o t a l miscellaneous receipts, including P a n a m a Canal a n d sales of
public lands.
D e d u c t moneys covered b y w a r r a n t
in year subsequent to deposit
thereof
Total ordinary receipts
Decrease, 1924
$3. 470. 32
$1,170. 29
246. 00
223. 88
22.12
2,444. 00
2,154 06
289. 94
884 36
2, 065. 39
3, 247. 60
1. 617. 64
25, 862.11
40. 098. 79
14 236. 68-
1, 009, 262. 18
299, 302. 8 a
709, 959. 35
$1,171. 04
1, 629. 96
376,147. 06
820, 435. 03
444, 287.97
26,120;216.15
3 4 124 621. 91
8,004, 406. 76.
1, 465, 329.11
109, 472. 28
300.012.71
1, 508,110. 22
24, 099. 4.9
289. 013. 87
85, 372. 79
10,998. 84
2, 003, 642. 50
1, 789. 097. 66
214, 544. 94
658. 041, 642. 31
98, 449,166.11
211, 741,069. 6&'
3, 847, 019. 620. 10 265, 950, 211. 40
228, 917, 993. 33.
544, 749, 637. 83
28, 259.13
3,884023,579.04
Add moneys received i n fiscal year
b u t not covered b y w a r r a n t
A d d receipts credited direct to a p p r o priations: 1
Proceeds of railroad securities
owned b v the G o v e r n m e n t
Receipts from miscellaneous
sources. .
Increase, 1924
$4, 640. 61
3, 884, 051, 838.17
Total
1923
28,269.13
94,340,205. 52
99,119,987. 01
29, 518. 646. 50
67,236,748. 72
4,007.899,992. 97
26,062. 67
2.196.46
3. 847,017,423. 64 265,924,148.73
17, 562. 91
P u b l i c debt r e c e i p t s -
42, 781.11
228,917,993.33-.
10,696.22:
4,779, 781. 49-
,
37,718,103. 22
4,013,402,418. 60 265," 924 148.73
271,426. 574 262,000,728, 660.00^
2,277,367,000. 00'
38,451,222.24
209.750.00
Certificates of indebtedness
2,014,892, 500. 00
T r e a s u r y (war) savings securities . 163, 539,816.71
Postal-savinss bonds
33,560.00
28,453, 667. 50
Bank-note fund
T r e a s u r y bonds of 1947-1952
2,000,938,300.00
4,292,259, 500.00
201,991,038.95
29,760.00
90,647, 571. 60
763,962,300.00
3,800.00
2. 207,129,184. 2).
7, 349,728,470. 45
3,800.00 5,142,603,086. 42:
Total p u b h c d e b t receipts
T o t a l receipts
postal
Postal revenues
exclusive
62,094,014 00
763,962,300.00'
of
. . . 6, 215,029,177.18 11,363,130,888.96 266.927.948. 73 6,414,029,500. 66
532,827,926. 09 40.120,853. 32
572,948, 778. 41
T o t a l receipts, including p o s t a l . 6, 787,977,955. 69 11,896,968,814 04 306,048,802. 05 5,414,029,660. 50'
1 Items of this character represent cash receipts which are credited against the expenditures shown on a.
warrant basis. It is necessary, therefore, to add back the amounts to receipts by warrants in order toadjust to an actual cash basis.
135
SECRETARY OF T H E TREASURY
Summary of receipts by organization- units
1924
1923
Increase, 1924
O r d i n a r y receipts:
$491,304.92
$33,017.37
$458,287.65
Legislative
56.89
56.89
E x e c u t i v e Office
95,983, 857.34
I n d e p e n d e n t offices
91,297,997.02- 4. 685, 860. 32
D e p a r t m e n t of Agriculture
8, 680,978. 81
7, 741, 852. 78
939,126.03
612.943. 34
944, 516. 74
D e p a r t m e n t of C o m m e r c e
1 50,220,187. 68
2 53,373,208. 87
J D e p a r t m e n t of t h e I n t e r i o r
8,988,846. 24
2,062,941. 24
D e p a r t m e n t of Justice
6,925,905.00
j D e p a r t m e n t of L a b o r
6,731, 718. 27
6,159,649.90
1, 672,068. 37
INavy D e p a r t m e n t
21,043,462. 78
19,020,706. 92
2,022,755.86
31, 374. 94
47, 859. 30
P o s t Office D e p a r t m e n t
8, 301,942.46
7,745, 552. 44
666.390.01
D e p a r t m e n t of S t a t e
Treasury Department
3 3,696,377 631.05 * 3,519,949,600. 81 76.428.030.24
War Department
97,077, 537.77
41,382,207. 67
P a n a m a Canal
8,204, 628.08
26,074, 613. 33
17,869,985. 25
"District of C o l u m b i a D i s t r i c t of C o l u m b i a reve18,496,301.49
18,720,086: 74
nues, taxes, e t c
.
U n i t e d States r e v e n u e s from
635,510.97
D i s t r i c t of C o l u m b i a sources.
682,966. 05
'Receipts n o t classified b y de3,907.96
partments
3,884,061,838.17
D e d u c t m o n e y s covered b y w a r r a n t
in year s u b s e q u e n t t o deposit
thereof
A d d m o n e y s received i n fiscal year
b u t n o t covered b y w a r r a n t . .
„Add receipts credited direct t o appropriations : 8
Proceeds of railroad securities
owned b y t h e Government . . .
"JReceipts
from
miscellaneous
sources
T o t a l o r d i n a r y receipts
P u b l i c d e b t receipts
..
3.847,019,620.10
96, 604,774.41
. 28,259.13
2,196.46
26,062. 67
3,884,023,579.04
3,847,017,423.64
96,478,711. 74
17, 662. 91
28,259.13
Decrease, 1924
$331, 572.40
3,153,021.19
16,484.. 36
55, 695,330.10
224,785. 25
47,465.08
3.907.96
59,472, 556.'34
59.472,556.34
10, 696. 22
99,119,987.01
4,779,781.49
29, 518,645. 50
67,236,748. 72
37,718,103. 22
4,007,899,992. 97
2,207,129,184 21
4,013,402,418. 60
7,349,728,470.45
94,340,205. 52
.
T o t a l receipts i n t o t h e general
fund
6,216,029,177.18 11,363,130, 888.95
. Postal r e v e n u e s u n d e r control of t h e
532, 827,925.09
P o s t m a s t e r General
672,948,778.41
96,478,711. 74
• 101,981,137. 27
5.142. 599.286. 24
96,478,711.74 5,244, 680,423. 61
40,120,863. 32
T o t a l receipts, i n c l u d i n g postal
revenues
. _ . . . .
6,787,977,956.59 11,895,958,814.04 136,599,665.06 6,244, 580,423. 51
1 Includes $522,222.93 sales of public lands.
2 Includes $656,508.40 sales of public lands.
3 Includes $545,012,116.13. customs receipts, and $2,794,290,085.21, internal revenue receipts.
< Includes $562,189,038.87, customs receipts, and $2,626,789,038.92, internal revenue receipts.
»Items of this character represent cash receipts which are credited against the expenditures shown on a
-warrant basis. It is necessary, therefore, to add back the amounts to receipts by warrants in order to
i;.adjust to an actual cash basis.
• Comparison of expenditures, fiscal years 1924 and 1923, on the basis of warrants
issued {net)
1923
1924
Increase, 1924
Decrease, 1924
LEGISLATIVE ESTABLISHMENT
^United States Senate
H o u s e of R e p r e s e n t a t i v e s
Legislative, miscellaneous
Architect of t h e Capitol
Botanic G a r d e n . .
L i b r a r y of C o n g r e s s . . .
G o v e r n m e n t P r i n t i n g Office
T o t a l legislative e s t a b l i s h m e n t . .
$2, 613, 511. 74
6,191,373. 65
4,132. 67
945, 571. 70
115, 908. 61
1, 048,966. 50
3, 552, 710. 81
$2, 361, 337. 50
6, 661. 409. 79
19,191. 11
1, 221,887. 12
86, 441. 02
1,064, 179. 21
3,011,620.66
$252,174. 24
14 472,175. 48
14 425. 966. 41
822,831. 88
448, 324. 60
367, 625. 23
$470, 036. 24
15,058. 44
276,315. 42
29,467. 49
15, 212. 71
641,190.15
776, 622. 81
EXECUTIVE OFFICE
Salaries
office
a n d expenses,
Executive
—
90, 699. 37
__________
•=s
136
REPORT ON T H E FINANCES
Comparison of expenditures, fiscal years 1924 and 1923, on the basis of warrants
issued {net)—Continued
1924
1923
$19,365.25
286,688.64
$11,560.30
325, 672. 28
Increase, 1924 Decrease, 1924
INDEPENDENT BUREAUS AND OFFICES
Alaska relief funds. _.
Alien Property Custodian....
i...
American Battle Monuments Commission
Arlington Memorial Amphitheater
• Commission
Arlington Memorial Bridge Commission
Board of Mediation and Conciliation
Bureau of Efficiency.
Civil Service Commission
Commission of Fine Arts
Committee on Public Information...
Employees' Compensation Commission
Federal Board for Vocational Education
Federal Fuel Distribution
Federal Power Commission...
Federal Reserve Board
Federal Trade Commission
^...
General Accounting Office.
Housing Corporation
Interdepartmental Social Hygiene
Board
Interstate Commerce Commission...
Interstate Governmental Commission, Colorado River
Miscellaneous items
National Advisory Committee for
Aeronautics
Railroads
Railroad Labor Board
Rock Creek and Potomac Parkway
Commission
Smithsonian Institution and National Museum
State, War, and Navy Department
Buildings
United States Coal Commission
United States Food and Fuel Administrations
.:.-.^
United States Shipping Board...
"United States Tariff Commission
United States Veterans' Bureau:
Salaries and expenses
.
.
Medical and hospital services
Military and naval compensation.
Military and naval insurance (appropriated fund)
/..
Military and naval family allowance
Miscellaneous items
Special f u n d s Military amd naval insurance
Miscellaneous special funds..
Government life insurance fund
(trust fund)—
Investments
Expenses
Vocational rehabilitation
Increase of compensation
Total independent bureaus and
1 Excess of repayments, deduct.
2 See special fund below.
3 See appropriated fund above.
22,000.00
$7,804.95
;3.74
22,000.00
1 219.21
219. 21
9,698.84
15, 091.14
17.19
143, 777. 57
973,608.79
6,107.45
18.92
147,831,24
729,159. 33
6,475. 29
1 67. 72
6,392.30
26.11
4,053. 67
244,449.46
67." 72"
2, 449,903. 78
2,994, 249.80
5,663,182. 94
39, 766.10
2,177,680.38
982,386.15
3, 646,422. 63
, 806,664 97
6,106,370.27
403.12
26,003. 32
2,112, 720.42
956,651.48
3, 621, 752. 70
1,113,362. 42
14 761.78
64, 959.96
25, 734. 67
124,669.93
1 696. 52
9,665,072.71
94,099. 29
5,027,843.97
4, 637,228. 74
18.37
867,893. 63
9, 828. 65
103,565. 94
754, 327. 69
286,698. 27
165,043,275.94
308,498.46
209, 054.06
17,079,113.19
334, 622.13
1107.74
107. 74
782, 582. 96
759,161. 73
23,421. 23
2,356, 177. 64
129, 643. 53
3,171, 776. 64
452,195. 56
14 13
57, 743, 143. 59
764, 771. 44
1 168.18
78, 308, 739. 72
398, 526. 51
367.84
544,346. 02
77,644 21
443,187.33
403.12
306,697. 46
94,795. 81
9,837. 02
82,122,389.13
26,123. 67
815, 599. 00
322,552. 03
182. 31
366, 244. 93
43, 339, 690. 36
40,108, 659. 22
112,362, 336. 75
33, 240, 251.81
43,265,174 71
130,115,288.47
, 90,000,000. CO
2 13, 235,000. 00 76, 765,000.00
10,099,438.55
29, 149.81
250, 000.00
26,205. 55
22,498. 33
2, 944. 26
227, 501. 67
1 3,194, 776.94
23, 288. 65
3 68,960,294.15
251.23
23,037. 42
30,253, 725. 51
9,029, 961.17
109,068, 207. 32
1,786,375. 62
27,052,937.11
6,459,097. 70
140,005, 210. 29
. 2,946,022.77
458,113,158.99
689,342,737.90
3,200, 788.40
2, 570, 863. 47
99,243,179.09
20, 565, 596.13
3,156, 515. 49
17, 752, 951. 72
72,165,071. 09
30, 947,002. 97
1,159, 647.16
230,472, 768. OO
137
SECBETARY OF THE TBEASUBY
Comparison of expenditures, fiscal years 1924 and 1923, on the basis of warrants
issued {net)—Continued
1924
1923
Increase, 1924 Decrease, 1924
DISTRICT OF COLUMBIA
Salaries and expenses
Special funds:
Water department
Washington Aqueduct
Miscellaneous special funds
Trust funds:
Miscellaneous trust-fund deposits.
Washington redemption fund
Policemen and firemen's relief
fund
Teachers' retirement f u n d Investments
Cm'rent exnenses
Other trust funds
'
$23,036,206. 39
$22, 409,728.17
$626.478. 22
943,896. 87
193,965. 67
10, 502. 83
869,797. 36
208,605.88
4, 229. 56
74,099. 51
905,875. 05
315,915. 49
932,647.80
188, 260. 47
127,655. 02
412, 210.17
28.2,431. 25
129,778. 92
213,404. 50
27,472. 58
32,335. 56
192,000. CO
23, 600.00
96,837. 51
21,404. 50
3, 972. 58
26.091, 776.10
26,208,038. 00
989, 662.02
Total District of Columbia
6, 273. 27
$14 650.21
26,772.76
64 601.96
105,924. 92
D E P A R T M E N T OF AGRICULTURE
Salaries
Miscellaneous
Offices of Editorial and Distribution
Work
.
Office of Experiment Stations, expenses
Extension Service
States Relations Service
Bureau of Animal Industry, expenses.
Meat inspection, Bm-eau of Animal
Industry
Bureau of Plant Industry, expenses..
Forest Service, expenses
Bureau of Chemistry, expenses"
Bureau of Soils, expenses
Bureau of Entomology, expenses
Bureau of Biological Survey, expenses.
Bureau of Public Roads, expenses....
Bureau of Agricultural Economics. _.
Federal'Horticultural Board '
Weather Bureau, expenses
Lands for protection of watersheds
and streams
Road construction. _
Increase of compensation
Enforceinent of insecticide act, general expenses .
Cooperative agricultural extension
• work
.
Special funds:
Cooperative work. Forest Service.
Payments to States and Territories from national forest
funds
Other special funds
Total Department of Agriculture".
6, 562, 508. 89
1, 631,178. 36
6, 299, 066: 63
1 178,894 26
707,336.15
699, 223.13
1, 705,150.14
1, 273, 344.18
116. 386. 08
7, 064, 608.16
3, 777, 662. 76
2, 935. 755.46
4 616.132. 90
< 977,418.66
278. 623, 39
1, 702,392. 57
763,364 93
365, 367. 60
3, 067.697. 93
630. 716. 85
1, 597, 384, 73
879,850. 45
89, 770.320. 25
3, 234,241. 23
(2)
5,820,816. 89
2,226, 575, 97
1, 321,422, 66
637, 027. 72
143,653,183. 79
263,442. 36
1, 810, 072. 62
8,113. 02
1, 705,160.14
1,273,344.18
2, 981, 644.16
4, 992,408. 69 "2,'072,'i99."47'
34,332. 89
3, 743, 229. 86
3, 079,222. 26
5, 071, 208. 69
67, 678. 62
909, 740.14
276. 261. 27
3, 362.12
117,773. 61
1, 684 618. 96
42, 808. 41
720, 556. 62
436, 732. 02
448, 007. 30
2, 619, 690. 63
623,177. 62
7, 539. 23
1,466.706.62
130, 678.11
2,865,159. 08
143,466.81
455,075. 69
81,364 52
113, 907. 58
765. 942. 87
79. 240,808. 61 10, 529, 511. 64
213. 508. OL
3, 020. 733. 22
113,103.06
113,103. 05
6,810, 349. 45
1, 228,374 20
846, 442. 41
218,477. 05
10,467.44
998, 201. 77
474, 980. 25
418, 650. 67
126, 567, 723. 60 20, 743,629. 34
3,658,169.16
DEPARTMENT OF COMMERCE
Office of the Secretary
Bureau of Foreign and Domestic
Commerce
Bureau of the Census
Steamboat Inspection Service
...
Bureau of Navigation
Bureau of Standards
Bureau of Lighthouses
Coast and Geodetic Survey
Bureau of Fisheries
Increase of compensation
Miscellaneous
881,433. 80
745,398. 33
136,035. 47
2, 393, 067, 01
1, 771, 811. 70
860, 384. 30
351,025. 22
1,653,819. 56
8, 639,874 74
1, 978, 951. 87
1.109, 273. 34
1,871,510.28
801. 71
1, 653, 956. 44
1, 759,199. 27
824,976. 33
348,001. 61
i, 741, 743. 41
8. 759, 589. 70
1, 898. 210. 63
1, 314, 271. 30
1, 662, 729. 65
5. 615. 04
739,110. 57
12,612. 43
35,407. 97
3, 023. 71
Total Department of Commerce
21, 511, 953. 53
20, 713, 691. 61
1, 215, 712.12
^Excess of repayments, deduct.
^Tnnluded under Burp.a,n of Aerlonltural Economics
80, 741. 34
208, 780. 63
87,923.86
119,714 96
204, 997. 96
4,813.33
417,450.10
138
REPORT ON T H E FINANCES
Comparison of expenditures, fiscal years 1924 and 1923, on the basis of warrants
issued (neO—Continued
1924
1923
Increase, 1924
Decrease, 1924
D E P A R T M E N T OF T H E INTERIOR
I n t e r i o r civil:
Office of t h e Secretary
General L a n d Office
Public Land Service.I n d i a n Office
B u r e a u of P e n s i o n s Salaries a n d expenses
A r m y pensions _
N a v y pensions
Fees of examining surgeons
CivU-service r e t i r e m e n t a n d
disability f u n d I n v e s t m e n t s __
C u r r e n t expenses
_
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 m e chanic arts
Office of Architect, Capitol
Reclamation S e r v i c e General expenses
R e c l a m a t i o n fund
Geological S u r v e y
B u r e a u of M i n e s General expenses
A d j u s t m e n t a n d p a y m e n t of
mineral claims, act of M a r .
2, 1919
National parks..
Benefl claries
Territorial g o v e r n m e n t s
A l a s k a n Engineering C o m m i s sion
Increase of compensation
Miscellaneous
.^
T o t a l Interior civil
I n d i a n affairs:
C u r r e n t a n d contingent expenses.
Fulfilling t r e a t y stipulations
Miscellaneous s u p p o r t s
I n t e r e s t on I n d i a n t r u s t f u n d s . .
S u p p o r t of I n d i a n schools
Miscellaneous expense
T r u s t funds- - _ . .
T o t a l I n d i a n affairs
T o t a l D e p a r t m e n t of t h e I n terior, including pensions a n d
' I n d i a n affairs
$1, 754. 087. 84
673. 280. 62
4. 922, 864. 46
$1, 538, 494. 40
687,431. 29
4, 590, 665. 76
2 247. 74
1, 397, 003. 66
219,558,900. 31
8,157,811.67
544,843. 07
1,749, 010. 04
264, 604, 888. 66
8,997, 369.88
545,610. 91
8,028, 336. 62
8,624, 999. 04
2,308,117.60
599, 205. 87
8, 091,417.48
7, 673,830. 71
2,149, 884.14
702, 358. 04
2,560,000.00
2 9, 208. 71
2,560, 000. 00
3 28,079 63
170, 215. 80
6,610,636. 31
1, 604,951. 63
101,488.43
5, 557,873. 71
1,413, 526.67
1,769,641.32
1, 845,486. 98
180,936. 69
1, 694, 729. 23
1,895,784 83
32,800. 66
2,309,695.75
1,468,860.14
• 1,536,583.69
109, 246.94
2,837,289 69
1, 680, 619. 09
716.42
4,472, 692. 85.
1, 696,667. 69
7, 521.43
277, 506,870.94
314,428,237. 28
2, 274, 765. 63
711,906. 40
688,489. 70
755,466. 25
4, 648, 917. 33
3,937, 519. 65
33, 736, 960. 96
2,433,129. 22
687, 407. 31
620, 648. 02
891, 554. 46
4, 384, 715. 81
3, 320, 238. 66
32,905, 069. 82
264, 201. 52
617, 280. 99
831, 891.14
46, 764 026. 92
45,142, 763. 30
1, 905, 714. 42
294,451.80
324, 260, 896. 86
369, 571, 000. 58
6, 461,131. 25
40, 771, 234. 97
0)
$215, 593. 44
$14,150. 67
332,188. 70
247. 74
352. 006. 38
36, 046, 988. 25
839, 558. 21
767 84
63, 080.86
951,168. 33
158,233. 36
103,152.17
18, 870.92
68, 727. 37
1,052, 762. 60
191,424. 96
75,845. 66
2,128, 759. 06
225, 869 09
369, 201. 24
76,446. 28
1,636,303.26
116,048. 60
6,805. 01
3, 556,416.83
40,476, 783.17
158, 363. 69
124, 499. 09
67,841. 68
136, 088. 21
D E P A R T M E N T OF JUSTICE
D e p a r t m e n t of Justice proper:
Salaries a n d expenses
D e t e c t i o n a n d prosecution of
crimes
Increase of compensation
Judicial:
C o u r t s , salaries, a n d expenses
Fees of jurors a n d witnesses
Penal institutions
Miscellaneous
T o t a l D e p a r t m e n t of J u s t i c e . . .
1, 693, 558. 92
1, 613, 664. 79
179,894.13
2, 282, 735. 49
846, 607. 00
2, 087, 608. 99
734,477. 01
195,126. 60
112,129.99
10,419, 067.19
2, 748,984. 70
3, 000, 910. 53
11, 881, 254. 67
2, 621,169. 62
• 3,303,460 69
10,000. 00
227, 815. 08
22, 051, 636. 77
714 966. 70
20, 991,863. 83
1,462,187. 48
-
302, 560.16
10, 000. 00
1, 774, 737. 64
1 Included under Indian affairs.
2 Excess of repayments, deduct.
•'' Covers only expenditures made under 1922 and prior year accounts. For expenditures under 1923 and
1924 accounts see Legislative establishment, p. 135.
139
SECRETABY OF THE TBEASUKY
Comparison of expenditures, fiscal years 1924 and 1923, on the basis of warrants
issued {net)—Continued
1924
1923
Increase, 1924
Decrease, 1924
DEPARTMENT OF LABOR
Office of t h e Secretary
B u r e a u of Labor Statistics
B u r e a u of I m m i g r a t i o n
B u r e a u of N a t u r a l i z a t i o n
Children's B u r e a u
Women's Bureau
Increase of compensation
Miscellaneous
T o t a l D e p a r t m e n t of L a b o r
$673,835. 78
234810.10
3, 492, 719. 57
738, 427. 46
• 1, 064,148. 84
102, 615. 32
663,'D31. 59
211, 285. 54
$528. 687. 77
225. 910. 65
3.290.177. 34
665. 087. 98
880, 204. 83
93, 776. 71
537, 692. 22
274, 600. 45
$45,148.01
• 8, 899. 46
202, 542. 23
73,339. 48
183, 944. 01
8,838. 61
15, 339. 37
6,970,874. 20
6, 496,137. 95
638,061.16
2,825,128. 85
1, 794, 238. 68
38, 613. 48
76, 983.40
204,187. 60
2, 942, 264. 90
4,944.817. 66
26. 238.03
4. 470, 454.^68
7, 111, 656. 02
15, 426. 696. 97
16. 893. 667. 21
11.141,181. 55
71. 716. 04
5.941, 317. 58
8,311.448.35
19. 340, 629. 08
17. 667, 564. 92
10. 704,999. 60
112,084 626. 63
10, 712,064. 20
. 13,431, 463.14
2,487, 026. 71
6, 784, 691. 05
5, 932, 503. 29
122. 691. 929. 05
14,166,939. 65
14. 046, 989. 09
2.159, 687. 70
7, 211, 855. 85
1 1,881. 306. 93
$63,314 91
63,314 91
NAVY DEPARTMENT
Office of t h e Secretary:
P a y , miscellaneous
Other items
.
Office of N a v a l Records a n d L i b r a r y .
Office of J u d g e A d v o c a t e General
Office of Chief of N a v a l O p e r a t i o n s . . .
B u r e a u of N a v i g a t i o n :
Outfits on first e n l i s t m e n t
Transportation
Other i t e m s
B u r e a u of Engineering
.
B u r e a u of Construction a n d R e p a i r . .
B u r e a u of O r d n a n c e
.
B u r e a u of Supplies a n d Accounts:
P a y of the N a v y
Provisions
Fuel a n d t r a n s p o r t a t i o n
Freight
....:
Maintenance
N a v a l s u p p l y account fund
Clothing a n d small stores special fund
Other i t e m s
.
B u r e a u of M e d i c i n e a n d Surgery
B u r e a u of Y a r d s a n d D o c k s .
B u r e a u of Aeronautics
Naval Academy . _
M a r i n e Corps:
Pay
. .
Maintenance
L
. Other items
Increase of t h e N a v y
General account of a d v a n c e s
Miscellaneous
. _
Total N a v y Department
117,126.05
• • 3,150, 678. 98
38, 613. 48
76, 983. 40
204,187. 50
6,744 639.04'
1,019. 267. 09
3, 772. 622. 21
11, 779,131.13
16. 718, 955. 68
2, 367, 363. 62
•
436,181.95
10, 607,302. 52
3,464,885. 45
615. 625. 95
327,339. 01
427,264.80
7,813,810. 22
1 3. 762, 607. 61 10,497,146. 65
414,881.13
604 385. 96
6. 961, 734 16
16, 297,341. 03
16,817,157. 46
110, 646. 33
2, 256, 807.19
15. 429, 371. 04
9.182,468. 92
624,807.19
64, 650, 913. 22
1 9, 644, 937. 67
1, 045. 404. 90
324,129,997. 66
45,478. 01
1,470,862. 90
1,199.892. 33
3,914 832 11
1, 673, 897. 71
22,109, 248. 59
8, 046. 779.16
1. 097,164 33
66,429, 462. 49
1 43. 060.471. 46
605.164. 98
33,415, 633. 89
640, 239 92'
322, 632, 908. 82
66,011,043.24
3,189. 111. 95
4 518. 209. 90
98,201.78
6 679. 877. 55
1,135, 679. 76
472, 357.14
11, 778, 549. 27
53, 413,954 40
POST OFFICE DEPARTMENT
P o s t Office D e p a r t m e n t proper
Deficiency in postal revenues
Miscellaneous expenses
T o t a l P o s t Office D e p a r t m e n t . .
1 13. 25
12, 638, 849. 75
129, 241. 61
2 29,101.11
32, 526,914. 89
217, 379. 49
29,114. 36
19, 888,065.14
88,137. 88
12, 768, 078.11
32, 773, 395. 49
20,005, 317. 38
DEPARTMENT OF STATE
D e p a r t m e n t of S t a t e , proper
F o r e i g n intercourse
1,157, 212. 68
13,052. 585. 59
T o t a l D e p a r t m e n t of S t a t e
14, 209. 798. 27
•
1,349.382. 62
12.874,885. 84
177, 699. 75
14. 224, 268. 46
177, 699. 75
192,169. 94
192,169. 94
1 Excess repayments, deduct.
2 Expenditures during 1923 under 1922 and prior year accounts; expenditures for 1923 payable from
postal revenues.
10065—FI 19241-
-11
140
REPORT ON T H E FINANCES
Comparison of expenditures; fiscal, years 1924 and 1923, on the basis of warrants
issued {net)—Continued
Increase, 1924
TREASURY
Decrease, 1924
DEPARTMENT
Office of t h e Secretary
Office of t h e Chief Clerk a n d Superintendent
Office of Commissioner of A c c o u n t s
and Deposits..
Division of Bookkeeping a n d W a r rants
Division of Deposits
P u b l i c D e b t Service
W o r l d W a r Foreign D e b t C o m m i s sion
Division bf A p p o i n t m e n t s
Division of P r i n t i n g a n d S t a t i o n e r y - Division of Mail and Files
Office of Disbursing Clerk
(Customs Service:
A d m i n i s t r a t i v e salaries
—
Collecting t h e r e v e n u e from
customs
Miscellaneous expenses
Refunds. . d e b e n t u r e s ,
drawbacks, etc
. Special funds
B u r e a u of t h e B u d g e t
Federal F a r m Loan B u r e a u
Office of Treasurer of t h e U n i t e d
States
Office of Comptroller of t h e Currency
I n t e r n a l Revenue Service:
AdministrativiB salaries
Collecting t h e r e v e n u e
Enforcement of narcotic a n d
prohibition a c t s ,
. Miscellaneous expenses
• Refunds,
debentures,
draw,
backs, etc
.
Special funds
Coast Guard
B u r e a u of E n g r a v i n g a n d P r i n t i n g :
A d m i n i s t r a t i v e salar ies
Compensation of employees
Materials
and
miscellaneous
expenses
P l a t e printing
Secret Service
P u b l i c H e a l t h Service:
Administrative
salaries
and
miscellaneous i t e m s . .
Hospital construction
Medical a n d hospital services
P a y of commissioned officers,
pharmacists,
acting
assist. a n t surgeons, a n d other employees
.P a y of personnel a n d m a i n t e nance of hospitals
M i n t s a n d assay offices
P u b l i c buildings:
Office of Supervising A r c h i t e c t . . .
Public buildings, construction
and r e n t . Hospitals
Quarantine s t a t i o n s .
Repairs, e q u i p m e n t , a n d general expenses
Operating expenses
American P r i n t i n g H o u s e for t h e
Blind
Increase of compensation
Miscellaneous
Total T r e a s u r y D e p a r t m e n t .
$69, 990. 27
$69, 869. 54
677, 287. 78
737, 667. 87
16. 681. 26
16,400.00
639. 66
16. 439. 47
6,194, 560. 84
1 1,036, 433. 36
16, 810. 36
7,904 508. 46
361. 26
46,739.64
084, 256. 33
15. 931. 50
30. 034. 66
$9, 869. 27
60, 270. 09
$281. 26
368,893. 80
370. 89
1, 709, 967. 62
361. 25
47, 980.
731, 786.
15, 765.
29, 997.
05
22
94
57
1, 240. 41
362, 470.11
165. 56
37.09
61, 988. 95
64, 092. 34
12. 253. 444. 85
172. 967. 81
11, 221, 881. 56
111, 607. 88
20,467.566.25
136, 217. 72
2 332.669 06
29, 849. 875. 61
2.
142, 462. 80
2 264 266. 28
1,345, 839. 24
1. 671, 342. 67
2, 507, 543. 50
2. 408, 874 64
98, 668. 86
684, 059. 01
33, 746,
674, 738. 48
35, 012, 112. 65
9,320. 53
8,372, 380. 29
2, 036. 33
9, 072, 238. 65
7, 183. 40
138,821, 789. 73
18, 368. 28
11,354, 038. 29
127, 742, 031. 72
536, 176. 47
10, 462, 232. 41
213, 487. 98
2, 567, 055. 59
223, 974 45
2,181, 388. 81
385, 666. 78
1, 460, 829. 49
1,338, 635. 75
414 650., 03
1, 024, 833.40
1, 639, 683.11
407, 620. 29
""7,'029.'74'
1, 541, 639.34
3 2,963. 38
3 42, 529.89
1,972, 683. 45
261,142.15
5,168, 679. 39
2, 222, 571.19
2,087,120.81
135,450.38
4, 402, 126. 61
1,308, 836. 24
4,768,173. 95
1, 282, 597.15
"2fC239.'09
2,103. 39
1, 031, 663. 29
61. 359. 93
9, 382, 319. 36
2, 488. 08
6, 245. 08
1, 402. 78
225, 603. 43
1, 266, 478. 67
699, 858. 36
5,147. 07
11, 079,768. 01
516,818.19
"'891,'805.'88'
10, 486. 47
425,996. 09
300, 947. 36
431,044.11
264,105. 53
5, 211, 209. 28
366, 048. 34
203,106. 32
205, 642.13
1,797, 102. 35
i 2, 628, 583. 49
19, 368:07
810, 207. 65
46,719,001.99
663, 522. 77
2, 278, 208. 96
7,203, 805. 60
2,'927,118. 37
6, 597, 238.16
606, 667. 44
50, 000. 00
9,967, 047. 83
718. 85
50, 000. CO
10,087, 000. 30
3 1,522; 549. 82
. 533, 830. 97
277, 659,177. 67
287, 203, 683, 62
16, 701, 869. 74
2, 535. 81
:.70
4 090, 418. 60
644,154. 70
648,909. 41
119,952. 47
26, 246, 375. 59
1 Includes $225,000 for 1924, a n d $507,636.86 for 1923. c h - r g e s on silver dollar bullion sold a n d $4,685.91
for 1923. loss on silver dollars melted or b r o k e n u p , u n d e r P i t t m a n Act.
2 Exclusive of $12,000,000 for subscriptions to capital stock. F e d e r a l i n t e r m e d i a t e credit b a n k s , agricultural
credits act of 1923; see special accounts, p . 142,
8 Excess of r e p a y m e n t s , d e d u c t .
«Includes $1,890,088.57 for 1924 a n d $6,127,232.61 for 1923 u n d e r h o s p i t a l facilities, etc., for w a r p a t i e n t s
141
SECBETAKY OF THE TUEASUBY
Comparison of expenditures, fiscal years 1924 ct'^^d 1923, on the basis of warrants
,
issued {net)—Continued
1924
1923
Increase, 1924
Decrease, 1924
WAR DEPARTMENT
M i l i t a r y activities:
Office of t h e Secretary of W a r
General Staff Corps
A d j u t a n t General's D e p a r t m e n t Vocational training of soldiers
Other..
Organized Reserves
Office of Inspector G e n e r a l .
Office of J u d g e A d v o c a t e General.
A r m y account of a d v a n c e s !
Finance D e p a r t m e n t P a y of t h e A r m y
Mileage of t h e A r m y
Increase of c o m p e n s a t i o n 2.__
F i n a n c e service
Miscellaneous i t e m s
Q u a r t e r m a s t e r Corps—
A r m y transportation
Barracks and quarters
C l o t h i n g a n d equipage
C o n s t r u c t i o n a n d repair of
hospitals
General a p p r o p r i a t i o n s
I n c i d e n t a l expenses of t h e
Army
I n l a n d a n d p o r t storage
a n d s h i p p i n g facilities
R e g u l a r supplies of t h e A r m y .
Roads, walks, wharves, and
drainage
.;
Subsistence of t h e A r m y .
Supplies, services, a n d t r a n s portation
W a t e r a n d sewers a t m i l i t a r y
posts
Miscellaneous i t e m s
Signal Corps
Air Service
Medical D e p a r t m e n t
B u r e a u of I n s u l a r Affairs.
C o r p s of Engineers
Fortifications,
etc.,
Panama
Canal
_
Ordnance Department—
O r d n a n c e service
O r d n a n c e stores a n d supplies.
Ammunition
A u t o m a t i c rifles a n d m a n u facture of a r m s
Nitrate plants
A r m a m e n t of f o r t i f i c a t i o n s . . .
Arsenals
O r d n a n c e storage facilities....
Miscellaneous i t e m s
Chemical Warfare Service
N a t i o n a l B o a r d for P r o m o t i o n
of Rifle P r a c t i c e . . . . . . . .
Chief of I n f a n t r y
Chief of C a v a l r y
' Chief of Field Artillery
Chief of Coast Artillery
Militia Bureau
:..
Military Academy
T o t a l m i l i t a r y activities..
$742, 619. 99
248,359.15
$793,158. 23
255, 589. 37
34, 664. 22
1, 289,384.40
5, 950,152. 70
17, 687. 00
68,364 11
1 888,323. 05
294, 302. 49
1, 569, 808. 69
3,476,459.06
18,310.46
49, 577. 63
2,476,351. 76
121,160. 880. 60
891, 927. 33
4. 622. 503. 03
1, 367, 880. 39
1,627,062.47
132,479,809.66
1, 016,397. 50
7, 013, 292. 70
1, 277, 529. 64
646, 335. 46
15. 070, 969. 63
3. 613.852. 01
4. 667, 692. 48
18. 696, 098. 22
6. 606, 035. 23
6, 547, 016. 30
3, 525,128. 59
1, 992,183. 22
1, 979, 423. 82
686, 536. 53
2 383.996.97
729,152.15
324,621.12
142, 615. 62
708,618.09
4.156. 803. 72
4,189, 268. 77
32, 466. 06
181. 294 08
11. 241,332. 82
739,196. 72
12, 206, 276.36
557, 902. 64
,964 943.64
693. 819.49
15. 300, 383.12
623,491. 64
16,437,863. 01
167,474 96
1, 031, 652. 59
2,086, 526.11
6, 292, 874. 66
2, 307, 857. 90
11,279,461.97
1, 314, 317. 24
64 764 10
1, 607, 294, 97
1,759,190. 79
481,031. 63
2, 276, 263. 35
19,173, 631.71
1,138, 608. 72
63.126. 04
2. 340, 260. 97
393, 963. 37
950,189. 20
1,026,753.32
188,706. 74
841,191. 38
1,385,793.02
331,845. 90
988, 724. 09
848,641. 59
6,288. 79
1,693,131.09
736,090.15
61,476.83
1,394,721,92
697, 864. 77
766,313. 50
885, 619.40
2,167,926. 98
1,284,426.36
77, 562.07
2, 638,183. 69
935.139. 86
82,328.09
79, 066. 33
69, 719. 03
17,414. 33
20,881. 30
235,648. 02
24,331, 283. 35
1,810,560.86
50, 668. 74
56, 752. 64
14,902. 61
31, 663. 67
257,064.10
24,789,010.47
2. 075, 718. 89
28,386.69
3. 966.49
2.611.72
260, 714, 692. 22
284,112,899 86
9,190,189.10
622,136. 06
451,801. 64
1,076,828. 79
365,988. 52
85,813.02
722,961.60
106,080.38
2,296,466.93
94,763.03
10,327. 35
$50, 538. 24
7, 230, 22
269,738. 27
280,424. 29
$2,473, 603. 64
623."46
8,'786.'48'
"'3,'363,'674."8i
90.350.75
1,081,717.01
11,318,929. 06
123,470.17
2, 390, 789. 67
70, 327. 85
137, 479. 89
864.177. 63
327.336.32
4, 811, 843. 03
31, 694 56
7, 894. 069.74
176, 708. 52
1, 039. 06
732,966.00
656, 225. 83
359,039. 70
143,139.16
147,532.71 .
880,230. 61
474,794. 89
648,335. 21
16,086. 24
1,143, 461. 67
237, 285. 09
10,682.37
. 21,416. 08
457, 727,12
265,158.04
42. 588,496. 74
N o n m i l i t a r y activities:
N a t i o n a l cemeteries— ,
Disposition of r e m a i n s of
officers, soldiers, a n d civil
employees
IL..'.
Miscellaneous i t e m s
Medical D e p a r t m e n t M e d i c a l a n d hospital services
Miscellaneous i t e m s
1, 573, 606. 33
1 Excess of r e p a y m e n t s , d e d u c t .
2 Exclusive of increase of c o m p e n s a t i o n u n d e r P a n a m a C a n a l a n d N a t i o n a l H o m e s for D i s a b l e d V o l u n teer Soldiers.
142
REPORT ON T H E
FINANCES
Comparison of expenditures, fiscal years 1924 and 1923, On the basis of w a r r a n t s
issued {net)—Continued
1924
Nonmilitary activities—Continued.
Public buildings a n d grounds
u n d e r Chief of E n g i n e e r s
Miscellaneous i t e m s u n d e r C o r p s
of E n g i n e e r s
Rivers and h a r b o r s I m p r o v i n g rivers
Improving harbors
Special funds for rivers a n d
harbors...
I n l a n d a n d coastwise w a t e r w a y s
service
Monuments
National military parks
N a t i o n a l h o m e s for disabled volu n t e e r soldiers—
M e d i c a l a n d hospital services.
Care and maintenance
W a r claims a n d relief acts
Trust f u n d s P a y of t h e A r m y deposit fundSoldiers' H o m e p e r m a n e n t
fund..
Preservation of b i r t h p l a c e of
A b r a h a m Lincoln
Miscellaneous n o n m i l i t a r y activities
T o t a l n o n m i l i t a r y activities
(exclusive of P a n a m a C a n a l ) .
P a n a m a C a n a l , operation a n d m a i n tenance .
1923
Increase, 1924
$63,040.32
$203,461.02
1,178,310,16
1,126,794.17
$61,515.98
71,305,487.65
1,301,729.13
46,677,286.93
1,946,103. 21
24,628,200.72
3,085,28417
2,769,833. 28
315,447.92
197,274. 64
116,393.35
143,164. 42
994,666.86
29,289. 87
133,154.32
87,103. 48
10,000.10
424,839.16
6,433,091.63
3,301,117. 30
1,177,785. 90
5,473,641.91
2,289,834.40
959, 549. 62
1, Oil, 282. 90
738, 684.13.
834,364. 59
$140,420.70
644,374 08
797,292.22
752,946.74
88,185.86
88,186.86
•
3,000.00
1, 229. 69
1, 770. 31
656, 661.21
' 409,983.77
246,677.44
9,0, 749,942. 74
67,989,453.02
27,407, 688. 84
7,141,711.97
3,620,503.37
348, 606, 246. 93
355, 722,866.26
40,119,086.54
Subscriptions to capital stock of F e d eral i n t e r m e d i a t e credit b a n k s
.
12,000,000.00
12,000,000.00
I n t e r e s t on t h e p u b l i c d e b t
• 938,740,771.79 21,055,088, 486.44
3 1,772,689.94
8 403,916.27
P r e m i u m on t h e p u b l i c d e b t
1..
1, 368, 773. 67
1,067,492,402.71
1,368, 773. 67
• Total W a r Department
Decrease, 1924
95,780.46
4, 647,199.12
3, 521,208. 60
47,235, 695.86
SPECIAL ACCOUNTS
952,513,461. 73
2,946,400,966. 75
A d d r e p a y m e n t s covered b y w a r r a n t
in fiscal year s u b s e q u e n t to t h e deposit thereof
116, 347, 714 65
3,244,684,072.20 243,198,334.87
6,085.41
T o t a l o r d i n a r y w a r r a n t expenditures
2,946,400,966.75
A d j u s t m e n t s to t h e general fund: .
A d d credits against expenditures— <
Proceeds of railroad securities
owned b y t h e Government.
94,340,206.52
Miscellaneous credits
-.
29,518,646. 50
Relief of J o h n B u r k e , former
T r e a s u r e r of t h e U n i t e d States,
act J u n e 3, 1922
60,00
D i s b u r s i n g officers' credits, etc.,
a t beginning of fiscal year
742, 652,367.90
U n p a i d w a r r a n t s a t beginning of
1,606,057.22
fiscal year
3,814,618,302.89
3,244,690,157.61 243,198,33487
116,347,714 65
541,481,440.32
6,085.41
541,487, 525. 73
99,119,987.01
67,236,748. 72
4,779,781.49
37,718,103.22
26,934.35
26,874.35
624,470,588.44 118,181,779.46
1,965,257.07
4,037, 609,673.20 361,380,11433
359,199. 85
584 371,484 64
1 Included under Finance Department.
2 Includes $97,545,828.38 accrued discount on war-savings certificates of the series of 1918.
3 Offset by $1,631,456.83 in 1924, and $816,667.85 in 1923, discount on bonds, notes, and certificates purchased and covered into the Treasury as miscellaneous receipts, p. 131.
* Items of this character represent cash receipts which are credited against the expenditures shown on a
•warrant basis. It is necessary, therefore, to add back the amounts to expenditures by warrants in order to
ladjust to an actual cash basis.
SECRETABY OF THE TKEASUBY
143
Comparison of expenditures, fiscal years 1924 and 1923, ori the basis of warrants
issued {net)—Continued
1924
Adjustments to the general f u n d Continued
Deduct—
Disbursing officers' credits,
etc., at close of fiscal year.. $771,932,016. 29
Unpaid warrants at close of
fiscal year
1, 396, 323. 35
773,328,339. 64
Total ordinary cash expenditures on basis of
daily Treasury statements, revised
3,041,189,963.25
.1923
Increase, 1924 Decrease, 1924
$742, 662, 367.90 $29, 279,648. 39
1. 606.057. 22
744, 268,425.12
$209,733.87
29, 279,648. 39
3,293,251,248.08 332,100,465. 94
209, 733. 87
584,161,750.77
PUBLIC DEBT
First Liberty loan
,
3,000. 00
2,950. 00
50. 00
First Liberty loan, converted at 4
per cent
1,200. 00
1, 200. 00
First Liberty loan, converted at 4 ^
per cent
75,350. 00
239,400. 00
Second Liberty loan
22,100.00
22,100. 00
•Second Liberty loan, converted at
4J^ per cent
94,449. 650. 00
111,538,150.00
17,088, 500. 00
Third Liberty loan.
410, 587, 300. CO
66,000, 750. 00 344 586,550.00
Fourth Liberty loan..
4,070,100. CO
16,818, IOO 00
12, 748, 000. 00
Victory Liberty loan
80,639,850. 00 1,911,442,400.00
1,830, 802, 550. 00
Treasury notes (various rates)
366,973,000. 00
143,339,-500.00 213, 633,500.00
Treasury bonds 1947-1962.
6,000. 00
2,000. 00
8, 000. 00
Panama Canal loan, 1911......
200,000.00
200, 000. 00
Loan df 1908-1918...
460. 00
29,720. 00
29,260. 00
Certificates of indebtedness, various
issues
2, 238,167,000. 00 5, 096,403, 000. 00
|2, 858, 236.000. 00
Treasury (war) savings securities
456, 373,088. 79
87,434 461.08
543. 807, 639. 87
Bank-note fund
74 414, 564. CO
41, 330,186. 50
33,084,377. 50
Funded loan of 1907
13. 550. 00
960. CO
12,600.00
Miscellaneous redemptions
15,436. 82
2. 526. 64
12,910.18
Total public debt expenditures 3, 305, 696, 515. 22 7, 964,119,760. 69 658,396,700.00 5, 216,819,945.47
Total cash expenditures, exclusive of Postal Service,
payable from postal revenues. _
Postal Service, payable from postal
revenues
, 346,886,478. 47 11,267,371,008. 77 590,497,166. 94 5,800,981,696. 24
572,948, 778. 41
532,827,925. 09 40,120,853. 32
Total expenditures, including
postal service payable from
postal revenues
6,919,835,256.88 11,790,198,933,86 1930,618,019; 26 5,800,981,696.24
1 Exclusive of public debt retirements chargeable against ordinary receipts during 1924 of $457,894,100
and during 1923 of $402,967,691.10, which amounts are included in this table under public debt expenditures.
The total expenditures chargeable against ordinary receipts during the fiscal years 1924 and 1923 were,
therefore, $3,499,084,063.25 and $3,696,208,939.18, respectively.
144
REPORT ON T H E FINANCES
Estimates for 1925 and 1926 compared with actual receipts for 192.lt
The following table shows estimates of receipts for the fiscal
years 1925 and 1926 compared with actual receipts for the fiscal
year 1924:
Comparison of estimated receipts, fiscal years 1925 and 1926, with actual receipts
for the fiscal year 1924
Estimated, 1926
Ordinary receipts:
Customs...
Internal revenueIncome tax
Miscellaneous taxesi.
Miscellaneous:
Interest, premium, and discountInterest on loans to foreign governments..
Interest on miscellaneous obligations of
foreign governments
Interest on miscellaneous obligations
Interest on farm-loan bonds
Interest on public deposits
Interest on loans to railroads
Premiums on veterans' term insurance...
Dividend on capital stock
Discpunt on bonds, notes, and certificates
of indebtedness purchased
Gain by exchange
Sales of Government propertySale of war supplies
Miscellaneous Government property
Public-domain receiptsSale of public lands
Receipts under mineral leasing acts
Forest reserve fund
other
Federal reserve and Federal intermediate
credit bank franchise tax
Profits on coinage, bullion deposits, etc
Revenue-producing enterprises—
Emergency Fleet Corporation, construction loan funds
Tolls, profits, etc., Panama Canal
Balance of funds held by United States
Shipping Board Emergency Fleet Corporation deposited under act of Feb. 13,
1923
Other
Rent of public buildings and grounds
Fees, fines, penalties, forfeitures, etc.—
Fees on letters patent
Consular and passport fees
Tax on circulation of Federal reserve and
national banks
Customs service
Collections under enforcement of national
prohibition act (internal revenue and
judicial).
'
Navy fines and forfeitures
Naturalization fees
Immigration head tax...
Judicial
Other
Gifts and contributions—
For river and harbor improvements
For Forest Service cooperative work
Other
Repayments of investmentsPrincipal of loans made to foreign governments
Liquidation of capital stock. Federal land
banks
Repayment of principal of loans to railroads.....
Sale of farm-loan bonds
Return of advances made to reclamation
fund
Principal of loans m a d e b y United States
Housing Corporation
Other
Estimated, 1925
Actual, 1924
$535,000,000
$550,000,000
$545,637, 603,99
1,710,000,000
890,875,000
1,660,000,000.
826,325,000
1,842,144,418.46
953, 012, 617.62
136,764,316
137,471,887
138, 653, 592.17
21,743. 783
1, 213,835
3, 572, 325
4, 612. 300
19,400,000
10,686,029
21, 743, 783
1,469, 000
4, 359, 826
4 512,800
20,000,000
12,120,164
600, 000
22.031. 215. 58
1, 232,147. 25
4, 584,825.00
4,630,099.08
29, 397,371. 71
14,900, OCO. 00
1,050, 000. 00
20, 000
20, 000
1, 631, 466. 83
16, 820. 93
12, 000,000
8,102,069
18,000,000
8,'850,159
44, 267,023. 74
6, 932, 661. 70
400,000
12,000, 000
6,165, 000
1, 966, 860
450,000
12,000, 000
5, 327, 000
1, 864 430
622, 222. 93
12, 619,155. 66
5. 369. 707.'36
2, 055. 618. 09
960, 000
7,000, 000
1,450, 000
7, 497, 000
3, 765. 326. 58
8,133, 587. 23
21,000,000
2,000, OOO
21,009,000
20.108, 729. 48
25, 709, 562. 43
3,2.^9,750
1,157, 750
3, 222, 750
1, 362, 760
26, 751, 631. 04
3, 521, 490. 65
1,187,904 53
3, 454, 720
7,800,000
3,180,470
7,800,000
2,998, 683. 02
8,114,688.73
3,357,947
800, 000
3,739,697
800,000
4,057,299.17
947,231. 88
8. 300,000
810,000
746. 000
3. 500. 000
9, 600, 000
4, 035, 330
7, 300, 000
810, 000
755,000
3, 600,000
7,450, 000
3, 900,090
6, 507,062.12
818,474. 43
481,033. 50
5, 639,349. 96
3,038,763. 53
2,664,076.13
1,800,000
1,800,000
2,814,422. 25
2,618, 441. 69
189,190, 28
24,086,800
23,088,687
300, 000
400,000
6,600,000
25, 000,000
90,000,000
10,000,000
64,976,163.81
1,000,000
1,000,000
1,000,000. 00
535,000
525,000
713,628.37
65,172. 01
61,024,696.13
1,100. 570. 00
145
SECEETABY OF THE TREASUEY
Comparison of estimated receipts, fiscal years 1925 and 1926, with actual receipts
for the fiscal year ./P;^^—Continued
Miscellaneous—Continued.
Assessments and reimbursementsSalaries and expenses, national-bank examiners
* -Expenses of redeeming national currency. .
Expenses of Federal reserve notes
....
Reclamation
Assessments on Federal reserve banks for
salaries and expenses. Federal Reserve
Board
.
.
General railroad contingent fund
Work done by individuals, corporations,
etal
Other . . . • . .
_.
District of ColumbiaRevenues of the District of Columbia—
°
District of Columbia share (excluding
trust funds)
United States' share.
Miscellaneous unclassifled receipts
Army and Navy miscellaneous collections....
Trust f u n d s Government life-insurance f u n d Premium on converted insurance
Interest
Civil service retirement and disability
fund .
.
Soldiers' Home permanent fund
Navy and Marine Corps deposit funds...
Indian m o n e y s Proceeds of labor
_.
Proceeds of sale of Indian lands and
timber.
.
_^. .
Other
Miscellaneous trust funds
.. .
. . .
District of Columbia trust funds
Total miscellaneous receipts, including
Panama Canal and sales of public
lands. •
. . .
-
Estimated, 1926
Estimated, 1926
S2,250,000
681,480
1, 541, 720
5, 900,000
$2,250,000
727, 333
1, 540,000
6, 360, 000
5, 000, 000
5.000,000
2. 038. 053, 82
4,652, 470. 79
196, 500
2, 681, 999
196, 300
2, 715, 626
148, 919 64
3, 717,169. 29
21, 704, 500
19, 504, 500
2, 348, 670
1, 906, 097
2, 348, 675
710, 000
1 16,491,658. 99
635, 471. 97
6,200,932. 66
8,962,795. 96
50, 336, 210
10,161, 682
40, 694, 606
6, 966, 235
34, 716,888. 03
4 327. 469 07
2,139, 000
690, 000
1, 406, 000
1,833,000
690, 000
1, 330, 000
1, 532, 834. 95
709, 959 35
376,147. 06
19,000, 000
19,000,000
1, 350, 000
30, 000
328, 540
2,170,000
1,400,000
30.000
328, 640
1,760,000
$2,333.836. 31
769. 933.16
5,916,063, 01
26,120, 216.15
1,466. 329.11
109,472. 28
300. 012, 71
2, 003, 642. 60
505,420,092
565, 643, 297
671,250.161.58
3,641, 295, 092
3, 601, 968, 297
4012,044701.66
» Exclusive of $2,003,642.50 on .account of trust funds shown below.
Actual, 1924
146
REPORT ON THE FINANCES
Estimated receipts for the fiscal years 1925 and 1926
Fiscal year 1926 Fiscal year 1926
Source of r e v e n u e
Customs
:.
I n t e r n a l r e v e n u e ( u n d e r r e v e n u e act a p p r o v e d J u n e 2,1924):
Income t a x Individual..._
.-.--.
Corporation
B a c k taxes
T o t a l income tax
Miscellaneous i n t e r n a l r e v e n u e (see details below)
T o t a l internal r e v e n u e
_
Miscellaneous i n t e r n a l r e v e n u e E s t a t e tax
Gift tax
L
Alcoholic spirits, e t c
Tobacco a n d tobacco m a n u f a c t u r e s
Admissions a n d dues
A u t o m o b i l e s , t r u c k s , p a r t s , etc
1
1..
C a m e r a s a n d lenses
_'
P h o t o g r a p h i c films a n d plates
F i r e a r m s , shells, a n d cartridges
S m o k e r s ' articles
Coin-operated devices a n d m a c h i n e s
Mah-jongg a n d similar tile sets
Artworks
Jewelry, watches, clocks, etc
C o r p o r a t i o n capital stock tax
S t a m p taxes, i n c l u d i n g p l a y i n g c a r d s . . . .
Oleomargarine, a d u l t e r a t e d b u t t e r , e t c
Miscellaneous taxes, i n c l u d i n g occupational taxes, receipts u n d e r
n a t i o n a l p r o h i b i t i o n a n d narcotic laws, a n d d e l i n q u e n t taxes
u n d e r repealed l a w s . . . .
Total
Miscellaneous o r d i n a r y receipts b y d e p a r t m e n t s a n d
establishments:
Legislative
I n d e p e n d e n t offices
•
•
D e p a r t m e n t of Agriculture
D e p a r t m e n t of C o m m e r c e
D e p a r t m e n t of t h e Interior
i
D e p a r t m e n t of Justice
D e p a r t m e n t of L a b o r
Navy Department
D e p a r t m e n t of S t a t e
Treasury Department
War Department
P a n a m a Canal
D i s t r i c t of C o l u m b i a D i s t r i c t of C o l u m b i a r e v e n u e s , taxes, etc
$535,000, 000
$550, 000,000
685,000,000
875, 000, 000
150,000,000
670, 000, 000
850,000, 000
140, 000,000
1,710, 000,000
890,875, 000
1,660, 000, 000
826,325, 000
2, 600,875, 000
2,486, 325,000
125, 000, 000
1, 760. COO
26, 000, 000
360, 000, 000
60, 000, 000
150, 000, 000
800,000
900, 000
4, 600, 000
100, 000
300, 000
26,000
500, 000
13, 000, 000
85, 000, OCO
47, 500, 000
3, 000, 000
100, 000, 000
1,750,000
26, 000, 000
350, 000, 000
50, 000, 000
130, 000, 000
800, 000
900, 000
4, 500,000
100, 000
250, 000
26, 000
500, 000
12, 000, 000
80, 000, 000
47, 500. 000
4. 000, 000
12, 500, 000
18, 000, 000
890,875, 000
826, 325,000
531, 040
106, 860,303
8,732, 000
2, 340,100
48, 730, 670
17, 369. 500
6,198,160
5, 247,300
7, 997,839
235,181, 918
22, 366,872
21, 000, 000
500, 640
181, 443,837
8, 035, OCO
2,337,100
47, 598,800
14, 209, 500
5, 208,660
8, 272, 300
7, 979,066
222,327,464
26,467,440
21, 009,000
23, 874, 500
21, 264, 600
Government
T o t a l miscellaneous o r d i n a r y receipts
T o t a l e s t i m a t e d o r d i n a r y receipts
505, 420,092
665,643,297
3, 641,295,092
3,601,968,297
Estimates for 1926 and appropriations for 1925
APPROPRIATIONS
F O R 1925
Appropriations made for the fiscal year 1925 and for prior
years during the first session of the Sixty-eighth Congress,
including revised estimated permanent and indefinite
appropriations and appropriations for the Postal Service
payable from postal revenues
_. $3, 748, 651, 750. 35
147
SECEETABY OF THE TKEASUBY
Deduct:
Postal Service for 1925 payable from
the postal revenues
$613, 645, 195. 25
Postal deficiencies of prior years, payable from postal revenues
15, 553, 553. 46
Deficiencies and supplements for prior
years__-146, 443, 811. 70
$775, 642, 560. 41
Total appropriations for 1925, exclusive of deficiencies
and Postal Service payable from postal revenues,
and excluding also the railroad guaranty, repayments under revolving fund appropriations, repayments to appropriations, and appropriations of
unexpended balances..
2, 973, 009, 189. 94
Comparison of the estimates for 1926 with the appropriations for
1925 shows an increase in the 1926 estimates of $119,134,651.54, as
exhibited in the table following, without, however, including in the
figures the railroad guaranty, repayments under revolving fund
appropriations, repayments to appropriations, and appropriations of
unexpended balances, the effect of which on the appropriations is
shown on pages 47 to 49 of the report for the fiscal year 1920.
Estimates of appropriations for 1926 compared with appropriations for 1925
[Excluding Postal Service payable from the postal revenues]
1926 estimates,
including permanent annual
Legislative
Executive Office
Independent offices:
Alien Property Custodian
American Battle Monument Commission
Board of Tax Appeals
Bureau of Efficiency
Civil Service Commission
Coinmission of Fine Arts
Employees Compensation Commission
Federal Board for Vocational Education
Federal Power Commission
Federal Trade Commission
General Accounting Office
....1
Housing Corporation
Interstate Commerce Commission..
National Advisory Committee for Aeronautics
Perry's Victory Memorial Commission
Railroad Labor Board
^.,
^
Smithsonian Institution
State, War, and Navy Department Buildings.
Tariff Commission
United States Geographic Board
United States Shipping Board
United States Veterans' B u r e a u Salaries and miscellaneous
Military and naval compensation
Medical and hospital facilities and services
Vocational rehabilitation
Military and naval insurance
World war adjusted compensation . . .
Indigent in Alaska, special fund
10065—FI 19241-
-12
1925 appropriations, including
revised permanent annual
$15,094, 545. 80
439,960. 00
$14, 229,816,00
397,847, 50
189, 220. 00
225,000. 00
500,000, 00
354, 320. 00
150, 350. 00
997, 375. 00
' 6,600. CO
2,301, 600. CO
8, 222,270. 00
' 31,300. 00
960, 000. 00
3,701, 960. 00
743, 915. 00
4,913. 500. CO
634, 000. CO
296,805. 00
817,890. CO
2,342, 880.00
721,500. 00
650. 00
24,330, 000. 00
45,700, 000. CO
127. 000, 000. 00
35. 000, 000. 00
38, 000,000. CO
98, 000, 000. 00
62. 000, 000. 00
15, 000. 00
156, 150.00
947, 116, CO
6,350. 00
2,650, 600.00
6,380,000.00
13, 301.79
1,010,000.00
3, 724,612. CO
808, 100.00
4,272, 284. 00
440, 000.00
99, 185.00
322, 200.00
869, 101.66
2,306, 215.00
681, 980. CO
1,000.00
30,344, 000.00
47, 066,000. 00
83,000,000. 00
42,000,000. 00
89,000,000. 00
88,000,000.00
15,000.00
Increase, 1926
estimates over
1926 appropriations (+),
decrease (—)
-f $864, 729. 80
-1-42,112. 50
-35, 780. 00
-600, 000. CO
+364, 320. 00
- 6 , 800. 00
+50, 260. 00
160. 00
100.00
-349, 270. 00
+1,842,998. 21
+17, 000. CO
-60, 652. CO
-22, 185.00
-64, 216. 00
+641, 000. CO
+94, 186. 00
-99, 395. 00
-25, 211. 66
-51, 666. 00
+36, 620. 00
+39, •450. CO
-6.014, 000. CO
+1,
-1.365,000.00
+44,000,000. 00
-7,000,000. 00
-61. 000,000. 00
+10, 000, 000. 00
+62. 000, 000. 00
148
REPORT ON THE PINANCES
Estimates of appropriations for 1926 compared with appropriations for 1925—Con.
1926 e s t i m a t e s ,
i n c l u d i n g permanent annual
D i s t r i c t of C o l u m b i a . . .
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 C o m m e r c e
D e p a r t m e n t of t h e Interior:
Civil
P e n s i o n s a n d P e n s i o n ()ffice
I n d i a n Service
D e p a r t m e n t of J u s t i c e . . .
D e p a r t m e n t of L a b o r
N a v y Department:
P a y of t h e N a v y
Provisions, m a i n t e n a n c e , fuel, a n d transportation.
M a r i n e Corps
Increase o f t h e N a v y
Other items under N a v y 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 (exclusive of P o s t a l
Service)
State Department:
Proper
Foreign intercourse
Preasury Department:
Collecting t h e r e v e n u e
Refunds, d r a w b a c k s , etc., of r e v e n u e . .
P u b l i c buildings, construction, operating expenses, repairs, e q u i p m e n t , etc
Other items under Treasury Department
War Department:
Military activitiesPay ofthe Army
Q u a r t e r m a s t e r Corps, subsistence, s u p plies, t r a n s p o r t a t i o n , etc., o f t h e A r m y . .
Militia Bureau
O t h e r m i l i t a r y activities
N o n m i l i t a r y activities—
Rivers and harbors
Soldiers' h o m e s
P a n a m a C a n a l , operation a n d m a i n t e nance
O t h e r n o n m i l i t a r y activities
.i.
I n t e r e s t on p u b l i c d e b t
Sinking fund
Other p u b l i c d e b t r e t i r e m e n t s chargeable against
o r d i n a r y receipts
T o t a l , excluding P o s t a l Service
from t h e postal revenues
1925 a p p r o p r i a tions, Including
revised permanent annual
Increase, 1926
estimates over
1925 a p p r o p r i a tions ( + ) ,
decrease (—)
$32. 335, 827. CO
140,092, 750. 00
22,741, 514. 00
$27,682,067. 00
70,936.024. CO
23,942,905.00
+ $ 4 , 653, 760, 00
+69,166, 726. 00
-1,201,391.00
34, 742, 568. 50
199,116, 000. 00
33,927,027.67
24,917, 822. 00
8,335, 260. CO
33,061, 604 06
224,616,000. 00
32,816, 220.00
21,371, 430. 00
7,981, 616. 51
+ 1 , 681, 064. 44
- 2 5 , 500, 000. 00
+1,110, 807. 67
+3,546,392.00
+353,743. 49
117,* 000, 000. 00
117,000,000. 00
• 45,160,000.00
24, 374, 650. 00
7,444, 000. CO
95,805, 328. 00
33,890,000. 00
25, 965, 300.00
8.450, 000. 00
91,903,027.00
+ 1 1 , 270, 000. 00
- 1 , 590, 650. 00
-1,006,000.00
+ 3 , 902, 301. 00
1,321, 688. 00
14, 808, 964. 51
1, 313, 515. 00
13, 714,131. 29
+ 1 , 094,833. 22
52. 667, 200. CO
32, 726, 000. 00
49, 315,140 00
33, 540, 000. 00
+ 3 , 352, 060. CO
. -815,000.00
12, 714, 486. 00
65.741, 055. 00
10, 514 310. 00
5 4 172, 055. 00
+ 2 , 200,176. 00
+ 1 1 , 569, 000. 00
+8,173.00
121,309, 872. 00
12.1, 516. 020. CO
-206,148.00
60; 662, 956. 00
29, 863. 746. 00
47. 848. 701. CO
60,025,414 13
29. 900, 202. 00
46,073,643.00
+637. 540.87
- 3 6 . 456. CO
+ 2 . 775, 058. 00
69, 277, 990. 00
9, 031, 200. 00
59. 971, 621. 00
7, 454, 562. 00
- 6 9 3 , 631. 00
+ 1 , 576, 638. 00
. 8, 735, 366. 00
1,821,400. CO
830, 000, 000. 00
323,175, 000. 00
7, 240,160. 00
3. 372.164. 00
1 865, 000, 000. CO
310, 000. 000. 00
+ 1 , 496, 206. 00
- 1 , 5 5 0 , 7 6 4 00
- 3 6 , 000. 000. 00
+13,175, 000. 00
161, 691,130.00
1 161, 806. 401. 00
- 2 1 5 , 271. 00
payable
3, 092,143,841. 48
2,973,009,189.94
+119.134,651.64
1 Revised.
Attention is respectfully invited to the attached abstracts of the
annual reports of the various bureaus and divisions of the Treasury
Department and to the tables and exhibits accompanying the report
on the finances.
A. W.
MELLON,
Secretary of the Treasury,
To the
SPEAKER OF THE HOUSE OF REPRESENTATIVES.
EXHIBITS ACC0MP.4NYING THE REPORT ON THE FINANCES
149
EXHIBITS
O
EXHIBIT
1
STATEMENT OF THE PUBLIC DEBT OF THE UNITED STATES, JUNE 30, 1924 Detail
A m o u n t issued
INTEREST-BEARING DEBT
Bonds:
2 per cent consols of 1930
4 per cent loan of 1925
.
2 per cent P a n a m a C a n a l loan of 1916-36
2 per cent P a n a m a C a n a l loan of 1918-38
.
. .
.
3 per cent P a n a m a C a n a l loan of 1961
3 per cent conversion bonds of 1946-47
_
.
2H P6r cent postal savings b o n d s (first to t w e n t y - s i x t h series)
. . . - .
A m o u n t retired
$646,250,160. 00
162,315,400. 00
54,631,980. 00
30,000,000. 00
50,000,000. 00
28,894,500.00
11,893,760.00
$46, 526,100. 00
43. 825. 500. 00
5. 677,800. CO
4 052,600. CO
200, 000. 00
1, 989,465, 560. 00
37, 930,800. CO
Amount outstanding
$•191). 7-2i..5u.C0
118,489.900.00
48,954,180,00
25, 947,400. 00
49,800,000.00
28, 894,500.00
11,893, 760. 00
o
$883,703, 790. 00
First L i b e r t y loan—
3 K per cent b o n d s of 1932-47. .
_
C o n v e r t e d 4 per cent b o n d s of 1932-47
C o n v e r t e d 43^ per cent b o n d s of 1932-47 . . . .
Second converted 43^ per cent b o n d s of 1932-47
._
%
$1,409,999.000. 00
7.172,050. 00
530.861,550.00
3, 492,150. 00
. .
w
1, 951, 524, 750.00
Second L i b e r t y loan—
4 per cent b o n d s of 1927-42
C o n v e r t e d 434 por cent b o n d s of 1927-42
703, 277,850.00
3,807,865,000.00
28.445.000. 00
3,076,142,150. 00
3,104, 587,160.00
T h i r d L i b e r t y loan—
434 per cent b o n d s of 1928
Fourth Liberty loan434 per cent b o n d s of 1933-38
T r e a s u r y bonds—
434 per cent b o n d s of 1947-62
Notes:
Treasury n o t e s Series B-1924
Series A-1925
.
Series B-1925
Series C-1925
Series A-1926
Series B-1926
Series A-1927
Series B-1927
4,175,650,060. 00
1,178,450,100. 00
2, 997,199,950. CO
6, 964, 581,100. 00
640. 085, 560. 00
6, 324,495,.550. 00
o
14,377,807,400.00
.
.
.
.
763,962, 300.00
14,000. CO
390, 706,100. 00
601, 599, 500. 00
335,141,300. 00
469, 213, 200.00
617, 769. 700.00
486,940,100.00
366,981, 500. 00
668,201,400. 00
13,025,000. 00
4, 273,600. CO
35, 481,400. 00
63,182, 200. 00
2, 061,800. 00
72, 017,800.00
11, 201, 600.00
.
763,948,300.00
377, 681,100. 00
597, 325, 900.00
299. 659.900. CO
406.031.000. 00
615. 707,900. 00
414,922,300. 00
355, 779,900. 00
668, 201,400.00
3,735,309,400.00
Ul
Certificates of indebtedness:
TaxSeries TD-1924
Series TD 2-1924
Series TM-1925
214,149,000.00
193,065,600. 00
400,299,000,00
Treasury (war) savings securities: i
Treasury (war)savings certificates, series 1920
Treasury (war) savings certificates, series 1921
Treasury savings certificates, series 1921, issue of Dec. 15,1921..
Treasury savings certificates, series 1922, issue of Dec, 15,1921.
Treasury savings certificates, series 1922, issue of Sept. 30,1922.
Treasury savings certificates, series 1923, issue of Sept. 30,1922.
Treasury savings certificates, series 1923, issue of Dec. 1,1923...
Treasury savings certificates, series 1924, issue of Dec. 1,1923...
Thrift and Treasury savings stamps, unclassified sales, etc
43, 682,407.43
22, 692,000.97
2, 312,963.20
120, 579,494 70
19, 838,558,15
162, 051,436. 30
27, 567,506, 46
95, 027,722.80
001,154 84
214,149,000.00
193,065,600.00
400,299,000.00
23,098,307.48
10,688,074.10
487,706. 60
20,725,833,95
3,931,816.25
20,987,087.80
1,788,734.05
2,864,032.20
3,877,612. 76
807,513, 600. 00
20,584, 099,95
12,003, 926.87
1, 825, 256. 60
99, 853, 660, 75
15,906, 741, 90
141,064 348. 50
25, 778, 772. 40
92,163, 690. 60
4,123, 542. 09
m
413,304,039, 66
20,981,586,429. 66
Total interest-bearing debt outstanding..
M A T U R E D DEBT ON WHICH I N T E R E S T HAS CEASED—PAYABLE ON PRESENTATION
Old debt matured at various dates prior to Apr. 1,1917
Certificates ofindebtedness, at various interest rates, matured
Spanish War loan of 1908-18
3Mpercent Victory notes of 1922-23
i H per cent Victory notes of 1922-23 (with serial letters " A " to " F " )
4 ^ per cent Victory notes of 1922-23 (with serial letters " Q " to " L " )
Treasury notes, series A-1924
Total outstanding matured debt on which interest has ceased,
,
282,140. 26
859,000. 00
267,060. 00
146, 850, 00
815,600,00
748,100.00
122,500. 00
Cl
s
K!
O
30,241, 260. 26
D E B T B E A R I N G NO I N T E R E S T — P A Y A B L E ON PRESENTATION
Obligations required to be reissued when redeemed:
346,681,016.00
United States notes
152,979,025. 63
Less: Gold reserve
193,701,990.37
Obligations that will b,e retired on presentation:
63,012. 50
Old demand notes
.._•.
.L......
National bank notes and Federal reserve bank notes assumed by the
43,541, 539. 00
United States on deposit of lawful money for their retirement
1,996,205.04
Fractional currency
Total outstanding debt bearing no interest.
239, 292, 746,91
I 21, 261,120,426.83
>
Total gross debt«
^ Amounts issued of Treasury (war) savings certificates of the series of 1920 and 1921 are on basis of reports of sales, taken at issue price; amounts retired are on basis of redemption value. Amounts issued and amounts outstanding of Treasury savings certificates, issue of December 16,1921, series of 1921 and 1922, issue of September 30,1922, series of 1922
and 1923, and issue of December 1,192», series 1923, are on basis of net redemption value, and for the issue of December 1,1923, series 1924, are on basis of Treasurer's cash receipts
plus discount accrued (partly estimated).
« The total gross debt June 30,1924, on the basis of dftilyTreasury statements, was $21,250,812,989.49, and the net amount of public debt redemptions and receipts in transit,
e t c , was S307,437.34.
cn
Statement of the public debt of the United States, June 3u, 1924—Continued
Detail
Matured interest obligations, etc.:
Matured interest obligations outstanding..
.
Discount accrued (partly estimated) on Treasury
cates, series 1918 ^
..
Discount accrued (partly estimated) on Treasury
cates, series 1919 3
J..
Discount accrued (partly estimated) on Treasury
cates, series 1920 *
Discount accrued (partly estimated) on Treasury
cates, series 1921*
_
Treasury warrants and checks outstanding
Disbursing officers'checks outstanding
Amount issued
•
..
(war) savings certifi(war) savings certifi(war) savings certifi(war) savings certifi.-.----
Balanieeheld by the'Treasurer of the United States as per daily Treasury statement for June 30,1924
Add:
Net excess of receipts over disbursements in June reports subsequently
received
Net debt, including matured interest obligations, etc ^
Amount retired
Amount outstanding
$56,113,477,49
12,643,195,00
5,917,776.00
4, 640,039. 40
1,944,865.85
1, 396,323. 35
82,298, 682.85
$164,954,358. 94
21, 416,074,785. 77
o
235, 411, 481. 52
2, 618,033. 22
o
n
238, 029,514,74
21,178,045,271.03
W
brj
M
3 Treasury (war) savings certificates, series of 1918, matured January 1,1923, and series of 1919 matured January 1, 1924, The entire outstanding principal amount, taken at issue
price, less amounts retired on basis of redemption value, has already been charged out, so that the balance still outstanding appears as discount accrued, partly estimated.
4 Accrued discount calculated on basis of exact accrual at rate of 4 per cent per annum compounded quarterly with due allowance for cash redemptions to date.
« No deduction is made on account of obligations of foreign governments or other investments.
^
o
m
Detail of outstanding interest-bearing issues as shown above, J u n e 30, 1924
Authorizing act
Title
INTEREST-BEARING
DEBT
Bonds:
Consols of 1930
Loan of 1925
Panama Canal loan of 1916-36-.
Panama Canal loan of 1918-38.
Panama Canal loan of 1961..._•
Conversion bonds._
...:
Postal savings bonds (1st to 26th series)..
Mar. 14 1900^
Jan. 14, 1876June 28, 1902, and Dec. 21,
1905.
do
Aug. 6, 1909, Feb. 4, 1910,
and Mar. 2, 1911,
Dec. 23, 1913--.,......;...
June 25, 1910
..........
First Liberty loan—
Apr. 24, 1917
33^ per cent bonds of 1932-47...
Converted 4 per cent bonds of 1932-47.... Apr. 24, 1917, Sept. 24, 1917.
Converted 434 per cent bonds of 1932-47. Apr. 24, 1917, Sept. 24, 1917,
as amended.
do
Second converted 434 per cent bonds of
1932-47,
Second Liberty loan—
• 4 per cent bonds of 1927-42
Sept. 24, 1917
Converted 434 per cent bonds of 1927-42 • Sept. 24, 1917, as amended..
Third Liberty loan—
434 per cent bonds of 1928
.do..
Fourth Liberty loan—
-do..
A}4 per cent bonds of 1933-38
Treasury bonds—
434 per cent bonds of 1947-52
.do-.
Notes:
.. Treasury n o t e s Series B-1924.
..do-,
Series A-1925.
.do-.
Series B-1925.
.do..
Series C-1925.
::do..
Series A-1926-doSeries B-1926.do-,
Series A-1927.
.do-.
Series B-1927.
.do..
Rate of
interest
Per cent
2
4
When redeemable or payable
Date of issue
Interest payable
Jan. 1, Apr. 1, July 1, Oct 1Redeemable after Apr. 1, 1930
Feb. 1, May 1, Aug. 1, Nov. 1.
Redeemable after Feb. 1, 1925.
/Redeemable after Aug. 1, 1916; pay- I- D o .
\ able Aug. 1, 1936.
/Redeemable after Nov. 1, 1918; pay- \
Do.
Nov. 1, 1906.,
\ able Nov. 1, 1938.
Payable June 1, 1961
June 1, 1911..
Mar. 1, June 1, Sept. 1, Dec. 1.
Payable 30 years from date of isvsue., Jan! 1, Apr. 1, July 1, Oct. 1.
3
Jan. 1, 1916-17
23^ Jan. 1, July 1, Redeemable on and after 1 year from
date of issue; payable 20 years Jan. 1, July 1.
1911-24..
. from date of issue,
/Redeemable
on or after June 15,1932; June 15, Dec. 15.
33^ June 15, 1917
payable June 15,*^ 1947:
Do.
.do.,
Nov, 16,1917
4
Do.
do..
May 9, 1918
Do.
..do..
4M Oct. 24, 1918
Apr. 1, 1900..
Feb. 1, 1895-.
Aug. 1, 1906..
(
4 Nov. 15, 1917.,
4M May 9, 1918-.
/Redeemable on or after Nov,
\ 1927; payable Nov. 15, 1942.
-.do
4M . . . . . d o . . . . . . . . .
Payable Sept. 15, 192«
. . . . Mar. 15, Sept. 15.
/Redeemable on and after Oct. 15,
J A p r . 15, Oct. 15.
\ 1933; payable Oct. 15, 1938.
/Redeemable on and after Oct. 15,
Do.
\ 1947; payable Oct. 15, 1962.
4M Oct. 24, 1918..
4M Oct, 16, 1922-.
4M
4^
43^
4M
4K
43^
4M
Sept. 15, 1921-.
Feb. 1, 1922...
June 15, 1922..
Dec, 15, 1922..
Mar. 16. 1922..
Aug. 1. 1922...
Jan. 15. 1923...
May 15, 1923..
Payable
Payable
Payable
Payable
Payable
Payable
Payable
Payable
Sept. 16, 1924..
Mar. 16, 1925..
Dec. 16, 1925-.
June 16, 1925..
Mar. 15, 1926..
Sept. 15, 1926..
Dec. 15, 1927-.
Mar. 15, 1927..
O
Kl
•o
•May 15, Nov. 15.
Do.
ZP
Mar. 15, Sept. 15.
Do.
June 16, Dec. 15,
Do.
Mar. 16, Sept. 15.
Do.
June 15. Dec. 15.
Mar. 16, Sept. 15,
CO
Detail of outstanding interest-bearing issues as shown above, June 30, 1924—Continued
Title
Authorizing act
Rate of
interest
Date of issue
When redeemable or payable
Ol
Interest payable
INTEREST-BEARING DEBT—Continued
Certificates of indebtedness:
Series TD-1924
Series TD2-1924
Series TM-1926
Treasury (war) savings certfficates..
Sept. 24, 1917, as amended.
do
do
•.do-
Per cent
43^ Dec. 15, 1923..
2M June 16, 1924..
Mar. 16, 1924..
4
14
Treasury savings certificates, issue of Dec. 16,
1921.
.do..
Treasury savings certificates, issue of Sept. 30,
1922.
.do..
»4
Treasury savings certfficates, issue of Dec. 1,
1923.
-do-.
2 4 ^
Payable Dec. 15, 1924
-----do
Payable Mar. 15, 1925..
Jan. 2, 1920-Redeemable on demand;, payable
Jan. 1, 1925.
Redeemable on demand; payable
Jan. 3, 1921-.
Jan. 1, 1926.
V a r i o u s d a t e s Redeemable on demand; payable
from Dec. 15,
five years from date of issue.
1921.
Various dates
.do..
from Sept. 30,
1922.
Various dates
.do..
from Dec. 1,
1923,
Jime 15, Dec. 15.
At maturity.
Sept. 15, Mar. 15.
At maturity or redemption.
Do.
O
w
Do.
H
O
Do.
H
1 If held to maturity. Treasury (war) savings certificates yield interest at 4 per cent per annum compounded quarterly for the average period to maturity on the
average issue price. Thrift stamps and Treasury savings stamps do not bear interest. >
2 Treasury savings certificates of the issues dated Dec. 16, 1921, and Dec. 1, 1923, yield interest at about 43^ per cent per annum, compounded semiannually, if held tb
maturity, and about 33^ per cent per annum, compounded semiannually if redeemed before maturity. Issue dated September 30, 1922, yield? interest at about 4 per cent
per annum, compounded semiannually, if held to maturity, and about 3 per cent per annum if redeemed before maturity.
W
O
CO
SECRETARY OF THE TREASURY
155
EXHIBIT 2
PRELIMINARY STATEMENT OF THE PUBLIC DEBT OCTOBER
31, 1924
[On the basis of daily Treasury statements] .
Bonds:
Consols of 1930
Loan of 1925
Panama's of 1916-1936
Panama's of 1918-1938
Panama's of 1961
Conversion bonds
Postal savings bonds _ _ _ .
$599, 724, 050. 00
118, 489, 900. 00
48, 954, 180. 00
. 25, 947, 400. 00
49,800,000.00
28, 894, 500. 00
11, 903, 080. 00
$883, 713, 110. 00
First Liberty loan of 1932-1947_-- 1, 951, 523, 650. 00
Second Liberty loan of 1927-1942. _ 3, 104, 574, 800. 00
Third Liberty loan of 1928
2, 978, 776, 300. 00
Fourth Liberty loan of 1933-1938.. 6, 324, 489, 850. OO
—
14, 359, 364, 600. 00
Treasury bonds of 1947-1952
. 763, 948, 300. 00
Total bonds
Notes:
Treasury notes—
Series A-1925,
15, 1925
Series B-1925,
15, 1925
Series C-1925,
15, 1925
Series A-1926,
15,1926
Series B-1926,
15, 1926
Series A-1927,
15,1927
Series B-1927,
15, 1927
16, 007, 026, 010. 00
maturing Mar.
maturing Dec.
maturing June
maturing Mar.
maturing Sept.
maturing Dec.
maturing Mar.
597, 325, 900. 00
299, 659, 900. 00
406, 031, 000. 00
615,707,900.00
414, 922, 300. 00
355,779,900.00
668, 201, 400. 00
Treasury certificates:
Series TD-1924,
Dec. 15, 1924
Series TD2-1924,
Dec. 15, 1924
Series TM-1925,
Mar. 15, 1925
Series TS-1925,
Sept. 15, 1925
maturing
maturing
maturing
maturing
214, 148, 000. 00
193, 049, 500. 00
400, 299, 000. 00
388, 869, 500. 00
Treasury (war) savings securities:
Treasurv (war) savings certificates,
series''l920 i
Treasury (war) savings certificates,
series 1921 i
Treasury savings certificates, series
1921, issue of Dec. 15,1921 K . . .
Treasury savings certificates, series
1922, issue of Dec. 15, 19212.__
Treasurv savings certificates, series
1922,'issue of Sept. 30, 1922 K . .
Treasury savings certificates, series
1923, issue of Sept. 30, 1922 2___
Treasury savings certificates, series
.1923, issue of Dec. 1, 1923 2
1 Net cash receipts.
3, 357, 628, 300. 00
1,196,366,000.00
20, 357, 053. 51
11, 686, 146. 34
1, 805, 047. 30
98, 740, 349. 10
15, 548, 159. 65
138, 443, 181. 30
25,215, 723. 55
* Net redemption value of certificates outstanding.
156
REPORT ON T H E FINANCES
T r e a s u r y (war) savings securities—
Continued
Treasury savings certificates, series
1924, issue of Dec. 1, 1923 K . . .
Thrift and Treasury savings s t a m p s ,
unclassified sales, etc
i
$101, 520, 632. 67
4, 040, 947. 69
:
Total interest-bearing debt
M a t u r e d debt on which interest has
ceased:
Old debt m a t u r e d a t various dates
prior t o Apr. 1, 1917
'_
Spanish War loan of 1 9 0 8 - 1 9 1 8 . . .
Certificates of indebtedness
Treasury notes
35^ per cent Victory notes of 192223
.-_.
, 4 % per cent Victory notes of
. 1922-23—
Called for redemption Dec. 15,
1922
M a t u r e d M a y 20, 1923
$417, 357, 241. 11
20, 978, 377, 551. 11
1, 281, 760. 26
262, 360. 00
715, 500. 00
6,911,800.00
108,300.00
3,589,300.00
6, 834, 400. 00
19, 703, 420. 26
D e b t bearing no interest:
United States notes
Less gold reserve
346, 681, 016. 00
152, 979, 025. 63
193,701,990.37
Deposits for retirement of national
b a n k notes a n d Federal reserve
banknotes
Old d e m a n d notes a n d fractional
currency
47,702,959.00
•:—
Total gross debt
_.
3 Net redemption value of certificates outstanding.
2,049,217.54
=
243,454,166.91
21, 241, 535, 138. 28
EXHIBIT 3
S U M M A R Y S T A T E M E N T O F T R A N S A C T I O N S IN I N T E R E S T - B E A R I N G AND N O N I N T E R E S T - B E A R I N G U N I T E D STATES
BONDS, NOTES, AND CERTIFICATES OF INDEBTEDNESS F O R T H E FISCAL YEAR ENDED J U N E 30, 1 9 2 4
Transactions
I , T r a n s a c t i o n s i n interest-bearing securities (as affecting t h e o u t s t a n d i n g p u b l i c d e b t ) :
A . Interest-bearing securities Outstanding J u n e 30, 1923 (see A n n u a l R e p o r t , J u n e 30, 1923)
B . I n t e r e s t - b e a r i n g securities issued d u r i n g t h e fiscal year 1924—
1. U p o n original s u b s c r i p t i o n s against cash received (see E x h i b i t 4)
2. U p o n exchange, conversion, etc., for securities of equal p a r v a l u e retired (see E x h i b i t 4)
3. U p o n adjudicated claims for r e p l a c e m e n t (see E x h i b i t 4)
-4. T o t a l issues d u r i n g t h e fiscal y e a r 1924 (see E x h i b i t 4) ^ .
• Amount
$21,670,392,080.00
1 32, 377, 222
2,015,135, 810.00
3,360,850, 320.00
874, 650.00
.
5,376,860,680.00
27, 047, 262, 760.00
144, 255
1, 288, 560
4 513
1, 437, 318
33, 814, 640
3,102, 540,000.00
3,360,850.320.00
874, 550. 00
6.464 264 870. 00
14, 705, 500.00
20, 568, 282, 390. CO
27,047,252,760.00
440, 608
4, 824, 668
3,516
5. 268, 792
o
13, 765
28, 631, 993
33,814, 540
W
13, 686,164, 910.00
138. 585, 650.00
10, 343, 031,888. 43
24 066, 772, 448.43
4 272,142, 300.00
16,786,032
768, 694
2,688,045
20, 242, 771
772, 585
3,102, 540, 000.00
82,636, 410. 00
440, 608
624, 253
3, 360, 850, 320. 00
5, 550,00
4, 824, 668
7
874, 660.00
5,000.00
6, 546,911,830.00
3,616
24
.
-
-
C . T o t a l interest-bearing securities t o a c c o u n t for ( I t e m s A a n d B-4)
1
D Interest-bearing securities retired d u r i n g t h e fiscal year 1924—
1. A c c o u n t of r e d e m p t i o n (see E x h i b i t 6)
.
2. A c c o u n t of exchange, conversion, etc., for securities of equal p a r v a l u e issued (see E x h i b i t 6)
. .
'.
3, A c c o u n t loss or d e s t r u c t i o n (covered b y i n s u r a n c e or b o n d s of i n d e m n i t y ) (see E x h i b i t 6 ) . . . .
1
4. T o t a l r e t i r e m e n t s d u r i n g t h e fiscal year 1924 (see E x h i b i t 5 ) .
E . Securities o u t s t a n d i n g J u n e 30, 1924, w h i c h m a t u r e d d u r i n g t h e fiscal year (see E x h i b i t 6)
F . T o t a l interest-bearing securities o u t s t a n d i n g J u n e 30, 1924 (see E x h i b i t 7 ) . . . .
G . T o t a l interest-bearing securities a c c o u n t e d for ( I t e m s D - 4 , E , a n d F)
_
...
I I . T r a n s a c t i o n s in interest-bearing securities a n d securities w h i c h m a t u r e d prior to J u l y 1, 1923 (as affecting t h e a c c o u n t a b i l i t y of t h e T r e a s u r y
D e p a r t m e n t a n d its a g e n t s ) :
A . Securities on h a n d J u n e 30, 1923—
1. Interest-bearing securities (see E x h i b i t 8)
'...
2. Securities m a t u r e d prior to .July l, 1923 (see E x h i b i t 8 ) . , .
..
.
3. Pre-war securities n o t p r e v i o u s l y r e p o r t e d (see E x h i b i t 9)
4. T o t a l securities on h a n d J u n e 30, 1923
J..
....1
B . Interest-bearing securities received from t h e B u r e a u of E n g r a v i n g a n d P r i n t i n g d u r i n g t h e fiscal year 1924 (see E x h i b i t 10)
C . Securities received for r e t i r e m e n t d u r i n g t h e fiscal year 1924—
1. A c c o u n t r e d e m p t i o n —
(a) Interest-bearing securities (see I t e m I , D - 1 , above)
(6) Securities m a t u r e d prior to J u l y 1, 1923 (see E x h i b i t 25)
.
2, A c c o u n t exchange, conversion, etc., for securities of e q u a l par v a l u e issued—
(a) Interest-bearing securities (see I t e m I , D - 2 , above)
1
(h) Securities m a t u r e d prior to .Tuly 1, 1923 (see E x h i b i t 26)
. .
..
3. A c c o u n t loss or d e s t r u c t i o n (covered b y i n s u r a n c e or b o n d s of i n d e m n i t y ) —
(a) Interest-bearing securities (see I t e m I , D - 3 , above) .
.
(6) Securities m a t u r e d prior to J u l y 1, 1923 (see E x h i b i t 2 5 ) . .
. T o t a l securities received for r e t i r e m e n t
- .-
1 Includes 231,689 pieces pre-war bonds, which information was unavailable June 30, 1923,
Pieces
.
a
w
l
.......---
. 2 Counter entry; deduct.
6, 893,048
cn
Summary statement of transactions in interest-bearing and noninterest-bearing United States bonds, notes, and certificates of indebtedness
for the fiscal year ended June SO, 1924—Continued
Transactions
Pieces
I I . T r a n s a c t i o n s in interest-bearing securities a n d securities w h i c h m a t u r e d prior t o J u l y 1, 1923 (as affecting t h e a c c o u n t a b i l i t y of t h e
T r e a s u r y D e p a r t m e n t a n d its a g e n t s ) — C o n t i n u e d .
D . T o t a l securities to a c c o u n t for ( I t e m s A - 4 , B , a n d C-4)
$34,885,826,678.43
E . Securities issued d u r i n g t h e fiscal y e a r 1924—
1. U p o n original s u b s c r i p t i o n s against cash received (see I t e m I, B - l , above)
2. U p o n exchange, conversion, etc., for securities of e q u a l p a r v a l u e retired—
(a) Interest-bearing securities (see I t e m I , B - 2 , above)
(b) Securities m a t u r e d prior to J u l y 1, 1923 (see E x h i b i t 25)
3. U p o n adjudicated claims for replacement—
(a) Interest-bearing securities (see I t e m I, B - 3 , above)
(b) Securities m a t u r e d prior t o J u l y 1, 1923 (see E x h i b i t 25)
-
-
4. T o t a l securities i s s u e d .
.
F . Securities delivered t o t h e Register of t h e T r e a s u r y 1. A c c o u n t r e d e m p t i o n —
(a) Interest-bearing securities (see I t e m I I , C - l - a , above)
(b) Securities m a t u r e d prior to J u l y 1, 1923 (see I t e m I I , C - l - b , a b o v e ) . _
(c) Pre-war securities n o t previously reported (see E x h i b i t 9)2. A c c o u n t exchange, conversion, etc., for securities of equal p a r v a l u e issued—
(a) Interest-bearing securities (see I t e m I I , C-2-a, above)
(b) Securities m a t u r e d prior to J u l y 1, 1923 (see I t e m I I , C - 2 - b , above)
(c) Pre-war securities n o t previously reported (see E x h i b i t 9)
3. A c c o u n t loss or d e s t r u c t i o n (covered b y insurance or b o n d s of i n d e m n i t y ) —
(a) Interest-bearing securities (see I t e m I I , C-3-a, above)
(b) Securities m a t u r e d prior t o J u l y 1, 1923 (see I t e m I I , C - 3 - b , above)
(c) Pre-war securities n o t previously reported (see E x h i b i t 9)
4. U n i s s u e d securities (excess stocks)—
(a) Interest-bearing securities (see E x h i b i t 11)
(b) Securities m a t u r e d prior t o J u l y 1, 1923 (see E x h i b i t 11)
(c) Pre-war securities n o t previously r e p o r t e d (see E x h i b i t 9 ) -
G. Securities on h a n d J u n e 30, 1924—
1. Interest-bearing securities (see E x h i b i t 8)
2. Securities m a t u r e d d u r i n g t h e fiscal year 1924 (see E x h i b i t 8 ) .
3. T o t a l securities on h a n d J u n e 30, 1924
_..
-..
._.
J.,
___,,
W
-
2 Counter entry; deduct,
_
.-_
_
_
-
_
-
---
26, 908,404
2,015,135, 810. 00
144, 255
3,360; 860, 320. 00
6,550.00
1,-288, 550
7
874, 650. 00
5, 000. 00
4 613
1
5,376,871, 230. 00
1,437,326
O
w
O
5. T o t a l deliveries t o t h e Register of t h e T r e a s u r y d u r i n g t h e fiscal year 1924
H . T o t a l securities accounted for ( I t e m s E - 4 , F - 5 , a n d Q-3)
cn
00
_
:
102,640, 000. 00
82, 636. 410. 00
173,304, 787. 26
440. 608
624. 253
675. 780
360,860,320.00
5. 560. 00
166,243,711.17
4,824, 668
7
2,010, 620
874, 550. 00
5. 000. 00
3,063, 390. 00
3,516
24
1,638
'
, 050,970, 250. 00
136,070,600.00
430, 000. 00
2, 349,924
768, 602
7
18, 076,984, 668. 43
11, 699,619
11,206,316,980.00
225,663,800. CO
13, 561,898
209, 561
11,431,970,780.00
13, 771,459
34, 886,826,578. 43
26, 908,404
>
o
EXHIBIT
4.
(See Exhibit 3, Item I-B)
I N T E R E S T - B E A R I N G U N I T E D S T A T E S B O N D S , N O T E S , AND C E R T I F I C A T E S O F I N D E B T E D N E S S I S S U E D D t J R i N G
THE FISCAL YEAR ENDED J U N E 30, 1924; CLASSIFIED B Y ISSUES AND ACCOUNTS
.
E x c h a n g e , conversion, etc., against securities of equal p a r value retired
Issue
Original
subscrip"tion
I. B o n d s :
A . P r e - w a r bonds—
1 . 2 per cent consols of 1930
2. 4 per cent loan of 1 9 2 5 . . .
3. 2 per cent P a n a m a C a n a l
loan of 1916-1936
4. 2 per cent P a n a m a C a n a l
loan of 1918-1938- .
5. 3 per cent P a n a m a C a n a l
«
loan of 1961
6. 3 per cent conversion
b o n d s of 1946-47-7. 2y2 per cent postal savings b o n d s (first to
t w e n t y - s i x t h series)
8. T o t a l pre - w a r b o n d s
issued . .
B . L i b e r t y bonds—
1. F i r s t L i b e r t y loan of
1932-1947—
(a) F i r s t 33^'s
(6) F i r s t 4's
(c) First 4)^'s id) F i r s t second 43J's
2. Second L i b e r t y loan of
1927-1942—
(a) Second 4's
ih) Second 4M's
3. T h i r d L i b e r t y loau of
1928
4. F o u r t h L i b e r t y loan of
1933-1938
5. T o t a l L i b e r t y b o n d s
issued
'Includes coupon error transactions.
Exchanges
Denominational
Coupon
Registered
Temporary
Conversion
Interim
Transfer
Mutilations,
etc.i
$33,175, 660
9,411.200 '"$2,'566
$308.150
655.100
Total
$33,483,800
10,068,800
Adjudicated
claims
for
replacement
""%m
Total
Pieces
4 717
1,937
$33,483,800
10.068.900
.
778
5.000
3, 661, 540
3, 566, 540
3, 566, 640
68,000
1,363. 660
1,431, 660
1,431, 660
441
168,300
3, 594. 700
3.763.000
3, 763,000
1,145
1,085,000
98, 200
1.183.200
1,183,200
180
$33,560
42,360
33,560
2,331,910
-
446,160
51,661.110
2,500
o
488. 520
1,700
623.780
1,161
53. 985, 520
1,800
54.020.880
10,359
o
>^
H
>
Ul
$14,004,600 47,220. 500 $21,873, 900
121,700
768,150
38. 784,900 'i3,'i64,'i6o 9,960,200
256,200
66,400
388, 600
•
$397,850
177,700
2,450
$31,400
$2,799,800
13. 825, 500
750
5,900
2, 619,850 "'"i,'700
20,550
1.450
4 950
29,700
600
96.958.000
1.298, 550
67, 637,950
733, 700
45.546
7.942
61.014
522
6.409,800 24, 660
355. 645. 900 145,360
5.434, 450
366, 791, 250
28,990
214,366
96,956, 550
1,293, 600
67. 508. 250
733.200
500 3,457,460 1,651,500
271,500
203. 858,300 37,615,200 61,931,050
929,350
27, 350
14,372,400 36, 924,000
259,287,260 47, 679,000 1C3,763,060 4,622,300
47,306, 250
35, 550 . 462. 683.400 258,200
462,841, 600
297,034
333,230, 700 149, 710. 750 129,026,150 8,852,600
66, 628,100
61,500
687. 509, 800 403.350
687, 913.150
457,071
849,814.050 296, 678, 650 330,836,360 16, 633.750
1, 500
16, 600
31,400 17.172,200 167, 357, 500 116, 600 1, 677, 640, 500 868.150 1, 678, 508, 475 1,112. 475
cn
CO
Interest-bearing United States bonds, notes, and certificates of indebtedness issued during the fiscal year ended June 30, 1924, classified by
issues and accounts—Continued
E x c h a n g e , conversion, etc., against securities of e q u a l p a r v a l u e r e t i r e d
Original
subscription
Issue
Exchanges
Denominational
I. Bonds—Continued.
C . 43^ per cent T r e a s u r y b o n d s
of 1947-1952
notes:
A-1924
B-1924
A-1925 .
B-1925
C-1925
. .
A-1926
B-1926
.
A-1927
B-1927
Registered
$60, 896,100 $67. 424, 700 $8.809,800
D . T o t a l b o n d s issued . .
II. Treasury
1. Series
2 Series
3. Series
4 Series
5. Series
6 Series
7. ^ r i e s
8 Series
9. Series
Coupon
Temporary
Conversion
Transfer
Interim
'
Mutilations,
etc.!
$10,685, 600
Total
$137.816.100
Adjudicated
claims
for •
replacement
Total
$3,000 $137,819,100
Pieces
27,052
$33, 660
900, 710.160 366,435,260 339. 646,150 $16,633,750 $31,400 $17,172,200 229, 694 110 $119,100 1,869,442,120 872.950 1,870, 348,630 1,149,886
209,750
72, 562, 700
89,994, 700
145,113. 300
71.462,300
124 061,900
107,061, 700
134,065. 800
112.789,400
158,685,300
1
'
..
1
2.000
1,000
100
72,552, 700
89,996, 700
145,114, 300
71, 452,300
124.061,900
107, 051. 700
134.056.800
112. 789, 500
158.685, 300
1.100
"'"loo
72,553,800
89, 996,700
146,114,300
71, 452,800
124,061,900
107,051, 700
134,055,800
112,789,500
158,895,050
5,812
6,454
12,074
6.166
11, 873
10,047
9,802
12. 809
25. 213
10. T o t a l T r e a s u r y n o t e s i s s u e d -
209,750 1,015,757,100
3.100 1.016, 760. 200
1,600 1. 015. 971, 550
100, 250
I I I , Certificates of i n d e b t e d n e s s :
1. Series TS-1923
2. Series TS2-1923
3. Series T D - 1 9 2 3
4, Series T M - 1 9 2 4
6. Series TD2-1923
6. Series TM2-1924
7, Series TJ-1924_
8. Series T D - 1 9 2 4
9. Series TM-1926.__
10. Series TD2-1924
11. Special
_
5.046.000
16, 709,500
24,608, 500
53, 990,000
43,638, 500
84,321, 500
58,940,000
80, 470,000
96,669,000
11,255,000
5,046.000
16.709,500
24. 608.500
53.990.000
43. 638. 600
84.321, 500
58,940,000
80,470,000
96,669,000
11, 255,000
5. 046.000
16, 709, 500
24, 608. 600
63. 990. 000
43, 638. 500
334, 072,000
194,068, 500
294, 619,000
496,968. 000
204,320,500
822, 500.000
427
705
1,976
5,363
3.748
47. 586
22,419
38,342
51,048
15,521
48
475, 648,000
2.490. 640. 600
187,182
249, 760, 500
135,128, 600
214,149,000
400, 299,000
193,066. 500
822. 500,000
_
12. T o t a l certificates of i n d e b t 2,014,892,500 475, 648,000
edness issued
I V . T o t a l securities issued d u r i n g
1
fiscal year 1924 . .
2,015,135,810 2, 392,115. 250 366. 436. 260 339, 646,150 16, 633, 750
1 Includes coupon error transaction.
'• '
31,400 17,172, 200 229, 694,110 122.200 3,360, 860,320 874, 650 5,376. 860, 680 1,437,318
O
EXHIBIT
5.
(See Exhibit 3, Item I-D)
I N T E R E S T - B E A R I N G UNITED STATES BONDS, NOTES, AND CERTIFICATES OF INDEBTEDNESS R E T I R E D D U R I N G
T H E FISCAL YEAR ENDED J U N E 30, 1924, CLASSIFIED B Y ISSUES AND ACCOUNTS
E x c h a n g e , conversion, etc., against securities of e q u a l p a r v a l u e issued
Exchanges
Redemption
T i t l e of issue
Denominational
Coupon
Registered
Tempt>rary
Interim
O
I
Bonds:
A . Pre-war b o n d s —
1. 2 per cent consols of 1930
2. 4 per cent loan of 1925
3. 2 per c e n t . P a n a m a C a n a l loan of 1916-1936
4. 2 per cent P a n a m a C a n a l loan of 1918-1938
5. 3 per cent P a n a m a C a n a l loan of 1961
6. 3 per cent conversion b o n d s of 1946-47
7. 23^ per cent postal savings b o n d s (first t o t w e n t y - s i x t h series)
8. T o t a l pre-war b o n d s retired
B . Liberty bonds—
1. F i r s t L i b e r t y loan of 1932-1947—
(a) F i r s t 3M's
(6) F i r s t 4's .
(c) F i r s t 4)^'s
-•
id) F i r s t second 4J^'s
2. Second L i b e r t y loan of 1927-1942—
(a) Second 4's . .
(&) Second 4 K ' s
3 . T h i r d L i b e r t y loan of 1928
.
4. F o u r t h L i b e r t y loan of 1933-1938-
.
I
r
$308,150
656,100
5,000
68, 000
168. 300
1, 086, 000
42, 360
O
2, 331,910
.
-
. .
.
. . . . . .
D . T o t a l b o n d s retired
.
.-
$14, 004, 600
121,700
38, 784, 900
255, 200
47, 220, 500
13,164 100
388,600
$21,873, 900
768.150
9, 960, 200
66,400
$397, 850
177, 700
2,450
94.449.650'
410, 687. 300
4,070,100
271,500
203,868, 300
259. 287, 250
333, 230, 700
500
37, 615, 200
47, 579. 000
149. 710, 760
3, 457, 460
61. 931, 050
103, 763, 050
129,026,150
1,661, 500
929,360
4,622, 300
8,852, 600
509, 346, 500
849,814,050
295, 678, 660
330, 836,350
16, 633, 750
31,400
6,000
50, 896,100
67, 424, 700
8.809,800
509.352. 600
900. 710,150
365,436, 260
339. 646,150
16,633,760
31,400
298,966.100
3,000,000
1,030,000
11,319,900
72, 552,700
89, 994,700
146,113,300
71,452,300
$50
-
.--
5. T o t a l L i b e r t y b o n d s retired
_.
-..
C . 4}4 per cent T r e a s u r y b o n d s of 1947-1962
I I . T r e a s u r y notes:
1 Series A-1924
2. Series B-1924
3 Series A-1925
4. Series B - 1 9 2 5 . —
-
^
-
239, 400 '
. . . . . . . .
$31,400
a>
Interest-bearing United States bonds, notes, and certificates of indebtedness retired during the fiscal year ended June 30, 1924, classified by
issues and accounts—Continued
Gi
to
E x c h a n g e , conversion, etc., Fgainst securities of e q u a l p a r v a l u e issued
Redemption
T i t l e of issue
Exchanges
Denominational
I I . Treasury notes—Continued.
5 Series C-1925
6. Series A-1926
7 Series B-1926
8. Series A-1927
.
9 Series B-1927
.
_
-
.
.
--,
. .•
10 T o t a l T r e a s u r y notes retired
I I I . Certificates of i n d e b t e d n e s s :
1 Series TS-1923
2. Series TS2-1923
3 Series T D - 1 9 2 3
4. Series TM-1924
6 Series TD2-1923
6. Series TM2-1924
7 Series TJ-1924
8. Series TD-1924
.
. _
9 Series T M - 1 9 2 5
10. Series TD2-1924.
11 Special
-
..^
-
--
.
-
-
$124,061.900
107,051,700
134.055,800
112, 789,400
168,685,300
366,973, 000
1,015, 757,100
'179,051,500
163, 956. 500
196.486. 000
320. 276. 000
181, 548. 500
249,246. 500
134,151, 500
6,046.000
16. 709. 500
24, 608. 600
63, 990,000
43. 638. 500
84. 321. 600
68,940. 000
80.470.000
96, 669. 000
11, 255,000
.
-
...-
12. T o t a l certificates of i n d e b t e d n e s s retired
Registered
Temporary
Interim
o
w
•
H
O
•
""
,
o
822, 500, 000
. .
I V . T o t a l securities retired d u r i n g fiscal year 1924
.
-
$25,265, 500
1,029, 300
9, 664, 200
6, 798, 000
Coupoh
...
Ul
2, 236, 214. 500
475,648,000
3,102, 540,000
2,392,115, 250
$365,435, 260
$339,646,150
$16,633, 750
$31,400
E x c h a n g e , conversion, etc., against securities of e q u a l par
value issued
Loss or destruction
T i t l e of issue
Conversion
I. Bonds:
A. Pre-war bonds—
1. 2 per cent consols of 1930
2. 4 per cent loan of 1925
3. 2 per cent P a n a m a Canal loan of 1916-1936
4, 2 per cent P a n a m a Canal loan of 1918-1938
5. 3 per cent P a n a m a C a n a l loan of 1961
6. 3 per cent conversion b o n d s of 1946-47
. .
7. 2 ^ per cent postal savings b o n d s (first to t w e n t y - s i x t h series)
8. T o t a l pre-war b o n d s retired
B . L i b e r t y bonds— .
1. F i r s t L i b e r t y loan of 1932-1947—
(a) First 3 K ' s
(b) First 4's .
(c) F i r s t 41^'s
(d) F i r s t second 4j^'s
2. Second L i b e r t y loan of 1927-1942—
(a) Second 4's
(&) Second 4>^'s
3. T h i r d L i b e r t y loan of 1928
4. F o u r t h L i b e r t y loan of 1933-1938
5, T o t a l L i b e r t y b o n d s retired-
$33,175.650
9,411,200
3, 561. 5-10
1.363, 660
3, 594, 700
98.200
446.160
..
13,825, 500
5,900
2,619,860
20,560
750
1, 700
96, 956. 550
4.093. 400
64.708. 460
733. 200
1,450
4960
29,700
500
96, 958,050
4,098,350
64, 977, 550
733, 700
194.255
22,961
225. 936
1,257
14,372,400
27, 350
36,924,000
47, 306, 250
66. 628.100
1, 500
15, 600
36. 650
61, 600
19.782, 200
341, 273, 600
462. 583. 400
687.509. 800
24.650
145. 350
268,200
403.350
19.806. 850
435. 868, 500
873,428,900
691, 983, 250
93.130
873,113
1,499,485
1, 733, 699
17,172, 200
167.367. 500
116, 6C0
1. 677. 640. 500
868.150
2,187; 856,150
4, 643,825
137,816,100
3.000
137.826,100
76,954
1,869,442,120
872,960
2,379, 667. 570
4, 736,041
72,652,700
89, 996,700
145,114 300
71,452, 300
124, 061,900
107,051, 700
134, 055,800
112,789,500
158, 685,300
.1,100
-371, 519,900
92,996,700
146,144, 300
82, 772, 700
149, 327,400
108,081,000
143, 620, 000
119, 587, 500
158,685,300
104, 648
15,402
21, 727
11,831
26,384
20,222
19,778
21,418
42,914
1,015, 760, 200
1,600
119,100
2,000
1,000
-..
..
100
J Includes coupon error transactions.
229, 694,110
.-.
10. T o t a l T r e a s u r y notes retired
4 580
2,939
697
405
2,683
1,119
2,839
15.262
17,172,200
-
1,700
$33,483,800
10,068,900
3, 666, 540
1,431,660
3, 763,000
1.183.200
490.220
$100
53.987,320
10, 685. 500
-
$33.483. 800
10,068.800
3. 566. 640
1.431. 660
3, 763.000
1,183. 200
488. 520
1.800
C . 43^ per cent Ti:easury b o n d s of 1947-1962
D . T o t a l b o n d s retired
I I . T r e a s u r y notes:
1. Series A-1924.
2. Series B-1924
3. Series A-1925
4. Series B-1925
5. Series C-1925
6. Series A-1926
7. Series B-1926..'
8. Series A-1927
9. Series B-1927
Pieces.
63,986, 520
:
.
$2.500
Total
Total
2.500
'.
.
Mutilations,
etc.!
51, 661.110
$2, 799,800
... .
• Transfer
3,100
600
1,372,714,800
o
i
o
284,324
Oi
CO
Intered-bearing United States bonds, notes, and certificates of indebtedness retired during the fiscal year ended June 30, 1924, classified >
issues and accounts—Continued
Oi
Exchange, conversion, etc., against securities of equal par
value issued
Loss or destruction
Title of issue
Conversion
III. Certificates of indebtedness:
1. Series TS-1923
2. Series TS2-1923
3. Series TD-1923
4. Series TM-1924..
5. Series TD2-1923—...
6. Series TM2-1924.. . .
7. Series TJ-1924
8. Series TD-1924
-9. Series TM-1925
10. Series TD2-1924
11 Special
Transfer
Mutilations,
etc.i
$6, 046,000
16, 709, 500
. 24,608,500
53, 990. 000
43, 638, 500
84 321, 500
68, 940, 000
80, 470, 000
96, 669, 000 .
11, 255, 000
.
... _
.
.
.
•
..
12. Total certificates of indebtedness retired
IV. Total securities retired during fiscal year 1924 . .
476, 648, 000
$17,172,200
$229,694,110
$122,200
Total
Pieces
Total
3, 360, 850, 320
$874, 550
.$184, 097, 500
170, 666, 000
220, 094, 500
374, 266, 000
225,187, 000
333, 567, 000
193, 091, 500
80,470, 000
96, 669,000
11, 255. 000
822, 500, 000
24,150
22, 237
16, 586
68,307
26,080
47, 314
21, 916
10, 909
9, 373
1,507
48
2, 711,862, 600
248,427
6,464, 264,870
5,268, 792
O
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H
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1^
»Includes coupon error transactions.
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EXHIBIT
6.
(See Exhibit 3, Item I-E)
T R E A S U R Y N O T E S A N D C E R T I F I C A T E S O F I N D E B T E D N E S S O U T S T A N D I N G J U N E 3 0 , 10J^4, W H I C H M A T U R E D
D U R I N G T H E FISCAL YEAR 1924, CLASSIFIED B Y ISSUES AND D E N O M I N A T I O N S
Issue
$100
I. Treasury notes:
1. Series A-1924
I I , Certificates o f i n d e b t e d n e s s :
1, Series TS-1923
2. Series TS2-1923
3. Series T D - 1 9 2 3
4. Series T M - 1 9 2 4
5. Series TD2-1923
6. Series TM2-1924 .
7. Series TJ-1924
8. T o t a l certificates of i n d e b t e d n e s s
-
.
. -
-
$10,000
. $100,000
Total
Pieces
$1,000
$1, 621, 500
$5, 290. 000
$2, 765. OCC $2,140,000
$100,000 $12.122. 500
12,161
13. 000
13. 500
6.600
.152,000
200, 000
50. 000
60, 000
10, 000
110, 000
100, 000
37, 000
83, 000
2,000
9.000
11. 000
359. 000
6,000
158, 000
254, 000
90. 000
190, 000
220. 000
450. 000
65.000
82.500
26.600
921. 000
6,000
606.000
977. 000
33
42
23
715
6
272
• 503
304. 000
799. 000
480, 000
900,000
100, 000
2, 583, 000
1, 594
'.
I I I . T o t a l securities o u t s t a n d i n g J u n e 30, 1924, which m a t u r e d d u r i n g t h e fiscal
year 1924
$306.000
$5,000
$500
Ul
o
Kl
o
•
306.000 . 1,825.600
6.089. 000
3, 245, 000
3, 040. 000
200, 000
14, 705, 500
^
^
13, 755
H
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>
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cn
EXHIBIT
INTEREST-BEARING
$20
I. Bonds:
A. Pre-war bonds—
1. 2 per c e n t consols of
1930—
(a) C o u p o n
• (6) R e g i s t e r e d . . .
2. 4 per cent loan of 1925—
(a) C o u p o n ._
(6) Registered
3. 2 per cent P a n a m a C a n a l
loan, 1916-1936—
(a) C o u p o n
$900
4180
(6) Registered
4. 2 per cent P a n a m a C a n a l
loan, 1918-1938—
140
(a) CouDon
1,560
(6) Registered
6. 3 per c e n t P a n a m a C a n a l
loan, 1961—
(a^ CouDon
(6) Registered
6. 3 per cent conversion
b o n d s of 1946-47—
(a) CouDon
(b) Registered
7. 2 H per cent p o s t a l savings b o n d s (first t o
t w e n t y - s i x t h series)—
21,320
(a) C o u p o n __
(b) Registered
106,880
(c) I n t e r i m
certificates
(See Exhibit 3, Item I-F)
UNITED STATES BONDS, NOTES, AND CERTIFICATES OF INDEBTEDNESS
J U N E 30, 1924, CLASSIFIED B Y ISSUES AND D E N O M I N A T I O N S
Issue
8. T o t a l pre-war
outstanding ^
7.
$500
$5,000
$50
$100
$1,000
$3,700
109,860
$31,800
599,200
$75, 500
2, 718,000
$541,000
23,595,000
$60, 600,000
18,050
8,650
112,800
166,400
331, 000
622, 000
6,000,000
5,686,000
8,105,000
100
159,000
5,930,000
200
73, 500
3,000
2, 739, 000
60,400
67,100
336, 500
377,000
43,100
6,400
122, 200
1,474, 500
.
5, 321, 000
16,928, 000
17, 600,000
305, 000
230, 000
$10,000
$60, 000
$100,000
OUTSTANDING
Total
Pieces
$652,000
599,072,050
1,084
93,873
97, 440,000
6,461,850
112,028,050
8,151
20,132
o.
42,860,000
1,000
48,953,180
46
12, 015
O
23,130,000
3,340
25,944,060
12
5,865
26, 720,000
5,707,900
44,092,100
6,498
21,025
10, 710,000
17,643,100
11. 251,400
18,031
1,486
290,020
3, 993, 380
2,581
24,865
7,610,360
11,122
883, 703,790
226, 786
$428,800, 000 $82, 660,000
146, 600
2,413,000
bonds
133,980
140, 250
2, 906,700
7, 019,500
84, 648,000
68, 935, 000
Oi
Oi
629, 660,000
82,650,000
o
Ul-
Liberty bonds—
1. First Liberty loan of
1932-1947—
(a) First 3>^'s—
1, Coupon^
2. Registered..
(&) First 4's—
1. Coupon
2. Registered-(c) First 4M's^
1. Coupon
2. Registered..
(d) First second 4 i ' s 1. Coupon
2. Registered..
2. Second Liberty loan of
1927-1942—
(a) Second 4's—
1. Coupon
2, Registered..
(b) Second 4M's—
1. Coupon
2, Registered-.
3. Third Liberty loan of
1928—
(a) Coupon
..
(6) Registered
4. Fourth Liberty loan of
1933-1938—
(a) Coupon
(6) Registered
Total Liberty
outstanding
bonds
0> 4K per cent Treasury
bonds of 1947-1962—
(a) Coupon
(&) Registered
19,412,100
24,760,400
2, 244, 000
37, 314, 000
2, 529, 500
932, 574, 000
14, 450, 000
15, 000
20, 700, 000
690,850
138, 900
586,900
1,466,900
213, 000
1, 082, 600
407, 000
1, 591, 000
10,000
325, OCO
10,000
560, 000
io5,000
, 952,800 47, 309, 100
, 358,350 9,162, 800
48, 730, 000
16, 529, 500
144, 483, 000
39, 371, 000
36, 205, 000
17, 340, 000
87, 040, 000
24, 190, 000
9, 000, occ
234,500
104, 000
1, 201, 000
311, 000
145, 000
205, 000
460, 000
190, 000
50,000
108,600
19, 650
180, 500
82,900
10, 000
102, 840, 000 75, 260, 000 $177, 900, 000
1, 014, 085, 500 1,643, 052
59,667
395,913, 600
1,917, 750
6, 254, 300
27, 200, OCO
200, 000
20,522
21,226
387, 719,900 1, 229, 836
195,464
143,141, 660
2, 329, 600
1,162, 650
6,722
1,804
Ul
o
950,460
306,860
2, 378, 600
4, 082, 600
1, 061, 500
3, 412, 000
2, 656, 000
6, 692, 000
295, 000
1, 870, 000
570, 000
1, 770, 000
9,911,550
18, 633, 450
500, 000
87, 690
79,940
937, 500 156,193,900
332,650 26, 889, 100
171, 888, 000
46, 914, 000
807,892, 000
137, 946, 000
251,850, 000
66, 390, 000
963, 750, 000
117,160, 000 47,100, 000
192,900, 000
2,435, 511, 400 4, 639,102
635,182
640,630, 760
924, 660 235,175, 000
752,100 53,360,700
214, 273, 500
74, 027, COO
762, 596, 000
176, 786, 000
191,925, 000
60,160, 000
784, 780, 000
90, 800, 000 33, 850,000
i62,800,555
2, 334, 674,150
662,525,800
209,960 318,847, 600
241,600 80,053,900
316, 710, 500 1, 462, 520, 000
108, 636, 000 311, 476, 000
6, 578, 249
1,115, 806
o
W
498, 455, 000 1,986, 660, 000
133, 045, 000 247, 040, 000 98, 200, 000
4, 747,403, 050 8, 886,873
682, 500, 000 1, 677, 092, 500 1, 713, 021
479, 337, 000 962,744,900 1,042,559,500 4, 800, 851, 000 1, 277, 936, 000 4,406, 830, 000 264, 050, 000 1,143, 500, 000 14,377, 807, 400 26, 813,145
I
>
Ul
5, 215,800
975, 500
14,546, 000
3, 352, 000
137, 214, 000
17, 460, 000
73, 265, 000
12,640, 000
327,190, 000
29, 690, 000
13, 300, 000
129,100, 000
557, 430, 800
206,517, 500
265,836
40,973
d
D. Total bonds outstanding i 133,980 479,477,250 971,842,900 1, 067,477, 000 5, 040,173, 000 , 432, 776, 0006, 393,370, 000 360, 000, 000 1, 272, 600, 00016, 025, 469, 490 17, 346, 740
II. Treasury notes—coupon:
1. Series B-1924
2. Series A-1925
3. Series B-1925
4. Series C-1925
6. Series A-1926
999,100
1, 027, 900
2, 203, 900
4, 593, 000
3,179, 400
7.941, 000
6, 741, 000
6, 293, 000
13, 670, 000
7,026, 500
39,466, 000
42, 997, 000
28. 703. 000
62, 293, 000
63, 743, 000
39, 376, 000
52,160, 000
18. 660, 000
46,925, 000
41,800. 000
113, 300, 000
165. 410. 000
79, 600. 000
126,450. 000
175,860, 000
1 Includes postal savings interim certificates issued in various amounts aggregating 11,122 pieces, amounting to $7,610,360.
2 Includes full-paid interim certificates not exchanged for 3H per cent bonds.
176, 600, 000
329, 000, 000
165i 300. 000
153,200.000
324 100, OCC
377,681,100
597, 326, 900
299, 669, 900
406,031,000
616, 707, 900
86. 310
97, 019
74,653
158,725
138, 776
Oi
Interest-bearing United States bonds, notes, and certificates of indebtedness outstanding June 30, 1924, classified by issues and denominations—Continued
Issue
II. Treasury
6. Series
7. Series
8. Series
notes—coupon—Con.
B-1926--A-1927B-1927
9. T o t a l T r e a s u r y notes outstanding
I I I . Certificates of i n d e b t e d n e s s 'coupon:
1. Series TD-1924
2. Series T M - 1 9 2 5
3. Series TD2-1924
4. T o t a l certificates of indebtedness o u t s t a n d i n g
$20
$50 • -
$100
$500
$1,000
$5. 000
$10,000
$60,000
$100,000
Total
Pieces
$1, 316.300
2. 940,900
12,130. 900
$5, 773. 000
10,081,000
31, 696, 600
$36,823,000
43.838, 000
127, 314 000
$41, 660, 000
37, 370, 000
74, 520, 000
$126. 950, 000
119,660.000
196, 040, 000
$203,400. 000
141, 900, 000
226,600, 000
$414, 922, 300
365, 779, 900
668. 201.400
83, 593
114 267
348. 789
28,391.400
88,121, 000
444,177, 000
351, 360. COO 1,103.260,000
1, 720. 000, 000
3. 735,309.400
1 102 131
1, 967, 000
2, 443, 000
440, 600
11,717,000
16, 901. 000
- 4 405.000
115. 000. 000
236.300. 000
124. 200, 000
214,149. 000
400.299.000
193. 066, 600
27. 433
41, 675
14 014
20,865. 000
30, 695. 000
10.840,000
64,610,000
114 060.000
63.180. 000
Oi
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4, 850, 600
33, 023, OCO
62, 290, 000
231.860. 000
475. 600, 000
807,513.500
83,122
[V. T o t a l i n t e r e s t - b e a r i n g securities o u t s t a n d i n g J u n e 30,
1924 1
_....
$133,980 .$479,477,260 1,000,234300 1,160,448.500 5,517,373,000 1,846, 425, 000 6, 728. 480, 000 $360,000,000 3,468.100,000 20, 568. 282. 390 28, 631, 993
1 Includes postal savings interim certificates issued in various amounts aggregating 11,122 pieces, amounting to $7,610,360.
>
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EXHIBIT
8.
(See Exhibit 3, Items I I - A aiid II-G)
U N I T E D S T A T E S B O N D S , N O T E S , AND C E R T I F I C A T E S O F I N D E B T E D N E S S O N H A N D J U N E 3 0 , 1 9 2 3 , A N D J U N E 3 0 ,
1924, CLASSIFIED BY ISSUES
F e d e r a l reserve b a n k s *
D i v i s i o n of L o a n s a n d C u r r e n c y
T i t l e of issue
J u n e 30, 1924
J u n e 30, 1923
Matured
Unmatured
Matured
Unmatured
J u n e 30, 1923
Matured
Unmatured
J u n e 30, 1924
Matured
Unmatured
Ul
C5
I. B o n d s :
^
Pre-war b o n d s —
1. 2 per cent consols of 1930
.
2. 4 per cent loan of 1925
3. 2 per cent P a n a m a C a n a l l o a n of 1916-1936—-..-..
4, 2 per cent P a n a m a C a n a l loan of 1918-1938
5. 3 per cent P a n a m a C a n a l l o a n of 1961..
.
6. 3 per cent conversion b o n d s of 1946-47
.7. 2 K per cent postal savings b o n d s (first t o t w e n t y sixth series)
A . 8. T o t a l pre-war b o n d s on h a n d
B. Liberty bonds—
1. F i r s t L i b e r t y loan of 1932-1947—
(a) F i r s t 3V^'s
(&) F i r s t 4 ' s . . (c) F i r s t 4 K ' s
(d) F i r s t second 434's
2, Second L i b e r t y loan of 1927-1942—
• (a) Second 4's
(b) Second 4 K ' s
._
3, T h i r d L i b e r t y loan of 1928 . .
4. F o u r t h L i b e r t y loan of 1933-1938
.
.
._
..
5 T o t a l L i b e r t y b o n d s on h a n d
C. 43^ per cent T r e a s u r y b o n d s of 1947-1952 .
D . T o t a l b o n d s on h a n d . - -
.
-
$76,979,300
40,680,800
3,670,660
18,184,300
15, 614,600
64,257,000
$64,990,600
30,601,900
15,603,120
27,502.640
34,849,600
63,073,800
O
10,940,600
11,021,920
230, 327,260
237,643,480
911,462,150
462,698,950
1,060,579,350
42,756,750
886,282,300
465,023,900
1,024,223,700
37,486,400
$12,537,700
27,046, 550
133,978,450
768,360
$10,341,550
14,508,900
100, 263,900
704.260
21,456,895, 600
1, 303,179, 950
1,416,818, 700
1, 523,282. 860
1. 459. 713, 550
1,039, 282,650
1, 230. 775.850
1,447,175,200
36,526,050
135.195.450
210.133. 700
177,190, 750
18,399, 650
101, 502,900
115. 341.060
108,913,050
8.177. 674, 300
7, 589, 963, 550
733. 377.000
469,966,150
263, 481, 500
291, 505. 200
101. 860.100
69 939,400
8, 671, 483,060
8.119.172.230
835, 227,100
539. 904. 560
Ul
d
=^
1 Includes Treasury booth.
2 Includes imperfect original bonds amounting to $1,894,300 (9,546 pieces) not previously reported.
Oi
CO
United States bonds, notes, and certificates of indebtedness on hand June 30, 1923, and June SO, 1924, classified by issues—Continued
O
F e d e r a l reserve b a n k s i
D i v i s i o n of L o a n s a n d C u r r e n c y
J u n e 30, 1923
T i t l e of issue
Matured
II. Notes:
A . Victory L i b e r t y loan of 1922-23—
1 Victory 4 ^ ' s
B
-
-
Unmatured
.
11 T o t a l T r e a s u r y notes on hand"^
133,983,060
J u n e 30, 1923
Matured
Unmatured
J u n e 30, 1924
Matured
Unmatured
$1,764 100
$250,120,900
166,130, 800
316, 578, 200
188, 240, 600
185, 277, 700
468, 786, 300
164,050,000
438, 698, 500
314,612.300
-
C . T o t a l notes on h a n d
$222,908,800
$92, 973,800
181, 517, 200
163, 755,100
174,061, 200
381, 660, 300
102. 627.000
342.190. 400
213. 051,800
2,492, 294, 300
222,908, 800
1, 661. 836,800
2,492. 294. 300
222,908,800
1. 651. 836.800
1, 764,100
$87, 652,800
65,177,300
82. 796.200
124, 819,000
67.063,000
76, 261, 300
84, 363. 700
83.462. 900
145.989,750
345, 600
$10,000
$54.895.100
71, 556,400
83,848,200
59.795. 600
54. 531,400
58,656.400
6 4 237.000
78.141.300
335, 500
817, 901,450
10,000
626, 995,900
817, 901,460
10.000
525,995,900
-
-
-
-.
I Includes Treasury booth.
133, 983, 050
Hi
"4
o
43, 027, 500
57, 629, 000
71, 642, 000
63,426, 500
80, 962. 500
64, 231,000
68, 778, 500
49, 223, OCO
105,500
90. 350. 000
76. 268, 000
20, 461, 500
.
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344,000
29. 23'3, 600
144, 986, 500
119, 464 600
96, 497. 600.
61. 364, 000
13 T o t a l certificates o f i n d e b t e d n e s s on h a n d
I V . T o t a l securities on h a n d
Matured
$133.983.050
T r e a s u r y notes—
1 Series A-1924
2. Series B-1924
3 Series A-1925
4. Series B-1925
.
5 Series C-1925
6, Series A-1926
7 Series B-1926
8. Series A-1927
9, Series B-1927
10. Various issues (specimens)
I I I , Certificates of indebtedjiess:
1 Series TJ-1923
2 Series TS-1923
3 Series TS2-1923
4 Series T D - 1 9 2 3
5 Series T M - 1 9 2 4
6 Series TD2-1923
7. Series TM2-1924
8 Series TJ-1924
9. Series TD-1924
10 Series T M - 1 9 2 5
11. Series TD2-1924
12 V a r i o u s issues fsoecimens)
Unmatured
J u n e 30, 1924
3 2, 504, 500
125, 600
2. 735.000
451,636,000
187. 069. 500
2, 848, 500
316, 713, 000
2, 735. 000
182, 338,000
11, 615, 313, 360
222,908.800 9. 968. 078, 630
4, 602, 600
1.969, 841, 550
2,745.000
1, 248, 238,450
3 Includes specimens in hands of Treasury oflicials amounting to $2,182,500 (75 pieces) not previously reported.
Pieces
Total
T i t l e of issue
I. Bonds:
A. P r e - w a r b o n d s —
1. 2 per cent consols of 1930
2. 4 per cent loan of 1926
3. 2 per cent P a n a m a C a n a l loan of 1916-1936.
4. 2 per cent P a n a m a C a n a l loan of 1918-1938 ~
5. 3 per cent P a n a m a C a n a l loan of 1961. -6. 3 per cent conversion b o n d s of 1946-47
1. 2)72 per cent postal savings b o n d s (first to t w e n t y sixth s e r i e s ) - .
.
-8. T o t a l pre-war b o n d s on h a n d
-
'
6. T o t a l L i b e r t y b o n d s on h a n d
C . 4M per c e n t T r e a s u r y b o n d s of 1947=-1952
Matured
Unmatured
J u n e 30, 1924
Matured
Unmatured
$76. 979. 300
40, 680,800
3, 670, 660
18.184, 300
16, 614, 600
64, 267, 000
$64,990,500
30. 601.900
15, 603.120
27. 502, 640
34. 849, 600
63, 073,800
8.030
16.960
2,767
6.282
63,484
• 31, 247
6, 258
14,021
4 438
6,816
67, 337
31, 067
10, 940, 600
11, 021,920
68, 722
69.144
230, 327, 260
237,643,480
196,492
199, 081
923, 999,850
489, 745, 500
1,194 667, 800
43,525,100
896, 623, 860
479, 632, 800
1,124.477, 600
38,190, 660
-
-
- -
1,158, 633
746.095
877, 642 •
52,979
Ul
o
i
Kj
1,179. 329
716. 876
792, 698
• 52, 003
te)
Ul
2 1,493, 421, 660
1,438,375,400
1, 626, 952,400
1, 700,473, 600
1, 478,113,100
1,140,785,560
1, 346,116, 900
1, 556.088.260
21,662,469
1, 205,146
5, 578, 626
3, 547, 316
1, 616, 438
1,026,344
3,398.824
3, 269, 688
8 , 9 l l , 051,300
8.059.928,700
14,828,806
12,051,100
•365,331,600
361, 504,600
276, 664
253,863
9, 506, 710,160
8,659,076,780
15, 300,862
12, 504,044
2 Includes imperfect original bonds amounting to $1,894,300 (9,546 pieces) not previously reported.
Unmatured
•
J u n e 30,1923
o
L i b e r t y bonds—
1. F i r s t L i b e r t y loan of 1932-1947—
(a) F i r s t 3M's
(6) F i r s t 4's
(c) F i r s t 4 K ' s
(d) F i r s t second 434's
2. Second L i b e r t y loan-of 1927-1942—
(a) Second 4's
(6) Second 434's
3. T h i r d L i b e r t y loan of 1928
4. F o u r t h L i b e r t y loan of 1933-1938
D . T o t a l b o n d s on h a n d
Matured
Unmatured
.Matured
B
J u n e 30, 1924
. J u n e 30, 1923
W
W
Kl
United States bonds, notes, and certificates of indebtedness on hand June SO, 1923, %nd June SO , 1924, classified by issues—Continued
bo
Pieces
Total
-Title of issue
Matured
II.
Notes:
A . V i c t o r y L i b e r t y loan of 1922-23—
1. V i c t o r y 43^'s
B . T r e a s u r y notes—
1. Series A-1924.
2. Series B-1924
3. Series A-1926
4.- Series B-1926
5. Series C-1925
6. Series A-1926
7. Series B-1926
8. Series A-1927
9. Series B-1927
10. Various issues
-
-
.
-
.
-
- '
-.-
..
. • .
(specimens)
11. T o t a l T r e a s u r y notes on Hand
C . T o t a l notes on h a n d
. .
Matured
Unmatured
Matured
$337,773, 700
231,308,100
399,374,400
313,069, 600
. 252.330.700
545.046, 600
248.403. 700
622.051.400
460. 502,050
346. 600
$222,908,800
10,000
$147,868,900
253.073, 600
247. 603. 300
233,856,800
436,191. 700
161, 282,400
406, 427,400
291,193,100
335, 600
3,310,195, 760
222,918, 800
2,177, 832, 700
Matured
Unmatured
Unmatured
3, 310,195, 750
222,918,800
2,177,832, 700
238,676
105,475
222,812
• 131,375
112. 661
118. 648
72,411
178.790
123.776
209,469
1,304, 433
209, 470
962,449
1, 304.433
209,470
962, 449
1
768,175
99,345
209,299
124,117
102,683
107,869
58,752
165,185
95,291
8
435
. . . .
_
125. 500
2, 735, 000
154, 681, 000
146,046, 600
69, 674, 600
106. 500
3 84
5
2,848,500
768, 249, 000
2. 735. OOC
369. 407, 500
619
. -180, 737
91
96,405
138,585, 660
13,685,154 910
226, 653. 800 11, 206. 316, 980
768, 694
16, 786, 032
209, 661
13, 561,898
_.
3 2, 604, 500
.
8 Includes specimens in hands of Treasury officials amounting to $2,182,500 (76 pieces) not previously reported
o
O
O
31, 592
39. 370
40. 441
27. 034
42. 295
72, 261. 000
202. 515. 500
191,106, 500
159,924, 000
142,316, 500
-'..•.
J u n e 30, 1924
J u n e 30, 1923
768,175
344,000
. .
13. T o t a l certificates of i n d e b t e d n e s s on h a n d
I V . T o t a l securities on h a n d
136,737,160
^
I I I . Certificates ot i n d e b t e d n e s s :
1. Series TJ-1923
.
2. Series T S - 1 9 2 3 . - .
3. Series TS2-1923
..
4. Series T D - 1 9 2 3
5. Series T M - 1 9 2 4
6. Series TD2-1923
7. Series TM2-1924
8. Series T J - 1 9 2 4 .
. .
9. Series T D - 1 9 2 4
10. Series T M - 1 9 2 5
11. Series TD2-1924
. 12. V a r i o u s issues (specimens)
Unmatured
$136,737,150.
•
.
J u n e 30, 1924
J u n e 30, 1923
91
17,128
60,796
17,478
3
EXHIBIT
9.
(See Exhibit 3, Items I l - A and F)
U N I T E D STATES P R E - W A R S E C U R I T I E S ON H A N D J U N E 30, 1 9 2 3 — N O T P R E V I O U S L Y R E P O R T E D (BELONGING TO
PREVIOUS F I S C A L YEARS AND DELIVERED TO T H E R E G I S T E R OF T H E T R E A S U R Y D U R I N G T H E FISCAL YEAR
1924)
Total
R e t i r e d securities
Interest
rate
T i t l e of issue
Redemption
L o a n of 1841
L o a n of 1842.
L o a n of 1843
L o a n of 1846
1
L o a n of 1847
.
L o a n of 1848.
L o a n of 1868
L o a n of 1860
L o a n of F e b r u a r y , 1861 .
.
.
..
L o a n of J u l y a n d A u g u s t , 1861
L o a n of J u l v a n d A u g u s t , 1861, c o n t i n u e d - .
L o a n of 1862
L o a n of 1863
L o a n of 1863, c o n t i n u e d
F i v e - t w e n t i e s of M a r c h , 1864
F i v e - t w e n t i e s of J u n e , 1864
Ten-forties of 1864
F i v e - t w e n t i e s of 1865
Consols of 1865
Consols of 1867
Consols of 1868
F u n d e d loan of 1881
F u n d e d loan of 1881, c o n t i n u e d - . . . .
._
L o a n of 1882
F u n d e d loan of 1891
. •
F u n d e d loan of 1891, c o n t i n u e d
Certificates of i n d e b t e d n e s s , 1898
L o a n of 1904
L o a n of 1907..
.
-L o a n of 1908-1918
B o u n t y l a n d scrip . . . . .
_
T r e a s u r y notes, 1916-17
L o a n of 1926 .
.
.
Consols of 1930-.. -
Per cent
62/5,5^,6
6
.
'..
5
6
. . . .
6
6
5
5
6
6
.
.
.
..
..
-.
6
6
3H
_
.
-.
.
^
6
6
5
6
6
6
6
5
33^
3
43^
2
3
6
4
3
6
3
4
2
E x c h a n g e , conversion, etc.
$5, 672,976. 88
$3,910,066.18
19, 847,494. 84
6. 568,486. 03
16,810, 500. 00
6, 696, 731. 36
11, 757. 648. 36
4, 976,-023. 00
52, 247,450 00
28.172, 200.00
19, 631,291. 80
8. 0C9i 000. 00
10, 430, 000. 00
6. 255,000. 00
. 7,144. 000. 00
6, 076.000. 00
42. 249. 000. 00
14,888,000.00
348, 216, 960. 00
36, 219, 600. 00
42, 991,400. 00
127, 595, 600 00
164 961, 760. 00
116,808,800. 00
139, 344, 350. CO
14, 732, 950. 00
27,803,160 00
50, 457,850 00
3, 229, 200. 00
3,129,100 00
61, 372,460. 00
67,898,950. 00
144,854,150 00
219,460,950. 00
81. 377.450 00
63, 570, 300. CO
209,074. 950. 00
115,952,900.00
244, 612. 800. CO
152, 328, 500. 00
23,012,000.00
17, 531, COO 00
331,952,200.00
60, 676,100. 00
186, 616, 600. CO
694, 515, 260. 00
143,434, 660. 00
306, 581,050. 00
491, 643, 960. 00
184, 271, 950. 00
32,918,900. 00
50, 518, 600. 00
2.038,000. 00
16,186,500. CO
128. 582. 560. 00
76, 399, 260. CO
660, 344,000. 00 1, 920, 266,160. 00
234,840,960. 00
103, 205,420. 00
319, 660. 00
229,000. 00
4,390,000. 00
481, 911,060. 00
36,184, 650. 00
1, 241,421,900. 00
Loss or
destruction
Unissued
stock
$30, 000. 00
$36,000. CO
369, 5C0 00
80, 000. 00
89,160. 00
8,000.00
642,360. CO
16,000. CO
130,100. 00
131,000. CO
6, 500. CO
611,500. 00
600. 00
2,100. 00
25, 200.00
.
6,050. 00
747, 200. 00
95, 320. 00
17, ioo 65
27,700.00
Amount
$9, 583, 043. 06
26, 445,980. 87
22,407, 231. 36
16, 733, 671. 36
80, 419, 650. 00
•27, 640, 291. 80
16, 685, COO CO
13.219.000.00
57,173, COO 00
384, 806, 060. 00
170, 587, 000. 00
281.840, 550. 00
154166,450.00
78, 261, 000. 00
6. 368, 300. 00
119. 279. 400. 00
364, 967,450. CO
144, 963, 750. CO
325,157,950. 00
397,072,300. 00
40.549, 600. 00
393.139. 800. CO
881,131, 350. 00
449,017,800.00
675.941,100. 00
83, 437, 500. CO
18, 224, 500. 00
203.986.850.00
2, 681, 366, 350. 00
338,141, 700. 00
548, 650. 00
4,390.000. 00
517,112, 700. 00
1,241,449, 600. 00
Pieces
3, 324
.9,718
6,573
7,784
37, 684
9,939
3.337
3,499
19,803
108. 832
39, 630
96. 621
43. 012
18, 606
1,569
29,895
89, 721
42, 631
106, 268
127,117
13,185
79. 691
110, 321
111,161
173, 534
16, 472
592
5 4 729
765,611
179,119
4,392
451
109, 228
190,061
i
Q
Kl
.o
H
>
Ul
-CI
CO
United States pre-ivar securities on hand June SO, 1923—not previously reported {belonging to previous fiscal years and delivered to the
Register of the Treasury during the fiscal year 1924)—Continued
Retired securities
Title of issue
Panama Canal loan, 1906-1936.
Panama Canal loan, 1908-1938.
Panama Canal loan, 1911-1961.,
Conversion bonds, 1916-1946...
Postal savings bonds
Total.
Interest
rate
Redemption
Per cent
2
2
3
3
2H.|
Exchange, conversion, etc.
$81, 016. 900. 00
64,101.180.00
75.415. 700.00
5,900, 600. 00
20.00
$3,173, 304,787. 26 7,166, 243, 711.17
Total
Loss or
destruction
Unissued
stock
Pieces
$2,000. 00 $400,000. 00
11,020. 00
3,053,390. 00
430,000.00
$81.016.900. 00
54,101,180. 00
75,817,700.00
5,900,600. 00
11,04O 00
18,179
9,084
45, 527
2,301
64
10,343,031,888.43
2,688,045
O
n
o
1-3
w
>
"A
o
10. (See Exhibit 3, Item l i - B )
EXHIBIT
INTEREST-BEARING UNITED STATES BONDS, NOTES, AND CERTIFICATES O F INDEBTEDNESS RECEIVED F R O M
THE BUREAU OF ENGRAVING AND P R I N T I N G DURING T H E FISCAL YEAR ENDED JUNE 30, 1 9 2 4
Coupon
T i t l e of issue
I. Bonds:
A . Pre-war bonds—
1. 2 p e r cent consols of 1930
2. 4 p e r cent loan of 1925
3. 2 per cent P a n a m a C a n a l loan of 1916-1936
4. 2 per cent P a n a m a C a n a l loan of 1918-1938.
-. .
5. 3 p e r cent P a n a m a C a n a l loan of 1961
."l
6. 3 p e r cent conversion b o n d s of 1946-1947
7. 23^ p e r cent postal savings b o n d s (first t o t w e n t y - s i x t h series)
8. T o t a l pre-war b o n d s received
.
I I . T r e a s u r y notes:
1, Series A-1924
2. Series B-1924
3. Series A-1925
4. Series B - 1 9 2 5 - • —
.
Total
Pieces
$11,500,000
$11,500,000
2,950
15,565,665
is, 565,565
10,750,000
23,000,000
10. 760,000
23,000,000
2,455
1,975
5,000
1 605,100
1 605,100
1 1, 683
61,355,100
61,355,100
13,968
3, 760,000
69, 750,000
66,375
837, 500
837,500
1,675
53,000,000
150,000, OCO
268,130,000
10,457,000
143,092, 700
282, 270,000
63,457,000
293,092, 700
550,400,000
48,680
141,267
180, 682
637,130,000
440,407, 200
977, 537, 200
438,679
25,000,000
110,000,000
662,130,000
611,762,300
Ul
O
$66,000,000
. .
-
--
--
-
5. T o t a l L i b e r t y b o n d s received
.
43^ per cent T r e a s u r y b o n d s of 1947-1952
D . T o t a l b o n d s received
.
.
B . L i b e r t y bonds—
1. F i r s t L i b e r t y loan of 1932-1947—
(a) First 3 H ' s
(6) First 4's
(c) First 4 k ! ' s . . .
..
id) First second 434's
2. Second L i b e r t y loan of 1927-1942—
(a) Second 4's
(b) Second 43^'s- .
3. T h i r d L i b e r t y loan of 1928
4. F o u r t h L i b e r t y loan of 1933-1938
C
.
Registered
-
-.
-
-.
. . . .
.
:
. -.
. -
o
4, 600
135,000,000
457,137
1,173, 892, 300
10, 000, 000
10, 000,000
10, 000, 000
10, 000,000
10,000,000
i6,566,665
.100
1,000
•
100
> Interim certificates (issued in lieu of postal savings bonds) and special certificates are received from the Bureau of Engraving and Printing in blank form, amounts to be filled
in as the certificates are issued. The figures for postal savings bonds, shown above, include 983 interim certificates issued at a face value, of $481,100. Figures for special certificates
represent number and face value of the certificates issued
cn
Interest-bearing United States bonds, notes, and certificates of indebtedness received from the Bureau of Engraving and Printing during the
fiscal year ended June 30, 1924—Continued
Coupon
T i t l e of issue
I I . Treasury notes—Continued.
6. Series C-1925
6. Series A-1926
7. Series B-1926 .
-8. Series A-1927
9. Series B-1927^. .
-
--
.
.
Pieces
$110,000,000
$110,000,000
6,-500
50,000,000
50,000,000
500
190, 000,000
190,000,000
8,200
10, 000,000
10,000,000
100
-.
. .
-
. .
•
- :
.^
..1...
-
o
1-3
.
12, T o t a l certificates of i n d e b t e d n e s s received_
I V , T o t a l interest-bearing securities received
Total
-.-
,
10 T o t a l T r e a s u r y notes received
I I I . Certificates of i n d e b t e d n e s s :
1. Series TS-1923
2. Series TS2-1923
_
3. Series TD-1923
4. Series TM-1924
5. Series TD2-1923
6. Series TM2-1924
7. Series TJ-1924
8. Series TD-1924
9. Series T M ^ 1 9 2 5 - .
.
10, Series TD2-1924
11. S p e c i a l !
.
Registered
Oi
--'.
O
431, 000,000
273, 250,000
450, 000,000
647, 500,000
274,000,000
$822, 500,000
-.
431, 000,000
273,250,000
450,000,000
647, 500,000
274,000,000
822, 500,000
68, 600
36,'500
56,000
113,100
33,000
48
2. 085, 750,000
822, 500,000
2, 908,250,000
307,248
2. 837. 880,000
1,434, 262, 300
4, 272,142,300
772,585
o
1 Interim certificates (issued in lieu of postal savings bonds) and special certificates are received from the Bureau of Engraving and Printing in blank form, amounts tobefiUed
in as the certificates are issued. The figures for postal savings bonds, shown above, include 983 interim certificates issued at a face value of $481,100. Figures for special certificates
represent number and face value of the certificates issued.
Ul
EXHIBIT
11.
(See Exhibit 3, Item I I - F )
UNISSUED UNITED STATES BONDS, NOTES, AND CERTIFICATES OF INDEBTEDNESS, I N T E R E S T - B E A R I N G AND
N O N I N T E R E S T - B E A R I N G J U L Y 1, 1 9 2 3 , D E L I V E R E D T O T H E R E G I S T E R D U R I N G T H E F I S C A L Y E A R 1 9 2 4
By Division of Loans and
Currency
Pieces
Total
By Federal reserve banks ^
Title of issue
Matured
Unmatured
Matured
Unmatured
Matured
Unmatured
Unm
Matured
Ul
I. Bonds:
A. Pre-war bonds—
1. 2 per cent consols of 1930
.
. .
2 4 per cent loan of 1925
3, 2 per cent Panama Canal loan of 1916-1936
4 2 per cent Panama Canal loan of 1918-1938
6. 3 per cent Panama Canal loan of 1961
6. 3 per cent conversion bonds of 1946-47
7. 23^ per cent postal savings bonds (first to
twenty-sixth series)
8. Total pre-war bonds delivered
B. Liberty bonds—
1. First Liberty loan of 1932-1947—
(a) First 33/^'s
(fi) First 4's.(c) First 4J^'s
(d) First second 43^'s
2, Second Liberty loan of 1927-1942—
(a) Second 4's
(b) Second 434's
3. Third Liberty loan of 1938
4. Fourth Liberty loan of 1933-1938
5. Total Liberty bonds delivered
C. 43^ per cent Treasury bonds of 1947-1952
D. Total bonds delivered.....
1 Includes Treasury booth
-
o
'
$5,000
10,000
1,000
$5,000
10,000
1,000
5
2
1
td
2,000
2,666
2
XI
O
18,000
18,000
10
^.
33
22,277
25,705
454
167,900
100
1,137,900
4,600,650
$100
8,914,050
2,241,850
100
168,000
8,914,150
3,379,760
4,600,750
4,007,560
108,216,350
6,839,050
9,874,100
1,248,050
2,870,250
33,150
9,874,100
6,255,600
111,086,600
6,872,200
17,041
13,126
2,024,035
1,239
.124,969,500
25,181,650
150,151,150
2,103,910
252,600
1,007,900
149
25,434,250
151,177,050
2,140,069
765,300
125,742,800
•
Hi
Ul
n
Unissued United States bonds, notes, and certificates of indebtedness, interest-bearing and noninterest-bearing J u l y 1, 1923, delivered to the
Register during the fiscal year 1924—Continued
By Division of Loans and
Currency
By Federal reserve banks »
Total-
•
GO
Pieces
Title of issue
Matured.
II. Notes:
A, Victory Liberty loan of 1922-23^
1, Victory 4M's
B. Treasury notes—
1. Series A-1924......
2 Series B-1924
3. Series A-1926--4, Series B-1926
5. Series C-1926---^
6. Series A-1926
7. Series B-1926
8. Series A-1927
9. Series B-1927:
Unmatured
Matured
$1,754,100
$133,972,500
:. . .
..
i Includes Treasury bootji.
1,754,100
133, 972, 500
:...
:.-
$38,233,600
139. 986, 600
110. 764, 500
72, 597, 500
43,854,000
45, 614, 500
49, 463, 000
l —_.
344,000
—
-
12. Total certificates of indebtedness delivered.
Unmatured
$135, 726, 600
.
133,972, 500
83, 472, 700
38,981,500
46, 819, 600
66, 733, 600
33, 336, 500
54824,000
51,308, 600
29, 618,500
700,000
6,485,000
Matured
$52,311,100
3,442; 500.
1,186, 500
4,003,600
4, 412, 000
1, 803, 200
- 3,065, 600
2, 834, 500
10, 413, 900
23,495
676
1,439
1 192
4,606
632
4, 357
796
3 272
83, 472, 700
83,472,700
135,726,600
344, 000
''
•
Unmatured
768,167
83.472, 700
10. Total Treasury notes delivered
C. Total notes delivered
IV. Total unissued securities deUvered .
Matured
$52,311,100
3,442, 500
1,186, 500
4,003, 500
4,412,000
1,803, 200
3,065, 500
2,834, 500
10,413, 900
.'
. . . .
III. Certificates of indebtedness:
1. Series TJ-1923--2. Series TS-1923
3. Series TS2-1923
4. Series TD-1923
5. Series TM-1924
.-.6. Series TD2-1923....
7. Series TM2-1924
—
8. Series TJ-1924-.
9. Series TD-1924
.10, Series TM-1925--11. Series TD2-1924
Unmatured
77, 216, 000
186,806,000
166,498,000
106,934,000
98, 678,000
96,923,000
79,081, 600
700,000
5,485,000
o
o
40, 464
768,167
435
40,464
31,265
38, 665
38,466
21 671
38,' 54720,913
14, 080
529
1,265
500, 513,500
344,000
315,807,000
344,000
816,320,500
435
206,391
626, 256, 300
2, 098,100
424, 713, 950
136,070, 600
1,050, 970, 250
768,602
2,349,924
o
xn
EXHIBIT
12
^ SUMMARY OF TRANSACTIONS IN INTEREST-BEARING UNITED STATES BONDS, NOTES, AND CERTIFICATES OF
Q
INDEBTEDNESS FOR THE FISCAL YEAR 1924
r
Pre-war
bonds. (See
Exhibit 13)
Account
to
$883, 670, 230 $15,651,108,200
I, Outstanding June 30, 1923..
^
IL Issued during the fiscal year 1924:
A. Upon original subscriptions against cash received
B. Upon exchange, conversion, etc., for securities of equal par value retired —
1. Exchange—
(a) Interim certificates...
(b) Registered for coupon...
(c) Coupon for registered...
(d) Of denominations
.........i
(e) Temporary for permanent
(f) Mutilated for perfect i
• 2. Conversion
3. Transfer of ownership
,
.
C. Upon adjudicated claims for replacement
D. Total issued during the fiscal year 1924
...........:...'l....._--.--
III. Retired during the fiscal year 1924:
A, Account of redeinption—
1; Purchases—
(a) Sinking fund
.....
'.
'
(6) Repayment of loans to foreign governments
(c) Franchise tax receipts
.i....
..
(dy From surplus money in the Treasury
2. Securities received for redemption—
(a) Federal estate taxes'.
'.
'.-..
-'
(6) Forfeitures...
.....:.
(c) Miscellaneous sources
id) Repayment of loans to foreign governments
(e) Interest payments on obligations of foreign governments.
(/) At maturity
1 Includes coupon error transactions.
Liberty bonds
and Treasury
bonds. (See
Exhibit 14)
33,560
Treasury
notes. (See
Exhibit 15)
Certificates of
indebtedness.
(See Exhibit
16)
Total
$4 104,195,160
$1,031,418,500
$21, 670,392,080
209,750
2,014,892,500
2,015,135,810
51, 651,110
• 1,800
31,400
339, 646,150
363,103, 350
900,710,150
16,633,750
" 116,600
1-7,172.200
178,043,000
• 871,150
54, 020,880
1,816,327,750
1,015,971,550
238,026,450
38,509,150
- 3,634,550
128,466,950
57,961,900
8,746,400
44,200
47,350
22,964, 550
68,913,900
45,000
2,331,910
2,500
1,015, 767,100
475,648,000
3,100
1,600
298,966,100
2,490,540, 500
31,400
339, 646,160
366,436,260
2,392,115,260
16, 633,760
122, 200
17,172,200
229, 694,110
874,550
5,376,860,680
295,987,350
38,509,150
3,634 550 .
128,466,950
19,000,000
2,217,214,600
8,791,400
44,200
47,350
22,964, 550
87,913,900
2,616,180,600
a
I>
Kl
O
H
Summary of transactions in interest-bearing United States bonds, notes, and certificates of indebtedness for the fiscal year 1924—Continued
00
o
Account
III. Retired during the fiscal year 1924—Continued.
B. Account of exchange, conversion, etc., for securities of equal par value issued1. Exchange—
(a) Interim certificates
ib) Registered for coupon
_-..
ic) Coupon for registered...
.-..—-.{d) Of denominations
ie) Temporary for permanent
.(/) Mutilated for perfect 1
2. Conversion
_..._'
3. Transfer of ownership....
C. Account loss or destruction (covered by insurance or bonds of indemnity)
D . Total retired during the fiscal year 1924.
IV. Outstanding June 30, 1924
Deduct interest-bearing debt which matured during year.
V Outstanding June 30,1.924 (per public-debt statement) —
1 Includes coupon error transactions.
Pre-war
bonds. (See
Exhibit 13)
$2,331,910.
2,5001
51,651,110
1,800
Liberty bonds
and Treasury
bonds. (See
Exhibit 14)
Treasury
notes. (See
Exhibit 15)
$31,400
339, 848,150
363,103,360
900, 710,150 $1,015,757,100
16, 633, 750
116,600
3,100
17,172, 200
178,043,000
871,150
1,600
Certificates of
indebtedness.
(See Exhibit
16)
$475,648,000
.Total
' $31,400
339,646,150
365,435,260
2,392,115, 260
16,633, 750
122, 200
17,172, 200
229, 694,110
874,650
53,987,320
2,325, 680,250
.1,372,734800
2,711,862, 600
6,464, 264,870
883,703,790
16,141, 765, 700
3, 747,431,900
12,122.500
810,096, 500
2,583,000
20,682,987,890
14 705,500
883,703,790
15,141, 755,.700
3, 735,309,400
807,613; 500
2Q; 568, 282,390
I
%
E X H I B I T 13.
(See Exhibit 12)
TRANSACTIONS IN INTEREST-BEARING PRE-WAR BONDS DURING THE FISCAL YEAR 1924
P a n a m a C a n a l loans
2 per cent
consols of
1930
Account
I . O u t s t a n d i n g J u n e 30, 1923
.
I I . Issued d u r i n g t h e fiscal year 1924:
A . U p o n original subscriptions against cash received
B . U p o n exchange, transfer, etc., for securities of e q u a l
p a r v a l u e retired—
1. Exchange—
(a) C o u p o n for registered
ib) M u t i l a t e d for perfect
2. Transfer of o w n e r s h i p . .
C . U p o n adjudicated claims for r e p l a c e m e n t
D . T o t a l issued d u r i n g t h e fiscal year 1924
I I I . R e t i r e d d u r i n g t h e fiscal year 1924:
A . A c c o u n t of r e d e m p t i o n
B . A c c o u n t of exchange, transfer, etc., for securities of
equal p a r v a l u e issued—
1. E x c h a n g e —
(a) C o u p o n for registered. _
ib) M u t i l a t e d for perfect
2, Transfer of ownership
C, A c c o u n t of loss or d e s t r u c t i o n (covered b y i n s u r a n c e
or b o n d s of i n d e m n i t y )
:
D , T o t a l retired d u r i n g fiscal year 1924
IV» O u t s t a n d i n g J u n e 30, 1924- -^
$699, 724, 060
4 per cent
loan of 1925
$118,489,900
2 p.er cent of
1916-1936
2 per cent of
. 1918-1938
3 per cent of
1961
$48,964.180
$26, 947,400
$49,800,000
3 per c e n t
conversion
b o n d s of
1946-47
$28,894, 600
23^ p e r cent
postal savings
b o n d s (first
to t w e n t y sixth series)
$11,860,200
Total
Q
$883, 670, 230
Ul
a
33,560
33, 660
6.000
68,000
168,300
1,086,000
42,360
3, 561, 640
1, 363, 660
3, 594, 700
98,200
446,160
1,700
2, 331,910
2,600
61, 651,110
1,800
10,068,900
3, 566, 540
1, 431,660
3, 763, 000
1,183, 200
523,780
54, 020,880
665,100
2,500
9,411,200
5,000
68,000
168,300
1,085,000
42,360
33,175, 650
3, 561, 640
1,363,660
3, 594,700
98,200
446,160
2, 331,910
2,600
61,651,110
1,700
1,800'
33,483,800
10,068,900
3, 566, 540
1, 431, 660
3,763,000
1,183, 200
490,220
53,987,320
699, 724 050
118,489,900
48, 954,180
25, 947, 400
49,800,000
28,894,500
11,893,760
883,703,790
33,176.650
308,150
655,100
2,600
9, 411, 200
100
33,483.800
308,150
100
Kl
o
Ul
d
GO
EXHIBIT
14.
(See Exhibit 12)
GO
TRANSACTIONS IN INTEREST-BEARING LIBERTY BONDS AND TREASURY BONDS DURING THE FISCAL YEAR 1924
Second L i b e r t y loan of
1927-1942
F i r s t L i b e r t y loan of 1932-1947
T h i r d 4>i' s
Account
F i r s t 33^'s
F i r s t 4's'
F i r s t 4M's
F i r s t seco n d 4M's
Second 4's
F o u r t h 43^'s
Second
4K's
4 ^ per c e n t
Treasury
bonds
Total
I . O u t s t a n d i n g J u n e 30, 1923
. - - $1.409,999.050 $9, 971, 850 $528, 301.150 $3. 492,150 $42,817,400 $3.166. 219. 400 _ $3, 407. 787, 260 $6,328,566,660 $763,954, 300 $16. 651.108, 200
IT. Issued d u r i n g t h e fiscal year 1924:
A . U p o n original subscriptions
against cash received
B . U p o n exchange, conversion,
etc., for securities of
e q u a l p a r v a l u e retired—
1. E x c h a n g e —
(a) I n t e r i m
certificates
31.400
31,400
(b) Registered
for
768,160
3, 457.460
61.931. 050
9.960.200
66,400
103,753,060
129, 026,150
8,809,800
21.873.900
339. 646.150
coupon
ic) C o u p o n for regis37, 615. 200
500
47, 679,000
149, 710. 750
67,424, 700
388. 600
47. 220, 500
13.164 100
363,103.360
tered
121. 700
38. 784. 900
271. 500
203,868, 300
269, 287. 250
333. 230. 700
14. 004.600
255. 200
60,896,100
900.710,160
id) Of d e n o m i n a t i o n s
ie) T e m p o r a r y
for
397,860
177, 700
929,350
4, 622, 300
2,450
1,661.600
8,852. 600
16. 633.760
permanent
if) M u t i l a t e d
for
1.500
15,600
1, 700
61,500
35, 550
750
perfect ^
116.600
14 372,400
2, 799, 800
2 Conversion
17,172, 200
36,924 000
6.900
2, 619,850
27.356
47, 306, 260
66. 628. i65
3. Transfer of o w n e r s h i p
26.556
10, 685, 600
13. 825, 565
178. 043, 000
C. U p o n a d j u d i c a t e d claims for
4 950
145,350
29, 700
500
24.660
258, 200
403.350
871,150
1,460
3,000
replacement
D . T o t a l issued d u r i n g t h e fiscal
year 1924
I I I . R e t i r e d d u r i n g t h e fiscal year 1924:
A . Accoimt of r e d e m p t i o n —
1. Purchases—
(a) Sinking fund
ib) R e p a y m e n t
of
loans to foreign
governments- _
(c) F r a n c h i s e tax receipts
id) F r o m s u r p l u s
m o n e y in t h e
Treasury
FRASER
Digitized for
96, 968,000
1. 298. 660
67, 537. 950'
733. 700
5. 434 450
356,791; 260
462, 841, 600
687,913,160
137,819,100
to
1,816, 327, 760
to
238, 026,460
238,026,450
38,609,160
38, 609,160
3, 634,° 560
3, 634, 650
128,466,950
128, 466,950
o
O
H
o
. Securities received for redemption—
(a) Federal
estate
taxes--..(&) Forfeitures
(c) M i s c e l l a n e o u s
sources
id) R e p a y m e n t
of
loans t o foreign
governments
ie) I n t e r e s t p a y m e n t s on obligations of foreign
governments
B . A c c o u n t of exchange, conversion, etc., for securities
of equal par value is• sued—
1. Exchange—
(a) I n t e r i m
certificates
ib) Registered
for
coupon
ic) C o u p o n for registered.-id) Of d e n o m i n a t i o n s
(e) T e m p o r a r y
for
permanent
(/) M u t i l a t e d
for
perfect!
2. Conversion
3. Transfer of ownership - - C . A c c o u n t loss or d e s t r u c t i o n
(covered b y insurance or
b o n d s of indemnitjO
D , T o t a l retired
year 1924
during
2. 623, 200
12, 250
236,850 •
2,650
50
35, 750
1, 942, 560
7,160
1, 500
•
4, 037,800
22, 200
6,000
8,746,400
4 4 200
47,350
10,100
22,964, 550
22, 964, 550
68,913,900
68,913,900
31, 400
31,400
I
Kl
61,931,050 .• 103,, 753, 050
129,026,150
8,809,800
339, 646,150
37,615,200
203,858, 300
47, 579,000
269, 287, 260
149, 710, 760
333, 230, 700
67, 424, 700
50, 896,100
363,103, 360
900, 710,160
1,651,500
929, 350
4, 622,300
8,852, 600
16, 633, 760
16,600
35, 550
61, 500
36, 924, 000
47,306, 250
66, 628,100
10, 686, 600
116, 600
17,172, 200
178,043,000
145,350
268, 200
403,350
3,000
871,150
21,873,900
768,160
9,'960, 200
66, 400
3,457, 450
47, 220,-500
14 004, 500
121,700
13,.164,100.
38, 784, 900
.388, 600
255, 200
600
271, 600
397,860
177, 700
2,460
13,825, 600
2, 799,800
5,900
2, 619,860
20, 560
1,500
14, 372,400
27,360
1,450
4,950
29, 700
500
24, 650
96, 958, 050
4,098,350
64, 977, 550
733, 700
19,806,860
436,868, 600
873,428, 900
1,409,999,000
7,172,050
.530,861,650
3,492,150
28,445,000
3,076,142,150
2,997,199, 950
1,700
760
o
i
>
fiscal
I V . O u t s t a n d i n g J u n e 30, 1924
Ul
o
691,983, 260 ^ 137,825,100
2, 325, 680, 250
763, 948,300
15,141, 755, 700
6,324, 496, 650
§
n
Includes coupon error transactions.
00
07
EXHIBIT
15. (See Exhibit 12)
00
TRANSACTIONS IN INTEREST-BEARING TREASURY NOTES DURING THE FISCAL YEAR 1 9 2 4
Account
I. Outstanding June 30,1923
II. Issued during the fiscal year
1924:
A, Upon original subscription against cash received..
B. Upon exchange, conversion, etc, for securities of
equal par value retired—
1. Exchange—
(a) Of denominations!
(6) M u t i l a t e d
for perfect
C, Upon adjudicated claims
for replacement
D, Total issued during the
fiscal year 1924
III. Retired during the fiscal year
1924:
A. Account of redemption—
1. Purchases—
(a) Sinking fund
2. Securities received
for redemption—
(a) Federal estate taxes
(6) At maturity.
B. Account of exchange,
conversion, etc., for securities of equal par value issued—
1. Exchange—
ia) Of denominations 2
ib) M u t i l a t e d
for perfect
Series A-1924 Series B-1924 Series A-1925 Series B-1925 Series C-1925 Series A-1926 Series B-1926 Series A-1927 Series B-1927
$311, 088, 600 $380,681,100
$598, 366,900
$310,979,800
$431,296,500.. $616, 737, 200 $424,486,600
$362, 577,900 $667,991, 6.50 $4,104,195.160
209.760
72, 552, 700
89,994, 700
145,113,300
2,000
1,000
71. 452, 300
124, 061, 900
107,051, 700
134,055,800
72, 553, 800
209, 750
112, 789, 400
168, 686, 300 1,015, 767,100
100
3,100
500
1,100
Total
pi
o
w
H
O
1, 600
89,996. 700
145,114,300
71,452, 800
124,061,900
107, 051,700
134, 066,800
3,000,000
1,000,000
11, 315, 900
25, 266, 500
1,018,300
9, 564,200
112, 789, 500
6,798,000
158,896, 050 1, 016,971, 650
57 961,900
O
Ul
298,966,100
72, 552, 700
30,000
4,000
89,994,700
145,113,300
71, 462,300
2,000
1,000
45,000
298,966,100
11,000
f-
124,061,900
107,051, 700
134, 065, 800 112, 789,400
158, 685, 300 1, 016,767,100
100
3,100
C. Account I OSS or destruction (covered by insurance or bonds of indemnity)
D. Total retired during fiscal year 1924
IV. Outstanding June 30, 1924
1,100
371, 619, 900
12,122, 500
1,600
600
92, 996, 700 ^ 146,144,300
377, 681,100
697, 326, 900
82, 772, 700
149,327,400
108,081,000
143, 620,000
119, 587, 600
158,685, 300 1, 372, 734, 800
299, 669, 900
406,031,000
615, 707, 900
414 922, 300
366, 779, 900
668, 201, 400 3, 747, 431, 900
! Includes deliveries against receipts by other Federal reserve banks.
2 Includes receipts against deliveries by other Federal reserve banks.
TO
Q
pi
Kj
O
00
Ol
E X H I B I T 16.
TRANSACTIONS IN INTEREST-BEARING
'^
CERTIFICATES
Account
I. Outstanding June 30,1923
II. Issued during the fiscal year 1924:
A. Upon original subscription against cash received
B. Upon exchange for securities of equal par value retired—
1. Of denominations ! . .
C. Total issued during the fiscal year 1924
III. Retired during the fiscal year 1924:
A. Account of redemption—
1. Securities received—
(a) Interest payments on obligations of foreign governments..
ib) At maturity
B. Account of exchange for securities of equal par value issued—
*
1. Of denominations 2
•
C. Total retired during the fiscal year 1924
IV. Outstanding June 30, 1924
(See Exhibit 12)
00
Oi
OF INDEBTEDNESS DURING
Series
TS-1923
Series
TS2-1923
Series
TD-1923
THE FISCAL YEAR
Series
TM-1924
Series
TD2-1923
1924
Series
TM2-1924
$179,116,500
$154,039,000
$195,512, 500
$321,196.000
$181,554,500
5,046,000
16,709,500
24,608. 500
63,990,000
43,638, 600
84,321, 500
w.
5,046,000
16,709, 500
24,608. 500
63,990,000
43,638, 600
334,072, 000
O-
179,061, 500
163,956, 600
196,486, 000
320, 275, 000
181, 548, 500
249,245, 600
$249, 750, 600
6
5, 046, 000
16,709, 500
24, 608, 500
53,990,000
43, 638,600
84,321, 500
184, 097, 500
170, 666,000
220,094, 600
374, 265,000
225,187,000
333, 567, 000
65, 000
82, 500
26, 600
921, OCO
6,000
605,000
O
Series
TJ-1924
Account
Series
TD-1924
Series
TM-1925
Series
TD^1924
Special
$1,031, 418, 500
I . O u t s t a n d i n g J u n e 30, 1923
I I . Issued d u r i n g t h e fiscal year 1924:
A . U p o n original subsxiription against cash received
B . U p o n exchange for securities of e q u a l par value retired—
1 Of d e n o m i n a t i o n s ^
C. T o t a l issued d u r i n g t h e fiscal year 1924
i
C . T o t a l retired d u r i n g t h e fiscal year 1924
.
'
.
1 Includes deliveries against receipts by other Federal reserve banks,
2 Includes receipts against deliveries by other Federal reserve banks.
.
$822,600,000
2, 014,892, 500
11, 256,000
476, 648,000
204, 320, 500
' 822,500,000
2,490, 540, 500
$135,128, 500
$214,149,000
$400. 299, 000
$193,065, 600
58,940,000
80,470,000
96, 669, 000
194, 068, 500
I I I . R e t i r e d d u r i n g t h e fiscal year 1924:
A. A c c o u n t of r e d e m p t i o n —
1. Securities received—
(a) I n t e r e s t p a y m e n t s on obligations of foreign g o v e r i u n e n t s - (6) A t m a t u r i t y . B . A c c o u n t of.exchange for securities of equal p a r value issued—
1. Of d e n o m i n a t i o n s 2
I V . O u t s t a n d i n g J u n e 30,1924
Total
294, 619,000
496, 968, 000
Ul
19,000,000
115,161, 500
68,940,000
.
80,470,000
96, 669, 000
822, 500,000
19, 000,000
2, 217, 214, 600
475, 648, 000
I
822, 500, 000
2, 711, 862, 500
pi
Kl
11, 266,000
193,091, 500
80,470. 000
96, 669,000
11, 265, 000
977,000
214,149. 000
400,299,000
193,065, 600
o
810,096, 500
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EXHIBIT
17
T R A N S A C T I O N S IN T R E A S U R Y (WAR) S A V I N G S S E C U R I T I E S D U R I N G T H E F I S C A L Y E A R
00
00
1924
Series
t
N e w issue ( D e c . 16, 1921)
Account
1918
1919
1920
1921
. 1921
I. O u t s t a n d i n g J u n e 30,1923 i
P l u s accrued d i s c o u n t liabilities.
T o t a l v a l u e of o u t s t a n d i n g securities J u n e 30,1923
I I . Issued d u r i n g fiscal year 1924:
A . Cash s u b s c r i p t i o n s
. _ . - _ . - .
B . Accrued d i s c o u n t c r e d i t e d as p u b l i c d e b t receipts
C . Accrued discount n o t credited as p u b l i c d e b t receipts . ' D . T o t a l issued d u r i n g fiscal y e a r 1924
I I I . R e t i r e d d u r i n g fiscal year 1924:
A , A c c o u n t of r e d e m p t i o n —
1. P r i o r t o m a t u r i t y . . .
2, At m a t u r i t y
„ . .
$60, 522, 338. 02
11,157, 633. 95
$22,130,862. 07
3, 754,024. 41
$13,400, 704.15
1,429, 366. 59
.$1, 903. 979. 66
$106, 216, 413. 30
$30,946, 745. 00
30,946. 745.00
61, 679. 971. 97
26,884,886. 48
14.830.070. 74
1,903, 979. 66
105, 215,413. 30
^ U , 6 8 7 . 28
2 666.51
21,187. 38
2 410. 20
3 2,836. 77
1.106. 593. 78
886.014. 99
615.499. 26
8 4,6BI 05
1.107.160. 29
887. 202. 37
615. 909. 46
15. 250. 95
18, 283, 775. 00
627,927. 26
66, 241,430. CO
1, 547,949. 50
18,299, 025. 95
66,869. 357. 26
12,643.195. 00
12,643^, 195. 00
Pi
%
o
pi
2 3, 060. CO
64, 841.16
2 16, 980. 00
3, 634,398. 36
67, 901.16
3, 661,378. 36
« 1,397.187.48 -
146, 624. 20
8,913,130. 90
1,647. 949. 60
. 1,397,187. 48
146, 624. 20
8,913,130.90
O
20,584,099. 96
4, 640, 039. 40
12.003.926. 87
1.944.865. 85
1,825, 256. 60
99,863,660. 75
Ul
5.917. 776. 00
5.917,776.00
26,224.139, 35
13,948, 792. 72
1,826,256. 60
O
ffi
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B . T o t a l retired d u r i n g fiscal year 1 9 2 4 . . .
I V . O u t s t a n d i n g J u n e 30, 1924 6
P l u s accrued d i s c o u n t liabilities
T o t a l v a l u e of o u t s t a n d i n g securities J u n e 30, 1924
1922
.
..
.
99,863.660.75
>
Series
Issue of S e p t . 30,1922
Account
^
. 1922
I . O u t s t a n d i n g J u n e 30, 1923 » .
P l u s accrued d i s c o u n t liabilities.
T o t a l v a l u e of o u t s t a n d i n g securities J u n e 30, 1923
I I . Issued d u r i n g fiscal year 1924:
A . Cash subscriptions
B . Accrued discount credited as p u b l i c d e b t receipts
C . Accrued discount n o t credited as p u b l i c d e b t receipts
D . T o t a l issued d u r i n g fiscal year 1924
I I I . R e t i r e d d u r i n g fiscal year 1924:
A . A c c o u n t of r e d e m p t i o n —
1. Prior t o m a t u r i t y
2. A t m a t u r i t y !
O u t s t a n d i n g J u n e 30, 1924 e . .
P l u s accrued discount liabilities
1924
1923
$6,605,029.11
$337,198,674, 03
47, 287,769, 95
5,605,029.11
384,486,443.98
$94,160,672, 70
867,050.10
2 3 904,115. r r
164,106,885. 86
9,432,930. 86
2, 605, 271. 26
27. 567, 606.45
95,027,722, 80
3 904,115.27
166, 045,087. 97
1, 788, 734. 06
2, 864,032. 20
677,371.75
37, 656,412. 04
74 526, 206. 00
$17, 753, 234.15
$120,667,113. 68
17,753, 234.16
120, 667,113. 58
2 3 34,255.50
475, 218. 06
4 33, 754,467.12
4,033, 516. 75
$27,109. 600. 00
457. 906.45
440,962. 55
37, 787,983. 87
2,287,454. 80
17,390,748. 95
" "'
" ""
..-
17,390, 748. 96
1,788.734 06
2,864,032. 20
577, 371. 75
15,906, 741. 90
141, 064, 348. 50
26, 778, 772. 40
92,163, 690 60
4,123, 642. 09
413,304, 039. 66
26,145,876. 25
15, 906. 741. 90
141,064, 348. 50
25, 778, 772. 40
92,163,690 60
4,123, 542. 09
438,449,914 91
2,287,464 80
-
T o t a l v a l u e of o u t s t a n d i n g securities J u n e 30, 1924
» Series 1919 to 1922, inclusive, were on basis of sales reports; series 1923 and thrift and Treasury savings stamps were on basis of Treasurer's net cash receipts.
2 Adjustments in sales reports subsequent to June 30, 1923.
3 Adjustment, deduct,
^
* Adjustment of difference between Treasurer's net cash receipts to June 30, 1923, and sales reports taken up as cash subscriptions during the fiscal year.
8 Disallowance of $90,40 affecting May redemptions reported by Register subsequent to close of the fiscal year not considered in this figure.
® Series 1920 to series 1923, inclusive, on basis of sales reports; series 1924, and thrift and Treasury savings stamps, on basis of Treasurer's net cash receipts.
Total
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B . T o t a l retired d u r i n g fiscal year 1924
IV
1923
T h r i f t arid
T r e a s u r y savings
s t a m p s , unclassified sales, e t c .
Issue of D e c , 1, 1923
112,081,617.04
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EXHIBIT
18
CO
O
L I B E R T Y BOND AND V I C T O R Y N O T E CONVERSIONS F R O M N Q V E M B E R
15, 1917, TO J U N E 30, 1924
C o n v e r t e d into—
Issue
Original issue
Issued on conversion
F i r s t 4's
F i r s t 33^'s
F i r s t 4's
F i r s t 4M's
F i r s t second 43>^'s
Second 4's
Second 4 3 ^ ' s .
Third 4M's. — F o u r t h 43^'s . .
Victory 3M's-.Victory 4 ^ ' s
Total
1 - . - 1 $1,989,455,650
3,857,865,555
$668, 318,450
$568, 318, 450
563,190, 900
3, 492,160
F i r s t 4M's
F i r s t seco n d 43^'s
$7, 670. 550
645,626,350
$3,492,160
•
4,175, 660,060
6, 964, 681,100
672, 586,100
3, 822, 787,900
424, 666, 760
505,068.900
21, 432, 924, 700
5. 755.081. 700
$75,400
15. 520. 050
22,335,350
$3, 700. 338, 550
$605.068, 900
$424. 666. 750
568,318,450
5L3,196, 900
3,492.150
3, 700, 338. 650
Outstanding
J u n e 30. 1924
V i c t o r y 3M's V i c t o r y 4M's
3, 700, 338, 660
^ Includes full-paid interim certificates not exchanged for 33^ per cent bonds,
2 Now included in matured debt.
Redeemed to
J u n e 30, 1924
Second 4 M ' s
424, 666, 750
605. 068.900
79, 081,450
624,196, 400
1,178,460,100
640,085, 550
592, 036,100
3,889, 626, 350
$1,409. 999, 000
7 172 050
530. 861. 550
3. 492.150
28,446, 000
3,076 142 160
2,997,199, 960
6. 324 495 650
2146.850
2 13 663. 700
7,041,406, 750
14,391 617.960
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EXHIBIT
19
C E R T I F I C A T E S OF INDEBTEDNESS, T O T A L ISSUES AND T H E A M O U N T ISSUED T H R O U G H EACH F E D E R A L RESERVE
B A N K F R O M J U L Y 1, 1 9 2 3 , T O A U G U S T 3 1 , 1 9 2 4
F e d e r a l reserve district
Authorizing act a n d series
D a t e of issue
D a t e of m a turity
Ilate
\
Total amount
Boston
Issued i n a n t i c i p a t i o n of income a n d profits
' taxes—1924:
Sept.. 24,1917. as a m e n d e d —
Series TM2-1924
s>
. . . Series TJ-1924
Series TD-1924
-Series TD2-1924
S e p t . 15,1923
Dec. 15,1923
do
J u n e 16.1924
M a r . 15,1924
J u n e 16,1924
Dec. 15,1924
do
254
_
Richmond
Atlanta
$9.053,000
3,142,000
5. 739, 500
3, 794,000
$9.032, 500
5,013, 500
7. 590, 500
4,044,000
83. 268, 600 243, 642, 500
26.680. 500
60,352, 500
70.146. 000
21,728,600
profits
M a r . 16,1924
M a r . 15.1925
4
400, 299,000
18, 652, 600 113,136,000
34, 606, 500
32. 538. 500
11,967,600
10,160,000
400,299. 000
18, 662, 500. 113,136,000
34" 606, 500
32. 538. 500
11,967,500
10,160, OCO
84,959,000 102.684,600
33, 696.000
35,840, 600
1,192.392. 500 101.921,000 366.678, 500
. .
Special short-term issues:
Sept. 24..1917, as a m e n d e d A p r . 4, 1918, a n d
M a r . 3, 1919
Cleveland
$249,750, 500 $30.693, OCO $78,348, 500 $16. 535,000 $23,406, 600
6,926,000 10,143,000
8,029. 600 43,743,500
136,128. 500
214,149, OCO 17.847.000 62,405,000 15, 255, 000 21, 636, 500
193,065. 500 26. 699.000 59, 045, 600 12,637, 500 14,961, 000
792, 093, 600
Total
G r a n d total
Philadelphia
o
Per cent.
4^
4
4^
Total
Issued in anticipation of income a n d
taxes—1925:
Sept. 24. 1917, as a m e n d e d —
Series TM-1926
New York
Various
Various
Various.
822. 500.000
59,500,000 638,000, 000
23, 500,000
18, 500,000
pi
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Certificates of indebtedness, total issues and the amount issued through each Federal reserve bank from July 1, 1923, to August 31, 1924—
Continued
*~*
^
F e d e r a l reserve d i s t r i c t
D a t e of issue
Authorizing act a n d series
D a t e of maturity
Rate
Treasury
Chicago
Issued in anticipation of income a n d
taxes—1924.:
Sept. 24, 1917, as a m e n d e d —
Serie3TM2-1924
Series TJ-1924
Series TD-1924
Series TD2-1924
Total
..
.--
Issued in anticipation of income a n d
taxes—1925:
Sept. 24. 1917, as a m e n d e d —
Series T M - 1 9 2 5 .
Minneapolis
Kansas
City
Dallas
San Francisco
profits
_
Sept. 15.1923
Dec. 15,1923
do
J u n e 16,1924
M a r . 16,1924
J u n e 16,1924
Dec. .15.1924
do
Per cent
4^
4
4^
2%
.1
$32. 792. 500
13. 207, 500
24. 727, 000
33,804. 600
$9,
3,
9,
2.
399, 600
622,000
669. 600
673, COO
104. 631, 500
25, 264, 000. 21, 637, 500
$6,179,000
3.924,000
3, 571, 600
7. 963, 000
$6,463,000 $10,211,000 $18.638,000
6.962, 600
9,835. 000
1,681.000
7, 002, OCO 16.480.000
3, 225, 600
7,841,000 14. 581, 500
3,988, 600
'$20, CCC, 000
20,000,000
1,133,000
68, 534 500
41,133, OCO
14, 258, 000
32,016, 500
M a r . 15,1924
M a r . 15.1925
4
G r a n d total
Special short-term issues:
Sept. 24. 1917. as a m e n d e d A p r . 4, 1918, and
M a r . 3. 1919.
o
o
profits
Total
St. Louis
Various
Various
Various..
49,417, 600
10,006, 600
11,608,000
9, 781, 000
12,914 000
27, 611,000
68,000, 000
49. 417. 500
10. 006, 500
11. 608, 000
9, 781, 000
12.914 000
27, 611,000
58, 000,000
153, 949, 000
35, 270, 500
33, 245, 600
24, 039, 000
44.930,600
86,045, 500
99,133, 000
54, 000. 000
9. 500. 000
5. 000, 000
11,600,000
2, 000,000
1, 000,000
EXHIBIT
20
T R E A S U R Y NOTES ISSUED T H R O U G H EACH FEDERAL RESERVE BANK AND T H E T R E A S U R Y D E P A R T M E N T F R O M
J U L Y 1, 1 9 2 3 , T O A U G U S T 3 1 , 1 9 2 4
Series B-1927; dated M a y 15, 1923; m a t u r i n g March 15, 1927 i
Bank
Boston
New York
"PhiladelphiaRichmond
Atlanta
Chicago
1 Authorized under act of Sept. 24, 1917, as amended.
Bank
Amount
$11, 700
38, 900
3,300
20, 900
5,000
7, 150
Rate of interest, 4 ^ per cent
Kansas City
Dallas
San Francisco
Treasury D e p a r t m e n t
Amount
w
$1,000
400
117, 600
3,800
i
209, 750
Kl
Q
Pi
Total
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EXHIBIT
21
CO
REGISTERED INTEREST-BEARING BONDS OUTSTANDING JUNE 30, 1924, CLASSIFIED BY ISSUES, AND NUMBER
OF REGISTERED ACCOUNTS, AMOUNT OF INTEREST PAYABLE, AND NUMBER OF CHECKS DRAWN DURING
THE FISCAL YEAR 1924
Registration
Outstanding
J u n e 30, 1923
Issue
Outstanding
J u n e 30, 1924
Increase
I. B o n d s :
«
. A. Pre-war b o n d s —
1. 2 per cent consols of 1930
...
2. 4 per cent loan of 1925
3. 2 per cent P a n a m a C a n a l loan of 1916-1936
4. 2 per cent P a n a m a C a n a l loan of 1918-1938
-..
5. 3 per cent P a n a m a C a n a l loain of 1 9 6 1 . .
6. 3 per cent conversion b o n d s of 1946-47
-7. 23^ per cent postal savings b o n d s (first t o t"w-entysixth series)
.._.8. T o t a l pre-war b o n d s
B. Liberty bonds—
1. F i r s t L i b e r t y loan of 1932-1947—
ia) F i r s t 3 3 ^ ' s - ib) F i r s t 4 ' s - .
ic) F i r s t 4M's
(d) F i r s t second 43^'s
2. Second L i b e r t y loan of 1927-1942—
(a) Second 4's
_
ib) Second 43^'s
•_._..•...3. T h i r d L i b e r t y loan of 1928
4 F o u r t h L i b e r t y loan of 1933-1938
-•-.
_.
5. T o t a l L i b e r t y b o n d s ^
C. 43^ per cent T r e a s u r y b o n d s of 1947-1962
I I , T o t a l registered interest-bearing b o n d s o u t s t a n d i n g , etc
.
-.
-..
Decrease
N u m b e r of
accounts
J u n e 30,1924
Interest payable d u r i n g
fiscal year
Number
of checks
drawn
during
fiscal y e a r
%
75
00
60
20
50
00
30,854
10,569
3,869
2,214
6,667
408
O
pi
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3,516
288, 681. 76
7,301
ffi
853,139, 420. 00
17,000
19, 877,112. 80
61,882
395,913,500.00
5, 264, 300. 00
143,141, 650. 00
1,162, 550 00
22, 039
14 130
106, 947
1,072
13, 464,888.50
246, 766. 00
6,041, 567.41
44, 863. 85
45, 810
32, 508
216, 378
2,220
8,042, 250 CO
20, 020, 000. 00
72, 260, 450 00
18, 533, 450. CO
640, 630, 750 00
662, 626,800. 00
1,577,092,500.00
56, 645
319,190
619, 204
872, 261
910, 148. 00
27, 811.426.39
30. 729.149. 62
67, 436,518. 60
131,219
649, 680
1. 306. 830
1. 823,220^
102, 327, 900. CO
3, 444, 254, 500. 00
2, Oil, 488
146. 685, 328. 27
4, 206, 874
206, 617, 600. 00
14. 810
7. 368. 897. 23
4 6Q3,911, 420 00
2. 043. 298
173. 931, 338. 30
$598, 763, 900. 00
111, 372, 950. 00
48, 948,180. 00
26, 876, 060. 00
43, 923,800. 00
10,166, 400. CO
$348,160. CO
661,100. 00
5,000.00
70,000. 00
298, 2C0 00
1,085, COO 00
$599,112,050. 00
112, 034 050. 00
48, 963,180. 00
25, 946,060. 00
44, 222, 000. CO
11, 251,400 00
7,674
2,657
963
555
1,630
105
11, 627,8 1.00
92, 860. 00
11, 620, 680 00
850, 679,110. CO
2, 560, 310. 00
370, 666, 900. 00
7,269,600.00
138, 72S, 000. 00
840,350.00
25,346,600.00
26,
660,
734,
1, 657,
575,
650,
786,
005.
700.
760.
250.
300.
00
CO
CO
CO
$2.006, 200. CO
4, 413. 660 00
322, 200. 00
20, 087, 200. 00
3,496. 412. 760 00
50,169, 650 00
147,902,600.00
58, 614, 900. 00
4,494, 894, 460. 00
111, 344, 860 00
102, 327, 90O 00
$11, 976, 316.
4 466, 324
978, 963.
617, 621.
1, 320, 718.
328, 587.
28,699
4, 297, 356
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SECRETARY OF T H E TIIEASURY
EXHIBIT
22
I N S U L A R AND D I S T R I C T O F COLUMBIA L O A N S — C H A N G E S D U R I N G
THE FISCAL. YEAR ENDED J U N E 30, 1924
Loan
"
Rate
Outstanding J u n e
30. 1923
Per cent
4
Issued
account
original
subscrip• tion
Retired
account
redemption
Issued a n d
retired
account
exchanges.
transfers.
etc.
Outstanding J u n e
30, 1924
PHILIPPINE ISLANDS
L a n d p u r c h a s e s , 1914-1934
Public improvement:
F i r s t series, 1915-1936
.Second series, 1916-1936
T h i r d series, 1919-1939
L o a n of 1916-1946 C i t y of M a n i l a , sewer a n d water:
F i r s t series, 1916-1935
Second series, 1917-1937
T h i r d series, 1918-1938
C i t y of C e b u , 1921-1941 _ - - M a n i l a , p o r t w o r k s a n d imp r o v e m e n t s . 1920-1930-1960
C i t y of M a n i l a . 1920-1930-1960...
P u b l i c i m p r o v e m e n t . 1921-1941..
L o a n of 1922-1952
.
Collateral loan. 1922-1950
Irrigation a n d p e r m a n e n t p u b l i c
w o r k s , 1922-1962
L o a n of J u l y 15, 1922-1962..
$7.000,000
$803,000
$7, 000.000
4
4
4
4
2. 500.000
1, 000. 000
1, 500, 000
4, 000. 000
323.000
219,000
185,000
544,000
2. 500,000
1,000, 000
1, 600,000
4000,000
4
4
4
4
1, OOC. 000
2,000,000
1,000,000
125.000
26,000
676.000
21.000
. 5.000
1,000,000
2,000,000
1, 000,000
125,000
6.000, 000
2, 750, 000
10,000, 000
5, 000,000
2, 750,000
516,OCO
2, 000
18,000
6,000,000
2, 750, 000
10,000, 000
6,000,000
2, 750, 000
.63^
6
43^ 6,000,000
43^ 23,000,000
$2.250,000
150,000
42.000
7, 250,000
23,000,000
74,626,000
2.250,000
3, 530. 000
76.875.000
20. 000
320,000
Total-POKTO RICO
R o a d loan of ,1910-1920-1927
San J u a n Harbor:
Series 1912.__
Series 1914._
Series 1916
Series 1 9 1 7 . .
I r r i g a t i o n loans:
Series 1913-1933-1943
Series 1913-1944-1950
Series 1914-1951-1964
...
Series 1915-1956-1958
.'Series 1916-1969-1960
Series 1918-1958-1959. _ _
Series 1922-1961-1962._
Series 1923-1929-1941
Public improvement:
Series 1914-1925-1939 - - _
Series 1916-1927-1930
Series 1918-1927-1930
Series 1919-1931-1934._
Series 1920-1937-1940 - . Series 1922-1941-1942-1944 --_
Series 1923-1945-1948
Series 1923-1944-1949 - _
R e f u n d i n g loans, series 19141923-1963
—
R e f u n d i n g m u n i c i p a l loans:
Series 1915-1919-1936._
Series 1916-1918-1927. _ _
High-school b u i l d i n g loan, 19201945H o u s e c o n s t r u c t i o n loan. Series
A, 1920-1946
W o r k i n g m e n ' s house construct i o n 1920:
Series A, 1941.
Series B , 1942 . . .
. . ..-
.
4
425, OCC
$105.000
4'
4
4
4
10,000
200, 000
200,000
100, 000
10. 000
73.000
4
4
4
4
4
4
5
4^2
1, 000, 000
700, 000
400, 000
400, 000
200. 000
200.000
250, 000
4
4
4
43/2
1, 000, 000
500, CCC
500. 000
1, 000. 000
1, 000, 000
1, OCO, 000
4H
6
5
5
127,000
200, 000
100, 000
145. 000
67. 000
33,OCO
51.000
33,000
1, 231,000
975,000
26, 000
44, 000
105, 000
266, 000
112. 000
1. 639.000
2, 027, 000
1. 000,000
3. 000,000
1, 000, 000
700, 000
400,000
400, 000
200, 000
200.000
250, 000
975, OCO
1. CCC. 000
500. 000
600,000
1,000, 000
1,000,000
1, 000,000
1. OCO. 000
3, OCO, 000
4
656. OCO
106,000
16,000
666,000
4
4
215, 000
150, COC
21.000
30, CCC
19, 000
194,000
120, 000
43^
300, 000
4,000
300.000
•41/2
250, 000
22,000
250, 000
4K2
43^
250, 000
250. 000
. 26,000
260.000
250,000
339. 000
6,784, 000
16. 791, 000
979.700
436, 000
3, 609. 650
Total
11,166,000
;
4 975, OCO
DISTRICT OF COLUMBIA
60-year funded loan of 1924
3.65
4, 589, 250
196
REPORT ON T H E FINANCES
EXHIBIT
23
R E T I R E D AND U N I S S U E D S E C U R I T I E S , N O T A F F E C T I N G T H E P U B LIC DEBT OF T H E UNITED STATES, DELIVERED TO THE R E G I S TER OF THE TREASURY D U R I N G THE FISCAL YEAR ENDED
JUNE 30, 1924
Total
R e t i r e d a c c o u n t of—
-^
T i t l e of s e c u r i t y
Interest
rate
Redemption
Exchange,
transfer,"
etc.
Loss
or destruction
Unissued
stock
Pieces
Amount
SECURITIES FUNCTIONED DURING
T H E FISCAL. YEAR 1924
P h i l i p p i n e loans:
Per cent
L a n d p u r c h a s e , 1904-1914-1934.
Public i m p r o v e m e n t F i r s t series, 1905-19;5-1935.
Second series, 1906-19161936 T h i r d seiies, 1909-19191939..
C i t y of M a n i l a , sewer a n d
water—
F i r s t series, 1905-1915-1935.
Second series, 1907-19171937--.
T h i r d series, 1908-19181938-C i t y of C e b u , 1911-1921-1941..
L o a n of 1916-1926-1946 .
M a n i l a , p o r t works a n d im• p r o v e m e n t s . 1920-1930-1950
6^
Certificates of i n d e b t e d n e s s ,
1921-22 . . .
P u b l i c i m p r o v e m e n t . 19211941
L o a n of 1922-1952
L o a n of J u l y 15. 1922-1952
43^
Irrigation
and
permanent
p u b l i c works, 1922-1962.
4^2
$3,000
347
$806.000
323,000
1,000
180
324,000
219. 000
39
219,000
185. 000
186
185, OCO
26. 000
17
26.000
676, 000
127
676, 000
21
5
21, 000
5,000
646, 000
21, 000
5, 000
544, 000
2,000
516. 000
9,499, 000
186
4
4,264
2
18
42
$2,000
is, OOO
42, 000
_
150. 000
2,000 29, 455, 000
2,000
18, 000
42, 000
160
150, 000
8,037
32,985, 000
5,000
5
25, 000
2, 730. 000
146, 000
546
29
2, 730, 000
145, 000
25. 000
30. 000
1,000
11, 000
25
6
1
11
26, 000
30, 000
1,000
11, 000
6,000
27. 000
2
15
6,000
27,000
49, 000
2,000
49
2
49, 000
2,000
500, 000
300
600, 000
491, 000
581, 000
160
205
492, 000
613,000
75, 000
20, 000
75
20
76. 000
20. 000
156
144
160
166.000
144. 000
160,000
1.000
31. 000
6
6
4M
43^
43^
19,960, 000
19, 950,000
20, 000
4
10, 016, 000
2,464
3, 528, 000
T o t a l P h i l i p p i n e loans
P o r t o Rico loans:
R o a d loan, 1910-1920-1927
San J u a n H a r b o r , 1912-19221937
'...._•
Irrigation loan, 1913-1933-1943
Irrigation loans, 1913-19441950—
Series A . . .
Series B
Series E
Series F . . .
Irrigation loans, 1914-19511964Series A
Series C .
Irrigation loans, 1915-19551958—
Series E
Series H
Irrigation loan, 1917-1961—
Series K
Irrigation loans, 1918-19581969—
Series A.
Series B . . .
Irrigation loans, 1922-19611962—
Series A
Series B
Irrigation loans, 1923-19291941—
Series A
.i
Series B
Series C
$803, 000
156, 000
144, 000
160, 000
'""i.'ooo
197
SECBETABY OP THE TKEASUBY
Retired and unissued securities, not affecting the public debt of the United States,
delivered to the Register of the Treasury during the fiscal year ended June 30,
1924—Contmued
R e t i r e d a c c o u n t of—
T i t l e of s e c u r i t y
Interest
rate
Redemption
Exchange,
transfer,
etc.
Loss
or destruction
Total
Unissued
stock
Amount
Pieces
SECURITIES FUNCTIONED DURING
T H E FISCAL Y E A R 1924—COn.
P o r t o Rico l o a n s — C o n t i n u e d .
Irrigation loans, 1923-19291941—Continued.
Per cent
Series D
43^
Series E . 4M
Series F
434
Series G
434
Series H . 434
Series I „
--43/2
Series J
..
434
P u b l i c i m p r o v e m e n t loan,
1914-1926-1939
-..
4
P u b l i c i m p r o v e m e n t loans,
1916-1927-1930—
Series B
_•
4
Series C
4
Series D
4
P u b l i c i m p r o v e m e n t loans,
1918-1927-1930—
Series E . . .
4
Series F
_
4
Series G . . .
4
Series H . . 4
P u b l i c i m p r o v e m e n t loans,
1919-1931-1934— "
Series I
4
Series J
4.
Series K
4
Series L -.
4
P u b h c i m p r o v e m e n t loans,
1920-1937-1940—
Series A i
43-^
Series B
*43/^
Series C
-'
43/2
Series D -4)4
P u b l i c i m p r o v e m e n t loans,
. 1922-1941-1944—
Series A - - 5
Series B
i-5
Series C
5
Series D
5
P u b l i c i m p r o v e m e n t loans,
1923-1944-1948—
Series A - .
-.
5
Series B
.
5
Series C 5
Series D
6
P u b l i c i m p r o v e m e n t loans,
1923-1943-1965^
Series A
6
5
Series B
-.-1
-5
Series C
5
Series D
6
Series E
5
Series F
R e f u n d i n g loans, 1914-19231953—
Series I 4
Series 0
- - - .
4Series P
4
Series Q
4
Series V
4
Refunding m u n i c i p a l loans,
1915-1919-1935Series A
_.
4
Series B
4
Series C
4
Series D -.
4
Series E
4
Series F
4
$70,000
125,000
95, 000
146. 000
150. 000
109,000
78,000
70
125
96
146
150
109
78
$70,000
125, 000
95.000
146. 000
150. 000
109.000
78, 000
26, 000
14
26,000
6
9
6
14. OCO
9.000
21,000
$300,000
275,000
515,000
460,000
213
208
293
283
325,000
300. 000
545.000
476,000
800,000
800,000
1. 200.000
1. 200.000
480
480
720
720
800.000
800,000
1, 200,000
1. 200,000
310.000
365.000
365 000
420 000
64
76
112
94
320. 000
376,000
560.000
470,000
35.000
832
850
850
715
000
000
000
000
293
290
260
234
869.000
890.000
850, 000
750,000
310.000
485, 000
383 000
361,000
370
275
361
349
000
000
000
000
680
751
744
710
680,000
760,000
744.000
710,000
362
461
184
374
367
299
352,000
451,000
184,000
374,000
367,000
299, 000
239
2
6
1
7
431,000
2,000
6,000
1,000
7,000
69
26
52
42
64
2
69,000
26,000
52,000
42,000
64, 000
2,000
0
14, 000
9.000
21. 000
25. 000
25,000
30.000
25.000
10. 000
10. 000
196, 000
50,000
37.000
40.000
\
362, 000
451,000
184,000
374,000
367, 000
299,000
.
431 000
2 000
6,000
1,000
7,000
69
26
52
42
64
2.000
000
000
000
000
000
198
REPORT OK T H E EINAjSrCES
Retired and unissued securities, not affecting the public debt of the United States,
delivered to the Register of the Treasury during the fiscal year ended June 30,
/P^4—Continued
Retired account of—
Interest
rate
Title of secuxity
Redemption
Exchange,
transfer,
etc.
Total
Loss Unissued
stock
or dePieces
struction
Amount
SECURITIES F U N C T I O N E D D U R I N G
T H E FISCAL Y E A R 1924—COU. •
Porto Rico loans—Continued.
•^ Refunding municipal loans,
1915-1919-1935—Continued. Per
Series G
Series H
"Series I
Series J
. _ .
Series K
'
Refunding municipal loans,
1916-1918-19'27—
Series A
Series B
. . .
Series C
' Series D
Series E . . _
.
Series F
High-school building loan,
1920-1930-1945
House construction loan, 19201930-1945, series A
Workingmen's house construction, 1920-1942, series A.
cent
4
4
$1,000
1.000
6,000
7,000
2,000
•
4
4
4
$110,000
105,000
165. 000
176, 000
175, 000
145,000
4
4
4*
4
4
4
Soldiers' and sailors' civil relief
insurance bonds
$1,000
1,000
6.000
7.000
2.000
64
61
95
83
99
93
110,000
106, 000
165. 000
175, 000
176,000
146.000
434
3.000
$1, 000
4
4,000
4)4
21, 000
1.000
272
272. 000
43^
25. 000
5
25. 000
5. 781,000
Total Porto Rico loans...
District of Columbia funded loan
ofl924
. -
1
1
6
7
2
3.66
$979, 700
3,000 17, 803, 000 13, 730 23, 587, 000
418
1,415, 700
2,276
1,403, 600
5,000 48, 661, 600 24,460
59. 391, 200
200
200, 000
200
200,000
436,000
1, 403. 600
3H
• Total securities functioned
during fiscal year 1924 _ _
260, 000
979, 700
9. 746. 000
SECURITIES BELONGING TO P R E VIOUS FISCAL Y E A R S D E L I V E R E D
TO T H E R E G I S T E R D U R I N G T H E
FISCAL Y E A R 1924
Insular loans:
Porto Rico San Juan Harbor
improvement loan, 19141924-1939 -- . - - .
Porto Rico San Juan Harbor
improvement loan, 19161925-1940
City of Manila sewer and'
water loan, 1907-1917-1937 .
Total
. .
-
^
200, 000
4
-
_.
. 4
22, 000
400, 000 22, 000
404
422, 000
399, 000
391, 000
5
334 2, 800, 000 3, 302, 300
2, 984,000 58. 613, 000
3.65
790
790, 000
6,230 6,102,300
17, 413 61, 697, 000
6,176, 000 62, 314, 300
24, 433 68,489, 300
--
Uiiited States railroad loans:
Pacific Railroad stock
Central Pacific RailroadIssue of 1866
Issue of 1866
--Issu,e of 1867 - - .
Issue of 1868.. .•
Issue of 1869- Kansas Pacific RailroadIssue of 1865
Issue of 1866 .
. .
Issue of 1867
Issue of 1868
22, 000
4
_
District of Columbia loans:
Funded loan of 1879
Funded loan of 1897
Funded loan of 1924
Total
200, 000
4
6
11. 549 64, 623, 612
64, 623, 512
6
•6
6
6
6
3, 374 000
3, 066, 000
3, 743, 000
15, 312, 000
14, 787, 000
6
6
6
6
1, 707, 000
3, 094 COO
6, 730, 000
2, 268, 000
3.279 3, 374, 000
1, 981 13, 066, 000
671 3,743,000
2,496 15,312,000
2,061 -14, 787, 000
1,664
1,7&3
907
427
1, 707, 000
3, 094, 000
6, 730, 000
2,268,000
199
SECBETARY OF THE TBEASXJBY
Retired and unissued securities, not affecting the public debt of the United States,
delivered to the Register of the Treasury during the fiscal year ended June 30,
1924—Continued
R e t i r e d account of—
Interest
rate
T i t l e of s e c u r i t y
Redemption
Exchange,
transfer,
etc.
Loss
or destruction
Total
Unissued
stock
Pieces
Amount
SECURITIES BELONGING TO PREVIOUS FISCAL YEARS DELIVERED
TO THE REGISTER DURING THE
FISCAL YEAR 1924—continued
U n i t e d States railroad loans—Con.
U n i o n Pacific R a i l r o a d Per cent
6
I s s u e of 1866
6
I s s u e of 1867
6
I s s u e of 1868
6
I s s u e of 1869
Central
Branch,
Union
Pacific R a i l r o a d 6
I s s u e of 1866
I s s u e of 1867
6
I s s u e of 1868
6
W e s t e r n Pacific R a i l r o a d I s s u e of 1867.
6
Issue of 18696
Sioux C i t y a n d Pacific RailroadI s s u e of 1868
6
Total.--
3,398 $7.736.000
1,605 7.585.000
63,450 268, 563,866
835 6, 313, 000
$7, 736, 000
7,585,000
268, 563,856
6, 313. 000
1, 260, 000
1, 311, 000
636, 000
282
314
156
1, 260,000
1, 311,000
636,000
731, 000
1, 735.000
165
242
731,000
1, 736,000
507
3, 087, 320
3,087,320
I
$64, 623, 512 352.038,176
--
C h e r o k e e certificates o f i n d e b t e d ness
- -
4
Soldiers' a n d sailors* civil relief
insurance bonds
3)4
6,640,000
7,850,000
195, 600
1,000
1,449 14,490,000
725
T o t a l securities belonging
to p r e v i o u s fiscal years
77, 634, 012 422, 603,476 $22,000
T o t a l securities d e l i v e r e d - - -
78, 613, 712 432, 348, 476
87, 639 416, 661, 688
196, 500
114, 650 500, 269, 488
27,000 $48, 661, 600 139.110 559,650, 688
EXHIBIT
24
O
o
PUBLIC DEBT RETIREMENTS CHARGEABLE AGAINST ORDINARY RECEIPTS
Face a m o u n t retired
Coupon
P u r c h a s e s a n d r e d e m p t i o n s for account of c u m u l a t i v e sinking fund:
C u m u l a t i v e total t o J u n e 30, 1923
-Fiscal year 1924—
T h i r d 4)^'s
T r e a s u r y notes—
Series B-1924 - Series A-1926
Series B-1926. Series C-1926
Series A-1926 - Series B-1926 .
Series A-1927--
-
-
-.-
-
-
-
.
1
-
...
_
T o t a l fiscal year
_.-
C u m u l a t i v e total to J u n e 30. 1924
P u r c h a s e s from r e p a y m e n t s of principal b y foreign g o v e r n m e n t s :
C u m u l a t i v e total to J u n e 30, 1923 .
. .
Fiscal year 1924—
Third 4)i's
T o t a l fiscal year
.-
C u m u l a t i v e total to J u n e 30, 1924--
Fiscal year 1924—
T h i r d 4)4's
....-
T o t a l fiscal year
C u m u l a t i v e total to J u n e 30, 1924
--
.
Total
Principal
a m o u n t paid
Accrued interest p a i d .
$804, 668.150 00
$16, 496, 900 00
$821,165, 050. CO
$813,476, 232. 82
$9, 933,989. 08
226. 244.450. 00
12, 781, 000. 00
238, 025,460. CO
237, 065, 929. 68
13,169,764 94
3, 000. 000. 00
1. 000, OGC. 00
11, 316, 90a 00
26. 265, 600. 00
1,018,300.00
9, 664, 200. CO
6, 798, 000. CO
3, 028, 635. 62
1, 004 123. 53
11. 279, 715. 38
25. 261. 611. 61
1, 018, 300. CO
9,485, 492. 59
6, 793, 211.16
38,983. 62
11, 353. 02
96, 271. 44
153, 761. 26
4,119. 36
77, 559. 94
64, 581.00
3. 000. COO 00
1. 000. 000. CO
11, 316, 900. 00
25, 265, 500 00
1, 018, 300. 00
9, 564. 200. 00
6. 798. 000. CO
283. 206. 350. CO
12. 781, 000. CO
294 927, 019. 67
3,616,394 47
1. 087. 874. 600. 00
29. 277. 900. 00
1,117,152,400. 00
1,108, 403, 262. 39
13, 650,383. 55
202. 894, 800. CO
48. 614. 000. CO
251, 508,800. CO
243, 010. 605. 40
2, 624, 665. 80
38, 509,150. 00
38, 509.160. 00
38.028,328.66
217,316. 63
38, 509,150. 00
38, 609,160. 00
38, 028, 328. 66
217, 316. 63
290, 017, 960 00
281, 038, 934. 06
2, 841,971.43
135, 929, 484.48
136, 929,484. 48
136,387, 636. 25
314, 086. 69
3, 634, 560. 00
3, 634, 650. 00
3,613,349.41
48, 200. 90
3, 634, 550 00
3, 634 660. CO
3, 613, 349. 41
48, 200. 90
139. 564, 034 48
139, 564, 034 48
139, 000, 986. 66
362, 287. 59
241,403, 960. 00
P u r c h a s e s a n d r e d e m p t i o n s from franchise tax receipts: 2
C u m u l a t i v e total to J u n e 30,1923
_
Registered
48, 614, OCO. CO
296, 987, 360. CO
o
pi
O
Face amount retired
Coupon
Redemption of bonds, etc., received as repajTuents of principal by foreign governments:
Fiscal year 1924—
Second 4)^'s.
Total fiscal year
_
Cumulative total to June 30, 1924
_
Redeniption of bonds, etc.. received as interest payments on obligations of foreign governments:
Cumulative total to June 30, 1923
Fiscal year 1924—
Second 4)i's
I...
Certificates of indebtednessSeries TJ-1924
Total fiscal year
r
_
,.
Cumulative total to June 30, 1924
Receipts of Liberty bonds. Victory notes. Treasury bonds and notes for estate or inheritance taxes:
Cumulative total to June 30, 1923 . . . .
.
Fiscal year 1924—
First 4 ) i ' s • Second 4)^'s
.
..
Third i}4's... .
Fourth 434's
Treasury bonds, 1947-1952, 4)^'s.
Treasury notes—
Series A-1926-.
Series B-1925
_
Series A-1926--.
Total fiscal yearCumulative total to June 30. 1924.. .-Gifts, forfeitures, and miscellaneous:
Cumulative total to June 30, 1923-
^
22,964, 660. CO
22,964, 560. 00
Accrued
interest
$80,431.92
80, 431. 92
22, 964, 550. 00
. 22,964, 550 00
80, 431. 92
68, 762, 960 00
68, 762,960. 00
247, 022. 56
68, 913, 90O CO
68,913,900.00
241, 396. 64
19,000,000 00
19, 000, 000. 00
87, 913, 900. 00
87, 913, 900. CO
241, 396. 64
166, 666, 860. 00
488,419. 20
57, 342, 100. CO
637, 636.12
50, 806, 300. CO $6, 535, 800. 00
202, 750 00
2, 211, 760 CO
1, 737, 160 00
3, 440,40O 00
6, OOO 00
34, IOO 00
311, 450 CO
205, 400. 00
597, 400. 00
30, 000. 00
4,000 00
11, OOO 00
s§
pi
156, 666, 850 00
236, 850 00
2, 523, 200. 00
1, 942, 660 00
4, 037, 800. 00
6, 000. CO
2, 051. 39
24, 789. 33
20.109. 23
43, 631. 73
6. 60
30, 000. 00
4, OOO 00
11, OOO 00
384. 95
3.35
53.11
7, 643, C60 00
1,148, 350 00
8, 791. 40O 00
90, 929. 59
58, 449, 360. 00
7, 684 150 00
66.133. 500. 00
628,566.71
920, 260 00
208, 941.10
1,129.19.1.10
'Includes $3,966.66 representing interest paid on registered bonds by registered interest check issued by the Division of Loans Currency.
2 Iiiclud^s adjustment of $61,858,734.48 not previously reported under this classification,
Total
$22,964, 660 00
$22,964,560.00
. .
.
Registered
O
to
O
Public debt retirements chargeable against ordinary receipts^-Continuea
o
Face amount retired
Coupon
Gifts, forfeitures, and miscellaneous--Continued.
Fiscal year 1924—
Forfeitures—
First 33/^'s
First 4)^'S-.
Second 4)^'s
1
Third 4)i's—
Fourth 4)i's
Victory 4^'s-
_
_
-
---
-
/
Miscellaneous—
Second 4)^'sThird 4)^'s
Fourth 4)^'s
Total fiscal year.Cumulative total to June 30, 1924.
-
-
--
„
-
Registered
Total
$50 00
2, 560 00
12, 260 00
7,160. 00
22, 200. 00
1, 650 00
$50 CO
2,550 00
12, 260 00
7,160. 00
22, 200. 00
1,650 00
45, 850 00
45, 850 00
35, 750 00
1, 500. CO
10,100, 00
35, 750 00
1, 500. 00
10,100. 00
47, 350 CO
47, 35J). 00
93, 2C0 00
1, 013, 450 00
93, 200. 00
$208,941.10
1 222,391. 10
Accrued
interest
pi
"—
-
^
^
o
pi
rs
i
H
"
3
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^
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t^
>
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EXHIBIT
25
PUBLIC DEBT TRANSACTIONS FROM JULY 1, 1923, TO JUNE 30, 1924, INCLUSIVE
ij
^
R a t e of
interest
Interest-bearing d e b t
Outstanding
J u l y 1, 1923
Issued a c c o u n t
of original
subscription
Retired account
of r e d e m p t i o n
Issued and
retired a c c o u n t
of conversion,
exchange, etc.
Outstanding
J u n e 30, 1924
$599,724,050.00
118,489, 900. CO
48,964,180.00
25. 947. 400. 00
49. 800,000. 00
• 28.894,500.00
11. 893, 760. 00
883,703. 790.00
1^
- ^ 1. B o n d s :
A. Pre-war b o n d s —
2 per cent consols of 1930
4 per cent loan of 1925
^
2 per cent P a n a m a C a n a l loan of 1916-1936
2 per cent P a n a m a C a n a l loan of 1918-1938
3 per cent P a n a m a C a n a l loan of 1961
3 per cent conversion b o n d s of 1946-1947
2)4 per cent postal savings b o n d s (first to t w e n t y - s i x t h series)
Per cent
2
4
2
.
2
3
3
2)4
.-.
T o t a l pre-war b o n d s
B, Liberty bonds—
F i r s t L i b e r t y loan of 1932-1947—
(a) F i r s t 3)^'s.
ib) F i r s t 4's
ic) F i r s t 4)^'s
..
id) F i r s t second 4)^'s
Second L i b e r t y loan of 1927-1942—
ia) Second 4's
ib) Second 4 ) i ' s . - .
T h i r d L i b e r t y loan of 1928
F o u r t h L i b e r t y loan of 1933-1938
notes:
A-1924
B-1924
A-1925
B-1925
883. 670. 230.00
33, 560. CO
53,987,320.00
334 11,409,999.050.00
9. 971.850.00
4
528, 301,150. CO
4)€
3.492.160.00
$60.00
239,400.00,
4
94,449, 650. 00
410, 587,300. 00
4,070,100.00
219, 806.850. CO
2 355, 791, 260. 00
462. 841. 600. 00
687. 913.150.00
28 445 000 00
3,076,142.160.00
2 997.' 199. 950 00
6,324,495, 650. 00
14,887,163,900.00
509,346, 500.00
1. 695, G80. 850.00
14 377 807 400 CO
4)€
763, 964,300.00
16, 534, 778.430. 00
5)1
._
-
96, 958,000. CO 1 1 409, 999,000 00
7,172,050.00
2 4,098,350. CO
530, 861, 560.00
2 67, 637, 950. 00
3,492,160. CO
733,700.00
42.817,400.00
3.156.219.400.00
3,407, 787,250. 00
43^ 6, 328, 665. 660.00
D . Total b o n d s
2. T r e a s u r y
Serie-s
Series
Series
Series
$33, 560. CO
$33,483.800.00
10,068.900.00
3. 566. 540. 00
1.431, 660.00
3,763,000.00
1,183, 200. 00
490,220.00
4M
4H
311, 088, 600. 00
380, 681, lOa 00
598, 355, 900. CO
310, 979,800. 00
33, 560.00
•
6, OCO. 00
137. 819.100. CO
763, 948.300. 00
509, 352,600.00
1. 887. 487,270. 00
16. 025, 459. 490.00
298, 960,100. 00
3, 000, 000. 00
1. 030. OOO 00
11. 319.900. 00
72, 563. 800. CO
89, 996, 700. 00
146.114 30O 00
71. 462. 800 00
pi
Pi
O
m
Ul
n
12,122, 500 00
377, 681,100. CO
597. 325, 900. 00
299. 059. 900. 00
1 Includes interim certificates.
2 First loan conversion transactions in the amount of $2,799,800 and second loan conversion transactions in the amount of $14,372,400 are included as retirements on the respective 4
per cent loans and also as issues on the respective 4)^1 per cent loans.
Ul
o
>^
- Total Liberty bonds
C. 4 K per cent T r e a s u r y b o n d s of 1947-1962
$699, 724,060. 00
118,489,900.00
48, 954,180.00
26, 947,400. CO
49,800.000.00
28,894, 500. CO
11,860, 200.00
ro
o
CO
Public debt transactions from J u l y i , 1923, to J u n e 30, 1924, inclusive—Continued
to
o
Outstanding
J u l y 1, 1923
R a t e of
interest
Interest-bearing debt
4H| $431, 296, 600. CO
m
43^
Total Treasury notes...
Certificates of i n d e b t e d n e s s :
Series TS-1923
Series TS2-1923
-.
Series TD-1923
Series TM-1924
Series TD2-1923Series TM2-1924
Series TJ-1924
Series TD-1924
Series T M - 1 9 2 5
Series TD2-1924
Special
616,737, 200. 00
424.486. 500. 00
362. 677, 900. CO
667,991, 650. 00
$209, 750. 00
4 104.195.160. CO
209, 750. 00
179,116, 500. 00
164 039, 000. 00
195, 612, 500. 00
321,196,000. 00
181, 564, 600. CO
33^,
4)i
4
4)4|
4
249, 750, 500. 00
135,128, 600. 00
214,149. 000. CO
400, 299, 000. 00
193. 066. 500. CO
822. 500. 000. 00
^H\
4
4Kl
4
2H\
T o t a l certificates of i n d e b t e d n e s s -
1,031,418,600. 00
.4. T o t a l interest-bearing b o n d s , notes, a n d certificates of i n d e b t e d n e s s J u l y
1. 1923
--5. T r e a s u r y (war) savings securities:
A . T r e a s u r y savings certificates—
Series 1919
Series 1920
Series 1921
Series 1921, new issue.-Series 1922. issue of D e c . 16. 1921
Series 1922. issue of Sept, 30,1922
-.
Series 1923, issue of Sept. 30, 1922
Series 1923. issue of Dec. 1, 1923
Series 1924, issue of D e c . 1, 1923--B . T h r i f t a n d T r e a s u r y savings s t a m p s (unclassified s a l e s ) .
Issued a n d
retired a c c o u n t
of conversion,
exchange, e t c .
Outstanding
J u n e 30, 1924
$25, 265. 600. 00
1, 029. 30O 00
9, 664 200. 00
6, 798, 000. 00
$124,061,90O 00
107,051, 70O 00
134,055, 800. 00
112, 789, 600. 00
158, 685, 300. 00
$406,031, COO 00
615. 707, 9C0 CO
414,922,3C0 00
355, 779, 900. 00
668, 201.400. 00
356, 973, 000. 00
1,015, 761,800. 00
3, 747,431, 900. 00
179, 051, 600. CO
153,956, 600. 00
196, 486, 000. 00
320, 276, 000. 00
181, 648, 500.00
249, 245, 500. 00
134,151, 600. 00
6,046, 000. CO
16, 709, 500.00
24, 608, 50O 00
53, 990, con. 00
43. 638, 600. CO
84,321. 600. 00
58. 940, 000. 00
80,470. 000. 00
96. 669. 000. 00
11. 265. 000. 00
65. 000. 00
82. 600. CO
26, 600. 00
921, 000. 00
6. 000. 00
605. 000. CO
977.000.00
214.149. 000. 00
400, 299, 000. 00
193, 065, 600. 00
475, 648, 000. CO
810, 096, 600. 00
R e t i r e d accoimt
of r e d e m p t i o n
P e r cent
T r e a s u r y notes—Continued.
Series C-1925
Series A-1926Series B-1926....Series A-1927..>
Series B-1927
C- T p t a l T r e a s u r y (war) savings securities,
Issued a c c o u n t
of original
subscription
,-..,.,._.
3
3
3
-4
-4
-4
21. 670. 392,080. 00
2, 015,136. 810. 00
50, 522,338. 02
22. 130.862. 07
13.400, 704.15
1,903,979. 65
105, 215,413. 30
17, 753,234.15
120.667,113. 68
5,605,029.11
566. 61
1,187.38
410.20
67,901.16
3, 551,378. 36
440,962. 66
37, 787,983. 87
27, 567, 506. 45
95. 027. 722. 80
^904,115.27
50. 522, 904. 53
1, 647, 949. 50
1, 397, 187.48
146, 624. 20
8.913. 130. 90
2.287, 464. 80
17,390, 748. 96
1,788, 734. 05
2,864, 032. 20
577, 371. 76
337,198, 674. 03
163, 641, 603. 99
87,436,138. 36
33^-4)^1
3)4-43^
3 -4
3 -4
33^-43^1
None
822, 600, 000. CO
2, 014.892. 600. CO 2, 236, 214. 500. 00
pi
3.102, 540, 000. CO 3,378, 897, 070. CO 20, 582, 987, 890. 00
21, 545. CO
48, 730. 00
36,156. CO
7,850. CO
316,976. 00
65, 260. 00
695,476. CO
186, 200. CO
264,000. 00
1, 530,180. 00
20, 584. 099.95
12, 003, 926. 87
1,825, 256. 60
99,863, 650. 75
16, 906, 741. 90
141, 064. 348. 50
25, 778, 772. 40
92,163, 690. 60
4 123, 642. 09
413, 304, 039. 66
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O
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O
5^
H
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o
Ul
6. T o t a l interest-bearing d e b t J u l y 1.1923..I
Deduct debt which matured during year.
22,007,690,754.03- 2,178, 677,313. 99 3.189, 976,138. 36 3, 380, 427. 250. 00
369.807,800. 00
384.879,000. CO 1, 712, 680, 600. 00
1, 342. 607,100. CO
20, 996, 291,929. 66
14, 705, 500. 00
7. T o t a l interest-bearing d e b t J u n e 30,1924
20, 666,083,664 03
1, 477, 295, 538. 36 3, 020, 619,450. 00
20,981, 686,429. 66
1. 793, 798, 313. 99
M A T U R E D D E B T ON WTHCH I N T E R E S T HAS CEASED
1. P r e - w a r b o n d s , etc.:
O l d - d e b t m a t u r e d at various dates prior to J a n . 1, 1861.
Texas indemnity s t o c k . . .
L o a n of 1847
L o a n of 1 8 5 8 - .
L o a n of F e b r u a r y , 1861..
_
T r e a s u r y notes of 1861
Oregon w a r d e b t
L o a n o f J u l y a n d A u g u s t . 1861
Seven-thirties of 1861..
F i v e - t w e n t i e s of 1862
T e m p o r a r y loan (1862-1868)
Certificates o f i n d e b t e d n e s s (1862-1866)
L o a n of 1863
_.
1-year notes of 1863..
_
2-year notes of 1863
C o m p o u n d - i n t e r e s t notes (1864-1866)
Ten-forties of 1864
F i v e - t w e n t i e s of 1864
Seven-thirties of 1864-66...
F i v e - t w e n t i e s of 1865
..
Consols of 1865
:
Consols of 1867
Consols of 1868^3 per cent certificates (1867-1872)
F u n d e d loan of 1881
F u n d e d loan of 1891 ( r e f u n d i n g ) . . . . ,
F u n d e d loan of 1907 (refunding)
R e f u n d i n g certificates (1879).
F u n d e d loan of 1881 (continued)
F u n d e d loan of 1891 (continued)
L o a n of J u l y 12, 1882
L o a n of 1904
L o a n of 1908-1918
Various.
5
6
6.334
7^
6
4,6,6
6
6,3)4
5
5
<6
5
6
7^
6
6
6
6
3
5
4)^
4
4
334
2
3
5
3
T o t a l pre-war b o n d s .
V i c t o r y notes:"
Victory 3 M ' s .
Victory 4 ^ ' s .
Total Victory notes.
* Counter entry; deduct.
* Interest compounded.
4M
29, 260. CO
161, 610. 26
19,000. 00
950. CO
2, 000. CO
6, 000. 00
2, 300. 00
2, 250. 00
15, 650. 00
9. 300. CO
105, 250. CO
2, 860. CO
3,000. CO
3. 200. CO
30.100. 00
26. 700. CO
157,420.00.
18.360. no
13.950. CO
120. 000. 00
19. 850 00
56, 350. CO
84 050. CO
3. SOO CO
6. OOO 00
22. 40O 00
18, 800. CO
360,100. 00
9, 610. 00
50.00
1, OOO 00
200. 00
13, 060. 00
267,060. CO
1. 693, 260 26
44, 060. 00
1, 649, 200. 26
614, 650. 00
93. 835. 750 00
367,800. 00
80, 272. 050. 00
94. 360, 400. 00
80, 639,850. CO
161, 610.
19. 000.
950.
2. 000.
6, 000.
2. 300.
2. 250.
15. 650
9, 300.
105. 260.
2. 850.
3, 000.
3, 200.
30. 100.
26. 700.
167, 640.
18. 350.
13, 950
120. 000.
19, 860.
55, 350.
84, 060.
3, 800.
6, 000.
22, 400.
19, 300.
373, 650.
10, 140.
50
000.
200.
060.
13, 320
296,
220. CO
500. 00
13,550.00
530. 00
10, 650. 00
Ul
o
pi
Kj
O
>
146, 860. 00
13, 563.700. 00
13, 710. 650. 00
to
o
to
Public debt transactions from July 1, 1923, to June 30, 1924, inclusive—Continued
o
Oi
R a t e of
interest
Interest-bearing debt
Issued a c c o u n t
of original
subscription
Outstanding
J u l y 1, 1923
-Retired accoun
of r e d e m p t i o n
Issued a n d
retired a c c o u n t
of conversion,
exchange, etc.
Outstanding
J u n e 30, 1924
M A T U R E D D E B T ON WHICH I N T E R E S T HAS C E A S E D — C o n t i n u e d
3 . Certificates of i n d e b t e d n e s s :
A. Tax i s s u e s Series J a n . 2.1918
Series A u g . 20.1918
Series T - 8
Series T-10
Series T J - 1 9 2 0 Series T D - 1 9 2 0 - . . . .
Series T M 4 - 1 9 2 0 . . .
Series T M - 1 9 2 1
Series T M 2 - 1 9 2 1
..
Series T M 4 - 1 9 2 1
.
. _" J
Series T J-1921
Series TS-1921
Series TS2-1921
.-.
Series T D - 1 9 2 1
Series T M - 1 9 2 2
Series T M 2 - 1 9 2 2 - :
Series TM3-1922
Series TJ-1922
_-.
Series TJ2-1922
Series TS-1922
. .
Series TS2-1922
"
Series T D - 1 9 2 2
Series TD2-1922
Series T M - 1 9 2 3
Series T M 2 - 1 9 2 3 . . .
Series TJ-1923
B . L o a n issues—
Series M a r . 20, 1918.Series 4-A
Series 4-B
Series 4-C
Series 4 - D
Series C-1920
Series G-1920
..
Series H - 1 9 2 0 . Series D-1921-__
Series E-1921 . . .
Series C-1921
Per cent
4
4
4)4
_
•.
_
.
_.-.:
.-.
- - .
.'
_
-
1
6M
6
6
5)4
6
_
6X
k
43^
4)4
.1
..
...
4)4
434
434
434
4)4
tn
i
_
6)4
6
$2,000.00
21,600.00
2, 000.00
11. 000.00
3.000 00
17. 600 00
4.000.00
1, 000. 00
10. 500. 00
2, 500. 00
8.000. 00
23.000 00
1,000 00
44,000.00
22, 500. 00
1.0,000 00
7,000 00
33, 500. 00
15, 000. 00
60, 000 00
34,000 00
165,000 00
11,000 00
439, 500 00
45, 600 00
1,135, 000 00
500
600
2,000
5, 500
3,500
500
1,000
500
6, 000
1, 500
16,000
00
00
00
00
00
00
00
00
00
00
00
$10. 500 CO
4,000 00
4,000.00
1. 000. 00
3. 500. 00
10. 500 00
.- .
~
18. 000. 00
14,500 00
2,000 00
7,000 00
20, 600. 00
16, 000 00
37, 000 00
20, 600 00
137,500 00
11,000 00
407, 500 00
45, 500 00
1.129, 500 00
1,000 00
$2,000. 00
21, 500. CO
2, 000. 00
11, 000. CO
3, 000. 00
7, 000. 00
1, 000. 00
6, 600. 00
1, 600. 00
4, 600 00
12, 600. 00
1,000 CO
26, 000.00
8, 000 00
8,000. 00
3. o5o 55
H
o
H
13, 000. CO
13, 000. 00
13, 500.00
17, 500. CO
32, 000. CO
5, 500. 00
500. 00
600.00
1,000. CO
6, 500. CO
3, 500. CO
500 00
6,000 00
o
w
1,000. 00
500. 00
1,000.00
1. 500 00
13.000.00
"A
a
Ul
b
Series F-1921
Series G-1921 . ,
Series H-1921 Series A-1922..
Series B-1922
Series D-1922.._ .
_
:,
.
C. Total certificates of indebtedness
.
.
.. ..
.
6^
634
634
634
634
334
10. COO 00
5,000. 00
• 2,000 00
26,000. 00
38,000. CO
1.000. 00
3. 600. 00
2,000. 00
600. 00
11.000. 00
26. OOO 00
1.000. CO
6. 500. 00
3,000. CO
1, 600. CO
15.000. 00
12.000. 00
2.228. 600. CO
1. 962,600. 00
276, 000. 00
4. Treasury (war) savings securities:
Series 1918
. ..
.. .
5. Total matured debt July 1, 1923 . .
Add interest-bearing debt which matured during year
98.172,160. 26
1,342,507,100. 00
1,687.28
384, 879,000. 00
82, 634,722. 72
1. 712, 680, 600. CO
$10. 560. 00
369. 807, 800. CO
16, 635. 750. 26
14. 706. 500. 00
6. Total matured debt June 30 ,1924
1, 440, 679, 260 26
384,877,312.72
1, 796,315,322.72
369, 818, 350. 00
30, 241, 250. 26
3 $1,687. 28
31,687.28
1.
2.
3.
4.
United States notes (less gold reserve)
Old demand notes
National and Federal reserve bank notes
Fractional currency
-
5. Total debt bearing no interest--
193,701, 990 37
63. 012. 50
48.172, 359. CO
1,997,481. 68
1
Total gross debt '..
3 Counter entrj% deduct.
Ul
o
DEBT BEARING NO I N T E R E S T
304,120, OOO 00
304,120,000. CO
5 28,453, 657. 50
33, 084 377. 60
1, 276. 64
243, 924. 843. 56
332, 573, 567. 50
337, 206, 654.14
22.349, 687, 757. 84
2, 511, 249,184. 21
3, 609,816.616. ,22
3, 380. 437.800. 00
193,701,990.37
53,012. 50
4.3, 641, 539. 00
1, 996. 205. 04
Pi
Kj
239, 292. 746. 91
O
21, 261,120, 426. 83
* Represents-deposits account of retirements.
Ul
a
Pi
Kj
to
o
-J
208
REPORT ON T H E FINANCES
EXHIBIT
26
[Department Circular No. 332. Loans and Currency]
UNITED STATES OF AMERICA—TREASURY CERTIFICATES OF INDEBTEDNESS. DATED AND B E A R I N G I N T E R E S T F R O M D E C E M B E R 1 5 , 1 9 2 3 , S E R I E S T J - 1 9 2 4 , 4 P E R C E N T , D U E J U N E 16, 1 9 2 4 ,
SERIES T D - 1 9 2 4 , 43^ P E R CENT, DUE D E C E M B E R 15, 1 9 2 4
The Secretary of the Treasury, under the authority of the act
approveci September 24, 1917, as amended, offers for subscription,
at par and accrued interest, through the Federal Reserve Banks,
Treasury certificates of indebtedness, in two series both dated and
bearing interest from December 15, 1923, the certificates of Series
. TJ-1924 being payable on June 16, 1924, with interest at the rate
of four per cent per annum, and the certificates of Series TD-1924
being payable on December 15, 1924, with interest at the rate of
four and one-quarter per cent per annum, payable semiannually.
Applications will be receivecl at the Federal-Reserve Banks.
Bearer certificates will be issued in denominations of $500, $1,000,
$5,000, $10,000, and $100,000. The certificates of Series TJ-1924
will have one interest coupon attached,^ payable June 16, 1924, and
the certificates of Series TD-1924, two interest coupons attached,
payable June 15, 1924, and December 15, 1924.
The certificates of said series shall be exempt, both as to principal
and interest, from all taxation now or hereafter imposed by the
United States, any State, or any of the possessions of the United
States, or by any local taxing authority, except (a) estate or inheritance taxes, and (&) graduated additional income taxes, commonly
known as surtaxes, and excess-profits and war-profits taxes, now or
hereafter imposed by the United States, upon the income or profits
of individuals, partnerships, associations, or corporations. The
interest on an amount of bonds and certificates authorized by said
act approved September 24, 1917, and amendments thereto, the
principal of which does not exceed in the aggregate $5,000, owned
by any individual, partnership, association, or corporation, shall be
exempt from the taxes provided for in clause (b) above. The certificates of these series will be accepted at par, with an adjustment
of accrued interest, during such time and under such rules and regulations as shall be prescribed or approved by the Secretary of the
Treasury, in payment,of income and profits taxes payable at the
maturity of the certificates. The certificates of these series will be
acceptable to secure deposits of public moneys, but do not bear the
circulation privilege.
The right is reserved to reject any subscription and to allot less
than the amount of certificates of either or both series applied for
and to close the subscriptions as to either or both series at any time
without notice.- The Secretary of the Treasury also reserves the
right to make allotment in full upon applications for smaller amounts
and to make reduced allotments upon, or to reject, applications for
larger amounts, and to make classified allotments and allotments
upon a graduated scale; and his action in these respects will be
final. Allotment notices will be sent out promptly upon allotment,
and the basis of allotment will be publicly announced.
SECRETARY OF THE TREASURY
209
Payment at par and accrued interest for certificates allotted must
be made on or before De(i.ember 15, 1923, or on later allotment.
After allotment and upon payment Federal Reserve Banks may
issue interim receipts pending delivery of the definitive certificates.
Any qualified depositary will be permitted to make payment by
credit for certificates allotted to it for itself and its customers up to
any amount for which it shall be .(Qualified in excess of existing
deposits, when so notified by the Federal Reserve Bank of its district. Treasury certificates of indebtedness of Series TD-1923 and
TD2-1923, both maturing December 15, 1923, will be accepted at
par, with an adjustment of accrued interest, in payment for any
certificates of the Series TJ-1924 or TD-1924 now offered which
shall be subscribed for and allotted.
As fiscal agents of the United States, Federal Reserve Banks are
authorized and requested to receive subscriptions and to make
allotments on the basis and up to the amounts indicated by the
Secretary of the Treasury to the Federal Reserve Banks of the
respective districts.
A. W.
MELLON,
Secretary of the Treasury,
TREASURY DEPARTMENT,
OFFICE OF THE SECRETARY,
December 10, 1928,
To
THE
INVESTOR:
Almost any banking institution in t h e United States will handle your subscription for you, or you m a y m a k e subscription direct to t h e Federal Reserve
Bank of your district. Y'our special attention is invited to t h e t e r m s of subscription a n d allotment as stated above. If j'^ou desire to purchase certificates
of t h e above issues after t h e subscriptions close, or certificates of any o u t s t a n d ing issue, you should apply to your own bank, or, if it can not obtain t h e m for
you, to t h e Federal Reserve Bank of your district, which will t h e n endeavor to
• fill your order in t h e m a r k e t .
E X H I B I T 27
[Department Circular No. 337. Public Debt]
UNITED STATES OF AMERICA—FOUR PER CENT TREASURY CERT I F I C A T E S OF INDEBTEDNESS. S E R I E S T M - 1 9 2 5 , DATED AND
BEARING I N T E R E S T F R O M M A R C H 15, 1924, DUE M A R C H 15,
1925
The Secretary of the Treasury, under the authority of the act
approved September 24, 1917, as amended, offers for subscription,
at par and accrued interest, through the Federal Reserve Banks,
Treasury certificates of indebtedness of Series TM-1925, dated and
bearing interest from March 15, 1924, payable March 15, 1925, with
interest at the rate of four per cent per annum, payable semiannually.
Applications will be received at the Federal Reserve Banks.
Bearer certificates will be issued in denominations of $500, $1,000,
$5,000, $10,000, and $100,000. The certificates will have two interest coupons attached, payable September 15, 1924, and March 15,
1925.
The certificates of said series shall be exempt, both as to principal
and interest, from all taxation now or hereafter imposed by the
United States, any State, or any of the possessions of the United
States, or by an^?- local taxing authority, except (a) estate or inheritance taxes, and (6) graduated additional income taxes, commonly
210
REPORT ON THE FINANCES
known as surtaxes, and excess-profits and war-profits taxes, now o r
hereafter imposed by the United States, upon the income or profits
of individuals', partnerships, associations, or corporations. The interest on an amount of bonds and certificates authorized by said
act approved September 24, 1917, and amendments thereto, the
principal of which does not exceed in the aggregate $5,000, owned
by any individual, partnership, association, or corporation, shall be
exempt from the taxes provided for in clause (b) above.
The certificates of this series will be accepted at par, with an adjustment of accrued interest, during such time and under such rules
and regulations as shall be prescribed or approved by the Secretary
of the Treasury, in payment of income and profits taxes payable at
the maturity of the certificates. The certificates of this series will
be acceptable to secure deposits of public moneys, but will not bear
the circulation privilege.
The right is reserved to reject any subscription and to allot less
than the amount of certificates applied for and to close the subscriptions at any time without notice. The Secretary of the Treasury
also reserves the right to make allotment in lull upon applications
for smaller amounts, and to make reduced allotments upon, or to
reject, applications for larger amounts, and to make classified allotments and allotments upon a graduated scale; and his action in these
respects will be final. Allotment notices will be sent out promptly
upon allotment, and the basis of the allotment will be publicly
announced.
Payment at par and accrued interest for certificates allotted must
be made on or before March 15, 1924, or on later allotment. After
allotment and upon payment Federal Reserve Banks may issue
interim receipts pending delivery of the definitive certificates. Any
qualified depositary will be permitted to make payment by credit for
certificates allotted tc) it for itself and its customers up to any amount
for which it shall be qualified in excess of existing deposits, when so
notified by the Federal Reserve Bank of its district. Treasury certificates of indebtedness of Series T M and TM2-1924, both maturing March 15, 1924, will be accepted at par, with an adjustment of
accrued interest, in payment for any certificates of the Series T M 1925 now oftered which shall be subscribed for and allotted.
As fiscal agents of the United States, Federal Reserve Banks are
authorized and requested to receive subscriptions and to make allotments on the basis and up to the amounts indicated by the Secretary
of the Treasur}^ to the Federal Reserve Banks of the respective
districts.
A. W.
-^
MELLON,
Secretary of the Treasury,
TREASURY DEPARTMENT,
O F F I C E OF THE SECRETARY,
March 10, 192L
To THE INVESTOR:
Almost any banking institution in the United States will handle your subscription for you, or you may make subscription direct to the Federal Reserve
Bank of your district. Your special attention is invited to the terms of subscription and allotment as stated above. If you desire to purchase certificates
of the above issue after the subscriptions close, or certificates of any outstanding
issue, you should apply to your own bank, or, if it can not obtain them for you,
to the Federal Reserve Bank of your district, which will then endeavor to fill
your order in the market.
SECRETARY OF T H E TTIEASURY
EXHIBIT
211
28
[Department Circular No. 341. Public Debt]
UNITED STATES OF AMERICA—TWO AND THREE-QUARTERS PER
CENT TREASURY CERTIFICATES OF INDEBTEDNESS. SERIES
TD2-1924, DATED AND BEARING INTEREST FROM JUNE • 16,
1924, DUE DECEMBER 15, 1924
The Secretary of the Treasury, under the authority of the act
approved September 24, 1917, as amended, offers for subscription,
at par and accrued interest, through the Federal Reserve Banks,
Treasury certificates of indebtedness of vSeries TD2-1924, dated and
bearing interest from June 16, 1924, payable December 15, 1924,
with interest at the rate of two and three-quarters per cent per
annum on an annual basis.
Applications will be received at the Federal Reserve Banks.
Bearer certificates will be issued in denominations of $500, $1,000,
$5,000, $10,000, and $100,000. The certificates will have one
interest coupon attached, payable December 15, 1924.
The certificates of said series shall be exempt, both as to principal
and interest, from all taxation now or hereafter imposed by the
United States, any State, or an}^ of the possessions of the United
States, or by any local taxing authority, except (a) estate or inheritance taxes, and (b) graduated additional income taxes, commonly
known as surtaxes, and excess-profits and war-profits taxes, now or
hereafter imposed by the United States, upon the income or profits
of individuals, partnerships, associations, or corporations. The
interest on an amount of bonds and certificates authorized by said
act approved September 24, 1917, and amendments thereto, the
principal of which does not exceed in the aggregate $5,000, owned by
any individual, partnership, association, or corporation, shall be
exempt from the taxes provided for in clause (b) above.
The certificates of this series will be accepted at par, with an
adjustment of accrued interest, during such time and under such
rules and regulations as shall be prescribed or approved by the
Secretary of the Treasury, in payment of income and profits taxes
payable at the maturity of the certificates. The certificates of this
series will be acceptable to secure deposits of public moneys, but will
not bear the circulation privilege.
The right is reserved to reject any subscription and to allot less
than- the amount of certificates applied for and to close the subscriptions at any time without notice. The Secretary of the Treasury also reserves the right to make allotment in full upon applications for smaller amounts, and to make reduced allotments upon,
or to reject, applications for larger amounts, and to make classified
allotments and allotments upon a graduated scale; and his action
in these respects will be final. Allotment notices will be sent out
promptly upon allotment, and the basis of allotment will be publicly
announced.
Payment at par and • accrued interest for certificates allotted
must be made on or before June 16, 1924, or on later allotment.
After allotment and upon payihent Federal Reserve Banks may
issue interim receipts pending delivery of the definitive certificates.
Any qualified, depositary will be permitted to make payment by
10065—FI 19241
IG
212
REPORT ON THE FINANCES
credit for certificates allotted to it for itself and its customers up to
any amount for which it shall be qualified in excess of existing
deposits, when so notified by the Federal Reserve Bank of its district. Treasury"- certificates of indebtedness of Series TJ-1924,
maturing June 16, 1924, and Treasury notes of Series A-1924,
maturing June 15, 1924, will be accepted at par, in payment for any
-certificates of the Series TD2-1924 now offered which shall be subscribed for and allotted, with an adjustment of the interest accrued,
if any, on the certificates of Series TD2-1924 so paid for.
As fiscal agents of the United States, Federal Reserve Banks are
authorized and requested to receive subscriptions and to ^make
allotments on the basis and up to the amounts indicated by the
Secretary of the Treasury to the Federal Reserve Banks of the
respective districts.
A. W.
MELLON,
Secretary of the Treasury,
TREASURY DEPARTMENT,
O F F I C E OF THE SECRETARY,
J u n e s , 1924,
To
THE
INVESTOR:
Almost any banking institution in the United States will handle your subscription for you, or you may make subscription direct to the Federal Reserve
Bank of your district. Your special attention is invited to the terms of subscription and allotment as stated above. If you desire to purchase certificates
of the above issue after the subscriptions close, or certificates of any outstanding
issue, you should apply to your own bank, or, if it can not obtain them for you,
to the Federal Reserve Bank of your district, which will then endeavor to fill
your order in the market.
EXHIBIT
29
[Department Circular No. 345. Public Debt]
UNITED STATES OF AMERICA—TWO AND THREE-QUARTERS PER
CENT TREASURY CERTIFICATES OF INDEBTEDNESS. SERIES
TS-1925, DATED AND BEARING INTEREST FROM SEPTEMBER 15,
1924, DUE SEPTEMBER 15, 1925
The Secretary of the Treasury, under the authority of the act
approved September 24, 1917, as amended, offers for subscription
at par and accrued interest, through the Federal Reserve Banks,
Treasury certificates of indebtedness of Series TS-1925, dated and
bearing interest from September 15, 1924, payable September 15,
1925, with interest at the rate of two and three-quarters per cent
per annum, payable semiannually.
Applications will be received at the Federal Reserve Banks.
Bearer certificates will be issued in denominations of $500, $1,000,
$5,000, $10,000, and $100,000. The certificates will have two
interest coupons attached, payable March 15, 1925, and September
15,1925.
The certificates of said series shall be exempt, both as to principal
and interest, from all taxation now or hereafter imposeci by the
United States, any State, or any of the possessions of the United
States, or by any local taxing authority, except (a) estate or inheritance taxes, and (6) graduated additional income taxes, commonly
known as surtaxes, and excess-profits and war-profits taxes, now or
hereafter imposed by the United States, upon the income or profits of
SECRETARY OF THE TREASURY
213
individuals, partnerships, associations, or corporations. The interest
on an amount of bonds and certificates > authorized by said act
approved September 24, 1917, and amendments thereto, the principal
of which does not exceed in the aggregate $5,000, owned by any
individual, partnership, association, or corporation, shall be exempt
from the taxes provided for in clause (b) above.
The certificates of this series will be accepted at par, with an
adjustment of accrued interest, during such time and under such
rules and regulations as shall be prescribed or approved by the
Secretary of the Treasury, in payment of income and profits taxes
payable at the maturity of the certificates. The certificates of this
series will be acceptable to secure deposits of public moneys, but will
not bear the circulation privilege.
The right is reserved to reject any subscription and to allot less
than the amount of certificates applied for and to close the subscriptions at any time without notice. The Secretary of the Treasury
also reserves the right to make allotment in full upon applications for
smaller amounts, and to make reduced allotments upon, or to reject,
applications for larger amounts, and to make classified allotments
and allotments upon a graduated scale; and his action in these respects
will be final. Allotment notices will be sent out promptly upon
allotment, and the basis of the allotment will be publicly announced.
Payment at par and accrued interest for certificates allotted must
be made on or before September 15, 1924, or on later allotment.
After allotment and upon payment Federal 'Reserve Banks may
issue interim receipts pending delivery of the definitive certificates.
Any qualified depositary will be permitted to make payment by
credit for certificates allotted to it for itself and its customers up to
any amount for which it shall be qualified in excess of existing deosits, when so notified by the Federal Reserve Bank of its district,
'reasury notes of Series B-1924, maturing September 15, 1924,
will be accepted at par, with an adjustment of accrued interest, if
any, inpayment for any certificates of the Series TS-1925 now offered
which shall be subscribed for and allotted.
As fiscal agents of the United States, Federal Reserve Banks are
authorized and requested to receive subscriptions and to make
allotments on the basis and up to the amounts indicated by the
Secretary of the Treasury to the Federal Reserve Banks of the
respective districts.
?
A. W.
MELLON,
" Secretary of the Treasury.
TREASURY DEPARTMENT,
: O F F I C E OF THE SECRETARY,
September 8, 1924..
To
THE
INVESTOR:
Almost any banking institution in the United States will handle your subscription for you, or you may make subscription direct to the Federal Reserve Bank
of your district. Your special attention is invited to the terms of subscription
and allotment as stated above. If you desire to purchase certificates of the
above issue after the subscriptions close, or certificates of any outstanding issue,
you should apply to your own bank, or, if it can not obtain them for you, to the
Federal Reserve Bank of your district, which will then endeavor to fill your order
214
REPORT ON T H E FINANCES
EXHIBIT
30
[Department Circular No. 343. Public Debt]
WITHDRAWAL OF TREASURY SAVINGS CERTIFICATES, ISSUE OF
DECEMBER 1, 1923, FROM SALE
TREASURY DEPARTMENT,
O F F I C E OF THE SECRETARY,
Washington, July 10, 1924.
1. Withdrawal from sale.—Pursuant to the provisions of Treasury
Department Circular No. 329, dated November 15, 1923, and until
further notice. Treasury Savings Certificates of the issue of December
1, 1923, offered thereunder, are hereby withdrawn from sale at the
close of business July 15, 1924, and thereafter such certificates will
not be issued for cash or in exchange, except as hereinafter provided
for exchange of denominations or for reissue in case of the death of
the registered owner prior to maturity.
2. Surrender of unissued stoclcs.—-Every collateral agent shall surrender immediately after July 15, 1924, to the Federal Reserve Bank
from which received all Treasury Savings Certificates of the issue of
December 1, 1923, not sold before the close of business that day,
and upon such surrender shall receive appropriate credit for the certificates surrendered in its account with the Federal Reserve Bank.
Post offices will be required to surrender all Treasury ^Savings Certificates of the issue of December 1, 1923, held by them for sale and
remaining in their hands unsold at the close of business on July 15,
1924, in accordance with instructions issued by the Postmaster
General.
3. Discontinuing the exchange of War-Savings Certificates and Treasury Savings Certificates, Series of 1918 and 1919.—-The provisions of
Department Circulars Nos. 329, 330, and 331, dated November 15,
1923, which authorize the exchange of War-Savings Certificates and
Treasury Savings Certificates of the Series of 1918 and 1919 for
Treasury Savings Certificates of the issue of December 1, 1923, are
hereby suspended eft'ective at the close of business July 15, 1924,
and thereafter any such certificates then outstancling when presented
will be paid in regular course and the exchange thereof, for Treasury
Savings Certificates will not be permitted.
4. Exchange of denominations and reissue on death of registered
owner,—The provisions of Department Circular No. 329, dated
November 15, 1923, authorizing the exchange of denominations of
Treasury Savings Certificates of the issue of December 1, 1923, and
the reissue of such certificates in the case of the death of the owner
prior to maturity in favor of the person entitled thereto, remain in
full force and effect. Such exchanges may be made only at the
Treasury Department, Division of Loans and Currency.
5. The Secretary of the Treasury may at any time withdraw this
circular as a whole or in part and from time to time may make any
supplemental or amendatory regulations which shall not modify or
impair the terms and conditions of Treasury Savings Certificates of
the issue of December 1, 1923, issued under Treasury Department
Circular No. 329, dated November 15, 1923.
|^ /
G. B. WINSTON,
Acting Secretary of the Treasury,
' '
SECRETARY OF T H E TREASURY
215
Ex]aiBiT 31
[Department Circular No. 347. Public Debt]
REDEMPTION OF WAR-SAVINGS CERTIFICATES, SERIES OF 1920
TREASURY DEPARTMENT,
OFFICE OF THE SIECRETARY,
Washington, November 15, 1924.
To Holders of War-Savings Certificates of the Series of 1920, Postmasters, Federal Reserve Banlcs, and Others Concerned,
United States War-Savings Certificates of the Series of 1920,
become due and payable January 1, 1925, according to their terms.
The Secretary oi the Treasury offers special facilities for their
redeinption as follows:
1. General,—Holders of War-Savings Certificates, Series of 1920,
will be entitled to receive on or after January 1, 1925, $5.00 for each
War-Savings, Stamp of the Series of 1920 then affixed thereto. Certificates having registered stamps affixed are payable only at the post
offxce where registered. Unregistered certificates are payable at any
money-order post office or at the Treasury Department in Washington, and will likewise be accepted for payment at the Federal Reserve
Banks and their branches, acting as fiscal agents of the United States.
Certificates presented for redemption must be duly receipted in the
name inscribed thereon, or, in the event of the death or disability
of the owner, in the name of the person entitled to receive payment
under the provisions of Treasury Department Circular No. 108,
Revised, dated August 1, 1923. Banking institutions generally will
handle redemptions for their customers, but the only cfficial agencies
are t h e post offices, the Federal Reserve Banks and branches, and
the Treasury Department at Washington.
2. Redemption,—Holders must present their certificates, at their
own expense and risk, to the post office where registered in the case
of registered certificates, or to any money-order post office. Federal
Reserve Bank or branch, or the Treasurer of the United States, at
Washington, D. C , in the case of unregistered certificates. Holders
will facilitate redemption by presenting unregistered certificates
through their own banks, for recognized banking institutions enerally will receive such certificates for collection, lor account of the
holders, or may cash unregistered certificates for the holders and get
cash reimbursement therefor, at maturity value, on or after January 1,
1925, upon surrender of the certificates, duly receipted as herein
provided, to the Federal Reserve Bank of the district.
3. Redemption will be made only as of January 1, 1925. In order
to facilitate redemption, however, any of the certificates may be
presented and surrendered in the manner herein prescribed, at any
time in advance of January 1, 1925, for pa^rment on that date.
Certificates presented prior to January 1, 1925, should be receipted
as of January 1, 1925, and certificates presented on or after January 1,
1925, should be receipted as of the date of presentation. The
Treasurer of the United States and the Federal Reserve Banks and
branches will be prepared to make payment of matured certificates
immediately upon presentation, provided, o however, that where
certificates are presented prior to January 1, 1925, a check payable
216
REPORT ON T H E FINANCES
to the order of the holder will be mailed to reach him on or about
January.1, 1925. Post offices are not required to make payment
until ten days after receiving written demand therefor, but wherever
practicable will waive this requirement and make payment at an
earlier date, but in no event will any such payment be made prior
to January 1, 1925. Payment of certificates surrendered through
banks will be made to the bank through which presented, while
payment of certificates presented direct to post offices. Federal
Reserve Banks and branches, or the Treasurer of the United States
will be liiade direct to the holder.
4. Procedure in case of death or disability of the owner.—The provisions of Treasury Department Circular No. 108, Revised, dated
August 1, 1923, further define the rights of holders of War-Savings
Certificates and subject to the provisions hereof will govern the presentation and surrender of certificates for redemption in the event
of the death or disability of the owner. Where certificates are inscribed in the name of a deceased owner and the estate is being administered in a court of competent jurisdiction, the certificates should
be receipted by the legal representative of the estate and accompajiied
by a certific^^te of his appointment or by duly certified copies of
the letters testamentary or letters of administration, as the case may
be. Certificates inscribed in the names of minors should be receipted
by the legal guardian, or, if there is no guardian, by the minor himself if of sufficient competency and understanding to sign the receipt
and comprehend the nature thereof, or, if not of sufficient competency
and understanding,, receipted for the minor by the parent or natural
guardian with whom the minor resides. Holders may obtain further
information as to the provisions of the circular from their own banks
or post offices.
5. Limitation of holdings.—Under the provisions of Section 6 of the
Act of Congress approved September 24, 1917, as amended, it is not
lawful for any one person at any one time to hold War-Savings Certificates of the Series of 1920 to an aggregate amount exceeding $5,000
(maturity value). Holders may, however, redeem their excess holdings in accordance wilh the provisions of Treasury Department Circular No. 178, dated January 15,1920, as amended and supplemented.
6. Further information.—^Any further information which may be
desired as to the redemption of War-Savings Certificates of the Series
of 1920 may be obtained from post offices. Federal Reserve Banks
and branches, or the Treasury Department, Division of Loans and
Currency, Washington, D. C.
7. The Secretary of the Treasury may at any time or from time to
time prescribe supplemental or amendatory rules and regulations
governing the redemption of War-Savings Certificates, Series of 1920.
A. W.
MELLON,
Secretary o/ the Treasury,
SECRETARY OF T H E TREASURY
217
E X H I B I T 32
[Department Circular No. 348. Public Debt]
R E D E M P T I O N OF TREASURY SAVINGS CERTIFICATES, SERIES OF
1920
TREASURY DEPARTMENT,
OFFICE OF THE SECRETARY,
Washington, November 15, 1924.
To Owners of Treasury Savings Certificates ofthe Series of 1920, and
Others Concerned:
United States Treasury Savings Certificates of the Series of 1920
become due and payable January 1, 1925, according to their terms.
Treasury Savings Certificates of the Series of 1920 are all in registered
form, and bear on their face the title ^^ United States War-Savings
Certificate, Treasury Savings Certificate Issue, ^^ and the date
'^ January 2, 1920." The Secretary of the Treasury offers facilities for their redemption, as follows:
1. General.—Registered owners of Treasury Savings Certificates,
Series of 1920, will be entitled to receive, on or after January 1,
1925, One Thousand Dollars ($1,000) for each $1,000 certificate
and One Hundred Dollars ($100) for each $100 certificate. Certificates are payable and must be presented and surrendered (by mail
or otherwise) at the Treasury Department, Division of Loans and
Currency, Washington, D. C. The demand for payiment appearing
on the back of each certificate presented for redemption must be
properly signed by the owner in the presence of and duly certified
by a United States postmaster (who should affix the official postmark
of his office), an executive officer of an incorporated bank or trust
company (who should affix the corporate seal of the bank or trust
company), or any other person duly designated by the Secretary of
the Treasury for the purpose. In the event of the death or disability
of the owner, the demand for payment shall be executed by the
person entitled to receive payment under the provisions of Treasury
Department Circular No. 149, Revised, dated August 1, 1922.
2. Presentation before maturity,—In order to facilitate redemption
of maturing certificates, owners are offered the privilege, beginning
December 1, 1924, of surrendering their certificates in advance, for
redemption as of January 1, 1925. Payment for all certificates thus
presented will be made by check payable to the order of the registered owner, which will be mailed to reach him on or about January 1,
1925.
3. Presentation at or after maturity.—Redemption will be made only
as of January 1, 1925. Payment will be made by check payable to
the order of the registered owner.
4. Procedure in case of death or disability of the owner.—The proYisions of Treasury Department Circular No. 149, Revised, dated
August 1, 1922, further define the rights of holders of Treasury
Savings Certificates and will govern the presentation and surrender
of certificates for redemption in the event of the death or disability
of the owner.
5. Further information.—Any further information which may be
desired as to tlie redemption of Treasury Savings Certificates of the
218
REPORT ON TPIE FINANCES
Series of 1920 may be obtained from post offices. Federal Reserve
Banks and branches, or the Treasury Department, Division of Loans
and Currency, Washington, D. C.
6. The Secretary of the Treasury may at any time or from time to
time prescribe supplemental or amendatory rules and regulations
governing the redemption of Treasury Savings Certificates, Series of
1920.
A. W.
MELLON,
Secretary ofthe Treasury.
E X H I B I T 33
[Department Circular No. 346. Public Debt]
REDEMPTION OF THE 4 PER CENT BONDS OF THE LOAN OF 1925
TREASURY DEPARTMENT,
OFFICE OF THE SECRETARY,
Washington, October 15, 1924.
To Holders of 4 per cent Bonds ofthe Loan 0^1925 and Others Concerned:
Public notice is hereby given that United States 4 per cent bonds of
the Loan of 1925, dated February 1, 1895, issued under authority of
the Act of Congress approved July 14, 1870, as amended by the Act
approved January 20, 1871, and by the Act of Congress approved
January 14, 1875, are called for redemption and payment on February
2, 1925, and will cease to bear interest on that date.
1. Coupon bonds.-—Four per cent bonds of 1925 in coupon form,
should be presented and surrendered for redemption to the Treasurer
of the United States, at Washington, or to any Federal Reserve Bank
or branch. The bonds must be delivered at the expense and risk of the
holder, and should be accompanied by appropriate written advice (see
Form P. D. 900 hereto attached). The final interest coupons which
will become payable on February 1, 1925, should be detached for
collection in regular course before the bonds are presented for redemption. One day's additional interest accruing on such coupon bonds of
February 2, 1925, will be covered by payments to be made simultaneously with the payments on account of principal.
2. Registered bonds.—;Four per cent bonds of 1925 in registered
form should be assigned by the registered payees or assigns thereof tO'
''The Secretary of the Treasury for redemption,'' in accordance with
the general regulations of the Treasury Department governing assignments, and thereafter should be presented and surrendered for
redemption to the Treasury Department, Division of Loans and
Currency, Washington, or to any Federal Reserve Bank or branch.
The bonds must be delivered at the expense and risk of the holder,,
and should be accompanied by appropriate written advice (see Form
P. D. 901 hereto attached). If assignment for redemption is made
by the registered owner, payment of principal and interest will be
made to the registered owner at his last address of record, unless,
written instructions to the contrary are received from the registered
owner. If assignment for redemption is made by an assignee holding
under proper assignment from the registered owner, payment of
principal and interest will be made to such assignee at the address
specified in the form of advice. Assignments in blank, or other as-
SECRETARY OF T H E
TREASURY
219
signments having similar effect, will also be recognized, and in that
event payment will be made to the person surrendering the bonds for
redemption, since under such assignments the bonds become in effect
payable to bearer. In case it is desired to have paym.ent made to
some one other than the registered owner, without intermediate assignment, the bonds may be assigned to ''The Secretary of the
Treasury for redemption for account of
";
(Here insert name and address of payee desired.)
but assignments in this form must be completed before acknowledgment and not left in blank. The transfer books for such registered bonds will not close prior to February 2, 1925, and the interest
accruing for the quarter year ending February 1, 1925, together with
one day's additional interest accruing on February 2, 1925, will be
covered by payments to be made simultaneously with the payments
on account of principal. Separate checks for interest to February
1, 1925, will not be issued.
3. Bonds held by Treasurer of the United States in trust.—Registered
4 per cent bonds of 1925 on deposit with the Treasurer of the United
States to secure circulating notes of national banks, or to secure
deposits of public money or postal savings funds, may be redeemed
upon assignment as follows:
(a) If deposited to secure circulating notes of national banks, the
board of directors of the national bank concerned should, by appropriate resolution, authorize the Treasurer of the United States to
assign such bonds to " The Secretary of the Treasury for redemption."
The resolution should further authorize the withdrawal by the Comptroller of the Currency of the bonds from the custody of the Treasurer
of the United States and the substitution of a like amount of other
United States bonds bearing the circulation privilege, or the deposit
of the proceeds of redemption for the retirement of the outstanding
circulating notes secured by such bonds. A certified copy of such
resolution and the Treasurer's receipt for the bonds on deposit,
together v/ith the bonds, if any, to be substituted, should be forwarded to the Comptroller of^'the Currency, Treasury Department,
Washington.
(&) If deposited to secure deposits of public money or postal
savings funds the board of directors of the bank or trust company
concerned should, by appropriate resolution, authorize the Treasurer
of the United States to assign such bonds to " T h e Secretary of the
Treasury for redemption." The resolution should further authorize
the withdrawal of the bonds from the custody of the Treasurer of
the United States and the substitution of a like amount of other
acceptable collateral. A certified copy of such resolution, together
with the Treasurer's receipt for the bonds on deposit, should be
forwarded either (1) to the Treasurer of the United States, Division
of Securities, Washington, if the bonds are held to secure deposits of
public money, or (2) to the Director of Postal Savings, Washington,
if the bonds are held to secure postal savings funds. In either case
if other collateral is to be deposited, such collateral should be forwarded direct to the Treasurer of the United States, Division of
Securities, Washington.
(c) The Treasurer of the United States will forward appropriate
resolution forms to each bank or trust company having 4 per cent
bonds of 1925 on deposit as security for the above accounts.
220
REPOET ON T H E FINANCES
4. Presentation prior to February 2, 1925,—In order to facilitate
redemption of outstanding 4 per cent bonds of 1925, any of .the bonds
may be presented and surrendered in the manner herein prescribed,
at any time in advance of February 2, 1925, for payment on that date,
and holders are urged to present their bonds well in advance so as to
insure prompt payment when due. This is particularly important
with respect to registered bonds, Jfor payment can not be made until
registration shall have been discharged by the Treasury Department,
Division of Loans and Currency.
5. Miscellaneous.—Any further information which may be desired
as to the payment or redemption of said bonds may be obtained from
the Treasury Department, Division of Loans and Currency, Washington, or from any Federal Reserve Bank or branch. The Secretary
of the Treasury may at any time or from time to time prescribe supplemental or amendatory provisions governing the matters covered by
this circular.
A. W.
MELLON,
Secretary oi the Treasury,
TREASURY
DEPARTMENT
DIVISION OF LOANS AND CURRENCY
Form P. D. 900. Ed. 8000. Oct. 15, 1924
Form of advice to accompany 4 per cent bonds of t h e loan of 1925 in coupon
form presented for redemption
To T h e T R E A S U R E R O F T H E U N I T E D S T A T E S , Washington, D. C :
or
The FEDERAL RESERVE BANK OF
P u r s u a n t t o t h e provisions of Treasury D e p a r t m e n t Circular N o . 346, d a t e d
October 15, 1924, t h e undersigned presents a n d surrenders herewith for r e d e m p t i o n on F e b r u a r y 2, 1925, $
, face a m o u n t ,
of 4 per cent bonds of t h e Loan of 1925 in coupon form, with all coupons detached,
as follows:
Number of bonds
Denomination
Serial numbers of bonds
Face amount
$50
100
500
'
1,000
Total
a n d requests t h a t r e m i t t a n c e covering p a y m e n t therefor be forwarded t o t h e
undersigned a t t h e address indicated below.
(Signature)
(Address in full)..
(Date).
NOTE 1.—Coupon bonds must be delivered to the Treasurer of the United States, Washington, D. C ,
or to any Federal Reserve Bank or branch, at the expense and risk of the holder.
NOTE 2.—Final coupon due February 1, 1925, should be detached by holders of bonds and collected in
regular course. One day's additional interest, due February 2,1925, will be paid simultaneously with payment of the principal amount. The decimal for computing such one day's interest on $1,000 face amount
of coupon bonds is $0.11235955 (interest for one day in 89 day period).
^;
SECRETARY OF THE TREASURY
221
TREASURY D E P A R T M E N T
DIVISION OF LOANS AND CURRENCY
Form P. D. 901.
Ed. 8000. Oct. 15, 1924
Form of advice to accompany 4 per cejit bonds of the loan of 1925 in registered form presented for redemption
To The TREASURY DEPARTMENT, Division of Loans and Currency, Washington,
D. C :
or
The
FEDERAL RESERVE BANK OF
Pursuant to the provisions of Treasury Department Circular No. 346 dated
October 15, 1924, the undersigned presents and surrenders herewith for redemption on February 2, 1925, $
, face amount, of 4 per cent
bonds of the Loan of 1925 in registered form, inscribed in the name of__^
and duly assigned to ^'The Secretary of the Treasury
for Redemption" as follows: •
Number of bonds
Denomination
Serial numbers of bonds
Face amount
$50
100
500
1,000
5,000
10,000
Total
and requests that remittance covering payment therefor be forwarded to the
undersigned at the address indicated below.
Signature
(Address in full)
(Date).
NOTE 1.—Registered bonds must be assigned, in accordance with Treasury Department regulations
governing assignments generally, to " The Secretary of the Treasury for redemption," and must be delivered
to the Treasury Department, Division of Loans and Currency, Washington, D. C , or to any Federal
Reserve Bank or branch at the expense and risk of the holder.
NOTE 2.—The usual check for interest due February 1, 1925, will not be issued. Interest for quarter
year ending February 1, 1925, plus one day's additional interest due February 2, 1925, will be paid simultaneously with payment of the principal amount. The decimal for computing such interest on $1,000 face
amount of registered bonds is $10.11235955 (one quarter year's interest plus interest for one day in 89 day
period).
222
REPORT ON TI-IE FINANCES
EXHIBIT
34
P A Y M E N T S T O C A R R I E R S F R O M N O V E M B E R 16, 1 9 2 3 , T O O C T O BER 3 1 , 1924, INCLUSIVE, PROVIDED F O R IN SECTION 2 0 4 OF
T H E T I ^ A N S P O R T A T I O N A C T O F 1 9 2 0 , AS A M E N D E D , F O R T H E
R E I M B U R S E M E N T . OF D E F I C I T S ON ACCOUNT OF F E D E R A L
CONTROL
Carrier
Partial
payments
A m a d o r C e n t r a l R . R . Co
Arizona & N e w Mexico R y . Co
..
A r k a n s a s & Louisiana M i d l a n d R y . Co., receivers
B i r m i n g h a m & S o u t h e a s t e r n R y . Co., receivers
B r o w n s t o n e & M i d d l e t o n R. R. Co
C e n t r a l R y . Co. of A r k a n s a s
_
C o u d e r s p o r t & P o r t Allegany R . R . Co
D e l a w a r e & N o r t h e r n R. R . Co., receivers
E a s t Texas & Gulf R y . Co
Freeo Valley R. R. Co
Georgia & F l o r i d a R a i l w a y , receivers
Illinois S o u t h e r n R y . Co., receiver
Keeseville, A u s a b l e C h a s m & L a k e C h a m p l a i n
R. R . Co
K a n s a s , O k l a h o m a & Gulf R y . Co
L a k e C h a m p l a i n & M o r i a h R. R. Co •
M i n e r a l P o i n t & N o r t h e r n R y . Co
M o n t o u r Railroad Co
M o r e n c i S o u t h e r n R y . Co
N e v a d a C o u n t v N a r r o w G a u g e R. R Co
N o r t h Louisiana & Gulf R . R. Co
P i t t s b u r g h & S u s q u e h a n n a R. R. Co
P r e s c o t t & N o r t h w e s t e r n R. R. Co
Springfield Electric R y . Co., receiver
T e x a s - S o u t h - E a s t e r n R. R. Co
...
T i o n e s t a Valley R y . Co
T r i n i t y Valley & N o r t h e r n R y . Co
..-•..
W a r r e n & O u a c h i t a Valley R y . Co
W a u k e g a n , Rock ford <^ Elgin T r a c t i o n Co
Waycross & S o u t h e r n R. R. Co
Wellington & Powellsville R . R. Co., r e c e i v e r . .
W h i t e R i v e r R. R. Co
W h i t e S u l p h u r Springs & Yellowstone P a r k
R y . Co
W i c h i t a N o r t h w e s t e r n R y . Co., receiver
W i l l i a m s p o r t & N o r t h B r a n c h R. R . Co., receiver
W o o d w o r t h & L o u i s i a n a C e n t r a l 1R.Y Co
W y a n d o t t e T e r m i n a l R y . Co
W y o m i n g R a i l w a y Co
Final
payments
Total
certified
$35, 835. 06
86, 742. 77
$25. 41
$35,835. 0(>
86, 742. 77
82, 649. 45
20,429.11
296. 88
27, 730. 27
5, 796. 05
.51, 965. 56
14, 405. 37
6, 498. 52
41, 743. 49
199, 626. 62
66, 343. 57
82, 649. 45
20, 429.11
296. 88
27, 730. 27
5, 796. 05
51,965. 56
14, 405. 37
6, 498. 52
41,743.49
199, 626. 62
3, 899. 52
106, 363. 47
73, 315. 97
12, 222. 92
125, 224. 08
7,127. 02
9, 039. 71
9,656.19
34, 284. 99
7, 496. 50
22, 949. 76
3, 986. 29
1, 474. 88
5, 085. 79
15, 558. 38
4, 252. 07
7, 762. 51
18, 577. 94
1, 329. 31
Total
Less refund of o v e r p a y m e n t s :
Lorain & S o u t h e r n R. R. C o . . . . $2,849. 58
Randolph & Cumberland Ry.
Co. (part)
188.25
Deductions ^
5, 796. 05
51, 965. 56
41, 743. 49
3, 899. 52
107, 000. 00
2,418.10
5, 051. 40
65. 28
601. 80
154. 61
304. 78
3,899. 52
106, 363. 47
73, 315. 97
12, 222. 92
125, 224. OS
7,127. 02
9, 039. 71
9,656.19
34, 284. 99
7, 496. 50
22, 949. 76
3, 986. 29
1, 474. 88
5, 085. 79
15, 558. 38
4, 252. 07
7, 762. 51
18, 577.94
1, 329. 31
6, 999. 49
49, 351. 78
6, 999. 49
49, 351. 78
10, 718. 73
10,140. 51
27, 489. 78
12, 455. 45
12, 455. 45
10, 718.
10,140.
27, 489.
12, 455.
1,160,482.19
297,825.02
73
51
78
45
1,160, 482.19
3,037. 83
3,037.83
P a y m e n t s from N o v . 16, 1923, to Oct. 31, 1924,
inclusive
P a y m e n t s to N o v . 15, 1923, inclusive
' _ . $2, 207, 651. 41
1,157,444. 36
6, 070, 259. 22
297, 825.02
1, 557,913. 57
1,157, 444.36
8, 277, 910. 63
2, 207, 651. 41
7, 227, 703. 58
1, 855,738. 59
9, 435,354. 99
T o t a l p a y m e n t s to Oct. 31,1924
1 Amount due from the carrier to the President (as operator of the transportation systems under Federal
CDntrol) on account of traffic balances or other indebtedness.
223
SECRETARY OF THE TREASURY
EXHIBIT
35
P A Y M E N T S TO C A R R I E R S F R O M N O V E M B E R 16, 1 9 2 3 , TO O C T O BER 3 1 , 1924, INCLUSIVE, UNDER THE G U A R A N T Y PROVIDED
F O R IN SECTION 2 0 9 OF THE TRANSPORTATION ACT OF 1920,
AS A M E N D E D , A N D P A Y M E N T S B Y C A R R I E R S T O T H E U N I T E D
STATES UNDER THE SAME SECTION
Carrier
Advances
Partial
Alabama Central R. R. Co
Alabama & Vicksburg Ry. Coi
Arizona & New Mexico Ry. Co
Arkansas Central R. R. Co
Arkansas & Louisiana Midland Ry., receivers
Atlantic Coast Line R. R. Co. and
Louisville & Nashville R. R. Co.,
joint lessees of Georgia R. R
_.
Atlantic, Waycross & Southern R. R_.
Barnegat Railroad Co
_
Bowdon Railway Co
Buffalo Creek Railroad, lessees
Central Indiana Ry. Co., receiver
Chicago Great Western R. R. C o . . : . . .
Chicago, Milwaukee & Gary Ry. Co...
Chicago, West Pullman & Southern
R. R. Co
Cincinnati, Lebanon & Northern Ry.
Co....
Copper Range Railroad Co
Cumberland & Pennsylvania R . R . Co.
Delaware & Northern R, R. Co., receivers
__
Elberton & Eastern R. R. Co
Evansville & Indianapolis R. R. Co....
Florida East Coast Ry. Co
Greenwich & Johnsonville Ry. Co
Huntineton & Broad Top Mountain
R. R."* Coal Co
Kansas, Oklahoma & Gulf Ry. Co., including Kansas, Oklahoma & (iulf
Ry. of Texas
Kentwood & Eastern Ry. Co
Leavenworth & Topeka R. R. Co
Lehigh Valley R. R. Co
Lorain, Ashland & Southern R . R . Co..
Manistique & Lake Superior R . R . Co..
Manufacturers Railway Co
Marion R. R. Corporation
Maryland, Delaware & Virginia Ry.
Co
:
Midland Valley R. R. C o . . .
Minnesota Northwestern Electric Ry.
Co
Missouri, Kansas & Texas R. R. Co.
and Missouri, Kansas & Texas Ry. of
Texas.
Missouri Pacific R. R. Co
Missouri Southern R. R. Co
Monongahela Ry. Co
Morenci Southern Ry. Co
Mount Hood R. R. Co
New Park & Fawn Grove R. R
Nezperce & Idaho R. R. Co
Norfolk & Western Ry. Co
Ohio River & Western Ry. Co
Philadelphia & Beachhaven R. R. Co..
Pittsburgh, Chartiers & Youghiogheny
Ry. C o . . .
Pittsburg, Shawmut & Northern R. R.
Co
Rockingham Railroad Co
Rome & Northern R. R. Co
Saratoga & Encampment R. R. Co
Seaboard Air Line Ry. Co
Shearwood Ry. Co
St. Johnsbury & Lake Champlain
R. R. Co
St. Joseph & Grand Island Ry. Co
St. Paul Bridge & Terminal Ry. C o . . .
'Amounts in this column represent balances due and paid after taking into
tial payments previously made.
Final ^
Total
$933. 48
187,744. 92
13,191. 39
33, 378. 31
$933. 48
187, 744. 92
13,191. 39
33, 378. 31
5, 429. 65
5, 429. 65
48, 223.11
575. 79
3,457.49
10, 669.09
232, 252. 77
48,173. 78
22, 660. 60
78, 327. 97
48, 223.11
575. 79
3,457.49
10, 669. 09
232, 252. 77
48,173. 78
22, 660. 60
78,327. 97
5,897. 87
5, 897. 87
98,988.33
33, 436. 00
80, 066. 28
98,988. 33
33, 436. 00
80, 066. 28
9,987. 83
5,8'56.29
228, 594. 35
694,150. 86
6, 847. 61
9,987. 83
5, 856. 29
228, 594. 35
694,150.86
6,847. 61
48, 083.75
48,083. 75
40, 770. 22
12, 932. IS
6, 363. 85
282, 585. 02
261,938.01
3, 686. 60
45,160. 60
1, 570.18
40, 770. 22
12, 932.18
6,363. 85
282, 585. 02
261,938. 01
3, 686. 60
45,160. 60
1, 570.18
37, 498.18
90, 634. 31
37,498.18
90, 634. 31
3, 383. 00
3, 383.00
817,157. 85
660,448. 73
7,838. 83
432,819. 43
19, 380. 92
18, 095. 26
2, 071. 56
1, 274. 44
593, 668.16
24,169.19
4, 648. 79
817,157. 85
660,448. 73
7,838. 83
432, 819. 43
19,380. 92
18, 095. 26
2,071. 56
1,274. 44
593, 668. 16
^24,169.19
4, 648. 79
140,705.12
140, 705.12
200, 281. 91
952.11
2, 270. 61
13, 663. 56
650,188.43
1, 671. 32
200, 281. 91
952.11
2, 270. 61
13,663. 56
650,188. 43
1, 671. 32
9,987. 78
121,867.32
23,570.05 1
9,987. 78
121,867. 32
23, 570. 05
account advances and par-
224
REPORT ON T H E FINANCES
Payments to carriers from November 16, 1923, to October 31, 1924, inclusive, under
the guaranty provided for in section 209 of the transportation act of 1920, as
amended, and payments by carriers to the United States under the same sectionContinued
Carrier
Advances
Partial
Valdosta, Moultrie & Western Ry. Co.
Virginian Ry. Co
Washington & Lincolnton R. R. Co...
Washington & Lincolnton R. R. Co
(supplemental)
Western Maryland Ry. Co
Wichita Northwestern Ry. Co., receiver
Williamson & Pond Creek R. R. C o . . .
Less refund of overpayment by:
Atlanta & St. Andrews
Bay Ry. Co. (part).. .$10,985. 89
Baltimore, Chesapeake
& Atlantic Ry'. C o . . . . 68,117. 76
Bangor & Aroostook
R . R . Co.
11,419.81
Birmingham & Southeastern Ry. Co
9,612.44
Leavenworth Terminal
Ry. & Bridge Co
18,000.00
Muscatine, Burlington
& Southern R. R. Co.
(part)
14,328.40
Norfolk & Portsmouth
Belt Line R. R. C o . . . 3,555.69
Repayment by:
International & Great Northern
Ry. Co., receiver, on account
part payment of amount due receiver from Pierce Oil Corporation
_
-. Refund account of error in certificate of Interstate Commerce
Commission, Florida Central &
Gulf Ry. Co
Payments to carriers from Nov. 16,
1923, to Oct. 31, 1924
Payments to Nov. 15, 1923, inclusive.. $263, 935,874. 00 !$169,441, 912.14
Total payments to Oct. 31, 1924,
inclusive.^
263,935,874. 00 169,441,912. 14
Final
Total
$13,178. 48
165,985. 63
9,175. 61
$13,178. 48
' 165,985.63
9,175. 61
3,000. 00
24,361. 03
3,870.17
29, 670. 62
3,000. 00
24, 361. 03
3,870.17
29,670. 52
6, 679,422. 48
6,679,422.48
136,019.99
136,019.99
596,047. 67
596,047. 67
.10
.10
5,947,354. 72
68,192, 544. 72
5,947,354. 72
501, 570,330. 86
74,139,899.44
507, 517, 685.58
PAYMENTS BY CARRIERS TO THE UNITED STATES
Payments by carriers to the United States from November 16, 1923, to October
31, 1924, under the provisions of section 209(d) of the transportation act, 1920,
as amended, on account of excess earnings during the guaranty period:
Campbells Creek R. R. Co
$3,560.52
Kishacoquillas Vallev R. R. Co
2, 707. 79
Missouri & Illinois Bridge & Belt R. R. Co
20, 395. 56
Rosslyn Connecting R. R. Co
5, 677. 03
'Total
Payments to Nov. 15, 1923
.
32, 340. 90
223, 789. 60
256, 130. 50
225
SECRETARY OF THE TREASURY
EXHIBIT
36
LOANS TO CARRIERS UNDER SECTION 2 1 0 OF THE
TRANSPORTA-
TION ACT OF 1920, AS AMENDED, AND REPAYMENTS ON SUCH
LOANS FROM NOVEMBER 16, 1923, TO OCTOBER 3 1 , 1924,
I N C L U S I V E , WITH LOANS OUTSTANDING NOVEMBER 15, 1923,
AND OCTOBER 3 1 , 1924
Carrier
Loans
outstanding
Nov. 15,1923
Loans from
Nov. 16,1923,
to
Oct. 31,1924
Akron, Canton & Youngstown Ry. Co.
$212,000.00
Alabama, 'Tennessee & Northern R . R .
Corporation
447, 750. 00
Alabama & Vicksburg Ry. Co
1, 394,000,00
Ann Arbor R. R. Co
430,000. 00
Aransas Harbor Terminal Ry
50,000.00
Atlanta, Birmingham & Atlantic Ry.
Co
180,000.00
Baltimore & Ohio R. R. Co..
2,900,000. 00
Bangor & Aroostook R . R , Co
164,000.00
Birmingham & Northwestern Ry. Co..
75, 000. 00
Boston & Maine R. R
• 14, 705,479. 00 $7,000,000.00
Buffalo, Rochester & Pittsburgh Ry.
Co
1,000, 000. 00
Central of Georgia Ry. Co.
206,180. 00
300,000.00
Central New England Ry. Co
167,000.00
Central-Vermont Ry. Co
140,000. 00
Charles City Western Ry. Co
Chesapeake & Ohio Ry. Co
8, 073, 023.97
Chicago & Eastern Illinois R. R. Co.,
receiver
785,000.00
Chicago Great Western R . R . Co
2,205, 373.00
Chicago, Indianapolis & Louisville Ry.
Co
155.000. 00
Chicago, Milwaukee & St. Paul Ry. Co. 35, ooo; 000.00
Chicago, Rock Island & Pacific Ry. Co. 9,862,000.00
Chicago & Western Indiana R . R . C o . . 7, 719,000.00
Cisco & Northeastern Ry. Co
236,450.00
Cowlitz, Chehalis & Cascade Ry. C o . .
45,000.00
Cumberland & Manchester R . R . C o . .
376,000. 00
Des Moines & Central Iowa R. R.
(formerly the Inter-Urban Ry. Co.)_633, 600.00
Erie R. R. Co..
11,674, 450. 00
Evansville> Indianapolis & Terre Haute
400,000. 00
Ry. Co
26,000. 00
Fernwood, Columbia & Gulf R. R. C o . .
7, 250.00
Flemingsburg & Northern R . R . Co...
Fort Dodge, Des Moines & Southern
200,000.00
R. R. Co
Fort Smith & Western R. R. Co.,
156,000. 00
receiver
75,000.00
Gainesville & Northwestern R. R. Co.
792,000. 00
Oeorgia & Florida Ry., receivers
1, 608,000. 00
Great Northern Ry. Co
48, 000.00
Greene County R. R. Co
1,433, 500. 00
Gulf, Mobile & Northern R. R. Co....
1, 665, 000. 00
Hocking Valley Ry. Co
Kansas City, Mexico & Orient R. R.
2, 600, 000. 00
Co., receiver.
580, 000.00
Kansas City Terminal Ry. Co
Lake Erie, Franklin & Clarion R. R.
20, 000. 00
Co
..:
Louisville & Jeffersonville Bridge &
147, 000. 00
R. R. Co
:
2, 373, 000. 00
Maine Central R. R. Co
.1
1, 382, 000. 00
Minneapolis & St. Louis R. R. Co
Missouri, Kansas & Texas Ry. of
390, 000. 00
Texas, receiver
.
3, 500, 000. 00
Missouri & North Arkansas Ry. Co
5, 549, 760. 00
Missouri Pacific R. R. Co
Repayments
from Nov. 16,
1923, to
Oct. 31,1924
Loans
outstanding
Oct. 31,1924
$212,000.00
$27, 600. 00
1,394,000.00
60,000.00
20,000.00
420, 250. 00
370,000.00
60, 000.00
180,000.00
2,900,000. 00
144, 000.00
75,000.00
21, 705,479. 00
1,000,000.00
•1206,180. 00
13,000.00
300,000.00
154, 000.00
140,000. 00
8,073,023.97
786,000.00
2, 205,373.00
2, 000,000. 00
103,000. 00
156,000. 00
36,000,000.00
7,862,000.00
7, 616,000. 00
236,460. 00
46, 000.00
375,000.00
633, 500. 00
11, 574,460. 00
400,000. 00
5,000.00
7,250.00
20,000.00
200,000.00
166,000. 00
76,000.00
792,000.00
1, 608,000. 00
6,000. 00
42, 000. 00
1, 433, 600. 00
1, 666, 000. 00
.2, 600, 000. 00
680, 000. 00
2, 600. 00
17, 600. 00
147, 000. 00
2,373,000. 00
1,382, 000. 00
390,000. 00
"80,"000.'00'
3, 500, 000. 00
6, 469, 760.00
226
REPORT ON THE FINANCES
Loans to carriers under section 210 of the transportation act of 1920, as amended,
and repayments on such loans from November 16, 1923, to October 31, 1924,
inclusive, with loans outstanding November 15, 1923, and October 31, 1924—
Continued
Carrier
N a t i o n a l R a i l w a y Service C o r p o r a t i o n
accountB a l t i m o r e & Ohio R . R . Co .
B a n g o r & Aroostook R . R . Co
Chicago, R o c k I s l a n d & Pacific
R y . Co
M i n n e a p o l i s & St. Louis R . R . C o . .
N e w Orleans, T e x a s & Mexico
R . R . Co
W h e e l i n g & L a k e E r i e R5^ Co
New York, New H a v e n & Hartford
R. R. C o . . .
.•
Norfolk S o u t h e r n R . R . Co
P e o r i a & Pelcin U n i o n R y . Co
Salt L a k e & U t a h R . R . Co.'.
...
Seaboard Air L i n e R y . Co
Seaboard-Bay Line C o . .
Shearwood R y . Co
Tennessee C e n t r a l R y . C o
T o l e d o , St. Louis & W e s t e r n R . R . C o .
Virginia B l u e Ridge R v . Co
Virginia S o u t h e r n R . R . Co
Virginian R y . Co., T h e
1
.
W a t e r l o o , C e d a r Falls & N o r t h e r n
Ry. C o . .
W e s t e r n M a r y l a n d R y . Co
. .
W h e e l i n g & L a k e E r i e R y . Co
W i c h i t a N o r t h w e s t e r n R y . Co
. .
Wilmington, Brunswick & Southern
R . R . Co
Total
Loans and repayments to November
15, 1923, inclusive
Loans
outstanding
N o v . 15,1923
L o a n s from
N o v . 16,1023,
to
Oct. 31,1924
Repayments
from N o v . 16,
1923, to
Oct. 31,1924
Loans
outstanding
Oct. 31,1924
$4,160, 000. 00
44, 250. 00
$173, 333.33
1, 770. 00
$3,986, 666. 67
42, 480.00
1,643," 032. 82
379, 909. 87
1, 643,032. 82
7,179. 65
372, 730. 22
766, 344. 80
3, 250, 271.13
31,931. 04
61, 424. 67
734, 413.76
3,188, 846. 46
100,000.00
46,600.00
1, 797, 000. 00
15,700. 00
500, 000. 00
314, 000. 00
27, 230, 000.00
1, 561,700.00
23, 930, 000. 00
1, 608, 300. 00
1, 797, 000. 00
888, 300. 00
15, 057, 400. 00
• 4, 239; 000. 00
29, 000. 00
1, 500, 000. 00
600,000. 00
106, 000. 00
38, 000. 00
2, 000, 000. 00
$3, 400,000. 00
400, 000. 00
46,000. 00
2, 000, 000. 00
100, 000. 00
1, 260, 000.00
2,822, 800. 00
3,460, ono. 00
381,750.00
10,800,000. 00
14,060,401. 51
188,677,673.08
339, 800, 667. 00
147,862, 592. 41
350, 600, 667. 00
161,922, 993.92
1. 260, 000. 00
2; 922,800. 00
3, 460, 000. 00
381, 750. 00
90,000. 00
90, 000. 00
191,938, 074. 59
872,600. 00
14, 967,400. 00
3, 925, 000. 00
29, 000. 00
1, 500, 000. 00
654, 000. 00
106, 000. 00
38,000.00
SECRETARY OF T H E TREASURY
EXHIBIT
227
37
SECURITIES OWNED BY THE UNITED STATES GOVERNMENT
[Compiled from latest reports received by the Treasury, June 30,1924]
Bonds of foreign governments received under agreements for funding
of their debts to the United States, pursuant to the acts of Congress
approved Feb. 9,1922, Feb. 28,1923, Mar. 12,1924, and May 23,1924:
Great Britain
$4,577,000,000.00
Finland
8,966,000.00
Hungary
1,939,000.00
-.
$4,587,894,000.00
Obligations of foreign governments under authority of acts approved
Apr, 24, 1917, and Sept. 24, 1917, as amended (on basis of cash
advances, less repayments of principal): ^
Belgium
347,210,808.68
Czechoslovakia..61,974,041.10
France
2,933,179,559.22
Greece
15,000,000.00
Italy..
1,647,997,050.16
Liberia
26,000.00
Rumania
23,205,819.62
Russia
187,729,750,00
Serbia
26,069,865.40
Total...
Foreign obligations received from the Secretary of War on account of
sale of surplus war supplies: ^
Belgium.-Czechoslovakia
-...
Esthonia
France
Latvia
Lithuania
Nicaragua
Poland
Rumania
.:
^
Russia
:
•.
Serbs, Croats, and Slovenes
_
•_
Total
.
....:
Foreign obligations received from the Secretary of the Navy on account
of sale of surplus war supplies: ^
Poland
Foreign obligations received from the American Relief Administration
on account of relief, pursuant to act approved Feb, 26,1919: ^
Armenia
Czechoslovakia
Esthonia
•.
Latvia
..
Lithuania
Poland
Russia
:.
Total-:".
Foreign obligations received from the United States Grain Corporation on account of final liquidation, given for relief, pursuant to act
approved Mar. 30, 1920: i
Armenia
Austria-Czechoslovakia
Poland
:..
.Total
Capital stock of war emergency corporations:
Capital stock ofthe Emergency Fleet Corporation
Less cash deposited with the Treasurer of the United States to
the credit of the corporation
.
Capital stock ofthe Hoboken Manufacturers Railroad Co
Capital stock of United States Housing Corporation issued
Less amount retired plus cash deposits covered into Treasury
under act approved July 11,1919
Capital stock of United States Sugar Equalization Board (Inc.).
Offset'by cash deposited with the Treasurer of the United
States to credit of the corporation
Capital stock of the United States Spruce Production Corporation..
Capital stock of the War Finance Corporation, authorized and
issued
Less cash deposited with the Treasurer of the United States to
credit of War Finance Corporation
/
1 The figures do not include interest accrued and unpaid.
5,242,382,894. 08
29,818,761.38
20,604,302,49
12,213,377,88
407,341,145,01
2,521,869,32
4,169,491.96
155,590.28
77,408,015.21
12,922,675.42
406,082.30
24,978,020.99
592,529,332.24
2,638,065.03
8,028,412.15
6,428,089.19
1,786,767,72
-2,610,417.82
822,136.07
61,671,749.36
4,465,465.07
75,812,037.38
3,931,506,34
24,056,708,92
2,873,238.25
24,312,614,37
55,172,966,88
60,000,000,00
33,020,689.69
-.
70,000,000,00
24,666,664.76
'.
5,000,000.00
16,979,310,31
400,000,00
45^ 334^ 335.24
12,797,160.19
10,000,000.^
600,000,000.00
470,497,807.75
29,602,192.25
228
REPORT ON T H E FINANCES
Obligations of carriers acquired under section 7 of the Federal control
act approved Mar. 21, 1918, as amended: 2
Boston & Maine Railroad.
Washington, Brandywine & Point Lookout Railroad Oo.
Total
".
Equipment trust 6 per cent gold notes, acquired by Director General
of Railroads pursuant to Federal control act of Mar. 21, 1918, as
amended, and act approved Nov. 19, 1919, to provide for the reimbursement of the United States for motive power, cars, and other
equipment ordered for carriers under Federal control: 3
Ann Arbor Railroad Co
Atlanta, Birmingham & Atlantic Railway Co
Boston & Maine Railroad....
Chicago & Alton Railroad Co
Chicago & Eastern Illinois Railroad C o . .
Chicago Great Western Railroad Co
Chicago, Milwaukee & St. Paul Railway Co
Grand Trunk Railway of Canada
Grand Trunk Western Railway Co
Minneapolis & St. Louis Railroad Co
Missouri Pacific Railroad Co
New York, New Haven & Hartford Railroad Co
1
Seaboard AirLine Railway Co
Spokane, Portland & Seattle Railway Co
Western Maryland Railway Co
Wheeling & Lake Erie Railway Co
Total
Obligations of carriers acquired pursuant to section 207 of the transportation act approved Feb. 28, 1920, as amended:
Ann Arbor Railroad Co
•..
Baltimore & Ohio Railroad Co
:..
Boston & Maine Railroad
Central Vermont Railway Co
Chartiers Southern Railroad Co
Chicago & Eastern Illinois Railroad Co
^..
Chicago Great Western Railroad Co
Chicago, Milwaukee & St. Paul Railway Co
Detroit, Toledo & Ironton Railroad Co
Erie Railroad Co
Gulf, Mobile & Northern Railroad Co
^
Hocking Valley Railway C o . . .
Kansas, Oklahoma & Gulf Railway Co
Maine Central Railroad Co
Minneapolis & St. Louis Railroad Co
Missouri Pacific Railroad Co
New York, New Haven & Hartford Railroad Co—
..New York, Susquehanna & Western Railroad Co.'
Norfolk Southern Railroad Co
-Pennsylvania Railroad Co
Pittsburgh, Cincinnati, Chicago & St, Louis Railroad Co
Seaboard Air Line Railway Co
St. Louis-San Francisco Railway Co
Wabash Railway Co
Western Maryland Railway Co
Wheeling & Lake Erie Railway Co
$26,950,000. 00
50,000.00
$26,000,000.00
$193,600.00
917,000. 00
1,674,200. 00
444,400. 00
180,400.00
159, 600. 00
4,020,500.00
218, 900. 00
756,800.00
369,600. 00
2,545,400.00
1,087,900. 00
403,700. 00
214, 500,00
210,100.00
1,122,000.00
14,618,600.00
$525,000.00
9,000,000.00
1,030,000.00
700,000.00
400,000. 00
3,425,000.00
960,000.00
20,000,000. 00
200,000. 00
' 8,725,000.00
480,000. 00
700,000.00
1,410,000.00
750,000.00
1,250,000.00
3,000,000.00
64,000,000. 00
100,000.00
200,000.00
69,066,000.00
18,250,000.00
2,000,000.00
3,000,000.00
1,500,000.00
2,000,000. 00
900,000.00
Total
213,560,000.00
Obligations of carriers acquired pursuant to section 210 of the transportation act approved Feb. 28,1920, as amended:
Akron, Canton & Youngstown Railway Co
$212,000.00
Alabama, Tennessee & Northern Railroad Corporation.
420,250. 00
Ann Arbor Railroad Co
390,000.00
Aransas Harbor Terminal Railway
.'
50,000, 00
Atlanta, Birmingham & Atlantic Railway Co
180,000.00
Baltimore & Ohio Railroad Co
2,900,000,00
Bangor & Aroostook Railroad Co
144,000.00
Birmingham & Northwestern Railway Co
75,000.00
Boston &'Maine Railroad
21,705,479.00
Buffalo, Rochester & Pittsburgh Railway Co
1,000,000.00
Central New England Railroad Co
300,000.00
Central Vermont Railway Co
167,000.00
Charles City Western Railway Co
140,000.00
Chesapeake & Ohio Railway Co
. 8,073,023.97
Chicago & Eastern Illinois Railroad Co., Receiver of
785,000.00
Chicago Great Western Railroad C o . . .
2,205,373.00
Chicago, Indianapolis & Louisville Railway Co
165,000.00
Chicago, Milwaukee & St. Paul Railway Co...-.
35,000,000.00 •
Chicago, Rock Island & Pacific Railway Co
7,862,000.00
^ Chicago & Western Indiana Railroad Co
7,616,000.00
^ Cisco & Northeastern Railway Co
236,450.00
Cowlitz, Chehalis & Cascade Railway Co
45,000,00
Cumberland & Manchester Railroad Co
375,000.00
Des Moines & Central Iowa Railroad, formerly the Inter-Urban
RaUway Co
633,600.00
2 This amount does not include securities purchased by the Director General of Railroads under the
provisions of sec, 12 of the Federal control act, approved Mar. 21, 1918.
8 The notes are in series, which mature, respectively, on the 15th day of January in various years up to
1935. •
SECRETARY OF THE TREASURY
229
Obligations of carriers acquired pursuant to section 210 of the transportation act approved Feb. 28, 1920, as amended—Continued
Erie Railroad Co
$11, 674,450. 00
Fernwood, Columbia & Gulf Railroad Co
20,000.00
Fort Dodge, Des Moines & Southern Railroad Co
200,000.00
Fort Smith & Western Railroad Co., Receiver of the
156,000. 00
Gainesville & Northwestern Railroad Co
75,000. 00
Georgia & Florida Railway, Receivers of
792,000. 00
Great Northern Railway Co
1,608,000.00
Greene County Railroad Co
48,000.00
Gulf, Mobile & Northern Railroad Co
1,433,500.00
Hocking Valley Railway Co
...
1,665,000.00
Kansas City, Mexico & Orient Railroad Co., Receiver of the
2,500,000.00
Kansas City Terminal Railway Co
580,000.00
Lake Erie, Franklin & Clarion Railroad Co
18,750. 00
Louisville & Jeffersonville Bridge & Railroad Co
147,000. 00
Maine Central Railroad Co..
2,373,000.00
Minneapolis & St. Louis Railroad Co
1,382,000.00
Missouri, Kansas & Texas Ry. Co. of Te.xas, Receiver of the
390, 000. 00
Missouri & North Arkansas Railway Co
3,500,000. 00
Missouri Pacific Railroad Co
5,469,760.00
National Railway Service Corporation
9,839,009.19
New York, New Haven & Hartford Railroad Co
27,330,000. 00
Norfolk Southern Railroad Co
1,561,700.00
Peoria & Pekin Union Railway Co
'.
1,797,000:00
Salt Lake & Utah Railroad Co
.
888,300. 00
Seaboard Air Line Railway Co
14,957,400.00
Seaboard Bay Line Co..4,082,000.00
Shearwood Railway Co
29,000.00
Tennessee Central Railway Co
1, 500,000. 00
Toledo, St. Louis & Western Railroad Co., Receiver of
654,000. 00
Virginia Blue Ridge Railway Co
106,000. 00
Virginia Southern Railroad Co
38,000.00
Waterloo, Cedar Falls & Northern Railway Co.
1,260,000. 00
Western Maryland Railway Co
2,822,800.00
Wheeling & Lake Erie Railway C o . . .
3,460,000.00
Wichita Northwestern Railway Co
381,750.00
Wilmington, Brunswick & Southern Railroad Co
90,000. 00
Total.....
."
$195,299,496.16
Capital stock of the Panama Railroad Co
7,000,000. 00
Capital stock of Federal land banks (on basis of purchases, less repayments to date):
Springfield, Mass
$543,340.00
Baltimore, Md
4.34,035.00
Columbia, S. C :
277,095.00
New Orleans, La
27,095.00
St. Louis, Mo
'.
170,660.00
Wichita, Kans
65,995.00
Berkeley, Calif....
467,280.00
Total
'
177.....
1,985,600.00
Capital stock of Federal intermediate credit banks, acquired pursuant
to the "Agricultural credits act of 1923," approved Mar. 4, 1923:
Springfield, Mass
$2,000,000.00
Baltimore, Md
2,000,000.00
Columbia, S. C
2,000,000.00
Louisville, Ky
.._
2,000,000.00
New Orleans, La
2,000,000. 00
St. Louis, M o . . .
2,000,000.00
St. Paul, Minn
2,000.000.00
Omaha, Nebr
2,000,000.00
Wichita, Kans
2,000,000.00
Houston, Tex
2,000,000.00
Berkeley, Calif
2,000,000.00
Spokane, Wash
1
._
2,000,000.00
Total
~
24,000,000.00
Federal farm loan bonds, acquired pursuant to act approved Jan. 18, 1918:
Federal farm loan 4^^ per cent bonds
101,885,000.00
Securities received by the Secretary of War on account of sales of surplus war supplies..
6, 309,317. 34
Securities received by the Secretary of the Navy on account of sales of surplus property..
10,304,408. 50
Securities received by the United States Shipping Board on account of sales of ships, etc..
41,906,080. 29
Grand total
,
11,301,313,434,70
MEMORANDUM
Amount due the United States from the Central Branch of the Union. Pacific Railroad
on account of bonds issued (Pacific Railroad aid bonds, acts approved July 1, 1862,
July 2, 1864, and May 7, 1878):
Principal
Interest
Total
1,600,000.00
1,905,932.27
3,505,932.27
NOTE.—This statement is made up on the basis of the face value of the securities therein described
as received by the United States, with due allowance for repayments. To the extent that the securities
are not held in the custody of the Treasury, the statement is made up from reports received from other
Government departments and establishments. The statement does not include securities which the
United States holds as collateral, or as the result of the investment of trust funds (as, for example, securities
held for account of the Alien Property Custodian, the United States Government life insurance fund,
and other similar trust funds).
to
E X H I B I T 38
CO
OBLIGATIONS OF FOREIGN GOVERNMENTS HELD B Y T H E UNITED STATES TREASURY, TOGETHER W I T H INTEREST ACCRUED AND R E M A I N I N G U N P A I D THEREON, AS O F T H E LAST I N T E R E S T P E R I O D P R I O R T O O R E N D I N G
WITH NOVEMBER 15, 1 9 2 4
Country
Obligations
received u n d e r
refunding
agreements
concluded b y
World W a r
Foreign D e b t
Commission
(act of F e b . 9,
1922, as
amended F e b .
28, 192.3)
Obligations r e p r e s e n t i n g cash
advanced under
Liberty
b o n d acts
Obligations received from
t h e Secretary of W a r
a n d t h e Secretary of t h e
N a v y on account of sales
of s u r p l u s w a r material
(act of J u l y 9, 1918)
Obligations r e c e i v e d
from t h e A m e r i c a n Relief A d m i n i s t r a t i o n onaccount of relief s u p plies furnished (act of
F e b . 26,1919)
Obligations r e c e i v e d
from t h e U n i t e d States
G r a i n C o r p o r a t i o n on
account of sales of .flour
(act of M a r . 30, 1920)
Total
td
Principal
I n t e r e s t (including interest
d u e N o v . 15,
1924)
Principal
Interest
Principal
Interest
Principal
Interest
Prmcipal
Interest
Principal
$11, 959,917. 49
$2,901, 274. 82
$8,028,412.15 $2, 007,103. 05$3, 931, 505. 34 $894,171. 77
Armenia...
24, 055, 708.92
24, 055, 708. 92 6, 773, 370.16
5, 773, 370. 16
Austria
377,
029,
670.
06
94,
794,143. 33
Belgium. _
$347, 210, 808. 68 $94, 794, 143. 33 $29,818, 761. 38
(0 i')
Czechoslo689, 677. 20
91, 879, 671. 03
23, 648, 768. 93
61, 974, 041. 10
16, 333, 545. 93 20, 604, 302. 49 $5, 018,623. 50 6, 428, 089.19 1, 607, 022. 30 2, 873, 238. 25
vakia..--..
13, 999,145. 60
12, 213,377. 88 3, 053, 344. 49 1, 785, 767, 72
3, 489, 640. 23
436,195. 74
Esthonia.!
8, 955, 000. 00
Finland
$8,955,000. 00
3, 340, 512, 817. 49 796, 711, 637, 08
2,933,171, 672. 48 796,711,537.08 407, 341,145. 01
France
(2)
4, 577, 000, 000. 00
Great B itain 4, 577, 000, 000. 00
15, 000, 000. 00
2, 250, 000. 00
15, 000, 000. 00
2, 250, 000. 00
Greece...
1, 953, 542. 60
1,953, 542. 60
Hungary
1, 647, 869,197.96 449,477,924. 86
Italy
.
1, 647, 859,197. 96 449, 477, 924. 86
2, 521, 869. 32
504, 201. 13 2, 610, 417,82
652, 604. 45
5, 132, 287.14
1,156,805. 68
Latvia
26, 000. 00
6,118.85
6, 118. 85
Liberia.. -.
26, 000. 00
1, 048, 37 L 97
4, 159,491. 96
822,136, 07
172, 863. 93
3 4,981,628. 03
875, 508. 04
Lithuania
140, 590. 28
140,
590.
28
Nicaragua-..
(0
< 83,682, 708. 66 8, 643,714. 55 51, 671, 749, 36 7, 598,932. 41 24, 312, 514. 37 2, 650, 380.65 3159, 666,972.39
18,893, 027. 61
Poland-9,476,953. 85
23, 205, 819. 52
36,128, 494.94
6, 246, 284. 96 12, 922, 675. 42 3, 230, 668. 89
Rumania
68,782,192. 70
406, 082. 30
57, 796, 693. 34
187, 729, 750. 00
934,
739.
06
192,
601,
297.
37
Russia...
4,
465,465,
07
50, 760. 30
13,101,164. 43
7,221,012.54 24,978, 020. 99 5,880,151.89
Yugoslavia- 26, 059, 865. 40
51, 037, 886. 39
T o t a l - 4, 587, 90S, 542. 50 5,242,247,155. 14 1,430.837,260.89 598,789,025.69 27, 256,972. 79 75, 812, 037. 38 13,409, 460. 94 55,172, 966. 88 10,^007, 499. 78 10, 559, 929, 727. 59 1,481,511,194.40
J No interest due on Nicaraguan notes until maturity, as is also the case of certain Belgian obligations aggregating $2,284,151.40.
2 Interest has been paid as it became due.
»Agreements providing for refunding of these obligations as to both principal and interest executed, subject to approval of Congress, on Sept. 22, 1924, and Nov. 14, 1924.
Bonds of Lithuania amounting to $6,030,000, and of Poland amounting to $178,500,000 will be delivered to the Treasury in exchange for the obligations now held if the agreements are approved,
< Includes obhgations in the principal amount of $3,736,628.42 received by the Treasury on July 16, 1924, from the United States Shipping Board, on account of services rendered
to the Government of Polandj
o
O
Pi
H
O
o
Ul
E X H I B I T 39
PAYMENTS MADE B Y FOREIGN GOVERNMENTS ON ACCOUNT OF PRINCIPAL O F OBLIGATIONS HELD B Y T H E
TREASURY
On obligations received
under
refunding
a g r e e m e n t s concluded b y W o r l d W a r
Foreign D e b t C o m mission (act of F e b .
9, 1922, as a m e n d e d
F e b . 28, 1923)
Country
To
Nov.
15,1923
From Nov.
16, 1923, t o
N o v . 15, 1924
O n obligations r e p r e s e n t i n g
cash a d v a n c e d u n d e r L i b e r t y ,
b o n d acts
T o N o v . 15,
1923
From Nov.
16, 1923, t o
N o v . 15,1924
O n obligations received O n obligations received
from t h e Secretary of
obligations received
from t h e A m e r i c a n O n from
W a r a n d t h e Secrethe United
Relief A d m i n i s t r a t a r y of t h e N a v y on
States
G r a i n Cortion on a c c o u n t of
a c c o u n t of sales of
poration, on a c c o u n t
relief
s
u
p
p
l
i
e
s
fursurplus war mateof
sales
of flour (act
nished (act of F e b .
rial (act o f . J u l y 9,
of M a r , 30, 1920)
25,1919)
1918)
To Nov.
15,1923
From Nov.
16, 1923, t o
N o v . 15,
1924
T o N o v . 15,
1923
From
Nov.
To
16, 1923, N o v ,
to N o v . 15,1923
15,1924
Total
Ul
O
pi
From Nov.
16, 1923, t o
N o v , 15, 1924
%
O
Belgium. . . _
Cuba
-Finland
France
Great Britain
Hungary
Italy
Nicaragua
___Rumania
Yugoslavia
$53,971.16
$2, 003, 669. 21
10,000,000.0,0
-_.--
$46, 000. 00
64, 212, 668. 04
23, 000, 6o5.00 2 4,277,000,000.00
1 $93, 659. 48
37,000.74
1 127,852. 20
2 $8, 281,926.17
2 $1, 685, 835. 61
o
-..
3 $35, 000. 00
1, 794,180. 48
720, 600.16.
23,046, 000. 00 4, 355, 768, 008. 63
221,411. 68
53, 971.16
35, 000. 00
8, 281, 926.17
1,685,835,61
$2, 057, 630, 37
10, 000,000, 00
8, 326,926.17
64, 306,127. 62
4, 300, 000,000, 00
1, 685, 836. 61
164, 852. 94
36,000. 00
1, 794,180. 48
720, 600,16
>
Ul
4, 389, 091,153. 25
1 Represents amounts due Governments of France and Italy by various departments of the United States Government, paid to the Treasury under arrangements previously
made with those governihents, to be applied on account of principal of obligations representing cash advances under Liberty bond acts-.
2 Includes principal amount of obligations funded under the terms of refunding agreements with Finland, Great Britain ($4,074,818,368.44) and Hungary, pursuant to act of
Congress approved Feb. 9, 1922, as amended Feb. 28, 1923.
3 Represents payment m full of notes numbered 1 to 7, inclusive, at maturity.
bO
to
oo
E X H I B I T 40
/
PAYMENTS MADE B Y FOREIGN GOVERNMENTS ON ACCOmfT O F INTEREST ON OBLIGATIONS HELD B Y T H E
TREASUR-Y
i
O n obligations received u n d e r
refunding agreements con-,
eluded b y World W a r For- O n obligations r e p r e s e n t i n g cash a d v a n c e d
eign D e b t Commission (act
u n d e r L i b e r t y b o n d acts
of F e b . 9, 1922, as a m e n d e d
F e b . 28,1923)
\
\
Country
To Nov.
15,1923
Belgium
Cuba
Czechoslovakia
Finland
France
Great Britain
Greece
Hungary
Italy
Latvia
Liberia
Lithuania
Nicaragua
Poland
Rumania
Russia
Yugoslavia
O n obligations received from
t h e Secretary of W a r a n d
t h e Secretary of t h e N a v y
on a c c o u n t of sales of surp l u s w a r m a t e r i a l (act J u l y
9,1918)
From Nov.
16,1923, t o
N o v . 15,1924
$135, 000. 00
$269, 325. 65
69, 000, 000.00
137, 655,000.00
14,542.60
To May
15,1919
From M a y
16,1919, t o
N o v . 15,1923
$10,907, 281. 55
394, 520. 55
304,178. 09
$1, 892, 231.03
125,100,194.08
231,112,406.91*
4, 470,182. 05
126, 784,250. 20
1,169,153. 34
From
Nov.
16,1923,
to N o v .
15,1924
To Nov.
15,1923
$5, 554,031. 24
$1, 376, 730,17
61, 265,340.81
20, 367, 057. 25
$309, 315. 27
•;
$753. 04
57, 598,862. 62
126, 266.19
lei. io
700.00
2,043,198. 26
108,904.11
3,495,686. 72
636,059.14
69,135, 000. 00
137, 938,867. 50
From Nov.
16,1923, t o
N o v , 15,1924
O n obligations re- O n obliceived from Ameri- gations
can Relief A d m i n - received
istration on a c c o u n t from t h e
of relief supplies furU.S.
nished (act F e b . 25,
Grain
1919)
Corporation on
account
of sales
of flour •
From
(act M a r .
Nov.
To Nov.
16,1923, 30,1920)
16,1923
to N o v .
15,1924 T o N o v .
15,1924
429,658, 244.87
154, 409. 63
4,030, 028. 39 $149,647. 23
138, 490, 954. 64
149,647. 23
1,138. 99
5,168. 09
5, 025.99
181, 017.17
50, 760. 30
69,039, 596.80
$407. 98
21,765,120. 49
490, 332. 44
407. 98
753. 04
Total
O
W
O
$17,838,042. 96
2, 286, 751. 58
304,178.09
713, 640. 27
211, 202,774,19
564, 551, 657.11
1,159,153.34
15, 295. 54
67, 698,852. 62
126, 266,19
861.10
1,546 97
6, 168.09
2, 048, 224. 25
263, 313. 74
17, 907,139 81
636,059.14
866, 658,924.99
1 Represents proceeds of liquidation of financial affairs of Russian Government in this country (copies of letter dated May 23, 1922, from the Secretary of State and of reply o f
the Secretary of the Treasury dated June 2, 1922, in regard to loans to Russian Government and liquidation of affairs of the latter in this country appear in the annual report of the
Secretary of the Treasury for the fiscal year ended June 30,1922, as Exhibit 79, p . 283).
pi
>
o
tfl
233
SECRETARY OF TPIE TREASURY
EXHIBIT
41
AGREEMENT FOR THE FUNDING OF THE DEBT OF FINLAND TO
THE UNITED STATES
AGREEMENT
Made the first day of May, 1923, at the City of Washington, District of
Columbia, between the Government of the Republic of Finland, hereinafter called Finland, party of the first part, and the Government of
the United States of America, hereinafter called the United States
party of the second part
Whereas, Finland is indebted to the United States as of December 15, 1922, upon obhgations maturing June 30, 1921, in the aggregate principal amount of $8,281,926.17, together with interest
accrued and unpaid thereon; and
Whereas, Finland desires to fund said indebtedness to the United
States, both principal and interest, through the issue of bonds to
the United States, and the United States is prepared to accept bonds
from Finland upon the terms and conditions hereinafter set forth;
Now, therefore, in consideration of the premises and of the mutual
covenants herein contained, it is agreed as follows:
1. Amount of Indebtedness,—The amount of the indebtedness to
be funded, after allowing for cash payments made or to be made by
Finland, is $9,000,000, which has been computed as follows:
Principal amount of obligations to be funded
Interest accrued thereon from June 30, 1919, and
June 1, 1920, respectively, to December 15,
1922, at the rate of 434 per cent per annum. _ $1, 027, 389. 10
Less—Payment in cash made by Finland
March 8, 1923, on account of interest
300, 000. 00
, 281, 926. 17
727, 389. 10
Total principal and interest, accrued and unpaid, as
of December 15, 1922
To be paid in cash by Finland, May 1, 1923
Total indebtedness to be funded into bonds
9, 009, 315. 27
9, 315. 27
9, 000, 000. 00
2. Repayment of Principal.—In order to provide for the repayment
of the indebtedness thus to be funded, Finland will issue to the United
States at par, as of December 15, 1922, bonds of Finland in the aggregate principal amount of $9,000,000, dated December 15, 1922, and
maturing serially on each December 15 in the succeeding years for
62 years, in the amounts and on the several dates fixed in the following schedule:
December 15—
1923
1924
1925
1926
1927
1928
1929
1930
1931
1932
1933_-_
_.._
$45,
45,
47,
49,
50,
52,
53,
55,
55,
58,
62,
000
000
000
000
000
000
000
000
000
000
000
December 15—Continued.
1934
1935
1936
1937
1938
. 1939
1940
1941
1942
..
1943
1944
$62, 000
65, 000
67, 000
•69, 000
71, 000
74, 000
76, 000
79, 000
82, 000
84, 000
87, 000
234
BEPOET ON THE FINANCES
December 15—Continued.
1945
_._.
1946
.
1947..
.
1948
1949
1950
1951
1952
1953
...
.
1954
....
1955
1956
1957
1958
1959
1960
.
1961
1962
1963
1964
1965
$90,
93,
96,
100,
103,
107,
110,
114,
118,
122,
126,
131,
136,
141,
146,
151,
156,
162,
167,
173,
179,
000
000
000
000
000
000
000
000
000
000
000
000
000
000
000
000
000
000
000
000
000
December 15—Continued.
1966
.1967
.
1968
1969
.
1970
1971
1972
1973
1974
1975
1976
1977
1978
1979
..
1980
1981
1982
1983
1984
Total
$185, 000
192, 000
199, 000
206, 000
213, 000
220, 000
228, 000
236, 000
244, 000
253, 000
262, 000
271, 000
280,000
290,000
301, 000
312,000
322,000
333,000
345, 000
9,000,000
Provided, however, That Finland may at its option, upon not less than
ninety days' advance notice to the United States, postpone any payment falling due as hereinabove provided to any subsequent June
15 or December 15 not more than two years distant from its due
date, but only on condition that in case Finland shall at any time
exercise this option as to any payment of principal, the payment
falling due in the next succeeding year can not be postponed to any
date more than one year distant from the date when it*becomes due
unless and until the payment previously postponed shall actually
have been made, and the payment falling due in. the second succeeding year can not be postponed at all unless and until the payment
of principal due two years previous thereto shall actually have been
made.
All bonds issued or to be issued hereunder to the United States
shall be payable to the Government of the United States of America,
or order, shall be issued in such denominations as may be reciuested
by the Secretary of the Treasury of the United States, and shall be
substantially in the form set forth in the exhibit hereto annexed and
marked ''Exhibit A.'' The $9,000,000 principal amount of bonds
first to be issued hereunder shall be issued in 62 pieces, in denominations and with maturities corresponding to the annual payments of
principal hereinabove set forth.
3. Payment of Interest,—^All bonds issued or to be issued hereunder
shall bear interest, payable semiannually on June 15 and December
15 in each year, at the rate of 3 per cent per annum from December
15, 1922, to December. 15, 1932, and thereafter at the rate of 3J^
per cent per annum until the principal thereof shall have been paid.
4. Method of Payment.—All bonds issued or to be issued hereunder
shall be payable, as to both principal and interest, in United States
gold coin of the present standard of value, or, at the option of Finland, upon not less than thirty days' advance notice to the United
States, in any bonds of the United States issued after April 6, 1917,
to be taken at par and accrued interest to the date of payment
hereunder: Provided, however, That Finland may at its option, upon
not less than ninety days' acivance notice to the United States, pay
SECRETARY OF THE TREASURY
235
up to one-half of any interest accruing be'tween December 15, 1922,
and December 15, 1927, on the $9,000,000 principal amount of bonds
first to be issued hereunder, in bonds of Finland dated and bearing.
interest from the respective dates when the interest to be paid
thereby becomes due, with maturities arranged serially to fall on
each December 15 in the succeeding years up to December 15, 1984,
substantially in the manner provided for the original issue in paragraph 2 of this Agreement, and substantially similar in other respects
to the original issue of bonds under this Agreement.
All payments, whether in cash or in bonds of the United States,
to be made by Finland on account of the principal or interest of any
bonds issued or to be issued hereunder and held by the United States,
shall be made at the Treasury of the United States in Washington, or,
a t the option of the Secretary of the Treasury of the United States, at
the Federal Reserve Bank of New York, and if in cash shall be made
in funds immediately available on the date of payment, or if in bonds
of the United States shall be in form acceptable to the Secretary of
the Treasury of the United States under the general regulations of
the Treasury Department governing transactions in United States
bonds.
5. Exemption from Taxation.—The principal and interest of all
bonds issued or to be issued hereunder shall be paid without deduction for, and shall be exempt from, any and all taxes or other public
dues, present or future, imposed by or under authority of Finland
or any political or local taxing authority within the Republic of
Finland, whenever, so long as, and to the extent that beneficial
ownership is in (a) the Government of the United States, (6) a person,
firm, or association neither domiciled nor ordinarily resident in
Finland, or (c) a corporation not organized under the laws of Finland.
6. Payments Before Maturity.—Finland may at its option, on any
interest date or dates, upon not less than ninety days' advance
notice to the United States, make advance payments in amounts of
$1,000 or multiples thereof, on account of the principal of any bonds
issued or to be issued hereunder and held by the United States.
Any such advance payments shall first be applied to the principal of
a n y bonds which shall have been issued hereunder on account of
interest accruing between Decembe'r 15, 1922, and December 15,
1927, and then to the principal of any other bonds issued or to be
issued hereunder and held by the United States, as may be indicated
b y Finland at the time of the payment.
7. Exchange for Marlcetable Obligations.—Finland w.ill issue to the
United States at any time, or from time to time, at the request of
the Secretary of the Treasury of the United States, in exchange for
any or all of the bonds issued or to be issued hereunder and held by
the United States, definitive engraved bonds i n form suitable for sale
to the public, in such amounts and denominations as the Secretary
of the Treasury of the United States may request, in bearer form,
with provision for registration as to principal, and/or in fully registered form, and otherwise on the same terms and conditions, as to
dates of issue and maturity, rate or rates of interest, exemption from
taxation, payment in bonds of the United States issued after April
6, 1917, and the like, as the bonds surrendered on such exchange.
Finland will deliver definitive engraved bonds to the United States,
in accordance herewith within six months of receiving notice of any
10065—FI 19241
17
286
REPORT OF T H E FINANCES
such request from the Secretary of the Treasury of the United States^
and pending the delivery of the definitive engraved bonds will, at
the request of the Secretary of the Treasury of the United States,
deliver temporary bonds or interim receipts in form satisfactory to
the Secretary of the Treasury of the United States within thirty days
of the receipt of such request, all without expense to the United
States. The United States, before offering any such bonds or interim
receipts for sale in Finland, will first offer them to Finland for purchase at par and accrued interest, and Finland shall likewise have
the option, in lieu of issuing any such bonds or interim receipts, to
make advance redemption, at par and accrued interest, of a corresponding principal amount of bonds issued or to be issued hereunder
and held by the United States. Finland agrees that the definitive
engraved bonds called for by this paragraph shall contain all such
provisions, and that it will cause to be promulgated all such rules/
regulations, and orders, as shall be deemed necessary or desirable by
the Secretary of the Treasury of the United States in order to facilitate
the sale of the bonds in the United States, in Finland or elsewhere,
and that if requested by the Secretary of the Treasury of the United
States it will use its good offices to secure the listing .of the bonds on
the stock exchange in Helsingfors.
8. Cancellation and Surrender of Demand Obligations,—Upon the
execution of this Agreement, the paynient to the United States of
cash in the sum of $9,315.27 as provided in paragraph 1 of this Agreement and the delivery to the United States of the $9,000,000 principal
amount of bonds of Finland first to be issued hereunder, together with
satisfactory evidence of authority for the execution of the Agreement
and the bonds on behalf of Finland by its Envoy Extraordinary and
Minister Plenipotentiary at Washington, the United States will
cancel and surrender to Finland, at the Treasury of the United States
in .Washington, the obligations of Finland in the principal amount of
$8,281,926.17, described in the preamble to this Agreement.
9. Notices,—Any notice, request, or consent under the hand of the
Secretary of the. Treasury of the United States shall be deemed and
taken as the notice, request, or consent of the United States, and shall!
be sufficient if delivered at the Legation of Finland at Washington or
at the office of the Minister of Finance in Helsingfors; and any notice,
requiest, or election from or by Finland shall be sufficient if delivered
to the American Legation at Helsingfors or to the Secretary of the
Treasury at the Treasury of the United States in Washington. The
United States in its discretion may waive any notice required hereunder, but any such waiver shall be in writing and shall not extend
to or affect any subsequent notice or impair any right of the United
States to require notice hereunder.
10. Compliance with Legal Reguirements.^^YixAdindi represents and
agrees that the execution and delivery of this Agreement and of the
bonds issued or to be issued hereunder have in all respects been duly
authorized and that all acts, conditions, and legal formalities which
should have been completed prior to the making of this Agreement and
the issuance of bonds hereunder have been completed as required by
the laws of Finland and in conformity therewith.
11. Counterparts,—This Agreement shall be executed in two counterparts, each of which shall have the force and effect of an originaL
SECRETARY OF THE TIIEASURY
237
In witness whereof Finland has-caused tliis Agreement to be executed on its behalf by its Envoy Extraordinary and .Minister Plenipotentiary at Washington, thereunto duly authorized, and the United "
States has likewise caused this Agreement to be executed on its
behalf by the Secretary of the Treasury, as Chairman of the World
War Foreign Debt Commission, with the approval of the President,
all on the day and year first above written, subject, however, to the
approval of Congress, pursuant to the Act of Congress approved
February 9, 1922, as amended by the Act of Congress approved February 28, 1923, notice of which approval, when given oy Congress,
will be transmitted in due course by the Secretary of the Treasury of
the United States to the Legation of Finland at Washington.
[SEAL]
,
T H E GOVERNMENT OF THE REPUBLIC OF FINLAND,
By L. AsTROM,
Envoy Extraordinary and Minister Plenipotentiary.
[SEAL]
T H E GOVERNMENT OF THE U N I T E D STATES OF AMERICA^
For the Commission:
By
A. W.
MELLON,
Secretary of the Treasury,
And Chairman of the World War Foreign Debt Commission.
Approved:
W A R R E N G . IHARDING, President.
EXHIBIT A
(Form of Bond)
T H E GOVERNMENT OF THE R E P U B L I C OF FINLAND
Sixty-two year 3-3 H P^i^ cent Gold Bond
Dated December 15, 1922—maturing December 15,
$
Nc.
The Government of the Republic of Finland, hereinafter called
Finland, for value received, promises to pay to the Government of
the United States of America, hereinafter called the United States,
or order, on the 15th day of December,
, the sum of
Dollars ($
), and to pay interest upon said principal sumi
semiannually on the fifteenth day of June and December in eachyear, at the rate of three per cent per annum from December 15,
1922, to December 15, 1932, and at the rate of three and one-half
per cent per annum thereafter until the principal hereof shall have
been paid. This bond is payable as to both principal and interest
in gold coin of the United States of America of the present standard
of value, or, at the option of Finland, upon not less than thirty days'
advance notice to the United States, in any bonds of the United
States issued after April 6, 1917, to be taken at par and accrued
interest to the date of payment hereunder. This bond is payable as
to both principal and interest without deduction for, and is exempt
from, any and all taxes and other public dues, present or future,
imposed by or under authority of Finland or any political or local
taxing authority within the Republic of FinJandy waeaever, so lonig
238
REPORT ON THE FINANCfES
as, and to the extent that, beneficial ownership is in (a) the Government of the United States, (6) a person, firm, or association neither
domiciled nor ordinarily resident m Finland, or (c) a corporation not
organized under the laws of Finland. This bond is. payable as to
iboth principal and interest at the. Treasury of the United States in
Washington, D, C , or, at the option of the Secretary of the
Treasury of the United States, at the Federal Reserve Bank of New
York.
This bond is issued under an Agreement, dated May 1, 1923,
^between Finland and the United States, to which this bond is subject
and to which reference is made for a further statement of its terms
.and conditions.
In witness whereof, Finland has caused this bond to be executed
iin its behalf at the City of Washington, District of Columbia, by its
lEnvoy Extraordinary and Minister Plenipotentiary at Washington,,
tthea^iiiyato duly authorized.
The Government of the Republic of Finland:
By
Envoy Extraordinary and Minister Plenipotentiary,
Dated, December 15, 1922.
(Back)
The following amounts have been paid upon the principal amount
of this bond:
Date.
Amount paid.
EXHIBIT
42
LETTER F R O M THE SECRETARY OF THE TREASURY, DATED
M A Y 2, 1 9 2 3 , T O T H E P R E S I D E N T O F T H E U N I T E D S T A T E S S U B -
MITTING THE REPORT OF THE WORLD WAR FOREIGN DEBT
COMMISSION IN CONNECTION WITH THE DEBT SETTLEMENT
WITH FINLAND
WORLD W A R FOREIGN D E B T
COMMISSION,
May 2, 1923,
The
PRESIDENT:
The World War Foreign Debt Commission, created under the act
of Congress approved February 9, 1922, as amended by the act of
Congress approved February 28, 1923, having received the representative appointed by the Government of the Republic of Finland to consider the funding of the obligations of that Government arising out
of the World War and held by the United States, reports as follows:
The Government of the Republic of Finland designated as its
representative Mr. Axel Astrom, envoy extraordinary and minister
plenipotentiary at Washington, who conferred m t h the commission
in Washington and presented in full the financial and economic
situation in Finland, emphasizing particularly the burden imposed
upon his Government in making payments to this country by reason
of the existing adverse exchange. After full consideration by the
commission of the problems involved in funding the debt of Finland
to the United States, the minister stated that he would be willing to
SECRETARY OF THE TREASURY
239
enter into an arrangement on behalf of his Government, subject to
ratification by the Parliament of Finland, to fund the obligations in
question on the basis of the terms recently agreed upon between this
^country and Great Britain; the total amount of the indebtedness to
be determined as of December 15, 1922, accrued interest to that date
on obligations held being computed at 43^ per cent per annum, repayment of the indebtedness so determined to be provided for by the issue,
at par, as of that date, of bonds in the principal amount of $9,000,000,
and the immediate payment in cash of any amount found to be due
over and above that figure. This proposal was accepted by the commission, subject to your approval and that of Congress by act or
joint resolution.
A form of agreement, setting forth in detail a settlement upon the
above terms, was thereupon prepared by the commission and presented to the minister in order that he might communicate with his
Government with a view to obtaining its ratification by the Parliament of Finland before its April adjournment. Thereafter, the commission was advised by the minister that the Parliament of Finland,
on April 10, 1923, had passed a bill authorizing a funding of the debt
upon substantially the terms submitted, and that he accordingly
was in a position to sign, on behalf of his Government, an agreement
in the form prepared by the commission.
On April 16, 1923, at a meeting of the commission held at the
office of the commissio/i, room 272, Treasury Building, Washington,
D. C , at 9.30 o'clock a. m., at which all members of the commission
were present throughout the meeting, the following resolution was
unanimously adopted:
Resolved, That the Secretary of the Treasury as chairman of the World War
Foreign Debt Commission, with the approval of the President and subject
to the approval of Congress, be, and hereby is, authorized and directed to execute
for the commission, on behalf of the Government of the United States of America,
an agreement with the Government of the Republic of Finland providing for
the funding of the indebtedness of that Government to the Government of the
United States of America substantially in the form agreed upon by the commission under the terms of the act of Congress approved February 9, 1922, as
amended by the act of Congress approved February 28, 1923.
I have accordingly executed for the commission and.on behalf of
the Government of the United States an agreement substantially
in the form agreed upon by the commission under the applicable
statutes, subject to your approval and that of Congress. I have
the honor to hand you herewith for your approval the agreement
executed in two counterparts, and one copy thereof for your records.
The commission believes that a settlement of the debt of the
Government of the Republic of Finland to the United States on
the basis specifiea is fair and just to both Governments, and unanimously recommends for submission to Congress the terms embodied
in the agreement herewith.
I should appreciate it if after indorsing your approval on the two
counterparts of the agreement you would return theni to me in
order that I may transmit one copy to the Minister of Finland and
the other to the Treasurer of the United States, to be held pending
such action as Congress may see fit to take in the matter.
Respectfully submitted.
A. W.
MELLON,
Secretary of the Treasury and Chairman of the Commission,
240
'
R<EPORT ON T H E FINANCES
E X H I B I T 43
MESSAGE FROM THE PRESIDENT OF THE UNITED STATES TO THE
CONGRESS, DATED JANUARY 1 6 , 1 9 2 4 , SUBMITTING THE REPORT
OF THE WORLD WAR FOREIGN DEBT COMMISSION, DATED
MAY 2, 1923
To the Congress ofthe United States:
I am submitting herewith for your consideration a copy of the
report of the World War Foreign Debt Commission, dated May 2,
1923, together with a copy of the agreement referred to therein, providing for the settlement of the indebtedness of the Republic of
Finland to the United States of America. The agreement was
executed on May 1, 1923, with the approval of President Harding,
subject to the approval of Congress pursuant to authority conferred
by act of Congress approved February 9, 1922, as amended by act of
Congress approved February 28, 1923.
I recommend the approval and authorization of this agreement,
CALVIN COOLIDGE,
T H E W H I T E HOUSE, J a n u a r y 16, 1924^
E X H I B I T 44
[Public No. 41, 68th Congress. H. R. 5557]
AN ACT TO AUTHORIZE THE SETTLEMENT OF THE INDEBTEDNESS
OF THE REPUBLIC OF FINLAND TO THE UNITED STATES OF
AMERICA
', Be it enacted by the Senate and House of Representatives ofthe United
States of America in Congress assembled, That the settlement of the
indebtedness of the Republic of Finland to the United States of
America, made by the World War Foreign Debt Commission and
approved by the President, upon the following terms is hereby
approved and authorized:
Principal amount of obligations to be.funded, $8,281,926.17;
interest accrued thereon to December 15, 1922, at the rate of 43^ per
centum per annum, $1,027,389.10, less payment in cash made by
Finland March 8, 1923, on account of interest, $300,000, leaving a
balance of $727,389.10; total principal and interest accrued and
unpaid as of December 15, 1922, $9,009,315.27; less payment in
cash made by Finland on May 1, 1923, $9,315.27. Total indebtedness
to be funded into bonds, $9,000,000.
The principal of the bonds shall be paid in annual installments on
the 15tn day of each December, up to and including December 15,
1984, on a fixed schedule, subject to the right of the Government of
Finland to make these payments in three-year periods; the amount
of the first year's installment shall be $45,000, the annual instalh
ments to increase with due regularity until, in the sixty-second year,
the amount of the installment will be $345,000, the aggregate installments being equal to the total principal of the debt.
The Government of Finland shall have the right to pay off additional amounts of the principal of the bonds on any interest date
upon ninety days' notice.
Interest shall be payable upon the unpaid balances at the following
rates on December 15 and June 15 of each year:
SECRETARY OF, THE TREASURY
241
At the rate of 3 per centum per annum, payable semiannually,
from December 15, 1922, to December 15, 1932, and thereafter at
the rate of 3J^ per centum per annum, pa3^able semiannually, until
final payment.
The Government of Finland shall have the right to pay up to onehalf of any interest accruing between December 15, 1922, and
December 15, 1927, on the $9,000,000, prmcipal amount of bonds
first to be issued, in bonds of Finland dated as of the respective dates
when the interest to be paid thereby becomes due, payable as to
principal on the 15th day of December in each succeeding year, up
to and including December 15, 1984, on a fix:ed schedule, in annual
installments, increasing with due regularity in proportion to and in
the manner provided for, the payments to be made on account of
principal of the original issuer of bonds, and bearing the same rates
of interest and being similar in other respects to such original issue
of bonds.
Any payment of interest or of principal may be made, at the option
of the Government of Finland, in any United States Government
obligations issued after April 6, 1917, such bonds to be taken at par
and accrued interest.
,
Approved, March 12, 1924.
EXHIBIT
45
AGREEMENT FOR THE FUNDING OF THE DEBT OF H U N G A R Y TO
THE UNITED STATES
AGREEMENT
Made the 25th day of April, 1924, at the City of Washington; District
. of Columbia, between the Government of the Kingdom of Hungary,
hereinafter called Hungary; party of the first part, and the Government ofthe United States of^ America, hereinafter called the United
States, party of the second part
Whereas, Hungary is indebted to the United States as of December
15, 1923, upon an obligation maturing January 1, 1925, in the principal amount of $1,685,835.61, described as '^Relief Series C of
1920," together.with interest accrued and unpaid thereon; and
Whereas, Hungary desires to fund said indebtedness to the United
States, both, principal and'interest, through the issue of bonds to
the United States, and the United States is prepared to accept bonds
from Hungary upon the terms and conditions hereinafter set forth:
Now, therefore, in consideration of the premises and of the mutual
covenants herein contained, it is agreed as follows:
1. Amount of Indebtedness.—The amount of the indebtedness to be
funded, after allowing for cash payments made or to be made by
Hungary, is $1,939,000, which has been computed as follows:
Principal amount ofthe obligation to be funded.
.,
$1, 685, 835. 61
Interest accrued thereon from May 29, 1920, to December 15,
1923, at the rate Of 4J^ per cent per annum
.........
253, 917. 43
• Total principal and interest, accrued and unpaid as of
. December 15, 1923
.....
To be paid in cash by Hungary April 25, 1924.._'
Total indebtedness to be funded into bonds
'
1,939,753.04
753. 04
1, 939, 000. 00
242
REPORT ON T H E FINANCES
2. Repayment of Principal.—In order to provide for the repayment
of the indebtedness thus to be funded, Hungary will issue to the
United States at par, as of December 15, 1923, bonds of Hungary in
the aggregate principal amount of $1,939,000, dated December 15,
1923, and maturing serially on each December 15 in the succeeding
years for 62 years, in the amounts and on the several dates fixed in
the following schedule:
3mber 1 5 —
1924
1925
1926
1927
1928
1929
1930
1931
1932
1933
1934
1935
1936
1937
1938
1939
1940
1941
1942
1943
1944
1945
1946
1947
1948
1949.
1950
1951
1952
1953
1954
1955
_._.
__._
....
.
$9,600
9,800
10,000
10,200
10,400
11,000
11,500
12,000
12,000
12,500
12,500
13,000
13,500
13,500
14,000
14,500
15,000
15,500
16,000
17,000
17,500
18,000
19,000
19,500
20,500
21,000
22,000
22,500
23,500
24,000
25,000
26,000
December 15—Continued.
1956
1957
1958
1959
1960
1961
1962
_..__.
1963
1964
1965
1966
1967
1968
1969
1970
1971
1972
1973
1974
1975
1976
1977___cu
1978
.
1979
1980
1981
1982
1983..
.._..
1984....
1985
Total
$27, OOC
27, 509
28,509
29, 000
30, 000'
32, 000
33, 000
35, 000
36, 000
38, 000
. 40,000
41, 000
42, 000
44, 000
45, 000
47, 000
48, 000
50, 000
51, 000
53, 000
55, 000
57, 000
59, 000
62, 000
64,000
66, 000
68, 000
71, 000
73, 000
75, 000
1, 939, 000
Provided, however. That Hungary may at its option, upon not less
than ninety days' advance notice to the United States, postpone any
payment falling due as hereinabove provided to any subsequent
June 15 or December 15 not more than two years distant from its
due date, but only on condition that in case Hungary shall at any
time exercise this option as to any payment of principal, the payment
falling due in the next succeeding year can not be postponed to any
date more than one year distant from the date when it becomes due
unless and until the payment previously postponed shall actually
have been made, and the payment falling due in the second succeeding year can not be postponed at all unless and until the payment of
principal due two years previous thereto shall actually have been
made.
All bonds issued or to be issued hereunder to the United States
shall be payable to the Government of the United States of America,
or order, shall be issued in such denominations as may be requested
by the Secretary of the Treasury of the United States, and shall be
substantially in the form set forth in the exhibit hereto annexed and
marked ''Exhibit A." The $1,939,000 principal amount of bonds
SECBETARY OF THE TREASURY
243
first to be issued hereunder shall be issued in 62 pieces, in denominations and with maturities corresponding to the annual payments of
principal hereinabove set forth.
3. Payment of Interest,—^All bonds issued or to be issued hereunder
shall bear interest, payable semiannually on June 15 and December 15
in each year, at the rate of 3 per cent per annum from December 15,
1923, to December 15, 1933, and thereafter at the rate oi 3}/2 per
cent per annum until the principal thereof shall have been paid.
4. Method of Payment.—All bonds issued or to be issued hereunder
shall be payable, as to both principal and interest, in United States
gold coin of the present standard of value, or, at the option of Hungary, upon not less than thirty days' advance notice to the United
States, in any obligations of the United States issued after April 6,
1917, to be taken at par and accrued interest to the date of payment
hereunder: Provided, however, That Hungary may at its option, upon
not less than ninet)?; days' advance notice to the United States, pay
up to one-half of any interest accruing between December 15, 1923, o
and December 15, 1928, on the $1,939,000 principal amount of
bonds first to be issued hereunder, in bonds of Hungary dated and
bearing interest from the respective dates when the interest to be paid
thereby becomes due with maturities arranged serially to fall on
ea^h December 15 in the succeeding years up to December 15, 1985,
substantially in the manner provided for the original issue in section
2 of this Agreenient, and substantially similar in other respects to
the. original issue of bonds under this Agreement.
All payments, whether in cash or in obligations of the United States,
to be made by Hungary on account of the principal or interest of any
bonds issued or to be issued hereunder and neld by the United States,
shall be made at the Treasury of the United States in Washington, or,
at the option of the Secretary of the Treasury of the United States,
a t the Federal Reserve Bank of New York, and if in cash s h a l l b e
made in funds immediately available on the date of payment, or if
in obligations of the United States shall be in form acceptable to the
Secretary of the Treasury of the United States under the general
regulations of the Treasury Department governing transactions in
United States obligations.
5. Exemption from Taxation.—The principal and interest of all
bonds issued or to be issued hereunder shall be paid without deduction for, and shall be exempt from, any and all taxes or other public
dues, present or future, imposed by or under authority of Hungary
or any political or local taxing authority within the Kingdom of
Hungary, whenever, so long as, and to the extent that beneficial
ownership is in (a) the Gover'nment of the United States, (6) a
person, firm, or association neither domiciled nor ordinarily resident
in Hungary, or (c) a corporation not organized under the laws of
Hungary.
6. Payments Before Maturity.-—Hungary may at its option, on
any interest date or dates, upon not less than ninety days advance
notice to the United States, make advance payments in amounts of
$1,000 or multiples thereof, on account of the principal of any bonds
issued or to be issued hereunder and held by the United States.
Any such advance payments shall first be applied to the principal
of any bonds which shall have been issued hereunder on account of
interest accruing between December 15, 1923, and December 15,
10065—FI 19241
18
SECRETARY OF THE TREASURY
243
first to be issued hereunder shall be issued in 62 pieces, in denominations and with maturities corresponding to the annual payments of
principal hereinabove set forth."
3. Payment of Interest,—All bonds issued or to be issued hereunder
shall bear interest, payable semiannually on June 15 and December 15
in each year, at the rate of 3 per cent per annum from December 15,
1923, to December 15, 1933, and thereafter at the rate of 33^2 P^r
cent per annum until the principal thereof shall have been paid.
4. Method of Payment.—All bonds issued or to be issued hereunder
shall be payable, as to both principal and interest, in United States
gold coin of the present standard of value, or, at the option of Hungary, upon not less than thirty days' advance notice to the United
States, in any obligations of the United States issued after April 6,
1917, to be taken at par and accrued interest to the date of payment
hereunder: Provided, however, That Hungary may at its option, upon
not less than ninety days' advance notice to the United States, pay
up to one-half of any interest accruing between December 15, 1923, <
and December 15, 1928, on the $1,939,000 principal amount of
bonds first to be issued hereunder, in bonds of Hungary dated and
bearing interest from the respective dates when the interest to be paid
thereby becomes due with maturities arranged serially to fall on
eaQh December 15 in the succeeding years up to December 15, 1985,
substantially in the manner provided for the original issue in section
2 of this Agreenient, and substantially similar in other respects to
the. original issue of bonds under this Agreement.
All payments, whether in cash or in obligations of the United States,
to be made by Hungary on account of the principal or interest of any
bonds issued or to be issued hereunder andlield by the United States,
shall be made at the Treasury of the United States in Washington, or,
at the option of the Secretary of the Treasury of the United States,
at the Federal Reserve Bank of New York, and if in cash shall be
made in funds immediately available on the date of payment, or if
in obligations of the United States shall be in form acceptable to the
Secretary of the Treasury of the United States under the general
regulations of the Treasury Department governing transactions in
United States obligations.
5. Exemption from Taxation,—The principal and interest of all
bonds issued or to be issued hereunder shall be paid without deduction for, and shall be exempt from, any and all taxes or other public
dues, present or future, imposed by or under authority of Hungary
or any political or local taxing authority within the Kingdom of
Hungary, whenever, so long as, and to the extent that beneficial
ownership is in {a) the Gover'nment of the United States, (6) a
person, firm, or association neither domiciled nor ordinarily resident
in Hungary, or (c) a corporation'not organized under the laws of
Hungary.
6. Payments Before Maturity,-—Hungary may at its option, on
any interest date or dates, upon not less than ninety days advance
notice to the United States, make advance payments in amounts of
$1,000 or multiples thereof, on account of the principal of any bonds
issued or to be issued hereunder and held by the United States.
Any such advance payments shall first be applied to the principal
of any bonds which shall have been issued hereunder on account of
interest accruing between December 15, 1923, and December 15,
10065—FI 19241
18
244
^
REPOKT ON THE FINANCES
1928, and then to the principal of any other bonds issued or to be
issued hereunder and held by the United States, as may be indicated
by Hungary at,the time of the payment.
7. Security.—^The payment of the principal and interest of all
bonds issued or to be issued hereunder shall be secured in the same
manner and to the same extent as the obligation of Hungary in the
principal amount of $1,685,835.61, described in the preamble to this
Agreement; that is to say, shall be '' a first charge upon all the assets
and revenues of Hungary and shall have a priority over costs of
reparation under the Treaty of Trianon or under any treaty or agreement supplementary thereto, or under arrangements conclu4ed between Plungary and the Allied and Associated Powers during the
armistice signed on November 3, 1918;" Provided, however, That all
or any part of such security may be released by the Secretary of the
Treasury of the United States on such terms and conditions as he
may deem necessary or appropriate in order that the United States
may cooperate in any program whereby Hungary may be able to
finance its immediate needs by the flotation of a loan for reconstruction purposes, if and when substantially all other creditor nations
holding obligations of Hungary similar to that held by the United
States and described in the preamble to this Agreement, to wit,
Denmark, France, Great Britain, Holland, Norway, Sweden and
Switzerland, shall release to a similar extent the security enjoyed by
such obligations. The Secretary ofthe Treasury of the United States
shall be authorized to decide when such action has been substantially
taken
.
8. Exchange for Marlcetable Obligations.—Hungary will issue to-the
United States at any time, or from time to time, at the request of
the Secretary of the Treasury of the United States, in exchange for
any or all of the bonds issued or to be issued hereunder and held
by the United States, definitive engraved bonds in. form suitable for
sale to the public, in such amounts arid denominations as the Secretary of the Treasury of the United States .may request, in bearer
form, with provision for registration as to principal, and/or in fully
registered form, and otherwise on the same terms and conditions as
to dates of issue and maturity, rate or rates of interest, security, exemption from taxation, payment in obligations of the United States
issued after April 6, 1917, and the like, as the bonds surrendered on
such exchange. Hungary will deliver definitive engraved bonds t o
the United States in accordance herewith within six months, of rCr
ceiving notice of any such request from the Secretary, of the Treasury
of the United States, and pending the delivery of the definitive engraved bonds will, at the request of the Secretary of the Treasury of
the United States, deliver temporary bonds or interim receipts in form
satisfactory to the Secretary of the Treasury of the United States,
within thirty days of the receipt of such request, all without expense
to the United States. The United States, before offering any such
bonds or interim receipts for sale in Hungary, will first offer them to
Hungary for purchase at par and accrued interest, and Hungary shall
likewise have the option, in lieu of issuing any such bonds or interim
receipts, to make advance redemption,, at par and accrued interest, of
a corresponding principal amoimt of bonds issued or to be issued
hereunder and held by the United States., Hungary agr.ees that
the definitive engraved bonds called (or by this paragraph.,shall
SECRiETARY OF T H E TREASURY
245
contain all such provisions, and that it will cause to be promulgated
all such rules, regulations, and orders, as shall be deemed necessary
or desirable by the Secretary of the Treasury of the United States in
order to facilitate the sale of the bonds in the United States, in Hungary or elsewhere, and that if requested by the Secretary of the Treasury of the United States it will use its good offices to secure the listing
of the bonds on the stock exchange in Budapest.
9. Cancellation and Surrender of Relief Obligation.—Upon the
execution of this Agreement, the payment to the United States of
cash in the sum of $753.04 as provided in paragraph 1 of this Agreement and the delivery to the United States of the $1,939,000 principal
amount of bonds of Hungary first to be issued hereunder, together
with satisfactory evidence of authority for the execution of the
Agreement and the bonds on behailf of Hungary by its Envoy Extraordinary and Minister Plenipotentiary at Washington, and of appropriate action by the Reparation Commission so as to assure by its
approval to the bonds of Hungary to be issued hereunder the same
priority over reparations as that now enjoyed by the obligation of
Hungary in the principal amount of $1,685,835.61 described in the
preamble to this Agreement, the United States will cancel and surrender to Hungary, at the Treasury of the United. States in Washington, the obligation of Hungary last described.
10. Notices.—Any notice, request, or consent under the hand of
the Secretary of the Treasury of the United States shall be deemed
arid taken as the. notice, request, or consent of the United States,
and shall be sufficient if delivered at the Legation of Hungary at
Washington or at the oflice of the Minister of Finance in Budapest;
and any notice, request, or election from or by Hungary shall be
sufficient if delivered to the American Legation at Budapest or to
the Secretary of the Treasury at the Treasury of. the United States
in Washington. The United States in its discretion may waive any
notice required hereunder, but any such waiver shall be in writing
and shall not extend to or affect any subsequent notice or impair
any right of the United States to require notice hereunder.
11. Compliance with Legal Requirements.—HMUgSiTj represents and
agrees that the execution and delivery of this Agreement and of the
bonds issued or to be issued hereunder have in all respects been
duly authorized and that all acts, conditions, and legal formalities
which should have been c o m p l e t e prior to the making of this Agreement and the issuance of bonds hereunder have been completed as
required by the laws of Hungary, and/or applicable treaties and in*
conformity therewith.
12. Counterparts.—This Agreement shall be executed in two
counterparts, each of which shall have the force and effect of an
original.
In Witness Whereof Hungary has caused this Agreement to be
executed on its behalf by its Envoy Extraordinary and Minister
Plenipotentiary at Washington, thereunto duly authorized, and the
United States has likewise caused this Agreement to be executed on
its behalf by the Secretary of the Treasury, as Chairman of the
World War Foreign Debt Commission, with the approval of the
President, all on the day and year first above written, subject, however, to the approval of Congress, pursuant to the Act of Congress
approved February 9, 1922, as amended by the Act of Congress
246
REPORT ON T H E FINANCES
approved February 28, 1923, notice of which approval, when given
by Congress, will be transmitted in due course by the Secretary of
the Treasury of the United States to the Legation of Hungary a t
Washington.
T H E GOVERNMENT OF THE
KINGDOM OF HUNGARY,
By
o
(Sgd.)
LASZLO SZECHENYI,
Envoy Extraordinary and Minister Plenipotentiary,
T H E GOVERNMENT OF THE
U N I T E D STATES OF AMERICA^
For the Commission:
By
(Sgd.)
A. W. M E L L O N ,
Secretary of the Treasury, and
Chairman ofthe World War Foreign Debt Commission,
Approved:
(Sgd.)
CALVTN COOLIDGE,
President.
EXHIBIT A
Form of Bond
T H E GOVERNMENT OF THE KINGDOM OF HUNGARY
Sixty-two year 3-33^ per cent Gold Bond
Dated December 15, 1923—maturing December 15,
$
.
^
•
No.
The Government of the Kingdom of Hungary, hereinafter called
Hungary, for value received, promises to pay to the Government
of the United States of America, hereinafter called the United States,
or order, on thei 15th day of December,
, the sum of
Dollars ($
), and to pay interest upon said principal sum
semiannually on the fifteenth day of June and December in each
year, at the rate of three per cent per annum from December 15,
1923, to December 15, 1933, and at the rate of three and orie-half per
cent per annum thereafter until the principal hereof shall have been
paid. This bond is payable as to both principal and interest in gold
coin of the United States of America of the present standard of value,
or, at the option of Hungary, upon not less than thirty days' advance
notice to the United States, in any obligations of the United States
issued after April 6, 1917, to be taken at par and accrued interest to
the date of payment hereunder. This bond is payable as to both
principal and interest without deduction for, and is exempt from,
any and all taxes and other public dues present or future, imposed
by or under authority of Hungary or any political or local taxing
authority within the Kingdom of Hungary, whenever, so long as,
and to the extent that, beneficial ownership is in (a) the Government of the United States, (b) a person, firm, or association neither
domiciled nor ordinarily resident in Hungary, or (c) a corporation
not organized under the laws of Hungary. This bond is payable
as to both principal and interest at the Treasury of the United
SECRETARY OF THE TREASURY
247
States in Washington, D. C , or, at the option of the Secretary of the
Treasury of the United States, at the Federal Reserve Bank of New
York.
This bond is issued under an Agreement, dated April 25, 1924,
between Hungary and the United States, to which this bond is subject
and to which reference is made for a further statement of its terms
and conditions.
The payment of the principal and interest on this bond is secured
in the same manner and to the same extent as the obligation of Hungary in the principal amount of $1,685,835.61 described in the preamble to said Agreement, subject to release in whole or in part by
the Secretary of the Treasury of the United States under authority
conferred by vSection 7 of said Agreement.
In witness whereof, Hungary has caused this bond to be executed
in its behalf at the City of Washington, District of Columbia, by its
Envoy Extraordinary and Minister Plenipotentiary at Washington,
thereunto duly authorized.
The Government of the Kingdom of Hungary:
Envoy Extraordinary and Minister Plenipotentiary,
Dated, December 15, 1923.
(Back)
The followirig amounts have been paid upon the principal amount
of this bond:
Date.
Amount paid.
EXHIBIT
46
LETTER F R O M THE SECRETARY OF THE TREASURY, DATED
APRIL 25, 1924, TO THE PRESIDENT OF THE UNITED STATES
GIVING THE R E P O R T OF THE WORLD WAR F O R E I G N DEBT
COMMISSION IN CONNECTION WITH THE DEBT SETTLEMENT
WITH HUNGARY
WORLD W A R FOREIGN D E B T
COMMISSION,
Washington, April 25, 1924.
D E A R M R . PRESIDENT : The World War Foreign Debt Commission,
created under the act of Congress approved February 9, 1922, as
amended by the act of Congress approved February 28, 1923, having
received the representative appointed by the Government of the
Kingdom of Hungary to consider the refunding of the indebtedness
of that Government to the United States, reports as follows:
The Government of the Kingdom of Hungary designated as
its representative Count Laszlo Szechenjd, its envoy extraordinary
and minister plenipotentiary at Washington, who advised the
commission that he had been instructed by his Government to express
its desire to refund its indebtedness to this country, provided that
terms could be agreed upon with which it would be possible for it
to comply. Frequent conferences resulted between representatives
of the commission and the Hungarian minister at Washington, at
which the minister emphasized particularly the fact that his Government is to-day in serious financial difl[iculties and that a reconstruction loan has become imperative in order to enable it to rehabilitate^
its finances.
248
REPORT ON THE FINANCES
After full consideration by the commission of the problems involved
in refunding the indebtedness of the Government of Hungary to
this country, the minister indicated that he would be -vvilling to
enter into an arrangement on behalf of his Government to refund the
indebtedness in question on terms similar to those embodied in the
agreement executed by the United States with the Government of
Finland on May 1, 1923, the total amount of the indebtedness to be
determined as of December 15, 1923, accrued interest to that date to
be computed at the rate of 4 J^ per cent per anrium, the repayment of
the indebtedness so determiried to be provided for by the issue at par
as of that date of bonds in the principal amount of $1,939,000, and
the immediate payment in cash of any amount found to be due over
and above that figure.
The minister pointed out, however, that the indebtedness of his
Government to the United States is evidenced by one of a series of
obligations designated as ^^ Relief series C of 1920," the other obligations of this series being held by other creditor nations of Hungary;
itfcat this series of obligations, accordimg to its express terms, is a
first lien on all the' assets and revenues of Hungary; and that the
success of the reconstruction loan referred to makes it essential that
the lien enjoyed by this series of obligations be subordinated to that
of such loan. He accordingly made his consent to enter into the
foregoing agreenient contingent upon appropriate provision for the
subordination of the lien enjoyed by the obligation of the Government of Plungary now held by the United States to that of the loan,
suggesting that some such course of action be provided for as in the
case of the relief obligation of the Government of Austria held by
this Government, by embodying in the form of agreement and bond
as executed by the Government of Finland two amendments worded
substantially as follows:
(To be inserted as section 7 of the agreement:)
Security.—The payment of the principal and interest of all bonds issued or to
be issued hereunder shall be secured in the same manner and to the same extent
as the obligation of Hungary in the principal amount of $1,685,835.61, described
in the preamble to this agreement; that is to say, shall b e / ' a first charge upon all
the assets and revenues of Hungary and shall have a priority over costs of reparation under the Treaty of Trianon or under any treaty or agreement supplementary thereto, or under arrangements concluded between Hungar}'- and the
Allied and Associated Powers during the armistice signed on November 3, 1918":
Provided, however, that all or any part of such security may be released by the
Secretary of the Treasury of the United States oh such terms and conditions as
he may deem necessary or appropriate in Order that the United States may
cooperate in any program whereby Hungary may be able to finance its immediate needs by the flotation of a loan for reconstruction purposes, if- and when
substantially all other creditor nations holding obligations of Hungary similar
to that held by the United States and described in the preamble to this agreement, to wit., Denmark, France, Great Britain, Holland, Norway, Sweden and
Switzerland, shall release to a similar extent the security enjoyed by such obligations. The Secretary of the Treasury of the United States shall be authorized
to decide when such action has been substantially taken. .,
(To be inserted as the third paragraph of the bond:)
The payment of the principal and interest on this bond is secured in the same
manner and to the same extent as the obligation of Hungary in the principal
amount of $1,685,835.61 described in the preamble to said agreement, subject
to release in whole or in part by the Secretary of the Treasury of the United
^States under :authority conferred by Section 7 of said agreement.
SECRETARY OF THE TREASURY !
249
You will note that the form of agreement as amended makes it
clear that the bonds to be issued pursuant to its terms shall in the
first instance have the same security as that now enjoyed by the
obligation of the Government of Hungary held by the United States,
b u t makes it possible for this Government to cooperate with other
governriients having claims against Hungary,, in the manner required
in the pending program for the financial reconstruction of Hungary.
The authority conferred upon the vSecretary of the Treasury in the
latter connection, by the amendments agreed to, is substantially the
same as that conferred upon him with reference to the relief obligation
of the Government of Austria held by the United States by the joint
resolution passed by Congress and approved by the President on
April 6, 1922.
Briefly, the agreement accords to the Government of Hungary,
with respect to the repayment of its indebtedness to the United
States, terms similar to those already extended to the Governments
of Great Britain and Finland and, with respect tp the security enjoyed
by the indebtedness, terms of similar nature to those already extended
to the Government of Austria,
On April 7, 19.24, at a meeting of the commission, by appropriate
resolution unanimously adopted, the Secretary of the Treasury as
chairman of the World War Foreign Debt Commission, with the
approval of the President and subject to the approval of Congress,
was authorized and directed to execute for the commission, on behalf
of the United States of America, under the terms of the act of Congress approved February 9, 1922, as amended by the act of Congress
approved February 28, 1923, an agreement with the Government of
Hungary providing for the refunding of its indebtedness to the United
States upon terms substantially similar to those embodied in the
agreement concluded by the United States with the Government of
Finland on May 1, 1923, the form of agreement and bond as executed
by the Government of Finland to be amended substantially as above
indicated.
I have the honor to hand you herewith, for your approval, such
agreement, executed in two counterpartSj pursuant to the foregoing
resolution, together with one copy thereof for your files., .
The commission believes that a settlement of the debt of the Government of Hungary to the United States on the basis specified is fair
and just to both Governments, and recommends for submission to
Congress the terms embodied in the agreement herewith.
Should you see fit to indorse your approval on the two counterparts of the agreement herewith, I should appreciate it if they might
be returned to me, in order that one copy may be transmitted to the
Hungarian minister at Washington and the other to the Treasurer of
the United States to be held pending such action as Congress may
take in the matter.
Respectfully submitted.
A. W.
MELLON,
Secretafry of the Treasury and _
Chairman ofthe World War Foreign Debt Commission.
The
PRESIDENT,
The White House.
;
250
REPORT ON T H E FINANCES
EXHIBIT
47
MESSAGE F R O M THE PRESIDENT OF THE UNITED STATES TO
THE CONGRESS, DATED APRIL 25, 1924, SUBMITTING THE
R E P O R T OF THE WORLD WAR FOREIGN DEBT COMMISSION,
DATED APRIL 25, 1924
To the Congress of the United States:
I ani submitting herewith for your consideration the report of the
World War Foreign Debt Commission, dated April 25, 1924, together
with a copy of the agreement referred to therein, providing for the
settlement of the indebtedness of the Kingdom of Hungary to the
United States of America. The agreement has been executed on
April 25, 1924, with my approval, subject to the approval of Congress,
ursuant to the authority conferred by act of Congress approved
'ebruary 9, 1922, as amended by the act of Congress approved February 28, 1923.
. .
I recommend the approval and authorization of this agreement.
S
CALVIN COOLIDGE.
THE WHITE HOUSE,
April 25, 1924,
EXHIBIT
48
[PuDlic—No. 128—68th Congress. H. R. 8905]
AN ACT TO AUTHORIZE T H E S E T T L E M E N T O F T H E INDEBTEDNESS OF THE KINGDOM OF HUNGARY TO THE UNITED STATES
OF AMERICA
Be it enacted by the Senate, and House of Representatives of the
United States of America in Congress assembled, Tnat the settlement
of the indebtedness of the Kingdom of Hungary to the United
States of America, made by the World War Foreign Debt Commission and approved by the President upon the following terms,
is hereby approved and authorized:
Principal amount of obligation to be funded, $1,685,835.61; interest accrued thereon to December 15, 1923, at the rate of 4 ) ^ per
centum per annum, $253,917.43; total principal and interest accrued and unpaid as of December 15, 1923, $1,939,753.04; less payment in cash by Hungary on April 25, 1924, $753.04; total indebtedness to be funded into bonds, $1,939,000.
The principal of the bonds shall be paid in annual installments
on the 15th day of December, up to and including December 15,
1985, on a fixed schedule, subject to the right of the Government of
Hungary to make these payments in three-year periods; the amoimt
of the first year's installment shall be $9,600, the installments to
increase with due regularity until, in the sixty-second year, the
amount of the installment shall be $75,000, the aggregate installments being equal to the total principal of the debt.
The Government of Hungary shall have the right to pay off
additional amounts of the principal of the bonds on any interest
date upon ninety days' notice.
Interest shall be payable upon the unpaid balances at the followirig rates, on December 15 and June 15 of each year:
SECRETARY OF T H E TREASURY
251
At the rate of 3 per centum per annum, payable semiannually,
from December 15, 1923, to December 15, 1933, and thereafter at
the rate of 3 K P^i* centum per annum, payable semiannually until
final pa5niient.
^
The Government of Hungary shall have the right to pay up to
one-half of any interest accruing between Deciember 15^ 1923, and
December 15, 1928, on the $1,939,000 principal amount of the bonds
first to be issued in bonds of Hungary dated as of the respective dates
when the interest to be paid thereby becomes due, payable as to
principal on the 15th day of December in each succeeding year,
up to and including December 15, 1985, on a fixed schedule, in
annual installments, increasing with due regularity in proportion
to and in the manner provided for payments to be made on account
of principal of the original issue of bonds, bearing the same rates
of interest and being similar in other respects to such original issue
of bonds.
. Any payment of interest or of principal shall be made in United
States gold coin of the present standard of value or at the option
of the Government of Hungary, in any United States Government
obligations issued after April 6, 1917, such obligations to be taken
at par and accrued interest.
The payment of the principal and interest of the bonds shall be
secured in the same manner and to the same extent as the obligation
of Hungary which is to be funded: Provided, however. That all or
any part of such security may be released by the Secretary of the
Treasury on such terms and conditions as he may deem necessary
or appropriate in order that the United States may cooperate in
any program whereby Hungary may be able to finance its immediate
needs by the flotation of a loan for reconstruction purposes, af and
when substantially all other creditor nations holding obligations
similar to that held by the United States which is to be funded,
to wit, Denmark, France, Great Britain, Holland, Norway, Sweden,
and Switzerland, shall release to a similar extent the security enjoyed
by such obligations.
The Secretary of the Treasury shall be authorized to decide when
this action has been substantially taken.
Approved, May 23, 1924.
EXHIBIT
49
[First supplement to Department Circular No. 230, dated August 15, 1923. Chief Clerk]
LAWS AND R E G U L A T I O N S GOVERNING T H E R E C O G N I T I O N O F
A T T O R N E Y S , A G E N T S , AND O T H E R P E R S O N S R E P R E S E N T I N G
CLAIMANTS AND O T H E R S B E F O R E T H E T R E A S U R Y D E P A R T M E N T AND O F F I C E S T H E R E O F
TREASURY DEPARTMENT,
O F F I C E OF THE SECRETARY,
\
Washington, January 4, 1924.
The regulations governing the recognition of attorneys, agents, and
other persons representing claimants and others before the Treasury
Department and offices thereof are hereby arnended and supplemented,
effective January 1, 1924, as follows:
1. The Committee on Enrollment and Disbarment shall consist of
six members appointed by the Secretary of the Treasury, of whom
252
REPORT ON T H E FINANCES
two shall be detailed from the Office of the Secretary, three from the
'Office of the Commissioner of Internal Revenue, and one from the
Division of Customs. The Secretary shall designate the chairman
and vice chairman from members detailed from his office. The Secretary shall also designate a secretary of the Committee.
2. The duties assigned to the Chief Clerk of the Treasury Department by paragraphs 4 and 8 of Department Circular No. 230, dated
August 15, 1923, shall be performed by the Committee on Enrollment
and Disbarment or by its secretary under the direction of the Committee.
Any provision in Departriient Circular No. 230, dated August 15,
1923, in conflict with the foregoing is hereby amended accordingly.
A. W.
MELLON,
Secretary of the Treasury,
EXHIBIT
50
[Second supplement to Department Circular No. 230, dated August 15, 1923. Chief Clerk]
L A W S AND R E G U L A T I O N S G O V E R N I N G T H E R E C O G N I T I O N O F
A T T O R N E Y S , AGENTS, AND O T H E R P E R S O N S R E P R E S E N T I N G
CLAIMANTS AND O T H E R S B E F O R E T H E T R E A S U R Y D E P A R T M E N T
AND O F F I C E S T H E R E O F
TREASURY DEPARTMENT,
OFFICE OF THE SECRETARY,
Wo.shington, February 15, 1924.
Treasury Department Circular No. 230, dated August 15, 1923, as
supplemented January 4, 1924, is hereby amended by striking out
paragraph 5 and subparagraph (6) of paragraph 7 of said circular
and inserting in lieu thereof a new paragraph and subparagraph to
read as follows:
5. Former connection with the Treasury Department or personal
Jcnowledge of matter in controversy .^—{a) No attorney or agent shall be
permitted to appear before the Treasury Department in connection
with any matter to which such attorney or agent gave personal consideration or as to the facts of which he had actual personal knowledge
while in the service of the Treasury Department, and likewise no
such attorney or agent shall aid or assist another in any such matter,
and no attorney or agent shall receive assistance from one formerly
in the service of the Treasury Department and having such personal
knowledge.
'
(6) No former officer, clerk, or employee of the Treasury Department shall act as attorney or a^ent in any matter or controversy
pending in such Department during his employment therein within
two years after he has ceased to be such officer, clerk, or employee without first having obtained the consent thereto of the
Secretary of the Treasury or his duly authorized representative;
and no enrolled attorney or agent shall, without first having obtained
the consent of the Secretary of the Treasury or his duly authorized
representative, employ or retain any such former officer, clerk, or
employee directly or indirectly in any such matter or controversy,
within such two-year period. Such consent may only be granted
when it appears (1) that such emplo5rment is not prohibited by law
or by the regulations of the Treasury Department; (2) that the matter
I
SECRETARY
O F THE
TREASURY
253
or controversy, to handle which such consent .is sought, was not
pending in the particular oflSce or division (departmental or field) in
which the applicant was formerly employed. Applications for consent should be directed to the Secretary of the Committee on Enrollment and Disbarment, stating the forriier connection of the employee
and the matter or controversy in which the applicant desires to appear.
The applicant shall thereupon be promptly advised as to his right td
appear in the particular matter or controversy, and a copy of such
advice shall be filed in the record of the case.
(c) Subparagraph (b) shall not affect existing contracts of employment, entered into prior to the date of this supplement to Circular
No. 230, to handle any specific matter or controversy now pending.
7. Causes for rejection, suspension, or disbarment—
, (b) Coriduct contrary to the canons of ethics as adopted by the
American Bar Association.
^
A.' W.
MELLON, ^
Secretary of the Treasury,
EXHIBIT
51
[Third supplement to Department Circular No. 230, dated August 15, 1923. Chief Clerk]
LAWS AND REGULATIONS GOVERNING THE RECOGNITION OF
ATTORNEYS, AGENTS, AND OTHER PERSONS REPRESENTING
CLAIMANTS AND OTHERS BEFORE THE TREASURY DEPARTM E N T AND OFFICES THEREOF
TREASURY DEPARTMENT,
O F F I C E OF THE SECRETARY,
Washington, April ,15, 1924,
Paragraph 7 of Treasury Department Circular No. 230, dated
August 15, 1923, as amended by the Second Supplement to said
circular, dated February 15, 1924, is hereby further amended b y
striking out the words ^^or enrollment as attorney |0r agent," in
the fourth line of subparagraph (d), and inserting in lieu thereof the
following: ^^but an enrolled attorney or agent may use on his letterheads or cards the words ' enrolled to practice before the Treasury
Department,' or words of similar import," and by adding a new subparagraph (i^), so .that the paragraph will read as follows:
7. Causes for rejection, suspension, or disbarment,—In general, any
conduct which would preclude an applicant from enrollment will be
sufficient to justify his suspension or disbarment. Specifically, the
following matters, among others, will be considered grounds for
suspension or disbarment:
(a) Violation of the statutes or rules governing practice before the
Treasury Department.
(b) Conduct contrary to the canons of ethics as adopted by the
American Bar Association.
(c) False or misleading statements or promises made by the attorney or agent to a taxpayer or misrepresentation to the Treasury
Department.
(d) Solicitation of business by the attorney or agent. This includes
letters, circulars, and interviews not warranted by previous association; printed matter appearing on the letterheads or cards of the
attorney or agent indicating previous connection with the Treasury
254
REPORT ON T H E FINANCES
Department (but an enrolled attorney or agent may use on his letter^
heads or cards the words ^^enrolled to practice before the Treasury
Department," or words of similar import); or representation of
acquaintance with Treasury officials or employees. I t includes also
the use by attorneys and agents of any titles which might imply
official status or connection with the Government, such as ^'Federal
tax expert" or ^'Federal tax consultant." I t is not considered a
violation of this regulation for Treasury employees, on severing their
connection with the department, to send out announcement cards,
briefly stating their former official status and announcing their new
association, provided the cards are addressed only to personal or
business acquaintances, and provided further that such cards are
distributed only at the time of severance of the official connection
with the Government. These cards are regarded by the committee
not as advertising but as the customary announcement cards issued
for the express purpose of identifying the sender with his new association or business.
{e) Negligence in furnishing evidence required in matters pending
before the Treasury Department, and in the use of any means
whereby the final settlement of the matter is unjustifiably delayed.
(/) The employment by an enrolled attorney or agent as correspondent or subagent in any matter pending before the Treasury
Department, or the acceptance by sucn enrolled attorney or agent
of employment as correspondent or subagent of or from any person
who has been denied enrollment or who has been suspended or dis~
barred from practice. I t is in violation of the regulations for an.
enrolled attorney or agent to assist in any way or be assisted by an
attorney or agent who has been denied enrollment or has been suspended or disbarred.
{g) Any other matter which, in the opinion of the Committee on
Enrollment and Disbarment, is unfair to the taxpayer or to theTreasury Department or interferes unduly with the orderly disposition of matters pending before the department.
Qh) No former employee of the Bureau of Internal Revenue whoviolated his agreement to stay at least a year in the bureau shall beadmitted to practice until after two years from his severance of connection with the bureau.
A. W.
MELLON,
Secretary of the Treasury^
SECRETARY OF THE TREASURY
EXHIBIT
255
52
[Department Circular No. 54, revised. Treasurer U.Sl ,
R E G U L A T I O N S AND I N S T R U C T I O N S GOVERNING T H E ISSUE O F
DUPLICATE TREASURY WARRANTS, TREASURER'S
CHECKS,
AND INTEREST CHECKS
TREASURY DEPARTMENT,
O F F I C E OF THE TREASURER OF THE U N I T E D STATES,
Washington, D, C, October 15, 1924.
The following regulations governing the issue of duplicates of
Treasury warrants. Treasurer's checks, and interest checks are hereby
established:
GENERAL PROVISIONS
1. Advice of nonreceipt or loss,—In the event of the nonreceipt or
loss of a warrant or check, the owner, to protect his interest, should
immediately notify the Treasurer of the United States in writing,
describing the warrant or check, giving, if possible, its date, number,
and amount, and requesting that pa}nnent be stopped.
2. Issue of duplicate,—Upon receipt of such request payment of the
original will be stopped, and a bond of indemnity will be prepared in
the Treasurer's office and transmitted with a form of affidavit for
execution by the claimant. Upon the return of the bond and affidavit duly executed according to instructions, and the approval of
the bond by the Solicitor of the Treasury, the Treasurer, if satisfied
as to the nonreceipt or loss of the original warrant or check, will
authorize the issue of a duplicate warrant or check; provided, however, that no duplicate will be issued until 30 days shall have elapsed
from the date of the notice of nonreceipt or loss of the original warrant
or check.
3. Afiidavit of nonreceipt or loss.—An aflSdavit in substantially the
form prescribed must be executed by the claimant and submitted to
the Treasurer with the bond of indemnity, giving his name and
residence in inW, describing the warrant or checTc, and all indorsements
thereon, showing his interest therein and detailing the circumstances
attending its nonreceipt or loss. The affidavit must be made and
signed before a riotary public or other officer authorized by law to
administer oaths, who must certify that he administered the oath.
If executed in a foreign country, the aflfidavit must be made before a
notary pubhc or before a United States diplomatic or consular
officer.
4. Waiver of bond and afiidavit.—Where the principal of a lost or
destroyed warrant or check does not exceed $20, the Treasurer may
waive the filing of an affidavit or bond of indemnity, or both, in his
discretion.
5. Recovery of original.—In the event of the recovery of the original
w a n ant or check, after the issue of the duplicate, it must be surrendered to the Treasurer of the United vStates for cancellation. If
the warrant or check is recovered before the issue of a duplicate, the
Treasurer should be immediately notified and the removal of the
stoppage requested.
6. Names.—The Christian names of the principal and sureties m u s t
be written in the body of the bond in full and so signed to the bond.'
256
REPORT ON T H E FINANCES
7. Witnesses.—The signature of each party must be made in tht?
presence of two persons, who must sign their names as witnesses.
All erasures and interlineations on the bond must be noted above the
signatures of the witnesses as having been made before the execution
of the bond.
8. Seal.—A seal of wax or wafer must be attached to the signature
of the principal and each individual surety. A corporate surety.must
affix its corporate seal. „
9. Residence.—The residence and post-office address (giving
number and street where the residence is so designated) of the principal and of each surety and witness must be given.
10. Penalty.—The. penalty of the bond should be in even dollars
and at least double the amount of the missing warrant or check, but
in no case less than $50, except that if the bond is executed by a
corporate surety, as provided in the succeeding paragraph, the
penalty of the bond should be at least equal to the amount of the
warrant or check, plus 10 per cent, b u t in no case less than $50.
11. Sureties.—The sureties on ^the bond, if individuals, must be
two in number arid citizens and residents of the United States.
When a surety is a woman it should appear whether she is married
or single, as a marriied woman will not be accepted as surety. One
corporate surety duly qualified under the act of August 13) 1894, as
amended by the act of March 23, 1910, and the regulations of the
Secretary of the Treasury prescribed thereunder, will, however, be
accepted as sole surety.
When the payee resides abroad and it is impracticable to obtain
citizens and residents of the United States as sureties, or a duly qualified corporate surety, other sureties may be accepted by the Treasui:-er
in his discretion, provided the sufficiency of such sureties is certified
by a United States diplomatic or consular ofl&cer.
12. Certificate as to sureties.—The sufficiency of indindual sureties
must be certified by one of the followng-named officers: A judge of
a United States court; United States commissioner; United States
district attorney; United States postmaster; United States marshal;
collector of internal revenue; collector of customs; clerk of a court
of record, under seal of the court; executive officer of an incorporated
bank or trust company, under his official designation and the seal of
the bank or trust company; a commissioned officer of the Army or
Navy of the United States for persons in the niilitary or naval
«iervice; or a diplomatic or consular officer of the United States,
under his official seal, in case of a payee resident abroad.
13. Corporation as principal.—li a corporation is the principal, the
blank ih the first and second lines of the bond must be filled thus:
^^The
(giving name of corporation), by
(an officer duly
authorized by resolution of the board of directors)." The bond must
be signed for the corporation by the proper officer, thus: '^The ——
(giving name of corporation), by
(the authorized officer)," and
the seal of the corporation must be affixed. A copy of the resolution
of the board of directors authorizing the officer to execute the bond
on behalf of the corporation, certified'to be correct by the secretary
of the corporation (who, for this purpose, must be some other officer
than the officer authorized to execute the bond), under the seal of
the corporation, must be returned with the bond, and-must show
whether action was taken at a regular or a special meeting of the
SECRETARY OF THE TREASURY
257'
board; if the latter, that all of the directors were notified of the timeand place of the meeting and that a quorum was present.
14. Unincorporated companies, etc., as principal.—Where an unincorporated company, society, lodge, or association is principal, a<
copy of the resolution or minutes of the meeting of the proper governing body of the association, under seal of the association (if it.
have a seal), authorizing an officer or ofl&cers to execute the bond,
must be attached thereto. If the company have no seal, the copy
of the resolution should be certified as correct under oath before a
notary public or other officer authorized by law to administer oaths,
(who must affix his official seal) by the secretary or other competent
officer of the association.
15. Miscellaneous.—If the claimant is an individual doing business
under a company title, he must make afl&davit that he is the sole
owner of the business and execute the bond individually as sole owner
of the company named. If a partnership is the claimant, the namesof the individuals shoifld be inserted as principals on the bond, thus:.
^^ John Jones and James Smith, composing the firm of Jones & Smith,"
or ^'John Jones and James Smith, composing the partnership of
John Jones &' Co.," and the bond shall be signed by each member
of the partnership.
16. This circular supersedes Department Circular No. 54 of February 15,, 1923, and February 7, 1916, and No. 18 of March 1, 1904;
The Treasurer of the United States, with the approval of the Secretary of the Treasury, may withdraw or amend at any time or from,
time to time any or all of the provisions of this circular.
FRANK WHITE,
Treasurer ofthe United States,
Approved:
RICHARD R .
MCMAHON,
Solicitor of the Treasury.
Approved:.
A. W.
MELLON,
Secretary of the Treasury.
258
REPORT ON T H E FINANCES
EXHIBIT
53
[Department Circular No. 327. revised. Division of Bookkeeping and Warrants]
R E G U L A T I O N S AND I N S T R U C T I O N S G O V E R N I N G T H E ISSUE
DUPLICATE CHECKS OF DISBURSING OFFICERS
OF
TREASURY DEPARTMENT,
OFFICE OF THE SECRETARY,
Washington, D. C., October 15; 1924,
REVISED STATUTES OF THE UlSTITED STATES
Section 3646, as a m e n d e d : Wlienever any original check is lost, stolen, or
destroyed, disbursing officers and agents of t h e United States are authorized,
within three years from t h e d a t e of such checli, to issue a duplicate checli, under
such regulations in regard to its issue and p a y m e n t , and upon t h e execution of
such bond, with sureties, to indemnify t h e United States, and proof of loss of
original checli, as t h e Secretary of t h e Treasury shall prescribe.' * * *
Section 3647, as a m e n d e d : I n case t h e disbursing officer or agent by whom
such lost, destroyed, or stolen original checli was issued is dead or no longer in
t h e service of t h e United States, it shall be t h e dutj^ of t h e proper accounting
officer, under such regulations as t h e Secretary of t h e Treasury m a y prescribe, to
s t a t e an account in favor of t h e owner of such original check for t h e a m o u n t
thereof and to charge such a m o u n t to t h e account of such officer or agent. * * *
The following regulations governing the issue of duplicates of
checks drawn by disbursing ofl^icers or agents of the United States
are hereby established pursuant to Sections 3646 and 3647 of the
Revised Statutes of the United States as amended:
GENERAL PROVISIONS
1. Advice of nonreceipt or loss.—In the event of the nonreceipt or
loss of a check issued by a disbursing officer or agent of the United
States, the owner, to protect his interest, should immediately notify
the Treasurer of the United States or other drawee, describing the
check, stating the name of the disbursing oflS.cer or agent by whom
the check was drawn, giving, if possible, its date, number, and amount,
and requesting that payment be. stopped.
2. Issue of duplicate.—Upon receipt of such request paymjent of
the original will be stopped and a bond of indemnity will be prepared
in the Treasurer's office and transmitted with a form of affidavit for
execution by the claimant. The bond and affidavit, when duly
executed according to instructions, must be transmitted to the disbursing officer or agent who issued the original check. The bond
and affidavit will then be indorsed by the officer or agent as having
been submitted to him and as being the proof and security upon
which he acts in issuing the duplicate check. After the expiration
of 30 days from the date of the original check the disbursing officer
or agent will issue a duplicate, which must be an exact transcript of
the original, special care being taken that the number and date correspond to those of the original. He will then, without delay, forward the bond, affidavit, and duplicate check to the Secretary of
the Treasury, by whom the bond will be approved and the issue of
the duplicate will be authorized if the bond and the information obtained are found satisfactory. Certification of approval shall be
made in writina; on the papers as well as on the duplicate check. Any
SECRETARY OF
THE TREASURY
259
duplicate issued in pursuance of these instructions, bearing such
approval of the Secretary of the Treasury, may, if properly indorsed,
be paid subject to the same rules and regulations as apply to payment
of original checks; but no duplicate shall be paid if the original has
already been paid.
3. Afiidavit of nonreceipt or loss.—An afl&davit in substantially the
form herein prescribed must be executed by the claimant and submitted to the disbursing officer or agent who drew the original check
with a bond of indemnity giving the claimant's name and residence
in full, describing the checJc, and all indorsements thereon, showing the
claimants interest therein and detailing the circumstances attending its
nonreceipt or loss, and what action, if any, has been taTcen to stop payment. The affidavit must be made and signed before a notary public
or other officer authorized by law to administer oaths, who m u s t
certify that he administered the oath. If executed in a foreign
country, the afl&davit must be made before a notary public or before a United States diplomatic or consular oflScer.4. In case the disbursing ofiicer or agent is dead or no longer' iri the
service ofthe United States.—In case of the loss of a check issued by
a United States disbursing officer or agent who is dead or no longer
in the service of the United States, the affidavit and bond required
to be furnished by the owner of said check to an officer or agent in
the service of the United States, prior to the issue of a duplicate
check, should be forwarded to the Secretary of the Treasury, who
will refer them to the General Accounting Office for examination
and the statement of an account in favor of the owner of said check,
as provided for in section 3647 of the Revised Statutes of the United
States, as amended. Payment will then be made by a check issued
by the Treasurer of the United States pursuant to the statement of
account. Whenever such an account shall have been stated and
an officer or agent charged with the amount of said lost check, the
General Accounting Office will notify the Secretary of the Treasury
in order that the amount of the check, if remaining to the credit of
the officer or agent in any United States depositary, may be repaid
into the Treasury and carried to his credit and to the credit of t h e
proper appropriation.
5. Recovery of original,—In the event of the recovery of t h e
original check, after the issue of the duplicate, it must be surrendered
to the Secretary of the Treasury for cancellation. If the check has
been recovered before the issue of a duplicate, the Treasurer of t h e
United States or other drawee should be immediately notified and
the removal of the stoppage requested.
BOND OF INDEMNITY
6. Names,—The Christian names of the principal and sureties
must be written in the body of the bond in full and so signed to t h e
bond.
7. Witnesses,—The signature of each party must be made in t h e
presence of two persons, who must sign their names as witnesses.
All erasures and interlineations on the bond must be noted above,
the signatures of the witnesses as having been made before. the
execution of the bond.
260
REPORT ON THE FINANCES
8. Seal.—A seal of wax or wafer must be attached to the signature
of the T)rincipal and each individual surety. A corporate surety
must affix its corporate seal.
9. Residence.—The residence and post-office, address (giving number and street, where the residence is so designated) of the principal
and each surety and witness must be given.
10. Penalty.—The penalty of the bond should be in even dollars
and shall be at least equal to the amount of the check, plus 10 per
cent, but in no case shall the bond be in an amount less thari $50,'
unless the amount of the lost check is less than $10, in which case a
bond of $10 with one satisfactory surety may be accepted.
11. Sureties.—The sureties on the bond, if individuals, must be
two in number and citizens and residents of the United States. When
a surety is a woman, it should appear affirmatively that she is
single, as a married woman will not be accepted, as surety. One
corporate surety duly qualified under the act of August 13, 1894, as
amended by the act of March 23, 1910, and the regulations of the
Secretary of the Treasury prescribed thereunder, will, however, be
accepted as sole sm'ety.
When the payee resides abroad and it is impracticable to obtain
citizens and residents of the United States as sureties, or a duly
qualified corporate surety, other sureties may be accepted, provided
the sufficiency of such sureties is certified by a United States diplomatic or consular officer.
1-2. Certificate as to sureties—The sufficiency of individuahsureties
.must be certified by one of the following-named officers: A judge
of a United States court; United States commissioner; United States
district attorney; United States postmaster; United States marshal;
•collector of internal revenue; collector of customs; a clerk of a court
of record, under seal of the court; executive officer of an incorporated
bank or trust company, under his official designation and the seal of
the bank or trust company; a notary public, under his seal; a commissioned officer of the Army or Navy of the United States for persons
in the.military or naval service; or a diplomatic or consular officer of
the United States, under his official seal, in case of a payee resident
abroad.
13. Corporation as pHncipal.—If a corporation is the. principal,
the blank in the first and second lines of the bond must be filled thus:
^^The
(giving name of corporation), by •^-— (an officer duly
authorized by resolution of the board of directors)." The bond
must be signed for the corporation by the proper officer, thus: '^The
(giving name of corporation), by
: (the authorized officer),"
and the seal of the corporation must be affixed. A copy of the
resolution of the board oi directors authorizing the officer to execute
the bond on behalf of the corporation, certified to be correct by the
secretary of the corporation (who, for this purpose, must be some
other officer than the officer authorized to execute the bond), under
seal of the corporation, must be returned with the bond, and must
show whether action was taken at a regular or special meeting of the
board; if the latter, that all of the directors were notified of the time
and place of the meeting and that a quorum was present.
14. Unincorporated companies, etc, as principal.—Where an.unincorporated company, society, lodge, or association is principal, a copy
of thje resolutiori or minutes of the meeting of the proper governing
SECRETARY OF T H E TREASURY^
261
body of the association, under seal of the association (if it have a seal),
authorizing an officer or officers to execute the bond must be attached
thereto. If the coriipany have no seal, the copy of the resolution
should bb certified as correct under oath before a notary public or
other officer authorized by law. to administer oaths <'who must affix
his official seal) by the secretary or other competent officer of the association.
15. Miscellaneous.—If the claimant is an individual doing business
under a company title, he must make affidavit that he is the sole
owner of the business and execute the bond individually as sole owner
of the company named. If a partnership is the claimant, the names
of the individuals should be inserted as principals on the bond, thus:
^'John Jones and James Smith, composing the firm of Jones and
Smith," or ^^John Jones and James Smith, composing the partnership
of John Jones & Co.," and the bond should be signed by each member
of the partnership.
16. This circular supersedes Treasury Department Form 1343,
dated April 14, 1916, and all previous regulations regarding the issue
of duplicate checks of disbursing officers.
A. W.
MELLON,
Secretary ofthe Treasury.
EXHIBIT
54
[.Department Circular No. 324, amended.
TREASURY
DEPARTMENT
PERSONNEL
Chief Clerk]
CLASSIFICATION
BOARD
TREASURY DEPARTMENT,.
OFFICE OF THE SECRETARY,
Washington, January 29, 1924.
To Heads of Bureaus and Ofiices, and Chiefs of Divisions, Secretary's
Ofiice, Treasury Department:
Section 4 of the act of Congress approved March 4, 1923, providing
for the classification of civilian employees within the District of Columbia and the field services imposed upon the heads of Departments
the dut}^ of allocating all positions in their respective Departments to
their proper grades in the Compensation Schedules and of fixing the
rate of compensation of each employee thereunder in accordance
with the rules prescribed in section 6 of the act. Paragraph 2 of
section 9 of said act makes it the duty of the head of each Department
. to rate in accordance with such systems as may be established by
the Personnel Classification Board the efficiency of each employee
under his control or direction.
Department Circular No. 324 of May 29, 1923, created a board to
be known as the Treasury Department Personnel Classification
Board, consisting of nine members, who were designated to serve on
said committee in addition to their other duties during the calendar
year 1923. The object and work of the committee are fully set forth
in the Department Circular mentioned.
.
The following officers of the Department have been designated to
serve on the Personnel Classification Board during the calendar year
1924:
Mr. F. A. Birgfeld, Chief Clerk and Chairman of the Board.
262
REPORT ON T H E FINANCES
Mr. J. E. Harper, Chief, Appointment Division.
Mr. R. C. Pollock, Chief, Appointment Division, Internal Revenue^
Bureau.
Miss K. R. Pike, Division of Customs.
Miss R. W. Barr, Assistant Chief, Division of Loans and Currency.
The Board shall meet at the call of the Chairman, and three members shall constitute a quorum.
I t is directed that all officers and employees in the Treasury Department shall bring all matters affecting classification to the attention of
the Treasury Department Board, which shall act thereon prior t o
submitting its views to the Personinel Classification Board for final
adjudication.
A. W.
MELLON,
Secretary of the Treasury,
ExHtBIT 55
N U M B E R OF EMPLOYElSS IN THE D E P A R T M E N T A L SERVICE OF THE T R E A S U R Y IN WASHINGTON^ BY
F R O M J U N E 30, 1923, TO S E P T E M B E R 30, 1924
Increase
or d c
crease
Apr.
30
May
31
June
30
July
31
Aug.
31
24
23
657
654
34
33
84
84
53
52
8
9
1,405 1,396
13
13
42 . 42
13
13
13
13
51
51
81
80
190
190
19
19
4,949 4,968
95
95
13
13
6,629 6,593
260
264
1,045 1,059
207
208
1,070 1,070
41
40
23
653
34
. 84
57
8
1,383
13
42
13
13
50
81
188
19
4,956
94
13
6,532
259
1,048
209
1,054
41
25
648
33
83
55
8
1,378
. 13
42
13
13
50
87
191
19
4,984
91
13
6,467
257
1,000
211
1,053
40
24
637
32
85
56
8
1,347
13
42
13
13
50
103
189
18
5,023
91
13
6,461
257
1,026
210
1,022
39
24
637
32
83
55
8
1,348
13
42
13
13
47
107
186
• 18
5,010
92
14
6,469
261
1,008
211
1,019
40
62
513
35
85
52
8
1, 207
13
40
10
13
5
105
185
29
5,108
93
14
6,431
251
765
216
1,028
42
62
63
511
514
35
35
82
83
50
51
8
8
1,184 1,177
13
13
38
40
6
8
12
12
4
4
106
106
184
183
29
29
5,148 5,150
95
94
14
• 14
6,391 6,627
244
249
714
706
215
219
1,025 1,018
42
43
+37
-158
+ 1
-1
+4
-1
-333
6
26
133
68
105
6
25
133
68
115
6
26
132
68
120
6
25
132
68
144
6
25
133
68
137
6
25
133
67
103
8
25
132
68
100
+2
-2
+7
-13
18, 252 18,139 17, 982 17,959 17, 718 17,480 17,402 17,330 17, 318 17, 214 17,126 17,147- 17,119 16,644 16, 566 16,761
-1,491
Jan.
31
25
25
658 • 656
33
34
84
84
50
50
9
9
1,447 1,418
13
13
42
42
13
13
12
12
51
55
78
78
186
187
19
19
4,950 4,959
95
93
13
13
6,884 6, 687
265
267
1,072 1,061
209
207
1,124 1,127
39
39
24
654
33
84
50
9
1,410
13
42
13
12
54
80
192
19
4,961
95
13
6,686
263
1,048
211
1,070
39
6
25
132
67
106
6
25
132
67
97
June
30
July
31
Aug.
31
Sept.
30
Oct.
31
Secretary's office
Chief clerk's office
Division of A p p o i n t m e n t s
Division of B o o k k e e p i n g a n d W a r r a n t s
Division of C u s t o m s Division of Depo.sits
Division of L o a n s a n d C u r r e n c y
Division of M a i l a n d Files
Division of P r i n t i n g a n d S t a t i o n e r y
Savings Division
_
Secret Service Division
B o n d roll (miscellaneous).^.
U n i t e d States Coast G u a r d
Comptroller o f t h e C u r r e n c y
D i s b u r s i n g clerk's office. _
B u r e a u of E n g r a v i n g a n d P r i n t i n g
Federal F a r m L o a n B u r e a u . .
Mint Bureau...
Internal Revenue Bureau
Public Health Bureau
Office of t h e Register of t h e T r e a s u r y
Supervising Architect's office
.
Office of t h e T r e a s u r e r of t h e U n i t e d States
B u r e a u of t h e B u d g e t
.
Office of t h e Commissioner of A c c o u n t s a n d D e posits
Office of t h e Commissionpr of Piiblir D e b t
Division of P u b l i c D e b t A c c o u n t s a n d A u d i t
P u b l i c d e b t (miscellaneous) _
...
General S u p p l y C o m m i t t e e
25
669
34
83
46
9
1,510
13
42
14
12
52
80
198
19
4„980
75
14
7,260
280
1,100
224
1,134
40
25
660
34
83
49
9
1,469
13
42
13
12
54
81
195
19
4,997
80
14
7,208
279
1,079
219
1,131
39
25
662
34
83
49
9
1,450
13
42
13
13
54
81
192
19
5,024
82
14
7,046
277
1,085
217
1,125
40
25
-661
34
84
50
9
1,457
13
42
13
13
55
81
191
19
5,015
94
13
7,010
273
1, 077
212
1,134
41
6
25
134
61
113
6
26
133
60
110
6
26
133
58
110
6
25
132
66
114
.
Sept.
30
Mar.
31
Dec.
31
B u r e a u or office
Total
MOMTHS,
6
25
133
67
112
Nov.
30
6
26
132
68
100
Feb.
29
6
25
131
68
106
-4
-8
-48
+ 26
-14
+ 10
+ 170
+ 20
-633
-36
-394
-9
-116
+2
Ul
o
pi
O
\^
K|
NOTE.—The figures in this exhibit show actual number of names appearing on payrolls for the pay period covering the last half of each month.
Oi
CO
264
REPORT ON THE FINANCES
EXHIBIT
56
STATEMENT BY PRESIDENT COOLIDGE CONCERNING THE REVENUE BILL OF 1924
. The passage of a new Revenue Bill was required for two reasons,
the reduction of taxation and the reform of taxation. The bill as
passed provides a certain amount of tax reduction. It improves
some of the features of administration. But it is not only lacking in
tax reform^ it actually adds sonie undesirable features to the present
law. As a permanent expression of Government fiscal policy this
bill contains provisions which, in my opinion, are not only unsatisfactory but are harmful to the future of this country.
The reduction of high surtaxes from 50 to 40 per cent is quite immaterial to accomplish a real improvement in the law. The resolution for a constitutional amendment giving to the States and the
Federal Government reciprocal rights of taxation on securities issued
by the other, which was urged in my Annual Message to the Congress,
failed of passage. The suggestion of reaching in part the abuse of
tax-exemption by limiting the deduction for interest of a non-business character to the amount that such interest exceeds the taxexempt revenue of the taxpayer, has not been adopted. With some
$12,000,000,000 of tax-exempt securities now outstanding, and
$1,000,000,000 of new issues each year, it is idle to propose high surtaxes. A man with large inherited or accumulated capital is told he
must pay one-half of his income to the Government if he invests it
in productive business, but he is invited to be relieved of all tax by
the simple expedient of withdrawing from business and investing iri
tax-exempt securities. This does not mean that wealth in existence
is taxed; it is not. I t escapes. I t does mean, however, that initiative
and new enterprises are throttled.
While the inconsistency of high surtaxes existing side by side with
a lawfully authorized means of avoidance is obvious, it is not simply
through tax exemption that high surtaxes are uneconomical. The
experience for the few years under high surtaxes shows the increasing
failure of these taxes as a source of revenue. There are many means
of escaping the tax, and with the settlement of conditions' abroad
we may anticipate the movement of capital from this country to
other parts of the world v/here income is not so penalized. Ways
will always be found to avoid taxation inherently excessive. We are
presenteci, then, with a plan of taxation which punishes energy and
initiative and must decrease revenue. Such a plan will ultimately
work harm to the country and should not be permitted to continue
much longer. The cure does not lie in attacking the symptoms by
other unsound penalties worse than the disease itself, such as an undistributed surplus tax, but in correcting the cause. The remedy is
such a reduction in the peak of the surtaxes as will attract capital
to new enterprises and prevent the continual diminution of taxable
income in the higher brackets. In this way alone can high living costs,
the indirect tax paid by all of the people, be reduced and the productivity of a graduated income tax maintained.
The principles applicable to high surtaxes apply similarly to high
estate taxes. The bill raises the estate tax to 40 per cent. As a
concomitant is added a gift tax which is a further invasion of the
rights of the citizen, both unusual in nature and of doubtful legality.
SECBETARY OF THE TREASURY
265
When there is added to this the inheritance taxes levied by the
Sitates, there amounts to a practical confiscation of capital. To
meet these taxes executors must realize cash on forced sales of property, with a general lowering of all values upon which the credit
structure of our country is based, and diminishing the very source
from which this revenue comes. I t is proposed to take capital and
to use it in the ordinary operating expenses of Government. We are
thus to live, not on income, but on principal, and to that extent we
exhaust our resources and prevent the inciustrial expansion essential
to our increasing population and our high standard of livirig. Heretofore estate taxes in the Federal Government have been war measures. I t is now proposed to use these reserves in times of peace.
They should be kept for emergencies..
The States have a very real interest in this tax. Inheritance taxes
constitute a material part of State revenue. They are a compara^
tively small factor in Federal revenue. As the Federal Government
invades this sphere, belonging primarily to the States, it will cut down
the flow of income to the States from this tax, and thus force the States
to higher taxes from other sources, which will mean increased land
taxes. For the sake of $12,000,000 of additional revenue the Federal
Government in its strength should not further handicap the States,,
already heavily burdened with expenditures which can be met only
by taxation. I believe also it would be advisable to call a conference
of the taxing authorities of the States and the Treasury, before thenext session of the Congress, to give consideration to some coiriprehensive plan of division of this field of taxation between the various
States and the Federal Government and the elimination of overlapping
and unfair taxes.
Our institutions guarantee'to our citizens sanctity in their privateaffairs, a right giving way only to the needs of Government.
Under the law as it now exists, the Treasury has access to all information useful in determining the liability of the taxpayer. For the
nee(is of revenue, publicity is unnecessary. While the bill purports
not to give full publicity this is scarcely true, and it still sacrifices
without reason the rights of the taxpayer. In each post office the
amount which the citizen contributes to the Treasury must be exhibited to the curious and to the taxpayer's business rivals. Committees
in Congress have access to returns and other private papers, without
any restriction as to their publication in open committee or on the
floor of Congress, the most certain means of publicity. If a taxpayer
desires a hearing before the Board of Tax Appeals he must expose
to the public the complete details of his income. To put this price
upon the fair determination of tax liability in its regular administrative course, is entirely unjustifiable. Yet, such is done in the publicity provisions of the Board of Tax Appeals.
I t is not alone in the unwarranted interference with the right of
the citizen to privacy that these provisions are hurtful. I t is believed that far froifn increasing revenue, the desire to avoid the gratification of the idle curiosity of others or the exposure of one's personal affairs to one's competitor will result in the concealment of
millions of dollars of income which would otherwise be reported.
This means a change in the fundamental policy of our laws, violative of private rights, and harmful to Government revenues.
266
REPORT ON T H E FINANCES
Criticism of the income tax and a large part of the dissatisfaction
with it are the result of delay and uncertainty in the final determination of a taxpayer's liability. Taxes can usually be paid within a
short time after the receipt of the income on which the tax is based
without serious embarrassment. The payment, however, of a large
additional tax on income received several years previous and which
may have since its receipt either been wiped out by subsequent
losses or invested in nomiquid assets may force a taxpayer into
bankruptcy and often causes financial sacrifice and hardship. Provision should be made for the prompt and final determination of a
taxpayer's liability and such was the purpose in the suggestion for a
Board of Tax Appeals.
The provisions of the bill, however, with reference to the Board,
make it in all its essentials practically a court of record. The Board
is to be bound by formal rules of evidence and procedure. In each
case a formal record must be prepared and all oral testimony in cases
involving more than $10,000 must be reduced to writing and an
opinion in addition to the findings of fact and a decision must be
written. A taxpayer is entitled to appeal to the Board before any.
assessment can be made. The reduction in the salary of the members of the Board from $10,000 as recommended by the Treasury to
$7,500, and the reduction of the term of office of the original appointees from the 10 years recommended to 2 years, make it difficult
to secure for membership on the Board men with training, experience and ability. This Board of Tax Appeals, unable to secure the
proper type of men for membership, hampered and burdened with
rules of procedure and evidence and forced to prepare a record, a
finding of fact, and a decision in practically every case, will be unable to handle the business which will come to i t . The result will
be greater delay in the final settlement of tax cases, and may ultimately result in the complete breakdown of the administrative machinery for the collection of taxes.
The purpose of a tax bill is to provide the Government with revenue, and the primary consideration on tax reduction is the probable
receipts and expenditures soi the Government after the bill becomes
a law. We shall close the fiscal year ending June 30th, next with a
surplus, but it is the next fiscal year that must have consideration.
By far the greater part of the loss of revenue which will be brought
about by the bill is in income taxes. Aside from the 25 per cent
credit in 1924 taxes the bill applies to incomes received in 1924, the
tax on which is payable in the calendar year 1925. So this income
tax reduction will not be felt until the last half of the fiscal year 1925.
Under these circumstances, after giving effect to the bonus law and the
reductions contemplated by the bill, and provided no further commitments in large amounts are made by the Congress, the Treasury
may reasonably expect to conclude the fiscal year 1925 without a
deficit.
Looking beyond 1925 to later years, there are certain factors
which deserve consideration. The excess profits and income tax
laws of the war period were new in principle and exceedingly complicated in practice. The Treasury has not yet become current in
the ascertainment of tax liability and collection of taxes for this
period. We must, therefore, consider the establishment for the
future of such a policy of taxation as will insure the maintenance of
the sources of taxation without the aid of these reservoirs which will
soon be empty. This means that the policy must be so framed that
SECRETARY OF T H E TREASURY
267
it will encourage the creation of income subject to tax, will close the
most obvious methods of avoidance, will not diminish by excessive
estate taxes the very values upon which the Federal and the State
Governments inust rely for revenue, and will bring about a reduction
in the high cost of living as a means of meeting world competition.
Of the 110,000,000 people in this country, less than 4,000,000 pay
income taxes directly. The remaining 106,000,000 who pay no such
direct taxes are given no relief from what they pay indirectly in
everything they buy. They too must have tax reduction. These
conciitions the present bill does not meet.
High taxes were adopted as a war measure in 1918. We have had
but six years experience under them and their detrimental effect
upon our fiscal structure is not yet fully appreciated. To the intelligent observer tendencies are already apparent which indicate the
stress to which this structure is being put. I mention as an instance
the increased cost of capital for new industrial enterprises. These
influences are being felt even in our present prosperity. During
the after-the-war period of adjustment, the other great nations of
the world have been disturbed more than this country. They are
not yet restored. As a consequence, we have been relieved of much
of the world competition. Wiien other countries return to productivity and become again the serious commercial rivals of our people,
and when we experience those periods of depression, which normally
follow periods of prosperity, we should have our house in order by
so establishing our tax system that its economic effects will be beneficial and not harmful. The bill represents tax reduction, not tax
reform. If we are to maintain the American standard of living and
hold our place in the world, we must adjust our taxes upon an economic and not a political basis.
The bill comes to me for consideration less than two weeks before
the contemplated adjournment of Congress, and it provides for a
credit on 1924 taxes which should become effective before June 15th
next. No different^ bill can be passed before adjournment. The
question before me is the present l a w or the bill in the shape it has
passed the Congress. As it stands, in its administrative features
generally it is an improvement on the existing law. I t will meet
the needs of revenue through the fiscal year 1925, and probably
be sufficient for some time if no unforeseen expenses arise. The
immediate relief by credit on 1924 taxes of 25 per cent is.due, is
expected by the people, and should be promptly given, and the
determination of the taxes to which 1924 incomes will be subject
should be made certain while the income is still being received.
These opinions are supported by the Treasury Department.
As I have said, the bill does not represent a sound permanent tax
policy and in its passage has been subject to unfortunate influence
which ought not to control fiscal questions. Still, in spite of its
obvious defects, its advantages as a temporary relief and a temporary
adjustment of business conditions, in view of the uncertainty of a
better law within a reasonable time, lead me to believe that the
best interests of the country would be subserved if this« bill became
a law. A correction of its defects may be left to the next session
of the Congress. I trust a bill less political and more truly economic
m a y be passed at that time. To 'that end I shall bend all my energies.
T H E WHITE HOUSE,
June 2, 1924,
10065—FI 19241
19 .
EXHIBIT
to
57
Oi
00
SURTAX RATES
-1913 l a w applicable t o incomes of 1913, 1914, a n d
1915
I n c o m e class
Rate
1916 law applicable t o incomes of 1916
I n c o m e class
Rate
1917 law applicable t o incomes of 1917
I n c o m e class
I n c o m e class
Per cent
Per cent
Per cent
Rate
1918 l a w applicable to incomes of 1918, 1919/
1920, a n d 1921
$5,000$5,000-
$7,500
1
'7, 500-
10, 000
2
10,000-
$20,000-
$20,000-$50,000
1
$40,000
1
12, 500
$6,000
15, 000
4
. . 15, 000-
20,000
5
20,000-
40,000
8
I n c o m e class
Per cent
1
Rate
1924 law applicable to incomes of 1924 a n d subseq u e n t years
I n c o m e class
Per cent
Rate
Per cent
O
6,000-
8,000
2
$6, 000-$10,000
1
8,00010,000-
10,000
12, 000
3
4
10, 000- 12,000
2
12,000-
14,000
5
12, OOO- 14, 000
3
14, OOO16,00018,00020,00022, OOO24, 00026, 00028, 000-
16, 000
18,000
20,000
22,000
24, 000
26, 000
28, 000
30, 000
6
7
8
9
10
11
12
13
14, 00016,00018, 00020, 000.22, 00024, 00026, 00028, 000-
16, 000
18,000
20, 000
22, 000
24, 000
26, 000
28, 000
30,000
4
5
6
8
9
10
11
12
30,000-
32,000
14
30, OOO- 32,000
13
3
12, 500-
Rate
1921 l a w applicable t o incomes of 1922 a n d 1923
$10,000-$14, 000
32, OOO-
34,000
15
32,000- 36,000
15
, 34,00036,00038,000-
36,000
38,000
40,000
16
17
18
36,000- 38,000
38,000- 40,000
16
17
40,00042,00044,00046,00048,000-
42,000
44,000
46,000
48,000
50,000
19
20
21
22
23
40, OOO42,00044,00046, 00048,000-
18
19
20
21
22
42,000
44,000
46,000
48,000
50,000
14, 00016,00018,00020, 00022, 00024, OOO26, 00028, 000-
1
16,000
18,000
20,000
22, 000
24, 000
26, 000
28, 000
30, 000
2
3
4
5
6
7
8
9
30,000- 34,000
10
34,000-36,000
36,000- 38,000
11
12
o
Q
38,000- 42,000
13
42,00044, OOO46,00048,000-
14
15
16
17
44,000
46,000
48,000
50,000
40,000-
50,000- 75,000
40, OOO-
12
60,000
80, 000
3
60, 000-
80, 000
100, 000-250, 000
4
250, 000-500, 000
5
500,000 a n d over.
6
100,000
4
80,000-
100,000
150,000
5
100,000-
150,000
27
150,000200,000-
200,000
250,000
6
7
150,000200,000-
200,000
250,000
31
37
250,000-
300,000
8
250,000-
300,000
42
300,000-
300,000500,000-
500,000
750,000
46
' 50
500,000
9
10
1, 000, 000-3, 500, 000
. 1, 500, 00O-2, 000, 000
2, 000, 000 a n d over.
11
12
13
750, 000-1, 000, 000
1, 000, 000-1, 500, 000
1, 500, 000-2, 000,000
2, 000, 000 a n d over.
52,00054,000
24
25
50,000- 52, 000
52,000- 54, 000
23
24
54,00056,00058,000-
56,000
58,000
60,000
26
27
28
54, 000- 56, 000
56,000- 58,000
58, 000- 60,000
25
26
27
60,00062,00064,00066,000•68,000-
62,000
64,000
66,000
68, 000
70,000
29
30
31
32
33
60,00062,00064,00066, 00068, OOO-
62, 000
64, 000
66,000
68,000
70, 000
28
29
30
31
32
70,000-
72,000
34
70, 000- 72, 000
33
72, OOO74, 00076, OOO-
74, 000
76, 000
78, 000
35
36
37
72, OOO- 74, 000
74, 000- 76, 000
76, 000- 78, 000
34
35
36
74,000- 76,000
27
76, 000- 80,000
28
78,
80,
82,
84,
000000000000-
80, 000
82, 000
84, 000
86, 000
38
39
40
41
78, 00080,00082, OOO84, 000-
80, 000
82, 000
84, 000
86, 000
37
38
39
40
80, OOO- 82, 000
82, OOO- 84,000
29
30
pi
84, 000- 88, 000
31
O
86, OOO88, 000-
88,000
90, 000
42
43
86, 000- 88, 000
88, 000- 90, 000
41
42
88, 000- 90, 000
32
90, 00092,00094, 00096, 000-
92, 000
94, 000
96, 000
98, 000
44
45
46
47
90,
92,
94,
96,
000
000
OCO
000
43
44
45
46
90, OOO- 92, 000
92, 000- 94, 000
94, 000- 96, 000
33
34
35
96, 000-100, OCO
36
98,000100,000-
100,000
150,000
48
52
98, 000-100, 000
100, 000-150, 000
47
48
100,000-200, OCO
37
150,000-
200,000
56
150, 000-200, 000
200,000 a n d over.
49
50
200,000-
300,000
60
200, 000-300, 000
38
300,000-
300, 000-500, 000
500,000and over.
39
40
50,000- 52,000
18
52,000- 56,000
19
56,000- 58,000
20
58,000- 62,000
21
62, OOO64, 00066, 00068,000-
64,000
66,000
68,000
70,000
22
23
24
25
70, 000- 74, 000
26
Ul
Q
Pi
>
22
100,000-
500, 000-1, 000, 000
50,00052,000-
17
3
80,000-
2
2
60, 000-
75, 000-100, 000
60,000
•
55
61
62
63
500,000
63
500,000-1,000,000
64
1,000,000 a n d over.
65
000000000000-
92,
94,
96,
98,
>
Ul
to
Oi
ABSTRACTS OF REPORTS OF BUREAUS AND DIVISIONS
271
ABSTRACTS OF REPORTS OF BUREAUS AND DIVISIONS
The following is a summary of the reports of the various bureaus
and divisions of the Treasury Department:
TREASURER OF THE UNITED STATES
On the basis of daily Treasury statements, revised, the total
ordinary receipts from aU sources (exclusive of postal revenues)
during the fiscal year 1924 were $4,007,899,992.97, a decrease of
$5,502,425.53 as compared with those of the fiscal year 1923. The
cash expenditures chargeable against ordinary receipts amounted to
$3,499,084,063.25. The net result for the year was an excess of
ordinary receipts over total expenditures chargeable against ordinary
receipts of $508,815,929.72.
Disbursements made on account of the Panama Canal, exclusive
of fortifications, during the fiscal year 1924, on the basis of warrants
drawn (not cash expenditures), were $7,141,711.97, while receipts
from tolls, etc., were $26,074,513.33, leaving a net excess of receipts
over warrants drawn of $18,932,801.36.
During the fiscal year 1924 the receipts and expenditures on account
of the principal of the public debt are shown in the following statement:
Receipts 6n account of—
Certificates of indebtedness
$2, 014, 892, 500. 00
Treasury notes..
.
209, 750. 00
Treasury savings securities
...
163, 539, 816. 71
Postal savings bondsl
:
33, 560. 00
Deposits for retirement of national-bank notes and
Federal reserve bank notes
:
28, 453, 557. 50
Total
-._ 2,207, 129, 184 21*
Expenditures on account of—
Certificates of indebtedness
$2,238,167,000.00
Treasury notes...
356, 973, 000. 00
Treasury bonds
6, 000. 00
War-savings securities
54, 043, 728. 98 .
Treasury savings securities
33, 390, 722. 10
First Liberty bonds
239, 450i 00
Second Liberty bonds
94, 449, 650. 00
Third Liberty bonds
410, 587, 300. 00
Fourth Liberty bonds
4, 070, 100. 00
Victory notes
:
80, 639, 850. 00
Other debt items
45, 336. 64
National-bank notes and Federal
reserve bank notes
33, 084, 377. 50
.
TotaL.
......
Excess of expenditures
_..
---
3, 305, 696, 515. 22
....
1, 098, 567, 331. 01
273
274
REPORT ON THE FINANCES
The retirements of the debt were effected as follows:
From—
Cumulative sinking fund
Purchases from repayments of foreign loans
Receipts from foreign governments under debt settlements
.
..
Receipts from estate t a x e s . . . .
Purchases from franchise tax receipts (Federal reserve
banks)...
_.
Forfeitures to the United States, gifts, etc
TotaL.....
1
....
Surplus of ordinary receipts applied to public debt
retirements
1
..
.
Retirements from reduction in general fund balance
Total
.•....._...__._
.1
$295, 987, 350. 00
38, 509, 150. 00
110, 878, 450. 00
8, 791, 400. 00
3, 634, 550. 00
93, 200. 00
457, 894, 100. 00
508,815,929.72
131, 857, 301. 29
1, 098, 567, 33L 01
The gold in the Treasury at the beginning of the fiscal year 1924
amounted to $3,363,739,944.73. There was a noticeable increase
during each month of the year and at its close the Treasury holdings
of the precious metal attained, a maximum at $3,786,060,988.98.
Set apart for the respective uses, it was held on the following accounts:
Reserve fund, $152,979,025.63; trust funds (for redemption of gold
certificates in actual circulation), $1,21,8,350,659; gold fund of .Federal
Eeserve Board, $2,260,891,035.12; and general fund, $153,840,269.23.
Of the amount in the general fund, $141,046,727.99 was held for
redemption of Federal reserve notes.
At the close of the fiscal year 1923 the balance in the gold fund of
the Federal Reserve Board was $2,285,169,645.65. During the fiscal
year 1924 the deposits therein were $1,390,924,449.47 and the withdrawals $1,415,203,060, leaving a. balance on June 30, „1924, of
$2,260,891,035.12.
The public moneys on deposit in designated depositaries of the
United States at the close of the fiscal year 1924 amounted to $233 ,.299,077.89, exclusive of items in transit, distributed as follows: .
Depositaries:
. .
In Federal reserve b a n k s . . .
In special depositaries _ 1 . .
In foreign depositaries
1
In national b a n k s . . : _ _ . . . . . .
In insular depositaries. _'
In treasury of Philippine Islands
Total
.
...
.
.
. . _ . $43, 250, 226. 26
162, 091, 572. 40
380, 256. 79
. 25, 382, 657. 78
1,461, 877. 41
732, 487. 25
233, 299, 077. 89
There were in the custody of the Treasurer at the close of the fiscal
year 1924 United States bonds to the amount of $750,858,930 pledged
to secure bank-note circulation. United States bonds and other
securities held to secure public deposits in national banks amounted
J
•
SECRETARY OF THE TREASURY
275
to $45,242,550, and securities held for the safekeeping of postal
deposits in postal savings depositaries amounted to $128,386,533.
Under provisions of law or by direction of the Secretary of the Treasury
the Treasurer of the United States is custodian of several special
trusts, consisting of bonds and other obligations to the amount of
$11,852,907,115,172^. The aggregate amount of the foregoing trust
accounts is $12,777,395,128.17%.
During the fiscal year 1924 there were no redemptions of United
States notes from the reserve fund. National-bank notes presented
for redemption amounted to $552,690,228, or »71 per cent of the
average amount outstanding. National-bank notes assorted and
delivered amounted to $548,925,205, of which $7,447,200 were fit for
use and were returned to the respective banks of issue for further
cumulation. There were also presented for redemption Federal
reserve notes amounting to $40,225,960, of which $7,966,000 were fit
for use and were returned to the respective banks of issue for further
circulation. Federal reserve bank notes amounting to $11,606,830
were presented for redemption, none of which were fit for further
circulation.
, .
Canceled and* uncanceled Federal reserve notes amounting to
$1,466,673,540 were received from Federal reserve banks and branches
for credit to the accounts of Federal reserve agents. Such notes are
received, counted, and delivered by the National Bank Redemption
Agency but are settled for between the Federal reserve banks and the
agents either directly or by adjustments in their redemption funds,
and are therefore not taken into the cash accounts of the National
Bank Redemption Agency.
. ,
,
The pieces of United States paper currency (gold certificates, silver
certificates. United States notes, and Treasury notes of 1890) issued
during the fiscal yoar 1924 numbered 588,719,005, with a value of
$1,436,668,000, an increase over the fiscal year 1923 of 39,575,202
pieces and of $368,482,000 in value. Redeniptions aggregated
541,937,683 pieces with a value of $958,497,447, as against 476,442,247
pieces with a value of $754,104,980 in-the fiscal year 1923.
The increase in the amount of gold certificates outstanding was
$481,373,450, while the silver certificates and Treasury notes of 1890
decreased $3,202,897, leaving a net increase of $478,170,553.
During the fiscal year 1924 the shipments of currency from the
Treasury in Washington to Treasury offices and to banks amounted
to $1,348,889,877, as against $1,005,965,618 during the fiscal year
1923.
10065—FI 19241
20
276
REPORT ON T H E FINANCES
COMPTROLLER OF THE CURRENCY
National banks organized, consolidated, insolvent, in voluntary liquidation, and in existence
Since the inauguration of the national banking system charters
have been issued to 12,555 banks, of which 4,430 have passed out of
the system by reason of liquidation, consolidation, or insolvency,
leaving at the close of business June 30,1924, 8,125 banks in existence.
The number of national banks in existence, authorized capital,
changes incident to^ organization, increases and reduction in capital
stock, etc., in the fiscal year ended June 30, 1924, and since the
inauguration of the system on February 25, 1863, are shown in the
following statements:
Organizations, capital stock changes, and liquidations of national banks during the.
fiscal year ended June 30, 1924
Total
Number
of banks
Capital
New charters granted
Increases of capital, 211 banks i
Restored to solvency
153
$27,600,000
28,780,000
390,000'
Voluntary liquidations
Placed in charge of receivers 2
_
Reduced capital, 23 banks
__..
Closed under consolidation act, Nov. 7, 1918, and
amount of capital reduction incident thereto.
158
139
39, 680,000
9, 450, 000
3,130, 000
Number
of banks
159
3,000,000
Net decrease in banks
Net increase in capital.
.._.
Charters in force June 30, 1923, and authorized capital.
Oanital
capital
$56,770,000
2 55,260,000
151
1, 570,000
'§,'276' 1,338, 571,215
Charters in force June 30, 1924, and authorized
capital
8,125
1,340,141,215
1 Includes 3 increases aggregating $140,000 which were effected as a result of consolidations under the act
of Nov. 7,1918, and 82 increases by stock dividends aggregating $8,413,583.
2 Includes one bank with capital of $60,000 which had been previously reported in voluntary liquidation.
Number of national banks organized since February 25, 1863, number passed out
of the system, and number in existence June 30, 1924
Underact Feb. 25, 1863
Under act June 3, 1864.
.
Under gold currency act July 12, 1870
Under act.Mar. 14, 1900..
z
.
.
.
456
7, 655
.
10
4,434
Total number of national banks organized...
12, 555
Number reported in voluntary liquidation
-.
3, 334
Number passed into liquidation upon expiration of corporate
existence
..
— .
*
.
208
Number consolidated under act Nov. 7, 1918
__
114
Number placed in charge of receivers, exclusive of those restored
to solvency_'
.__
774
Total number passed out of the system
Number now in existence
4, 430
8, 125
The following table shows the number of national banks organized,
consolidated under the act of November 7, 1918, insolvent, in volun-
277
SmCRETAEY OF THE TR-EASURY
tary liquidation, and in existence on June 30, 1924, by States and
geographical divisions:
Number of national banks organized, consolidated under act November 7, 1918,
insolvent, in voluntary liquidation, and in existence on June 30, 1924, by States
Organized
State
Maine
New Hampshire
Vermont
Massachusetts.R h o d e Island
Connecticut
. .
113
72
76
342
65
112
. _ .
.
.
.
Total N e w England States
N e w York
N 6 w J'ersey
Pemnsylvaiiia
Delaware..
Maryland
D i s t r i c t <of C o l u m b i a
....
_ .
_
.
__ .
.
.
.
. . . . .
Total Eastern States
Virginia..:
West Virginia.N o r t h Carolina.
South Carolina. .
Georgia
Florida
Alabama.
Mississippi...
Louisiana
._.
Texas
Arkansas- _ .
Kentucky
'Tennessee . .
i
__._
:
._-
T o t a l S o u t h e r n States
Ohio
Indiana
Illinois..
Michigan
Wisconsin
Minnesota
Iowa__
Missouri
_.-.._
.
.
.
_
. . . . . .
Total Middle Western States
North Dakota
South D a k o t a
Nebraska...
Kansas
Montana.
Wyoming
Colorado
N e w Mexico
Oklahoma
T o t a l W e s t e r n States
.
Washington
Oregon......
California..
Idaho
Utaia
Nevada
Arizona
_
.
.
T o t a l Pacific States
Alaska
T h e T e r r i t o r y o IHawaii
P o r t o Rico
.
T o t a l Alaska a n d insular possessions
T o t a l U n i t e d States
5
1 ^
55'
4&.
15817'
47
42
1
62:
341
397
842
305
1,094
28
126
29
15
8
51
10
45
2
2
• ' 3
245
42
175
10
39
10
531
248
866
18
85
14
2,424
30
111
521
1,762
7
38
29
28
23
55
26
39
28
39
285
20
77
71
183
125
84
82
95
55
105
35
33
574
89
138
108
758
1,706
1
2
2
•
•
3
2
7
1
1
^
1
11
13
10
2
8
47
8
6
8
2,628
'29
135
630
394
689
249
231
424
486
257
8
229 1
124
162
110
65
67
114
107
359
4
34
17
23
16
9
17
20
12
27
148
978
235
187
341
426
186
55
202
74
704
3
2
1
37
34
35
41
49
9
17
20
29
32
37
131
121
40
8
44\
21
249
2,410
6
271
683
1,450
195
131
429
105
38
16
28
3
26
11
14
16
4
2
3
54
23
139
18
12
3
6
112
97
268
71
20
76
255
598
1
4
1
3
2
6
5
3,542
8,125
942
._'
i
sy
54
13
22
163
33
3,360
..
4
7
16
. 1
5
9
780
232
160
123
108
164
94
154
65
. 82
913
118
226
189
. . . .
•:.
. . _ . . . _
_
.
Consolidated
I n liqui- 1 I n existu n d e r act I n s o l v e n t dation
ence
N o v . 7,
1918
•
•
1
2
2
2
3
8
2
.13
4
6
1
i
11
12, 555
114
•774
248
503
121
155
338
349
134
2, 207
166
116
175
261
95
38
141
33
425
19
278
REPORT ON T H E FINANCES
Condition of national hanks
On June 30, 1924, there were 8,085 reporting national banks with
resources of $22,565,919,000. Although the number of reporting
banks shows a reduction in the year of 156, resources were increased
$1,054,153,000.
Loans and discounts show an increase since June 30, 1923, of
$161,057,000.
Investments in United States Government securities show a reduction in the year of $212,068,000, and other miscellaneous bonds and
securities, etc., an increase of $284,693,000, or a net increase in investments in Government and other securities since June 30, 1923, of
$72,625,000.
Balances due from correspondent banks and bankers, including
lawful reserve with Federal reserve banks, were $295,472,000 in excess
of the amount June 30, 1923. Cash in vault was $54,111,000 greater
than a year ago.
Capital stock shows an increase in the year of $5,120,000, and
surplus and undivided profits an increase of $35,413,000.
The liability for circulating notes outstanding shows an increase in
the year of $9,685,000..
'
Balances due to other banks and bankers, including certified
checks and cashiers' checks outstanding, June 30, 1924, aggregated
$3,371,336,000, compared with $2,662,385,000 June 30, 1923. Demand deposits, including United States deposits, are $236,135,000
greater than a year ago, and time deposits, including postal savings,
show an increase since June 30, 1923, of $504,771,000. Total deposit
liabilities show an increase in the year* of $1,449,857,000.
The liabilities of these banks for borrowed money (bills payable
and rediscounts) were curtailed $383,097,000 since June 30, 1923.
The percentage of bills payable with Federal reserve banks to total
bills payable June 30, 1924, was 56.14, compared with 82.55 June 30,
1923. . The percentage of rediscounts with Federal reserve banks to
total rediscounts was 78.57, compared with 81.90 a year ago.
The percentage of loans and discounts to total deposits was 65.29,
compared with 69.93 June 30, 1923.
The resources and liabilities of national banks at the date of each
report since June 30, 1923, are shown in the following statement:
279
SECRETABY OF THE TREASURY
Abstract of reports of condition of national banks, at the date of each report since
June 30, 1923
[In thousands of dollars]
June 30,
1923—
8,241
banks
Sept.. 14,
1923—
8,239
banks
'•
Dec. 31,
1923—
8,184
banks
Mar. 31,
1924—
8,115
banks
June 30,
1924—
8,085
banks
RESOURCES
Loans and discounts, (including rediscounts)!
•
11,817,671 11,934,556 11,876,562 11,952,287
12,950
10,430
10,470
10,815
Overdrafts
'
^.
Customers' liabihty account of accept187,131
153,485
202,572
ances
207,438
United States Government securities
owned
..^
. . 2,693,846 2,602,762 2,566,851 2,494,313
2,477,843 2,511,637
Other bonds, stocks, securities, e t c . . . . . . . . 2,375,857 2,398,304
493,324
504,-731
512,910
525,335
Banking house, furniture, and fixtures
87,133
86,412
93,881
Other real estate owned
^..
..'.
100,098
Lawful reserve with Federal reserve banks . 1,142,736 1,169,345 1,180,838 1,160,766
Items with Federal reserve banks in process
396,911
463,456
379,307
460,173
of collection
291,108
361,485
386,428
342,969
Cash in vault
910,014
• "960,769 1,029,342
Amount due from national banks...'...i....
'938,804
Amount due from other banks, bankers,
295,660
292,974
319,992
and trust companies
283,386
486,333
481,585
Exchanges for clearing house
925,979
842,719
68,283
49,560
Checks on other banks in the same place._.
85,079
67,083
71,578
Outside checks and other cash items
59,406
56,420
73,656
Redemption fund and due from U. S.
37,108
36,934
Treasurer..
.,
36,746
37,167
146,643
144,162
Other assets
161,940
157,210
11,978.728
10,075
135,829
2,481,778
2, 660,550
532,728
104,630
.1,198,670
397,340
345,219
1,099,763
345,020
925,568
75,925
69,687
37,129
167,280
21,511,766
21,712,876
22,406,128
22,062,888
1,328,891
1,070,616
1,332,394
1,068,320
1,325,825
1,068,359
1,335,572
1,073,363
1,334,011
1,080, 578
476,205
523,010
473,979
507,905
720,001
National bank notes outstanding
731,479
725,949 • 726,483
24,194
Due to Federal reserve banks
.._•...
29,763
26,965
25,328
Amount due to. national banks
838,227
905,104
920,239
886,435
Amount due to other banks, bankers, and
1, 546,777 1,510,573 1,648,607 1,653,347
trust companies.-.
64,123
Certified checks outstanding
130,547
186,434
187,704
199,064
Cashiers' checks outstanding.
.,
167,157
347,629
261,785
9,288,298 9,331,368 9,593,119 9,292,127
Demand deposits
Time deposits (including postal savings).. 4,755.162
4,864,369
4, .948,019 5,108,970
United States deposits—
192,135
101,649
• 157,849
183,000
Total deposits
16,897,980 17,040,530 17,828,861 17,598,696
United States Government securities borrowed...
34,952
36,983
38,287
35,684
Bonds and securities (other than United
2,977
2,750
States) borrowed
3,038
2,532
Bills payable (including all obligations
representing borrowed money other than
rediscounts)
.•
352,995
324,166
238,888
370,921
Notes and bills rediscounted (including
acceptances of other banks and foreign
bills of exchange or drafts sold with indorsement)
352,801
400,799
333,896
271,645
Letters of credit and travelers' checks outstanding
8,569
7,503
5,475
6,225
Acceptances executed for customers and
to furnish dollar exchange less those pur172,208
chasjed or discounted
145,786
204,432
193,240
30,409
Acceptances executed by other banks..
18,897
17,630
25,455
45,236
51,430
Liabilities other than those stated above...
56,231
47,200
501,656
729,686
26,445
1,035,000
Total.
22,565,919
LIABILITIES
Capital stock paid in
Surplus fund
Undivided profits, less expenses and taxes
Total-
21,511,766
21,712,876
22,406,128
22,062,888
1,759,556
226,714
323,621
9,593,250
5,259,933
123,318
18,347,887
32,542
2,565
143,847
196,778
9,456
131,411
17,381
38,171
22,565,919
1 Includes customers' liability under letters of credit.
Banks other than national
Returns were received as of June 30, 1924, from the State banking
departments of the several States, and from individual private banks
not under State supervision, showing the condition of 21,263 banks,
280
REPORT ON T.HE FINANCES
a reduction of 674 in the number of reporting banks since June 30,
1923. Despite this reduction, aggregate resources of $34,578,771,000.
on June 30, 1924, show an increase of $2,055,626,000 during the year.
Loans and discounts show an increase of $901,385,000, and investments an increase of $483,573,000.
^
Capital stock shows an increase of $56,716,000 during the year,
surplus and undivided profits an increase of $150,037,000, and individual deposits an increase of $2,110,203,000. Liabilities for money
borrowed on account of notes and bills rediscounted and bills payable
were reduced $53,403,000 and $80,988,000, respectively.
Comparison of the resources and liabilities of reporting banks other
than national for the fiscal years ended June 30, 1923 and 1924, is
shown in the following statement:
Resources and liabilities of banks other than national J u n e SO, 1924, compared with
J u n e SO, 1923
[In thousands of dollars]
June 30,
1924
(21,263
banks)
June 30,
1923
(21,937
banks)
Increase
Decrease
(674 banks)
RESOURCES
19,313,160 18,411, 775
Loans and discounts (including rediscounts)
:
47, 552
46, 259
Overdrafts •.
8, 602, 844
9,086,417
Investments (including premiums on bonds)
763,103
682, 774
Banking house (including furniture and fixtures)
189,798
168, 986
Other real estate owned
•.
11, 810,162 1,766, 591
Due from banks
:.......
Lawful reserve with Federal reserve bank or other
reserve agents....
.1 — 1, 270,138 1,085, 238
409, 624
729,397
Checks and other cash items
160, 257
191, 793
Exchanges for clearing house
505, 993
566, 281
Cash on hand
.
681, 511
612, 263
Other resources--.-..
-.-..,..
Total resources
901,385
483, 573
80,329
20,812
43, 571
1,293
184, 900
319,773
31, 536
60,288
69,248
34,578,771
32, 523,145
1, 780,192
1,886,781
470,074
1,107,291
114, 522
1,723,476
1,728,878
477,940
1,201,013
104,923
56, 716
157,903
28,100,938 25, 990,735
46,304
28, 984
128, 502
181,905
328,852
409,840
632, 635
658,131
2,110,203
34, 578, 771 32, 523,145
2,055, 626
LIABILITIES
Capital stock paid in
Surplus
Undivided profits (less expenses and taxes paid)
Due to all banks
Certified checks and cashiers' checks
Individual deposits (including dividends unpaid and
postal savings)
.
United States deposits (exclusive of postal savings)...
Notes and bills rediscounted._
Bills payable
Other liabilities
Total liabilities
7,866
93, 722
9,599
17,320
53,403
80, 988
25,496
All reporting banks
(National, State (commercial), savings, and private banks, and loan and trust companies)
On or about June 30, 1924, there were 29,348 reporting banks in
the United States, Alaska, and insular possessions, with aggregate
resources of $57,144,690,000. Although the number of banks shows
281
SECRETARY OF THE TREASURY
a reduction of 830 during the year, resources show an increase of
$3,109,779,000.
Loans and discounts amounted to $31,427,717,000 on June 30,
1924, and were $1,011,140,000 in excess of the amount a year ago;
investments in United States Government securities and other
miscellaneous bonds and securities, amounting to $14,228,745,000,
were $556,198,000 greater than a year ago.
Capital stock shows an increase of $61,836,000; surplus, an increa^se
of $167,865,000, and undivided profits, an increase of $17,585,000.
Total deposit liabilities, amounting to $47,699,572,000, show an
increase of $3,458,617,000, and liabilities for money borrowed on
account of notes and bills rediscounted and bills payable, show reductions of $209,426,000 and $308,062,000, respectively.
The resources and liabilities of all 'reporting banks on or about
June 30 of each year, from 1918 to 1924, are shown in the following
table:
Resources and liabilities of all reporting banks, 1918-1924
[In t h o u s a n d s of dollars]
Classification
1918
(28,880
banks)
1919
(29,123
banks)
1920
(30,139
banks)
1921
(30,812
banks)
1922
(30,389
banks)
1923
(30,178
banks)
1924
(29,348
banks)
RESOURCES
L o a n s a n d discounts (including
12, 514, 602 25, 255,171 31,208,142 ., 932, Oil 27,860,443 30,416, 577 31, 427, 717
rediscounts) i
Overdrafts
60,335
94, 293
109,186
74,600
57,982
56, 334
81,849
B o n d s , stocks, a n d other securities
9,741, 653 12, 229,528 11, 387,525 11,381,923 12, 547, 567 13, 672, 547 14, 228, 745
D u e from other b a n k s a n d
bankers 2
. . . 5,136, 604 5,865, 414 5,833, 241
794, 205 5,414, 241 5, 597,150 6,121, 093
936,707 1, 000,976
Real estate, furniture, etc. ^
• 909,183
147, 521 1, 276, 631 1,432,217 1, 590, 259
C h e c k s a n d other cash i t e m s *._
683, 078 1,420,809 1,457,778
290,667 1, 574, 608 1,196,075 1, 992, 370
C a s h on h a n d - .
—..
896, 571
997,353 1,076,378
946, 567
829, 892
797,101
911,500
784,413
Other resources..,
816,172 1, 005,882
096, 647
847, 385
865, 262
816, 672
Total.
40, 726,439 47, 615,447 53,079,108 49, 671,390 50, 425,367 54,034,911 57,144, 690
LIABILITIES
C a p i t a l stock p a i d in
S u r p l u s fund
U n d i v i d e d profits _ _
Circulation (national b a n k s ) . . • . .
Certified checks a n d cashiers'
checks.-..
, I n d i v i d u a l deposits
U n i t e d States deposits.
D u e to other b a n k s a n d b a n k e r s .
O t h e r liabilities 8
Total..
2,351, 588 2, 437,365
2,034,764 2,181, 994
684,260
825, 889
681,631
677,162
702, 639 2, 903, 961 2, 943, 950 3, 052, 367 3,114, 203
410,346 2, 542, 032 2, 697,409 2, 799,494 2, 967,359
976, 261
954,145
910,743
933,843
971, 730
688,178
704,147 • 725, 748 720, 001 . 729,686
207,907
546,345
27, 748,471 32, 665, 286
1, ,037, 787
566,793
3, 595,062 3, 890,487
2; 384; 969 3; 824; 126
514,862
614, 583
552, 505
358,110
664,857
315,123 34, 844, 572 37,194, 318 40, 034,195 42, 954,121
175,788
390, 230
128, 887
238, 439
152,302
708,302 2, 809,414 3 , 2 4 4 , " - 3, 610, 211 3,928,292
587,609 3,951,708 2,004,321 2, 267,949 1, 662,140
40, 726, 439 47, 615, 447
49, 671, 390 50, 425, 367 54, 034, 911 57,144, 690
1 I n c l u d e s acceptances a n d letters of credit.
2 I n c l u d e s lawful reserve w i t h F e d e r a l reserve b a n k .
3 I n c l u d e s real e s t a t e o w n e d other t h a n b a n k i n g h o u s e .
* I n c l u d e s exchanges for clearing house.
« I n c l u d e s bills p a y a b l e a n d r e d i s c o u n t s .
In the following statement the number of national banks in each
State, the amount of capital and aggregate assets on June 30, 1924,
are compared with similar data relative to all reporting banks in
each State.
282
REPORT ON T H E FINANCES
Number, capital, and assets of national banks and all reporting banks June SO, 1924
All b a n k s , including n a t i o n a l
banks
National banks
States, etc.
.
.
N u m - Capital
ber of ^ (000
banks omitted)
Maine
New Hampshire
Vermont
Massachusetts
Rhode Island.-Connecticut
- •
69
55
46
167 17
62
-----
L
-
-
-'
.-
$7,270
5,340
5,060
68,117
6,320
20, 307
Aggregate
assets (000
omitted)
Number*
of b a n k s
$129,666
70,563
. 61; 117
1,230,273
74,814
. 267,048
160
123
106
448
45
222
Capital
(000
omitted)
.
$12,710
7,783
7,726
103, 217
15, 692
36,120
Aggregate
assets (000
omitted)
$404,625
263,684
226,861
3, 642,424
478,284
1, 042, 229
396
"112,414
1,823,361
1,093
183, 248
6, 057, 997
523
246
864'
. 18
-•_.-. ' ' 85
.
14
225,166
37,132
140, 372
1,710
• 16,754
9,527
6,396,412
744, 767
2, 756, 792
22, 829
274, 245
131, 504
1,120
479
1, 660
61
260
46
498,495
86, 366
310, 205
8,649
38, 809
23, 353
15,128,436
1, 910, 313
5, 626, 654
123,463
782,446
255, 659
430,661
9, 326, 649
3,606
966,877
23, 726, 971
392, 348
202,422
178, 798
131, 926
187, 343
167,716
161, 687
72, 389
111,916
810,260
88, 732
262, 632
218, 849
623
350
618
411
656
299
362
357
251
1,633
485
612
569
67,965
33,465
37, 274
27,106
47, 890
23, 063
26, 720
17,160
31, 870
117,124
24,658
40, 873
42, 303
627,953
441,031
459,417
282,035
458,040
346, 763
300,919
231, 776
469, 305
1,144, 726
250, 679
522, 232
486, 672
239, 634
2, 986,908
7,026
627,371
6,021,447
62, 785
31,842
95,723
25,325
26, 550
38.416
26.417
42,617
892, 766
404, 040
1, 697,999
461,439
407,427
625,649
388,969
657,165
1,107
1,108
1,906
770
993
1,422
1,692
1,612
172,351
79, 236
250,182
95, 296
61, 379
70, 227
82,170
124,647
2, 725,910
1,026, 006
4, 048,847
1, 709, 967
947, 994
1,125,079
1,141, 960
1,490, 290
T o t a l M i d d l e W e s t e r n S t a t e s . _ - - 2,200
349, 676
5,435,363
10, 610
936, 387
14, 216,043
165
• 116
175
260
93
37
141
33
421
6,685
5,265
16, 727
17, 682
5,960
3,076
13,140
2,310
28,450
89,301
82,483
240, 669
218,871
76,962
56,799
268,042
29, 734
358,182
687
563
1,100
1,293
248
116
. 342
76
808
15, 756
14,.806
40,865
44,108
13,120
5,448
19,999
4,110
35, 930
186,313
220,177
634, 743
495,825
147,160
81,920
364,135
41, 629
• 433,806
1,441
99,284
1,419, 033
6,223
194,142
2,495, 708
112
97
266
70
20
11
19
17,240
13,020
60,078
4,720
3,626
1,460
1,660
294,429
182,434
928,516
59,764
53,184
17, 782
27,960
381
27,7
675
177
116
34
63
30,183
23,303
184,919
8,035
11,470
3,146
5, 779
493,871
31\), 923
3,157,834
95,105
166, 662
40,993
80, 587
594
101,693
1,664,069 ,
1, 723
266,835
4,335, 975
3
2
150
600
17
22
17
111
766
7,806
8,418
24,364
10, 723
84, 678
52, 268
142, 880
T o t a l N e w E n g l a n d States
New York
-J '...
New Jersey. .
Pennsylvania..
• ----Delaware
Maryland
District of C o l u m b i a
...
•
-
1,760
Total Eastern States-
182
125
83
81
94
54
105
35
33
573
88
138
108
Virginia
-_
"West Virginia-1
^...
.,-North Carolina...• -S o u t h Carolina
Georgia--Florida
Alabama
. -.
Mississippi
Louisiana Texas
i
-.-_..
Arkansas. _ - _
Kentucky
-__
Tennessee
- . - 1,699
T o t a l S o u t h e r n States
Ohio
Indiana
Illinois.
Michigan-Wisconsin
Minnesota
IowaMissouri
North Dakota
South Dakota
Nebraska
Kansas
Montana
Wyoming
Colorado.N e w Mexico
Oklahoma
--
-•
-
. _-.-.
-.--
J-J
.•
'
-
.
^
J
---
-
. . .
.1.
:
-
T o t a l W e s t e r n States
Washington
Oregon- California
Idaho
-----Utah
NevadaArizona..
--'---.-
_
-
.-
T o t a l Pacific States
Alaska—..
T h e T e r r i t o r y of H a w a i i
P o r t o Rico
_
P h i l i p p i n e Islands
-
1- -
1 Figures for June 30, 1923.
2,957
7,689
--
• T o t a l Alaska a n d insular possessionsT o t a l U n i t e d States
359
248
502 .
121
155
334
347
134
30, 049
13,126
13,420 11,880
16, 390
9,740
13, 330
5, 035
8,830
73, 972
7,912
18,471
17, 379
•
750
10,646
67
41,343
290,549
8,085 1,334, Oil
22, 666,919
29,348
3,114, 203
57,144, 690
5
.
SECRETARY OF T H E TREASURY
283
DIRECTOR OF THE MINT
Institutions of the Mint Service
Eleven Mint Service institutions operated throughout the fiscal
year ended June 30, 1924: Coinage mints at Philadelphia, San Francisco, and Denver; assay office at New York, which makes large
sales of fine gold bars; mints at New Orleans and Carson City, conducted as assay offices; and assay offices at Boise, Helena, Deadwood,
Seattle, and Salt Lake City. The seven last-named institutions are
in effect bullion-purchasing agencies for the large institutions and
also serve the public by making, at nominal charge, assays of ores and
bullion. Electrolytic refineries are operated at the New York,
Denver, and San Francisco institutions.
.Coinage
During the first half of the fiscal year the demand for small coins—
quarters, dimes, nickels, cents—in the territory served by the Philadelphia Mint was such that the stocks of those coins were exhausted
and it was necessary to operate the Philadelphia Mint on a 24-hourper-day basis. I t is thus evident that notwithstanding the enormous
issues of small coins during the five-year period 1917-1921 there is
no redundancy of coins below the dollar. As a result of the demand
for small coins the total number of pieces, 262,178,080, of domestic
coin executed during the fiscal year just closed exceeded the combined
totals of the two preceding fiscal years, when the mints were principally occupied in replacing the silver dollars sold under the Pittman
Act and in adding to the stock of gold coin. Silver dollars were
made during the past fiscal year at the Philadelphia Mint only, the
total being $11,870,000.
The Denver Mint operated almost exclusively on double eagles, which were made at the San Francisco
and Philadelphia Mints also, the total gold coin executed being
$154,120,000. Subsidiary coin to the value of $10,276,040 and
$3,822,420 of minor coin were executed, making the total value of
domestic coinage $180,088,460, as compared with $172,196,760
during the previous year. Foreign coin was manufactured during
the past fiscal year at the Philadelphia Mint only, the total number
of pieces being 9,632,196, of which 4,482,196 silver 1 sol pieces were
made for Peru, ,4,450,000 silver pieces for Venezuela, and 700,000
bronze pieces for Nicaragua. The total number of pieces executed
during the fiscal year, foreign and domestic, was 271,810,276, which
compares with 136,758,500 during the prior fiscal year.
Gold operations
Gold, acquired by the Government at the several Mint Service
institutions during the fiscal year 1924 totaled $488,753,331.72.
284
-
REPORT ON T H E FINANCES
This has been exceeded during only four fiscal years, as follows:
1917, 907.96 million dollars; 1921, 673.16 million dollars; 1922,
540.63 million dollars; 1916, 508.08 million dollars. During the 10
fiscal years 1915 to 1924, inclusive, since the beginning of the World
War, the total gold acquired by the Government was valued at
$4,269,000,000. As during the previous fiscal year, the greater
portion of gold received came to the United States assay office at
New York in the form of imported refined bars, although foreign coin
received at the New York office was a material item.^ United States
gold coin received by the mints for recoinage amounted to $3,008,441.65; transfers of gold between mint offices totaled $9,493,529.07;
and the aggregate amount of gold received by the several Mint
Service institutions during the fiscal year 1924 was $501,255,302.44.
Silver operations
Receipts of purchased silver during the fiscal year 1924 totaled
18,785,464.93 fine ounces, of which 15,601,961.73 fine ounces were
Pittman Act silver costing $1 per ounce. The average cost of other
purchased silver was slightly under 63.6 cents per ounce, total cost
being $2,011,633.03 for 3,183,503.20 fine ounces. Silver received in
exchange for bars bearing the Government stamp totaled 3,196,585.49
fine ounces; United States silver coin received for recoinage totaled
1,492,359.05 fine ounces, the recoinage value being $2,063,050.34;
silver deposited in trust by other governments totaled 2,313,084.28
fine ounces; and transfers between Mint Service offices totaled
1,604,562.79 fine ounces, making the aggregate quantity of silver
received by the.several Mint Service offices during the fiscal year
27,393,056.54 fine ounces.
All except 588,642 ounces of the silver purchased under the terms
of the so-called Pittman Act and remaining undelivered on June 30,
1923, has been received during the past fiscal year. Deliveries to
the mints upon all accepted tenders over due on or before October 1, 1924. Approximately 36,000,000 silver dollars remain to be
coined from the silver purchased under this act.
The New York market price of silver during the fiscal year ended
June 30, 1924, averaged $0.64517; the lowest price was $0.62875 on
August 23-24, 1923; and the highest price $0,675 on various dates in
June, 1924.
Refineries
The refinery at the Denver Mint, which has been closed since 1920,
was reopened in September, 1923, on account of the large accumulations of unrefined gold and silver bullion. Material quantities of silver
bullion purchased under the terms of the Pittman Act could not be
coined until separated from other metals and impurities with which
SECRETARY OF T H E TREASURY
285
combined, such bullion representing a large inert governmental investment. Several years will be required for refining this silver and
with the accumulations and regular purchases of other silver and goldthe continued operation of the Denver refinery will be essential.
Production of electrolytically refined gold by the three refineries—
New York, San Francisco, Denver—totaled during the past fiscal
year 3,925,962 ounces, as comipared with 1,738,848 ounces from two
refineries during the fiscal year 1923. Electrolytically refined silver
from three refineries last year totaled 6,616,817 ounces, as compared
with 3,570,784 ounces from two refineries during the fiscal year 1923.
"Both the New York and San Francisco refineries materially increased
their production last year, while the Denver refinery contributed
labout 17 per cent of the total.
Stock of coin and monetary bullion in the United States
On June 30,1924, the estimated stock of domestic coin in the United
States was $1,864,423,056, of which $1,083,053,827 was gold,
$503,754,851 standard silver dollars, and $277,614,378 subsidiary
silver coin.
The stock of gold bullion in the mints, assay offices, and Federal
reserve banks on the same date was valued at $3,407,753,476, a gain
during the year of $355,900,757; the stock of silver bullion was
32,655,072.24 fine ounces, a gain of 1,894,058.13 fine ounces.
Production of gold and silver
Domestic gold production during the calendar year 1923 was
$51,734,000, as compared with $48,849,100 in 1922. The output continues at approximately half of that for the record year, 1915, when
the total.was $101,035,700.
Silver of domestic production during 1923 totaled 73,335,170 fine
ounces, this total having been exceeded only during the years 1915
and 1916. The record production of 1915 was 74,961,075 fine ounces
while the 1922 output was 56,240,048 fine ounces. The 1923 silver
product is valued at $60,134,839.
Industrial consumption of gold and silver
Gold consumed in the industrial arts during the calendar year 1923
is estimated at $69,292,245, of which $40,013,175 was new material.
Silver used in the arts is estimated at 36,824,977 fine ounces, of
which 28,355,171 fine ounces were new material.
As compared with the prior year, gold consumption increased about
$10,000,000 and silver consumption decreased about 1,000,000
ounces.
286
REPORT ON T H E FINANCES
Import and export of domestic gold coin
The net import of domestic gold coin during the fiscal year ended
June 30, 1924, was $19,183,640; during the prior fiscal year there wasnet export of $1,431,911. During the 10 fiscal years 1915-1924, since
the opening of the World; War, there has been net export of
$781,193,057. Since 1870 the net export of domestic gold coin has
been $1,658,842,121.
Appropriations, expenses, and income
Appropriations available for Mint Service during the fiscal year
1924 totaled $1,542,522.50, and reimbursements to appropriations for
services rendered amounted to $333,751.60, making a total of
$1,876,274.10.
^ Expenses amounted to $1,848,461.41, of which $1,810,259.85 waa
chargeable .to appropriations and. $38,201.56 chargeable to income.
The income realized by the Treasury from the Mint Service aggregated $8,616,444.37, of which $7,437,835.76 was seigniorage. The
seigniorage included $2,686,904.57 on the coinage of silver dollars,
which am.ount offsets an equal loss which was incurred when the silver
dollars were melted and sold under terms of the Pittman Act. The
seigniorage on subsidiary silver coin was $1,640,697.25; on nickel
coin, $2,228,371.99; and on bronze coin, $881,861.95.
Summary of appropriations, expenses, and balances, fiscal year 1924
Items
Salaries
Wages
of
Contingent Increase
compenexpenses
sation
Freight
on
bullion
Total
Appropriations
-- . $265,330. 00 $766,892. 50 $336,500. 00 $178,800. 00 $5,000.00 $1, 542, 522. 50
Earnings credited to appropria249, 221. 35 84,530. 25
tions
333, 751. 60
Total available
Expenses-J
Unexpended balances
266,330.00 1,006,113.86 421,030. 25 178,800.00 6,000.00 1,876, 274.10
--. 260, 362. 63 985, 780.16 398,477. 60 170,652. 54 4,996.92 . 1,810, 269. 85
14, 977. 37
20, 333. 69
22, 552. 65
8,147.46
3.08
66,014. 2b
Deposits of gold and silver, income, expenses, and employees, by institutions, fiscal year 1924
The number and value of deposits, transfers, gross income, and
expenses for the fiscal year 1924, and the number of employees on
June 30, 1924, at each institution, are shown in the following table:
287
SECRETARY OF THE IE.EASXJE.Y
Num- Number of
of
Coining
depos- ber
Mint value of gold
its of Service
and
silver.
gold
transreceived i
and
fers
silver
Institution
Gross ,
income
Gross
expense
Excess of
income (-|-)
or of
expenses ( - )
Employees
June
30,
1924
Philadelphia
San Francisco
Denver . . .
New York
New Orleans
Carson City
Boise
Helena
L
Deadwood
Seattle .
Salt Lake City
20,783
16,820
3,181
19,165
500
242
653
343
37
1,496
135
1,388 $27,659,943. 66 $6, 770,548. 21
1,024 54, 076, 348. 26 1,032,860. 52
• 58 12,000,970.81 241, 245. 04
626 424, 670, 392. 69 563,845.84
914. 22
3 1, 314, 946. 64
624.89
258, 345. 45
1, 607.49
296,936. 88
800.14
366, 772. 04
363.13
35,170. 80
4 4, 771, 327. 67
3,132. 29
502. 60
61,189.13
$868,623.08 -f $5,901,925.13
307,662.43 +726, 208. 09
221,905. 35
+19, 339. 69
351,193.00
+212, 652. 84
11, 711. 09
-10, 796.87
6, 210.17
- 4 , 585. 28
-6,453. 57
7, 061. 06
-5,146. 60
5,946. 64
-4,754.60
5,117. 63
- 2 1 , 900.88
25,033.17
- 3 , 571.70
4,074. 30
350
134
89
133
6
3
4
3
3
11
2
Total field
Mint Bureau
Grand total
Fiscal year 1923
62,256
3,103 625, 512,344. 02 8,616,444. 37 1, 813, 627. 92 +6,802,916.'45
34,933. 49
-34,933.49
738
14
'62,255
88,588
3,103 626, 512,344. 02 8,616,444. 37 1,848,461.41 +6, 767,982. 96
1,903 419, 608,051.13 26, 708,686.38 2, 022,667.37 +24,686,019.01
752
752
1 Gold valued at $20.67 per fine ounce, silver for standard dollars valued at $1.29 per fine ounce, and
silver for subsidiary coin at $1.38 per fine ounce.
BUREAU OF INTERNAL REVENUE ^
Receipts from internal-revenue taxes during the fiscal year 1924
compared with 1923 were as follows:
Sources
Income and profits tax
Miscellaneous taxes.
1923
1924 ^
$1, 691,089, 534. 66
930,665, 693. 01
$1,841,759,316.80
954,419,940. 26 _
$160, 669, 782. 24
23,764, 247. 25
2, 796,179, 257. 06
174,434, 029. 49
'
-
Total-
2, 621, 745, 227. 57
Increase
In the foregoing statement of receipts no deductions have been
made on account of refunds, which for the fiscal year 1924 were as
foUows:
Refunding taxes
Refunding taxes
Refunding.taxes
Refunding taxes
Refunding taxes
illegally
illegally
illegally
illegally
illegally
Total refunds.___
collected,
collected,
collected,
collected,
collected,
1920 and prior years
1921_______
1922
1923.
1924 and prior years
$29, 244, 233. 15
11, 854, 300. 19
7, 772, 246. 91
4, 476, 790. 98
83, 658, 654. 42
137, 006, 225. 65
The interest allowed on claims for refunds under provisions of the
act of November 23, 1921, amounted to $7,174,400.37, which is
included in the foregoing statement.
1 The figures concerning internal-revenue receipts as given in this statement differ from such figures
carried in other Treasury statements showing the financial condition of the Government, because the former
represent collections by internal-revenue officers throughout the country, including deposits by postmasters
of amounts received from sale of internal-revenue stamps and deposits of internal revenue collected through
oustoms offices, while the latter represent the deposits of these collections in the Treasury or depositaries
during the fiscal year concerned, the differences being due to the fact that some of the collections in the latter
part of the fiscal year can not be deposited or are not reported to the Treasury as deposited until after June
:30, thus carrying them into the following fiscal year as recorded in the statements showing the condition of
the Treasury.
'288
REPORT ON T H E FINANCES
The following coinparative statement shows in greater detail the"
internal-revenue receipts for the fiscal years 1923 and 1924:
Sources
Increase (+) or
decrease (—)
1923
1924
L
$1, 691,089,534. 66
$1,841,759,316.80
Estates of decedents
Distilled spirits and alcoholic beverages
Receipts under national prohibition
Tobacco and tobacco manufactures
Oleomargarine, adulterated, and process or
renovated butter and mixed flour-. •Bonds, capital stock issues, conveyances, capital stock transfers, sales of produce for future
deliveries, etc.. .
Telegraph and telephone
-Excise taxes, manufacturers', including automobiles, cameras, photographic films, candy,
yachts, etc, (sec. 900)
Other excise taxes, including sculpture and
Daintings; carpets, rugs, trunks, and valises;
ewelry, clocks, and watches; nonalcoholic
beverages, etc
Corporations, on capital stock
Brokers, theaters, museums, bowling alleys,
billiard and pool tables, shooting galleries,
riding academies, passenger automobiles for
hire, and use of pleasure boats, etc
Admissions to places of amusement and entertainment and club dues
Narcotics: Opium, coca leaves, etc., including
special taxes of importers, manufacturers,
and dealers 2
,. ,
Internal revenue collected through customs
oflSces
.- . .
-Miscellaneous collections, including receipts
from repealed taxes 3
126, 705, 206. 66
30, 358, 085. 63
729,244. 23
309, 016,492. 98
102,966, 761. 68
27, 685, 708. 37
855, 395. 37
326,638,931.14
2,307,310.84
2,863,463.98
+556,163.14,
64,875,378.81
30, 380, 783. 93
62, 267, 553. 96
34,662,428. 90
—2, 617, 824. 85.'
+4,281,644.97
162, 627, 680. 57
176,900,047. 91
32,668, 694. 81
81,667,739.32
35,391,179. 90
87,471, 691. 52
Income and profits ^
Total miscellaneous taxes
Total receipts from all sources
+$160,669,782. 24;
—23, 738,444. STT
- 2 , 772, 377. 26.
+126,151.14*
+16, 623,438.16'>
+13,372,467.34*
+2, 722, 686. 09^
+5, 903, 952. 20
8,035,583.45
7, 814, 413. 92
-221,169.67
77, 345,877. 72
85, 722, 385. 09
+8,376,507.37
1,013, 736. 26
1,067,341. 33
109, 291. 01
29,036. 37
-80, 254. 64^
3,015, 786. 86
4, 203, 600. 82
+1,187, 813. 96.
+43, 605. 07
930, 655, 693. 01
964,419, 940. 26
+23, 764, 247. 25.
2, 621, 745, 227. 57
2, 796,179, 267. 06
+174, 434, 029. 4»
1 Includes income tax on Alaska railroads (act of July 18, 1914), amounting to $17,492.13 for 1923 and
$20,329.08 for 1924; also includes in the fiscal year 1923 payments of the third and fourth installments of
income and profits tax for the calendar year 1921.
2 Includes $470 for 1923 and $.275 for 1924 collected on account of opium manufactured for smoking
purposes.
3 Includes delinquent taxes collected under repealed laws amounting to $2,797,206.18 in 1923 and $4,115,676.66 in 1924.
Cost of administration
' The expenditures in administering the internal revenue laws for
the fiscal year 1924 were $42,895,625.04, not including expenditures,
from appropriations for refunding internal revenue collections and
taxes illegally collected, which in no sense are administrative expenses.
The foregoing expenditures include, however, $7,509,146.27 for theenforcement of the prohibition law and $709,790.66 for the enforcement of the narcotic law, which are regulatory provisions rather than,
tax measures. Deducting these two items of expense from the total
leaves $34,676,688.11 as the expenditure for collecting the internalrevenue taxes for the fiscal year 1924. As the aggregate receipts of'
internal revenue were $2,796,179,257.06, it will be seen that the cost
oi collecti()n for the fiscal year 1924 amounted to $1.24 for each.
$100 collected. The cost of collection on a similar basis for thefiscal year 1923 was $1.39 for each $100 collected.
SECRETARY OF T H E TR-EASURY
289
Income and profits taxes
During the fiscal year 1924 the Income Tax Unit in Washington
audited 2,329,191 income and excess-profits tax returns, of which
1,823,320 were individual and partnership returns and 505,871 were
corporation returns. The number was about 80 per cent greater
than during the fiscal 3^ear 1923 when 1,292,612 income and excessprofits tax returns were audited, including 1,009,868 individual and
partnership returns and 282,744 corporation returns.
The number of returns audited was almost twice the average num
ber received annually for audit by the Income Tax Unit in Washington. This greater production resulted in a material reduction in the
total number of cases now pending in Washington.
I n the main, the intensive audit has been confined to the excessprofits tax years of 1917 to 1921, inclusive, and more particularly to
the 1917 cases involving claims or cases in which waivers had been
secured, and to returns for 1918. Substantial reduction as a consequence of concerted and continued efforts was made in the number
of cases pending for the earlier years. Many thousands of 1917 and
1918 cases were reopened in consequence of claims and applications
filed under sections of the law providing for such procedure.
The number of claims adjusted was 97,911. In addition, 73,804
certificates of overassessment were issued in cases in which no claims
were filed. The total amount involved in certificates scheduled was
$827,871,486.79. The number of claims allowed was 63,209. The
total amount involved, including overassessments stated where no
claim was filed, was $452,582,691.87, of which $118,311,079.78 was
refunded and $334,271,612.09 abated or credited. The amount of
interest paid on amounts refunded or credited under section 1324 (a)
of the revenue act of 1921 was $6,543,223.30. The number of claims
received during the year was 88,514, involving $1,515,786,087.54.
The number of claims rejected was 34,702, involving $375,288,794.92.
The number of claims on hand at the end of the year was 79,956,
compared with 95,271 at the end of the previous fiscal year.
A total of $487,564,966.22 in additional taxes was assessed. In
order that the collections would not be jeopardized, it was necessary
to assess $161,515,217.33, reserving the taxpayer's right of appeal
to a later date, and in consequence this sum is subject to claims of
abateinent.
In addition to the taxes assessed, by rejection of claims in abatement and claims of credit of taxes previously assessed, there was
made immediately available for collection $110,438,675.62.
Important compilations prepared by the statistical division of the
Income Tax Unit during the year included ^^ Statistics of Income for
1921,'' containing an extensive analysis of the income-tax returns
290
REPORT ON T H E FINANCES
filed by individuals and corporations for 1921; /^Preliminary Report,
Statistics of Income, compiled from the personal income-tax returns
for 1922;" ^^Distributed and Undistributed Earnings of Corporations," published as Senate Document No. 8^5, Sixty-eighth Congress,
first session, containing information relative to profit, surplus, and
dividends of corporations reporting net taxable income of $2,000
and over in 1922; and ^^ Corporate Income and Excess Profits Tax
for 1921," published as Senate Document No. 67, Sixty-eighth Congress, first session, containing information regarding the excess-profits
taxes of corporations based upon the business of 1921, and for which
returns were made during the year 1922.
In accordance with a survey of its activities, a number of changes
in the organization of the Income Tax Unit were made during the
year. The purpose was to concentrate, as far as practicable, in one
of three divisions, authority and responsibility for auditing all of
any one of the three general classes of returns, personal, corporation,
and affiliated corporation, thus eliminating duplication of work,
needless transfers, and overspecialization.
The Income Tax Unit gained during the year approximately half a
year on a current condition of work. I t produced in additional
revenue, deducting refunds, more than $300,000,000.
Capital-stock tax
Capital-stock taxes produced a revenue of $87,471,691.52 compared
with $81,567,739.32 for the preceding year. The number of offers
of compromise on hand in the Capital Stock Tax Division at the
beginning of the year -Was 7,776. The number received during the
year was 20,563, compared with 11,864 for the previous year.
The number disposed of was 22,174, of which 21,540 were accepted
and 634 rejected. The increase in the number of claims received
was largely due to the drive for delinquent returns, the offers being
submitted in compromise of the specific penalty for failure to file
returns within the time prescribed by law. The capital-stock tax
regulations were revised to conform with the revenue act of 1924.
Sales taxes
Under the general definition of sales taxes are included the taxes
on telephone and telegraph messages, beverages and constituent
parts thereof, admissions, dues, manufacturers' excise taxes, and
works of art and jewelry. Total collections from these sources for
the year 1924 amounted to $331,676,041.80, compared with $302,922,837.03 for 1923. The average monthly number of returns
received and audited was 215,000, compared with 200,000 for the
previous year.
SECRETARY OF T H E TIIEASURY
291
From time to time special investigations are made to check up
delinquent taxpayers. During the year investigations covering
dealers in jewelry, etc., resulted in additional assessments of approximately $550,000.
Tobacco taxes
Receipts from tobacco taxes were the greatest in the history of
the Bureau of Internal Revenue, exceeding the total internal-revenue
collections from all sources for any year prior to 1913. Total collections from this source were $325,638,931.14, an increase of $16,623,438.16, or 5.38 per cent, compared with the preceding year.
Such collections represent 11.65 per cent of the total revenue receipts from all sources, compared with 11.78 for the fiscal year 1923
and 8.46 per cent for the fiscal year 1922. Receipts from taxes on
small cigarettes represent 62.54 per cent of the tobacco collections,
amounting to $203,651,330.58, an increase of $21,066,523.75 or
11.53 per cent over the preceding year.
Miscellaneous stamp and special taxes
Collections from the miscellaneous stamp and special taxes
amounted to $72,935,431.86, compared with $75,218,273.14 for
the preceding fiscal year. The largest part of these collections
were taxes on bonds, capital stock issues, conveyances, promissory
notes, customhouse entries, passage tickets, proxies, powers of
attorney, and foreign policies of. insurance on property in the United
States, which amounted to $43,031,608.47, compared with $44,603,166.20 for the year 1923. Special taxes on brokers, theaters,
museums, circuses, bowling alleys, and pool tables, shooting galleries,
riding academies, passenger automobiles for hire, and use of pleasure
boats amounted to $7,814,413.92, compared with $8,035,583.49
for the preceding year.
Collections from taxes on oleomargarine amounted to $2,814,104.14,
an increase of $559,572.91 or 24.82 per cent over the preceding year;
on adulterated butter, $37,642.78, a decrease of $3,833.42; on process
or renovated butter, $10,676.56, an increase of $384.56; and on
mixed flour, $1,040.50, a decrease of $29.09. The revenue derived
from the tax on playing cards was $3,731,536.90, an increase of
$346,310.07, or 10.23 per cent compared with 1923.
Estate taxes
Estate-tax collections amounted to $102,966,761.68, compared
with $126,705,206.55 for the year 1923. The number of estate-tax
returns filed in 1924 was 14,388 showing a tax liability of $76,198,627.75, compared with 14,272 returns filed in 1923 showing a tax
liability of $82,266,951.88. The increase in the number of returns
292
REPORT ON T H E FINANCES
filed reflects, in part, the result of a delinquent canvass begun during
the latter part of the year 1923.
Field investigations and office audit disclosed deficiency tax
amounting to $45,934,192.94, compared with $62,764,429.95 for the
previous fiscal year. The deficiency tax is far in excess of any other
year, with the exception of the year 1923, since the estate-tax law
was enacted.
During the year 2,032 claims for abatement and 2,004 claims for
refund were adjusted. A total of $17,638,744.06 was either abated
or refunded,' compared with $33,297,709.84 for the preceding year.
Accounts and Collections Unit
The Accounts and Collections Unit has to do with the work of the
internal-revenue districts, of which there are 65, each under the
direct supervision of a collector of internal revenue.
Special attention was given by collectors' field forces to the serving
of warrants for distraint, the verification of returns filed indicating
additional taxes due, and the conduct of delinquent drives. A
total of 123,407 warrants for distriaint was served which involved
the collection of $22,342,407, compared with 159,463 warrants
served and $17,081,651 collected for the previous fiscal year. An
average of 2,231 deputy collectors made 695,463 revenue-producing
investigations, including the serving of warrants for distraint. The
amount collected and reported for assessment as a result of these
investigations was $53,953,593. The average number of investigations made per dreputy was 312 and the average amount of tax
collected per deputy was $24,184.
The work of the collectors' field forces was again supplemented by
special squads composed of internal-revenue agents on the rolls, of
the Accounts and Collections Unit and a few deputy collectors. An
average of 260 special officers made a total of 75,061 revenue-producing investigations, which resulted in collecting and reporting for
assessment tax in the amount of $28,697,617. The average number
of cases per officer was 288 and the average amount collected per
officer was $110,375.
The amount collected and reported for assessment as the result of
the activities of both the field force of deputy collectors working
under supervision of collectors and the special squads working under
the supervision of supervisors of accounts and collections was
$82,651,210, compared with $64,697,674 for the fiscal year 1923. '
On recommendation of the tax simplification board detailed instructions were prepared by the Accounts and Collections Unit directing collectors of internal revenue to retain for audit, in addition to
individual income-tax returns filed on Form 1040A, all individual
SECRETARY OF THE TREASURY
293
returns filed on Form 1040 showing gross income of $15,000 or less.
As a result of this procedure, collectors are auditing approximately
95 per cent of the more than 7,300,000 individual income-tax returns
filed during the period from January 1 to June 30, 1924. Twenty-eight offices had completed the audit prior to June 30. At this
rate of progress, it is expected to complete the audit in all of the
offices at an early date.
During the year $300,784.69 was expended for rental for collectors'
offices and branch offices, compared with $227,137.16 for the preceding fiscal year. The increase was due in great part to the removal
of the collector's office at Boston, Mass., to more commodious
quarters and to the removal of the collector's offices at Brooklyn,
N. Y., from federal to commercial space. Arrangements were made,
also, to remove the collector's office at Richmond, Va., from Federal
to commercial space. The removals were necessitated by lack of
space in Federal buildings satisfactorily to house the collectors'
organizations.
Constant endeavor is made to afford taxpayers the best possible
facilities in the transaction of their business with the Internal Revenue
Service. On June 30, 1924, there were open 169 division headquarters
offices, 8 subdivision offices, and 21 offices at which stamps only were
sold, in addition to the 65 collectors' offices, a total of 263 offices
and branch offices.
Solicitor's Ofiice
The civil division, in cooperation with the Department of Justice
a n d the United States attorneys' offices, handles all civil internala:evenue cases pending in the Federal courts. The nuinber of su(^h
'Cases decided by the Federal courts during the year was 150, of which
<'88 were for the Government, 52 against the Government, and 10
partly for the Government and partly for the taxpayer.
The number of civil cases pending on June 30, 1924, was 1,853,
^compared with 1,370 on July 1, 1923. The principal centers of
llitigation with reference to the number of cases pending and the
amounts involved are New York, Philadelphia, Boston, Chicago,
Pittsburgh, and San Francisco.
At the beginning of the fiscal year there were pending in the penal
division 597 cases alleging fraud in connection with the internalrevenue laws. There were received 1,382 new cases, making a total
of 1,979 cases pending during the year. The number of cases disposed of was 1,023.
,
V
To interpretative division I are referred questions relating solely
to the income arid excess profits taxes provisions of the various
revenue laws.
294
REPORT ON T H E FINANCES
The following questions have been made the subject of careful
study during the year:
Taxability of officers and employees of public utilities and other
enterprises owned and operated by a State or municipality.
Reciprocal exemption of income derived from the operation of
foreign ships under section 213 (b) (8) of the revenue acts of 1918and 1921.
The taxable status of estates in process of administration under theseveral revenue acts.
The subject of consolidated returns with particular reference to
the expressions ^^control through closely affiliated interests" and.
'^substantially all the stock" as those expressions appear in the
revenue acts of 1918 and 1921.
The exempt status of building and loan associations, farmers' cooperative enterprises, and business leagues and chambers of commerce.
The taxability of assessment and premium deposit insurance companies under the revenue act of 1918.
The taxable status of income received by Indians from tax-exempt
land and land restricted as to alienation.
The proper method of taxing annuities and life interests in trust
funds.
Interpretative division I I , in addition to its work of interpreting
the provisions of the law relating to miscellaneous taxes, preparing
and reviewing Treasury decisions and Solicitor's memoranda, reviewing and approving claims for abatement, redemption and refund of
miscellaneous taxes involving amounts in excess of $500, and other
duties, has supervision of the disposition of real estate acquired by
the Government under the provisions of the internal-revenue law,
and, with the approval of the Secretary, authorizes the sale at public
vendue of the interest of tlie United States in such realty.
The division conducted more than 200 hearings on interpretative
cases, and also considered and prepared changes in procedure within,
the bureau necessitated by the creation of the United States Board
of Tax Appeals. The division reviewed 5,727 claims, 84,911 compromises, 3,402 letters, and 1,366 interpretative cases. There were
107 real estate cases pending on July 1, 1923. During the year, 3 were
received and 61 disposed of, leaving 49 cases pending on June 30,
1924.
The special assessment section passed on 333 alleged fraud cases
during the year. There were pending at the beginning of the year
16 cases and at the end of the year 10.
SECRETARY OF T H E TREASURY
295
Committee on Appeals and Review
The. work of the Committee on Appeals and Review, which was
created October 1, 1919, increased rapidly, particularly since the
beginning of the calendar year 1922. On July 1, 1923, the number
of appeals on hand was 1,195. The number of cases received during
the fiscal year 1924 was 4,879 and the number disposed of was 4,020,
leaving on hand on June 30, 1924, a total of 2,054. The number of
cases disposed of during the year 1924 was slightly more than 50 per
cent in excess of the number disposed of during the year 1923. The
increase was effected without enlarging the personnel of the committee.
Resulting from the repeal by the revenue act of 1924 of section 250
of the revenue act of 1921 providing for the right to appeal prior to
assessment in those cases where a deficiency in the amount of tax
is discovered, the Committee on Appeals and Review has been
abolished.
The Solicitor of Internal Revenue is now perf orming the review work
necessary in order that the commissioner may make his final determination of the tax due as required by the revenue act of 1924.
National prohibition
/
A total of $855,395.37 was collected under the tax and tax penalty
provisions of the national prohibition act for the fiscal year 1924,
compared with $729,244.23 for the fiscal year 1923. In addition, as
shown by the records of the Solicitor of the Treasury, there were
certain collections through the Federal courts, such as fines, forfeitures, etc., made by the Department of Justice, which assists in
enforcing the national prohibition act, amounting to $5,682,719.87,
compared with $4,366,056 for the fiscal year 1923.
The number of general prohibition agents on the rolls on June 30,
1924, was 561, compared with 533 on June 30, 1923. During the year
32,611 cases were reported by these agents, an increase of 15,640
over the number reported for the preceding fiscal year. The 1924
cases were divided as follows: Investigations of applications for permits to use or sell intoxicating liquoi*, 13,734; investigations of
alleged violations by breweries, 150; miscellaneous cases, such as
illegal transportation, sale, or possession of intoxicating liquor, 18,727.
As a result of the activities of this force, 23,552 arrests were made
and 23,939 persons were recommended for prosecution. The work
df the general prohibition agents is separate from and in addition to
the work done by the Federal prohibition agents employed under
Federal prohibition directors for the States. The directors reported
during the year 44,609 arrests for alleged violations of t h e prohibition law. Seizures were niade of 2,799 automobiles and 111 boats
for alleged illegal transportation of liquor.
296
REPORT ON T H E FINANCES
The provisions of the national prohibition act authorizing t h e
issuance of injunctions to restrain alleged violators of the law were
invoked with good results. A concerted effort was made in this
respect. Injunctions were obtained in the United States district
courts in practically every State and Territory, and efforts made t o
have State prosecuting attorneys institute such proceedings in theState courts.
The conspiracy provisions of the criminal code were frequently
invoked in the prosecution of charges of violations of the national,
prohibition act and internal-revenue laws. During the year 841
convictions were obtained.
Fifty-six breweries were seized and 19 closed by injunction. Libels,
were filed against the breweries seized.
There were outstanding at the end of the year 115,345 active permits of various classes. The largest number of renewals were of
permits to use intoxicating liquors for manufacturing purposes, of
which there were 26,402, and of permits to use and sell, of which there
were 16,008.
At the close of the year there were qualified to operate for the p r o duction, storage, and denaturation of alcohol, respectively, 69 industrial alcohol plants, 79 bonded warehouses, and 88 denaturing plants..
During the year 6 industrial alcohol plants, 2 bonded warehouses,
and 16 denaturing plants were established, and 8 industrial alcohol
plants, 10 bonded warehouses, and 20 denaturing plants werediscontinued..
The program to concentrate in designated bonded warehouses,
distilled spirits was substantially completed. Since the enactment of
the concentration legislation, 212 warehouses have been discontinued,,
and it is estimated that over seven-eighths of the bonded stock haa
been moved.
Bureau and field personnel
The number of employees in the service of the Bureau of Internal
Revenue on June 30, 1924, was 19,203, compared with 20,995 on
June 30, 1923, a total decrease of 1,792. ' The number of employees
in Washington was decreased from 7,239 to 6,447, and in collectors'
offices—rexclusive of 282 temporary employees^—from 7,085 to 6,588.
The internal-revenue agents' force was decreased from 3,549 to 3,016,.
exclusive of 6 temporary employees. There was a decrease from
2,695 to 2,631 in the prohibition field service, including narcotic
officers and exclusive of 233 temporary employees. The number of
storekeeper-gangers was decreased from 320 to 230. The special
intelligence force was increased from 56 to 91 employees.
The number of supervisors of accounts and collections was
decreased from 51 to 46.
.
•
SECRETARY OF THE TR.EASURY
297
A force of 153 internal-revenue agents engaged on miscellaneous
and sales tax work was employed during the past fiscal year. This
number is not included in the total of 3,016 revenue agents.
One stamp agent is not included in the above total of the internalrevenue agents' force. The salary of this agent is reimbursable to the
Federal Government by the stamp manufacturers.
DIVISION OP BOOKKEEPING AND WARRANTS .
A summary of receipts and expenditures during the fiscal year
ended June 30, 1924, adjusted to the basis of daily Treasury
statements, revised, is set forth in the following table:
Ordinary receipts
Expenditures chargeable against ordinary receipts
$4, 007, 899, 992. 97
3, 499, 084, 063. 25
Surplus of ordinary receipts over total ordinary cash
expenditures chargeable against ordinary receipts.
508, 815, 929. 72
Surplus revenues applied to reduction of the public debt, in
addition to $457,894,100 debt retirements chargeable
against ordinary receipts, and $131,857,301.29 public
debt retirements resulting in decrease in general fund
balance----
508, 815, 929. 72
Public debt expenditures, including public debt expenditures
chargeable against ordinary receipts
Public debt receipts
3, 305, 696, 515. 22
2, 207, 129, 184. 21
Excess of total public debt expenditures over public
debt receipts
-
1, 098, 567, 331. 01
Public debt retirements chargeable against ordinary receipts.
Public debt retirements from surplus revenues
Public debt retirements resulting in decrease in general fund
balance,
Net reduction in public debt during fiscal year, as
above
Total ordinary and public debt expenditures
Total ordinary and public debt receipts
Excess of all expenditures over all receipts
Balance in general fund on basis of daily Treasury statements, revised, June 30, 1923
Balance in general fund on basis of daily Treasury statements, revised, June 30, 1924
Net decrease in balance in general fund June 30,
1924, under such amount June 30, 1923.
457, 894, 100. 00
508, 815, 929. 72
131, 857, 301. 29
1, 098, 567, 331. 01
6, 346, 886, 478. 47
6, 215, 029, 177. 18
131, 857, 301. 29
369, 886, 816. 03
238, 029, 514. 74
131, 857, 301. 29
298
REPORT ON THE FINANCES
The general fund
Balance according to daily Treasury statement June 30,
1923 (unrevised)
'
Deduct net excess of expenditures over receipts in June
reports subsequently received
.
$370,939,121.08
1, 052, 305. 05
369,886,816.03
Pay warrants issued in excess of receipts,
fiscal year 19241.._,__.
_-_. $160, 927, 215. 81
Decrease in unpaid warrants June 30,
1924, as compared with June 30, 1923_
209, 733. 87
161, 136, 949. 68
Deduct increase in book credits of disbursing officers and agencies with the
Treasurer, June 30, 1924, as compared
with June 30, 1923
29, 279, 648. 39
131, 857, 301. 29
Balance held by the Treasurer of the United States
June 30, 1924
Balance held by the Treasurer, according to daily
Treasury statement, June 30, 1924 (unrevised) __-_
A.dd net excess of receipts over expenditures in June reports
subsequently received
238, 029, 514 74
235, 411, 481. 52
2, 618, 033. 22
238, 029, 514. 74
Surplus of ordinary receipts over expenditures chargeable against ordinary receipts,
excess of public debt expenditures ^ over public debt receipts, and excess of all
expenditures over all receipts, according to unrevised daily Treasury statements
adjusted to the basis of revised daily Treasury statements, fiscal year 1924
Ordinary 2
S u r p l u s of receipts according t o daily T r e a s u r y
s t a t e m e n t J u n e 30,1924 (unrevised)
Excess of e x p e n d i t u r e s over receipts i n J u n e , 1923,
r e p o r t s s u b s e q u e n t l y received
$505,366,986.31
Public debt i
T o t a l (or n e t )
3 $640,894, 625. 87 3$135,527,639. 56
1,032,697. 63
19, 607. 52
1,052,306.05
606,399,683.84
640,876,018. 35
134,475,334. 61
Excess of receipts over expenditures i n J u n e , 1924,
r e p o r t s s u b s e q u e n t l y received
2,416,246. 88
201,787. 34
2, 618, 033. 22
S u r p l u s of receipts o n basis of d a i l y T r e a s u r y statem e n t s J u n e 30,1924 (revised) .
.
508,815,929. 72
3 640, 673, 231. 01 3 131,857,301. 29
1 Exclusive of public debt expenditures chargeable against ordinary receipts.
2 Includes public debt expenditures chargeable against ord nary receipts.
3 Excess of expenditures over receipts.
Warrants issued during the fiscal year 1924 adjusted to basis of daily
Treasury statements, revised
The following table shows the total number of warrants issued and
the gross amounts involved on account of the receipts and expenditures recorded during the fiscal year, adjusted to basis of daily
Treasury statements, revised:
-
299
SECRETAEY OF THE TREASUEY
Warrants issued
General classes
Number
Amount
•
Receipts warrants:
Ordinary
Public debt
' .
552
13
.
Total
.665 -.6; 091,181,022.38
Fay and transfer warrants:
. Ordinary
'.'
Public debt
Total-...
$3,884, 061,838.17
,2,207,129^184.21
..
+$123,848,154. 80 $4,007,899,992.97
2,207,129,184. 21
+123,848,154. 80
6,215,029,177.18
-29,069,854.52' 1 3,939,866, 422. 40
2 3,305,766, 664. 37
124, 068
. 67
• 3, 968,936,276. 92
3,305, 756, 654.37
124,135
7,274,692,931.29
798
12
1,022, 536,310.17
60,139.15
-123,858,851.02
1,022,596, 449. 32
-123,858,-861.02
898,736, 598. 30
,6,252,097,481.97
+94,788,996:50
6, 346,886, 478. 47
.
Repay and counter warrants: ''
Ordinary
Pubhc debt
'Total-....
Adjustments to
basis of daily
Treasury state- .
ments, revised,
Adjusted figures
on account of
on basis of
disbursing offidaily Treasury
cers' credits, unstatements,
paid warrants,
revised
uncovered moneys,
and receipts •
credited'direct
to appropriations
.!....
810
Pay warrants (net)
Grand total of warrants issued.
125,510
-29,069,854.52.
7, 246, 623,076. 77
898, 676, 469.16
60,139.15
14,388,469,402.99
•
•.
.
'
"
•
} Exclusive of $467,894,100 public debt expenditures chargeable against ordiriary'receipts.
2 Includes $457,894,100 public debt expenditures chargeable against ordinary receipts. ,
Receipt accounts to the number of 968, representing receipts from
customs, internal revenue, public lands, miscellaneous sources, Panama Canal.tolls, and public debt, and appropriation accounts to the
number of'9,405, covering expenditures for all executive departments,
other Government establishments, the District of Columbia, and the
public debt, have been credited and charged, respectively, -to the
general fund of the Treasury, details of which are exhibited on pages
131 to 143 of this report. Of the total receipts and repayments to
appropriations deposited during the year aggregating $6,359,281,178.01, no amount remained uncovered by warrant on June 30, 1924.
Transfer and counter warrants amounting to $1,508,984,977.10
were issued for adjustment of appropriation accounts, largely for the
service of, the Army and Navy, without affecting the general fund.
Appropriation warrants have been issued to the number of 475,
crediting detailed appropriation accounts with.amounts provided by
law for disbursement, and transfer-appropriation and surplus-fimd
warrants, charging and crediting detailed appropriation accounts to
the number of 378, a total of 853.
District of Columbia account of revenues and expenditures
The total charges and credits to the District of Columbia for the fiscal year ended June 30, 1924, on the basis of warrants issued, as
shown b y the District of Columbia ledger of revenues and expendi10065—FI 19241
21
800
REPORT ON T H E FINANCES
tures established in accordance with the act of June 29, 1922 (42
Stat. p. 669), were as follows:
Trust funds
$1,163,958. 38
$1,648,642. 50
15,327, 700. 61
1,163,968. 38
2,003, 642. 50
18, 495, 301. 4&
13, 979,266. 26
38,460. 41
1,148, 365. 37
4,083. 93
1,907, 213. 34
400.85
17, 034,834. 97
42, 945.19'
14,017,726.67
1,162,439. 30
1,907, 614.19
17,077,780.16.
96, 028. 31
1,417,621.35
Revenues
$15, 682, 700. 61
General revenue covered into Treasury
to credit of policemen and firemen's
356,000.00
relief fund under act of Sept. 1,1916..
Total
Expenditures:
Pay warrants (net)
Transfers to retirement fund
Total.-
-
Excess of revenues
Total
Special funds
General funds
1,309,973.94
$18, 495, 301. 49^
365,000.00
11, 619. 08.
Alien Property Custodian account
. .
Under the provisions of the act of Congress approved October 6,
1917, and the proclamations and Executive orders issued thereunder
by the President,, the Secretary of the Treasury purchased oduring
the year for account of the Alien Property Custodian United States
securities of a par value of $292,736,950; There were on hand on
July 1, 1923, similar securitie's of a par value of $173,977,000. Securities amounting to $302,046,950 were sold or redeemed during the
year, the proceeds being reinvested as available. The. total face
amount of such securities carried by the Secretary of the Treasury
in trust for the Alien Property Custodian on June 30, 1924, was
$164,667,000.
During the fiscal year 1924 payments aggregating $34,773,703.13
were made upon authorizations of the Alien Property. Custodian
and the Attorney General.
Purchase offarm loan bonds
On July 1, 1923, there were held by the Secretary of the Treasury
$101,885,000 Federal farm loan bonds, purchased under the provisions
of the act of January 18, 1918, as amended by the joint resolution
dated May 26, 1920. The total amount of such bonds on hand at
the close of the fiscal year 1924 was $101,885,000.
Civil service retirement and disability fund
The following statement shows the transactions under the civil
service retirement fund during the fiscal year 1924,' and includes
cumulative figures from August 1, 1920, to June 30, 1924:
301
SECRETARY OP T H E TKEASUBY
Fiscal year
1924
U n e x p e n d e d balance, J u n e 30, 1923
Credits:
On account of 2H per cent d e d u c t i o n s from basic compensation of
employees subject t o t h e civil service r e t i r e m e n t a c t . Receipts—
I n t e r e s t on i n v e s t m e n t s
_
.
. .
Profits on i n v e s t m e n t s
-All other
Total
Charges:
O n a c c o u n t of refunds t o employees, a n n u i t i e s , etC-.
On account of i n v e s t m e n t s at cost
Accrued interest on i n v e s t m e n t s (net) paid
U n e x p e n d e d balance, J u n e 30, 1924
Total
» Face amount, $7,993,500.
A u g . 1, 1920, t o
J u n e 30,1924
$96,488: 23
16,109,451.49
$55,807,469. 85
1,484,514.97
48,304. 52
2,986,199.13
129,603.85
143,491.60
16,738,759. 21
59,066,764. 33:
8,624,999. 04
18,018,551.57
9,785.05
85,423. 56
25,-667,333.41
2 33,304,222. 32
9,785.06
85,423. 56
16,738,769.21
59,066,764.33
.
2 Face amount, $34,027,750.
The total net investments for account of the fund from August
1, 1920, to June 30, 1924, amounted to $34,027,750, face amount,
purchased at a principal cost of $33,304,222.32. Of these investments, $8,120,000, face amount, is in second Liberty loan converted 43^ per cent bonds; $9,864,250 in fourth Liberty loan 43^
per cent bonds; $6,000,000 in Treasury notes, series B-1926; $2,050,000 in Treasmy notes, series A-1926; $7,000,000 in Treasury notes,
series A-1927; and $993,500 in Treasury certificates, series TM-1925.
All of the Liberty loan bonds are registered in the name of the Secretary of the Treasury for account of the civil service retirement and
disability fund and held in safekeeping by the Division of Loans
and Currency of the Secretary's office, while the Treasury notes
and certificates are in coupon form and held by the Federal reserve
banks subject to the order of the Secretary of the Treasury.
BUREAU OF ENGRAVING AND PRINTING
During the fiscal year ended June 30, 1924, the Bureau of Engraving and Printing reduced its expenditures, as compared with the year
previous, by $704,394.60. A summary statement of receipts and
expenditures showing this reduction appears in the following table:
Detail
1923
Increase
Appropriated by Congress:
Salaries
$247,940.00
$252,040. 00
$4,100. 00
Compensation of employees
2, 722,376. 00
2, 612,140. 00 $210,235. 00
Plate printing
1,426,170. 00
2,016,795. 00
690, 625.00
Materials and miscellaneous expenses
1, 236,000.00
1,293, 515. 00
67, 615. 00
Materials and miscellaneous expenses,
1923-24
21, 264. 00
333, 746. 00
312, 492. (K)
Reimbursements to regular appropriations
from other bureaus for work completed:
Compensation of employees
1,376,811.90
1,527,640. 63
151, 828. 75
586, 395. 99
Plate printing
740,120. 95
153, 724.96
868,949.29
897,393. 24
Materials and miscellaneous expenses L . .
28, 443.65
^An additional amount of $70,338.75 received from sale of by-products and useless property was deposited to the credit of the Treasurer of the United States on account of miscellaneous receipts.
302
REPORT ON T H E FINANCES
Detail
1924
A l l o t m e n t for increased compensation
R e i m b u r s e m e n t t o increased compensation
from other b u r e a u s for work completed
.
Total.
N e t decrease.
$922, 392. 00
$1,100,000. 00
277,625. 49
335,773. 67
9,684,913.67
11,009,164. 49
Decrease
$177,608.00'
58,148.18
$210,235.00
1, 534,485. 82
1, 324,250. 82
..
Expended:
Salaries...:
C o m p e n s a t i o n of employees
Plate printing
... .
Materials a n d miscellaneous expenses 2 . . .
Materials a n d miscellaneous expenses,
1923-24
.
Increased compensation
Total
N e t decrease
Increase
1923
218,047. 99
4,056,922. 80
1,98fi, 123. 782.079,457. 52
226,032. 32
3,882,317.05
2, 474,947.91
2,080,073. 39
20,660. 46
1,040,713.13
333, 746. 00
1,109, 203. 61
9,401,925.68
10,106,320. 28
7,984.33
174,605. 75
488,824.-13
615. 87
313,085. 54
68,490. 48
174,605. 75
879,000.35
704,394. 60
-
U n e x p e n d e d balance:
Salaries..
C o m p e n s a t i o n of employees
Plate printing
M a t e r i a l s a n d miscellaneous expenses
M a t e r i a l s a n d miscellaneous expenses,
1923-24...
.. .
Increased compensation
Total
29, 892. 01
41, 264.10
26,442. 21
25,491. 77
- 26,007. 68
157,463. 58
281,968. 04
110,834.85
593. 54
159,304. 36
326; 570. 06
282,987.99
902,'844. 21
3,884. 33
116,199.48
255, 525. 83
85, 343. 08
693.54
167, 265. 70
4,477. 87
624,334.09
619,856. 22
N e t decrease
2 Of this amount $99,433.46 was expended for new machinery.
The. deliveries of finished work, however, were increased by approximately 20,000,000 sheets, the total sheets delivered during the
fiscal year 1924 amounting to approximately 431,000,000 sheets as
compared with 411,000,000 sheets for the fiscal year 1923. A statement of deliveries, by class, follows':
Classes
Currency:
United States notes
Silver certificates
Gold certificates
National-bank currency
Federal reserve notes
-.:'..-
.-
Total-^
Bonds, notes and certificates:
Pre-war bonds
-.-Liberty bonds
..-..
Treasury bonds
Treasury notes
Certificates ofindebtedness.
.-..
Treasury savings certificates
Insular bonds, Porto Rican
1
Federal farm loan bonds.
,
^
Collateral trust debentures for Federal intermediate credit banks
, Interim certificates for Porto Rican bonds
SpecimensPre-war bonds
,
.--.
Certificates ofindebtedness
-....
Treasury savings certificates
Porto Rican bonds
-..
Federal farm loan bonds
Collateral trust debentures for Federal intermediate credit
banks...:
I
Total
—
Face value
Sheets
-
38, 375, 000
100,085,000
11. 500,000
14, 687, 340
31, 284, 000
$327, 244, 000
466, 728, 000
704, 720, 000
526, 790, 400
1,134, 440, 000-
195, 931,340
3,159, 922, 400'
11,175
255,884«/6
2,916^
2,050
76, 800
932, 555V9
IS, 000
647, 584K
32,100
8,600
60,874,000'
977, 537, 200
135,000,000
190, 000, 000
2, 085, .750, 000
367, 300, 000
29, 600, 000
387,845,320
162, 275, 000
5H
12TV
. 13
1,987, 703H^
4, 386,181, 520
303
SECRETAEY OE T H E TEEAStTRY
Stamps:
Customs
Internal r e v e n u e U n i t e d States
...-•_.
Philippine
Porto Rican.-.
Virgin Islands
'
SpecimensUnited States.--^--.
PostageUnited S t a t e s Ordinary
Postage d u e - . . ^
Special d e l i v e r y . . . : .
Philippine, ordinary
SpecimensUnited S t a t e s Ordinary
Special delivery.
Postal s a v i n g s . -
142, 912, 337
666, 346
1, 392, 693
363, 656
6, 312, 485, 973:
3, 301, 000*
38, 200, 000
30, 500
15,967, 706, 581
66, 634, 561
69, 629, 670
36,978, 080
247^
15^
6,714
225,164,452fg-|^
total__---l
G r a n d total
1,800, OOCP
65,000
79,365, 715V9
17, 610
375, 000
.
306
Miscellaneous:
. - '
Checks
--Drafts
Warrants
Commissions
Certificates
T r a n s p o r t a t i o n requests
PassportsLiquor permits
-.
0 ther miscellaneous Specimens—
Checks.—:-..'
. . T r a n s p o r t a t i o n requests.
Liquor permits.
Total-...:
Subjects
Sheets
Classes
22, 495
.761
671, 350
22, 487, 361,060
5, 776, 322
15, 525
51, 590
26.480
310,136
• 345,984
'•"' 185,728
•1,702,8331^
371, 511
2
Ti
^
-
50
8, 785,161H
28, 875, 985
35, 000
248, 590
24, 926
323,136
1, 211, 920 .
185, 728
15, 676, 000
5, 326, 550
10
4
400
61,908, 248
431, 868, 6 5 7 ^ ^
-....
The following statement shows total deliveries made, total expenses, and average number of employees engaged by the bureau
since 1878:
Fiscal
year
Total number of sheets
delivered
1878.'. 1.1
13,098,756
1879
21,394,030.
1880..'—.
23, 605, 085
1881......
26, 017, 661
1 8 8 2 . . . - - • 31,112,484
1883
33, 330, 746
1884
30, 205,899
1-885—-..
28, 217, 706
1886..—-l • 26,655,496
1887
32, 652, 207
1888.- — . ' 38, 040, 984
1889
39, 207,164
1890-....
36, 512, 719
1891
46, 390,381
1892
52, 508, 438
1893
48,853, 528
1894
55, 516,961
1895
70,886, 033
1896— —
85,050, 595
1897
86,174, 766
1898
92,979, 478
1899
112,161,122
1900
116, 909, 423
1901
121, 558,291
Expenditures
$538, 861. 33
814,077. 01
883,171. 95
901,'165. 26
936,757. 62
1,104,986. 43
977,-30l; 85
965,195.47
763, 207. 84
794,477. 90
948,995. 83
932, 577. 78
1,012, 789.18
, 1,265,263.29
1, 316,685.89
1, 238, 464. 36
1,317,389:61
1, 439,265. 94
1,469,359.70
1, 450, 611.86
1, 570, 598. 46
1,884,441. 39
2,011,702.01
2,393,494. 26
Average
number
of employees
522
804
906=
958
1,011
1,173
1,193
1,133
886
840
896
917
992
1,161
1, 358
1,333
1,380
1,427
1,519
1, 605
1,623
1,903
1,999
2,364.
•
Fiscal
year
Total numb e r of sheets
delivered
19021903
1904
1905
1906
1907
1908
1909.
1910...—
1911
1912
1913.
1914
1915.
1916^
1917
1918
1919
1920..-..
1921
1922
1923
1924
139,167,359
155,743,691
159,918,061
165, 354, 514
180,289, 766
201,123, 528
210, 589,197
239,405,723
252, 710,864
262,806,113
262,434, 739
287,192,192
280,272,828
307, 634, 334
300, 711,800
343,345,005
396, 790, 285
447,464,105
402, 711, 759
438, 694, 824
416, 820,113
411, 646, 429
431,868, 668
Expenditures
$2,967,091.74
3,136,477. 73
3,169,940.69
3, 292,217. 06
3, 355,786. 23
3,849,064. 39
3,84i;-173.60
4,365,935. 65
4,375,365. 57
4,180,284.20
4, 319,246. 57
4, 449, 726. 22
4,372,922.81
5, 039,204. 80
6,066,-048.72
6, 324,118. 70
9,086, 303. 90
11, 671,179. 03
11,854,171.45
13,965, 233. 57
10, 812,756.38
10,106,320.28
9,401,925. 68
Average
number
of employees
2,672
2,850
2,928
3,002
3,084
3,437
3,572
3,977
3,964
3,814
3,899
3,920
3,932
4,119
4,048.
4,221
6,214
7,508
6,912
' 7,097
6,416
6,635
4,980
304
REPORT ON T H E
CUSTOMS
FINANCES
SERVICE
Commerce and customs receipts
The foreign commerce of the United States for the fiscal year
ended June 30, 1924, shows an increase in the value of exports of
$354,205,807 and a decrease in the value of imports of $227,120,876.
compared with 1923. While this resulted in reducing the customs
receipts from $562,189,039 in 1923 to $545,012,115 in 1924, a decrease
of $17,176,924,it increased the balance of trade in favor of the United
States from $175,818,789 to $757,145,472.
Refunds during the year on account of drawbacks and excessive
duties deposited were less than for the preceding fiscal year by
$7,767,410 and $249,386, respectively. The decrease in the amount
of refunds reduces the net decrease in the customs receipts to
$9,160,128.
Expansion and improvement of the service
The decrease in the value of imports amounts to approximately
6 per cent and the decrease in the amount of duties collected to
approximately 3 per cent. The proportionately larger collection of
duties during the fiscal year 1924 is due to the expansion of the customs
^service and the consequent more rigid enforcement of the customs
laws. This increased efficiency is further reflected in larger receipts
from importations by mail, and in baggage, fines, seizures, etc., as
shown in the followino: table:
1923
Receipts from mail and informal entries.
Miscellaneous duties..
Fines
Sale of seizures
$4,338,429
2,444,978
269, 223
389, 316
45,838
1924
$5, 261,935
2,885, 236
371,176
712,97&
116, 267
The increase in the personnel of the customs service from 7,410 to
8,204 employees during the fiscal year 1924, made possible by a
supplemental appropriation, also greatly facilitated the transaction
of the customs business, and resulted in a more effective administration of the tariff act. The establishment of precedents in the adminis.trative procedure so extensively changed under the tariff act of 1922,
the publication of decisions governing the classification of commodities under the provisional features of the act, and the greater familiarity of importers with the new law, have all contributed to theelimination of many of the difficulties incident to the administration
of a new tariff law.
The revision of the Customs Regulations of 1915, referred to in
the last annual report, has been completed and the volume, known
SECRETARY OF T H E TIIEASURY
305
as the Customs Regulations of 1923,TSSued. I t is expected that the
issuance of the revised regulations will still further facilitate the
administration of the tariff and customs laws.
Dyes, etc.
Upon the passage of the tariff act of 1922 apprehension that
administrative difficulties would render the so-called dye provisions
inoperative caused severe criticism and complaint. The Board of
United States General Appraisers, referring to the American valuation
provision, remarked in G. A. 8702 (T. D. 39854) that this provision
'''sets up a totally different method of finding dutiable value from
.any previous tariff ad valorem ever heretofore enacted, as well as
•from the 'United States value,' 'export value,' and 'foreign-market
v a l u e ' a s defined in this very act." I t is very gratifying to report,
ihowever, that these difficulties have been smoothed out and that the
administration of the provisions of the tariff' act affecting dyes, etc.,
as now giving satisfaction.
Marking country of origin
The provision in the tariff act of 1922 for the assessment of 10
per cent additional duty on imported artic^les which are not marked
t o show the country of their origin as required by law has resulted
i n a much better observance of the^ marking requirements. .
Mail importations
'
!
A change has been made in the method of making examinations
of foreign mail, which gives customs officers a closer supervision
over mail importations and makes possible the more expeditious
handling of the mail. The following comparative table of mail
packages examined and entries made during the quarters ended
March 31 and June 30, 1924, shows the efficiency of the new system:
•
•
,
•
Total number of packages examined
Number of mail entries issued
Duty collected.
Number of formal entries issued
Duty collected . .
Quarter ended Quarter ended
Mar. 31
June 30
1,394,425
262, 608
$966,345.14
78, 601
$5, 350, 904.05
1, 222, 652
286, 788
$1,072, 457. 50
92, 674
$4, 258, 788. 82
. Because of the examination of Christmas mail in January, the
eumber of packages examined during the first quarter exceeds the
number examined during the second quarter by 171,773. I t is
^significant, therefore, that the number of mail entries made during
the latter quarter exceeds by 24,180 the number made during the
former period.
This indicates the collection of duties on a larger proportion of mail
33ackages because of closer supervision and examination. Based on
306
REPORT ON T H E FINANCES
statistics for, the first six months, it is estimated tha't the duties from
mail importations for the calendar year 1924 will amount t o
$23,300,000.
Automobile trafi^c
The constantly increasing automobile traffic across the international
borders requires a great deal of attention from customs officers. A t
some ports this traffic at a given point averages from 125 to 300
machines per hour over a 12-hour period.
The number of automobile tourists who fail to report at the customhouse has been greatly reduced by a system of registration cards
which has been in operation during the year. 'Steps have also been
taken to erect signs along the principal international highways
directing tourists to report to the customhouse, and it is believed
that this will further reduce the number of" failures 'to- report t c
customs officers.
"
^ >
Early closing on the Mexican border
For many years it was the practice to maintain customs inspection
at the principal ports oh the Mexican border all night or until very
late at night. Disorder and difficulty in law enjforcement increased to
such an extent at a number of the bc^rder ports due to crowds returning late at night from resorts on the Mexican side that it was deemed
expedient to close the line at such ports at 9 o'clock at night. This
earlier closing has been in effect, for several months with beneficial
results. I t is serving to promote law and order ^nd has met with
general approval.
.
r,
,
Customs relations'with Canada
Conferences held between officers of th6 department and Canadian
customs authorities during the year resulted in mutual benefit and
the general facilitation of the customs business between the two
countries.
\
, • SPECIAL AGENCY SERVICE, CUSTOMS
Every activity of the special agency service during the fiscal year
has been stimulated by intensive supervision. The following tabulation shows the results:
N u m b e r of ports examined
"
N u m b e r of drawback investigations m a d e .
• N u m b e r of a r r e s t s .
,
N u m b e r of convictions.
'.
'
N u m b e r of a c q u i t t a l s .
..
;_'
J
_..
__._i_
Failures to i n d i c t .
_^
.
:L-.-..
^
..
I n d i c t m e n t cases p e n d i n g .
-..,
.L..-L
^
N u m b e r of seizures m a d e . .
...
N u m b e r of seizures appraised
^
.
N u m b e r of seizures released or pending
__.....__...
29
747
779
407
56
42
274
866
"759
107
SECRETARY OF THE TREASURY
307
Appraised value,of seized merchandise.,.-.. .--.--...
^----i-. $2, 751, 065. 33
Proceeds of sale of seized merchandise
._
. . . . . . . — .^.,.483',.737. 65
Merchandise entered free but found dutiable.
.
34, 172. 69
Fines imposed by United States courts. _^
1
'. - .
202, 178. 83
Fines, penalties, and forfeitures incurred exclusive of court
fines.
37, 646. 95
Bail f o r f e i t e d . . . . . . . .
^.___._.
......
._
17, 500. 00
Amount of increased and additional duty. ..
,. ..^^ i _ i . . . . t« 373, 727. 62
Amount deposited in^offers in compromise..
.
.....
26.5, 149. 74
Investigations made by this servibe of undervaluations and wrongful classifications oi imported merchandise have resulted in the collection of additional and increased revenue and the recovery of
duties unlawfully withheld, which would otherwise have been lost to
the Government aggregating $373,727.62, with total cash recoveries
from all sources of $1,174,287.70.
•
The customs information exchange, a branch of the special agency
service", continues to gather^and disseminate information as to the
value of imported merchandise. This office renders to appraisers and
other customs officers services of inestimable value in the preparation
and distribution of reports and decisions touching every activity of
customs operation,'and assures uniformity of appraisement throughout the customs ports.' 'Every irregularity in entered values is
ascertained by this bureau and undervaluations detected, leading to
the collection of a;dditional and increased duties. Through this
bureau also dumping of foreign merchandise is investigated, in order
t o prevent unfair and ruinous competition with American goods and
to protect the honest importer of foreign merchandise.
Every undervaluation investigation led to increased valuation of
similar inerchandise entered at all ports and a correspondingly
increased duty collection; and this reflex action, as indicated by the
figures above preseinted, by no means represents the full accomplishment. I t is impossible t o reduce to exact figures the gains to the
revenue resulting from the skillful operations of the highly trained
technical experts of this service.
.
oThe investigating force of the foreign service was necessarily
increased to comply with requests of customs appraising officers for
reports of foreign yalues' bf imported merchandise, as affected by
frequent fluctuation of exchange values and economic causes.
Numerous investigations were made of entries conditionally free,
which upon investigation were found dutiable; many entries covering antiquities were found n o t to be entitled to the privilege of free
-entry.
One outstanding activity of this service has been the prevention
and detection of the smuggling of liquors and narcotics. Because
of the frequent disregard of the law by organized bands of smugglers
appearing in coastal waters adjacent to New York, it was found
necessary to establish at that port a customs marine patrol, which
10065—FI 1924t
22
•
308
REPORT ON T H E FINANCES
has been in operation since April 1. During three months of operation this patrol seized 14,526 cases of liquor; total value of seizures,,
including seized vessels and vehicles, amounting to $983,015, and the
aggregate fines imposed amounting to $51,058.
The attention of Congress is invited to the necessity of providing
funds for equipping officers of the customs and special agency service
with motor-propelled, passenger-carrying vehicles for use in the^
prevention and detection of fraud upon the revenue along the frontier.
Not alone liquor and narcotics b u t . other articles under the law
specifically denied entry into the United States are frequently concealed in merchandise subject to entry.
There is constantly increasing smuggling of precious stones, the*
ease with which this commodity inay be concealed on the person
entering the United States making the law difficult of enforcement.
There has been a marked increase of all fraudulent practices during
the past year, requiring greater vigilance on the part, of officers of
this service, and in an effort to detect these forms of violation at
the source the personnel has been augmented by'the appointment of
additional employees both in the United States and abroad.
This service is developing, without greatly increasing the cost of
operation, a highly trained force of agents engaged in detailed examinations of all transactions occurring at customs ports. These examinations require a highly trained corps of agents, as they embrace^
not only the entire accounting procedure and office management but.
the whole field of customs administration.
There were 747 drawback investigations made during the year.
This work being largely protective, it has been found necessary to^
assign to this class of investigations only such inen as are capable of
looking into all inanner of industrial processes to determine the percentage of materials used or wasted, and the value, if any, of thewaste. Changes in manufacturing methods, after the establishment of rates, frequently lead to overpayment, there being in litigation at this time $110,629.27 representing overpayments. Thefact that $14,154,757.19 was paid to exporters in drawback during
the year demonstrates the necessity, of systematic reinvestigationsfor the protection of revenues.
. .
•
OFFICE OF THE SUPERVISING ARCHITECT
The following statement shows in general the building operationsof the office of the Supervising Architect up to the close of the fiscal
year ended June 30, 1924:
SECRETARY OF THE TREASURY
309
Number of buildings completed (occupied or ready for occupancy)
at the end of the fiscal year 1923, exclusive of marine hospitals
and quarantine stations..
1, 245
New buildings completed during the fiscal year ended June 30,
1924, exclusive of marine hospitals and quarantine stations^
12
Total number of buildings (completed) under control of the
Treasury Department June 30, 1924
Buildings placed under contract during fiscal year ended June 30,
1924, exclusive of hospitals
_.
.
Buildings placed under contract prior to July 1, 1923, and not
completed June 30, 1924
.
„...
Construction of new projects in force July 1, 1924.
1,257
2S
2
...
25
Total number of buildings completed and in course of erection
June 30, 1924, exclusive of marine hospitals and quarantine
stations
:
.
1, 282
Buildings authorized prior to act of Mar. 4, 1913, not under contract June 30, 1924
...
.
14
Buildings, miscellaneous projects, etc., authorized in acts of Mar. 4,
1913, and subsequent, not under contract June 30, 1924
96
—
110
Total buildings, etc., completed, in course of erection, or authorized, not including extensions (corrected).
1, 392
In addition to the above buildings and projects there are 57
marine hospitals and quarantine stations under the control of the
Treasury Department. Each of these hospitals and stations, moreover, includes several buildings.
During the fiscal year 1924, 12 Federal buildings were completed
at Apalachicola, Fla., Chandler, Okla., Charles Town, W. Va., Eureka,
Utah, Front Royal, Va., Leesburg, Va., Phoenixville, Pa., Shawnee,
Okla., Spanish Forks,-Utah, Vinton, Iowa, Pratt, Kans., and Marianna,
Ark.; also 1 extension to post office at Alexandria, La., and 19 miscellaneous major projects, as follows: New roof over call room, customhouse, Baltimore, Md.; protection of site, immigration, station, Boston, Mass.; flooring over subtreasury at third and fourth floor levels,
post office and subtreasury, Boston, Mass.; additional court quarters,
post office, Brooklyn, N. Y.; additional vaults, etc.. Mint Building,
Denver, Colo.; new granite exterior stairway, post office, Denver,
Colo.; remodeling customhouse, Detroit, Mich.; extension mailing
vestibule and platform, post office and courthouse, Detroit, Mich.;
additional court quarters, post office, Minneapolis, Minn.; ventilating
and dust-collecting apparatus, etc., assay office. New York City;
additional court quarters, also cleaning, repairs, and painting, post
office and courthouse. New York City; additional court quarters,
also" repairs to roof, etc., post office, Philadelphia, Pa.; additional
court quarters, post office, Pittsburgh, Pa.; water system, tank, etc.,
quarantine station, Port Townsend, Wash.; additional court quarters,
customhouse, St. Louis, Mo.; alterations and repairs. Auditors'
310
REPORT ON T H E FiNANCES
Building, Washington,- D . C ; and new lookouts, post office, Wheehng,
W. Va.
On June 30, 1924, 25 Federal buildings~were in course of construction at Bakersfield, Calif., Bluffton, Ind., Carroll, Iowa, Clinton,
Ind., Clinton, S. C , Cordova, Alaska, Dawson, Ga., Gallipolis, O h i c
Hastings, Mich., Hoosick Falls, N. Y., Houghton, Mich., Liberty,
Mo., Memphis, Tenn., Midland, Mich., Mineral Point, Wis., Nogales,
Ariz., Orange, Tex., Paris, Tex., Eipon, Wis., Saco, Me., Salisbury,
Md., Saranac Lake, N. Y., State College, Pa., Water Valley, Miss.,
and Woodbury, N. J.; also 1 extension to post office, Poughkeepsie,
N. Y., and 2 miscellaneous rnajor projects, viz, restoration of stone
cornice, roof, etc., post office, Oswego, N. Y., and construction of
steerage barracks, wharf, etc., quarantine station, San Francisco, Calif.
Under the appropriation of $475,000 for ''Remodeling and enlarging public buildings,'' 91 buildings received attention; in 30 of these
the contracts ranged from $2,140 to $19,675; the'total space gained
under the entire appropriation was 62,545 square feet; the average
cost per square foot was $5.99. *
Oiie large hospital for the Veterans' Bureau—Castle Point, N. Y.—
with a bed capacity of 412 was completed with the exception of a
few minor items and the construction of a recreation building recently
decided upon. This conapletes the major hospital program under
the supervision of the Treasury Department under several appropriations, totaling $26,496,500. The number of hospitals constructed is 23, of which 20 were designed and constructed by the
office of the Supervising Architect; the total bed capacity of the 23
hospitals is 8,188.
.
Examination was made of the structural safety of various buildings
in Washington, D.. C , under control of the Treasury as well as other
departments. For other departments drawings and specifications
were prepared for five building projects, involving a total estimated
expenditure of $775,000, and analysis made of the drawings and
specifications for two large projects.
Status of. claims filed under act of Congress approved August 25., 1919, at close of
business June SO, 1924
•
Prior to July, 1923 , Fiscal year 1924
.
Number
Amount
. 175 $2,486, 479. 00
Claims allowed and paid
Claims disallowed or withdrawn by claim444,625.13
• 76
ants
251 2, 931,104.13
Total adjudicated
Total claims filed
Remaining to be handled.. -
..
--
Number
Amount
Total
Number
7 $44,494.47 U82
Amount
$2,630,973.47
2
28,966.22
78
473,691.35
9
73,460. 69
260
3,004, 564.82
340
80
3, 202,113. 29
197,548.47
1 Includes 1 claim on which payment was allowed but temporarily withheld pending decision by Comptroller General.
311
SE.CK.ETARY OF T H E . TB.EASTIBY
Expenditures from July 1, 1923, to June.30,1924, contract liabilities charged against
. 0
appropriations, and unencumbered balances
Contract
liabilities
Unencumbered
balances • '
Expenditures charged against
June 30, 1924
previous
appropriations
Statutory rolL..!
—
Sites and additional land.--:...--.'
.
-•.
----Construction of new buildings
Extensions.to buildings......
..:...,i...i
Miscellaneous special items
Rent of buildings
....-.....•.^...
L^-.
Veterans* hospital's.. _
.'.
Architectural competitions
...:.....•.
i........
Remodeling and enlarging public buildings
Relief of contractors, etc., for .public buildings under
Treasury..
_.
Hospital construction. Public Heal t b Service
...—
Hospital facilities, etc., for war patients
_
Lands and other property of the United States. _
Repairs and preservation
—
Mechanical equipment...
Vaults and safes...
.,
Operating supplies
......
General expenses
F.urniture and repairs of same.
..^.. ^..!
Operating force
-."
. Total..
_
.--—
1 Includes 1923 and 1924 reserve of $8,500.
$203, 836. 46
7, 700. 00
, 958,491.98
1,131, 076. 79
39, 953. 08
2,870. 00
102, 099. 76
155. 60
400, 676. 86
$1, 095, 571. 00
1, 724,064.13
654, 617. 73
4, 420. 00
982. 57
$14, 543. 54
•1,84'9.700.00
8, 590, 926. 47
1,395, 653. 66
61,345. 75
50.000.00
33. 767. 79
43, 816:11
1, 779. 70
21, 224.18
25,699.45
201, 566. 03
32, 218. 51
14, 941. 49
2,094, 644. 98
1.00
772, 324.03
563, 404. 06
55, 180. 82
•2,918, 587. 31
395, 720. 87
537, 451. 30
3, 654, 378.13
131,915.39
118, 490.11
28, 686. 59
255, 986. 94'
14,444.94
. 108,141. 46
159,758.67
10, 611. 26
20,893. 39
261, 090. 51
299.00
28,983. 82
51,925.65
1 10,628.95
19, 981. 78
2 35. 918. 26
14,836.89
2,839. 50
13,885, 713. 03
4, 589, 385. 30
12,445, 725. 92
2 Includes 1923 and 1924 reserve of $15;000.
Classification of public buildings under control of Treasury Department, by titles,
showing expenditures in.each class, prepared pursuant to act approved June 6,
• 1900 {31 Stat. p. 592)
. '' ..;
..
Construction
Extensions,
alterations,
a n d special
items
P o s t office, courthouse, c u s t o m h o u s e
buildings, etc
. . . 1 . . . . . : . . . $102,358,969. 05 $15, 574, 648.07
350,441. 60
42,223. 99
C o u r t h o u s e buildings
C u s t o m h o u s e buildings
23,112,241.60
3, 303,020. 20
M a r i n e hospital buildings
4,180,647.32
2, 597, 375. 78
P o s t office buildings
::
80, 469, 035. 91
3, 766,817.34
Q u a r a n t i n e station b u i l d i n g s . . _ . . . . _ . . . ' 2, 764, 053. 40.
2,034, 650. 67
V e t e r a n s ' hospital b u i l d i n g s . . _ J.^
493, 355. 47
356, 576. 52
Miscellaneous buildings
31,434, 296.18
3, 764,174. 83
Total
245,163,040.53
:
Costofsites
31,439,387.40
Total:
$19,858, 393. 07
173,834. 69
3, 783i 322. 33
573, 736. 96
22,969, 096.85
200, 271. 60
.
$491,818.12
• 27,'810.. 17
55,830. 34
114, 876. 56
477,919. 08
.57,438.28
Total
expenditures to
J u n e 30,1924
165, 216. 36
$118, 425, 335. 24
420, 475. 76
26,471,092.14
6, 892,899. 66
84, 713, 772. 33
. 4,856,142.35
849,931. 99
35, 363,687.37
. 1,390,908.91
277,993,336. 84
Unencumbered
balances of
Buildings
$1,005,500.00
90,071. 00
10, 639. 80
211,494. 84
1,192,833. 85
20,151. 60
8,025.19
279,560.30
$1,484, 940. 25
160, 300; 00
16, 210. 00
315, 789. 78
8, 571, 740. 6a
158,668.17
34, 542.82.
1,229, 212. 05
1,095, 571. 00
2,384,084.43
11,971,393.67
$661,378.95
8, 740,812. 44
56,298,967. 94
Annual
repairs
O u t s t a n d i n g liabilities
chargeable against
appropriations .
Sites
P o s t office, courthouse, customhouse
buildings, etc
(Courthouse buildings
C u s t o m h o u s e buildings
M a r i n e hospital b u i l d i n g s . . .
.
P o s t office buildings
Q u a r a n t i n e station b u i l d i n g s . _'
.. .
V e t e r a n s ' hospital buildings
Miscellaneous buildings
.
312
REPORT OlSr T H E FINANCES
PUBLIC HEALTH SERVICE
The activities of the Public Health Service during the fiscal y e a r
ended June 30, 1924, are summarized by the Surgeon General as
follows:
Division of scientific research
The investigation of contagious and infectious diseases and matters
pertaining to public health and the examinations and inspections
incident to the control of biologic products have been continued
in the Hygienic Laboratory. Field investigations of public health
matters have likewise been continued and new studies undertaken
in connection with endemic goiter, influenza, and trachoma.
Studies in relation to industry included ventilation, illumination,
the health hazards from certain dusts, the chemical and physiological
aspects of industrial fatigue, the physical condition of persons engaged
in measuring radium emanations, influence of posture on health,
carbon monoxide and mercurial poisoning, the causes of industrial
absenteeism, cyanogen chloride as a fumigant, and the compilation
of statistics on the physical examinations of 12,000 workers in
various industries.
In the conservation of child health, systematic studies have been
m a d e of the physical development of children, oral hygiene, and the
influence of varying degrees of illumination in class rooms. A special
survey was made.of mentally and physically handicapped children in
t h e State of Illinois.
The final report of studies of the pollution of the Ohio River
•extending over several years was completed. As a result of these
studies our knowledge of the principles of natural purification of
polluted waters has been extended. Special studies of natural purification processes are being continued, however, with special reference
to the purification of water supplies and the disposal of sewage.
There was also undertaken an experimental study of the relation
between loading and efficiency of filter plants.
Substantial progress has been made in the studies of malaria,
special emphasis having been placed on the control of the disease in
rural communities. These studies included the epidemiology of
malaria, studies of the life habits of inosquitoes, methods of mosquito
control, and the prevention of ^'man-made'' malaria by means of
engineering operations.
Statistical studies of iriorbidity among industrial workers and the .
general population and also of mortality from influenza, pneumonia
and pulmonary tuberculosis have been continued. The utilization
of available statistical data bearing on the public health is an increasing activity which has economic as well as public health value.
By means of special studies concerning the control of the sanitation
of milk supplies, aid has been extended to State and local health
SECRETARY OF THE TREASURY
313
departments in the extension of their work and in the preparation
of uniform milk laws and ordinances.
Problems of immigration relating to the conservation of mental
health and to the evolution, of mental diseases have been studied,
special use being made of the records of governmental and welfare
agencies in Boston and elsewhere. Supplemental information is
being obtained through observations upon newly arrived immigrant
families.
In cooperation with the American Public Health Association municipal surveys of present municipal public health practice were
undertaken. Surveys of 100 of the largest cities were conducted by
officers of the service during the year. Upon analysis the data collected should be of great practical value to public health administrators.
Epidemiologic investigations of influenza were begun during the
year for the purpose of determining, if practicable, the relation of
respiratory infections to the epidemic occurrence of this disease.
Accurate data are being collected currently from approximately
20,000 sources.
The systematic studies of endemic goiter, which included a thyroid
survey.during the year of over 47,000 school children in Cincinnati,
provided much valuable information. These surveys should stimulate interest in the prevalence of goiter and should indicate the necessity for the adoption by health authorities of preventive measures in
communities showing an undue prevalence of goiter, especially among
children.
In the Hygienic Laboratory the extent, influence, and methods of
control of drug addiction have'xeceived special attention. Tularaemia, Rocky Mountain spotted fever, Malta fever, and tuberculosis
have likewise been investigated with special reference to control
measures. The relation of black tongue in animals and pellagra in
persons has received special attention, the former disease having
been experimentally produced in dogs by a so-called pellagrous diet
and subsequently cured by proper diet. Fundamental studies of
biochemistry have been continued.
Special efforts have been made during the year to determine the
utility of the methods of treatment of leprosy at the leprosy station,
Honolulu, Hawaii, and the National Leper Home, Carville, La. As
a result of special studies of cancer, there is evidence that this disease
is actually on the increase.
During the year the results of scientific studies were embodied in
12 Public Health bulletins, 98 special articles in the Public Health
reports, 6 Hygienic Laboratory bulletins, 2 miscellaneous publications, and 43 articles in unofficial publications.
314
• •^
REPORT ON THE FINANCES
''
• Division of domestic (interstate) quarantine
"
Plague-eradicative measures directed toward maintaining a zone
free froih gi'ound squirrels around the cities bordering oh San Francisco Bay ha;Ve been continued-in cooperation with the State and
local authorities of California. Plague infection, in ground squirrels
is slowly spreadihg in California. New foci have appeared during
the year ih territory heretofore apparently free from infection. Increased activities on the part of the Federal and State Governments
afey necessary to prevent the spread of plague infection in ground
squirrels'and to remove the menace of outbreaks of human plague. '
Measures for the prevention of the spread of smallpox and trachoma
and for the prevention of the introduction of yellow fever have' been
continued.
The certification of water supplies used on trains and vessels of
common carriers engaged in interstate traffic has been continued
with a reduced personnel. Seventy per cent of the sources of railroad water supplies and 55 per cent of shore sources of vessel water
supplied are now under supervision and are known to be safe. There
are approximately 3,500 sources of water supply, however, used by
interstate carriers! Supervision of all of these supplies is necessary
to insure adequate protection to the traveling public.
One medical officer devoted his entire time and two sanitary engineers part time to the supervision of the sanitation of the national
parks.
,
Cooperative demonstrations of rural sanitation were conducted in
72 counties in 16 States, the objects being to demonstrate the value
of full-time health service and to give people in rural communities the
benefit of intelligent health supervision and thus bring about better
sanitation, better health, decreased sickness, and a lowered death
rate.
In accordance with Executive order of March 15, 1912, sanitary
inspections have been made during the year of all Government buildings in the District of Columbia with the exception of those of the
War and Navy Departments. Reports of these inspections with
recommendations for improvements deemed necessary have been
made to the heads of the respective departments and to the President.
Division of foreign and insular quarantine and immigration '
Quarantine transactions.-—During the fiscal year 27,438 vessels and
3,333,512 persons were inspected by quarantine officers. Of these
19,309 vessels and 1,994,235 passengers and crews were inspected upon
arrival a t stations in the continental United States; 3,048 vessels and
340,021 passengers an'd crews were inspected at insular stations; and
5,081 vessfels and 999,256 passengers and crews were inspected at foreign ports prior to embarkation for the United States.
SECRETARY OF THE TREASURY
315
Of the passengers who embarked at European ports, 364,112 were
vaccinated and 238,962 were deloused under the supervision of medical officers of the service. Their clothing and baggiage, amounting to
285,094 pieces, were disinfected.
A total of 7,343 vessels were disinfected or fumigated either because
of the occurrence of disease on board or for the destruction of rodents;
27,395 rats were destroyed, of which number 21,108 were examined
for plague infection.
The efforts of the service to exclude quarantinable disease from, the
United States and its possessions were successful. At the close of the
year, however, typhus fever constituted a special menace along the
southern frontier. During the year 23 cases of smallpox, 5 of leprosy,
and 1 of typhus fever reached our quarantine stations. Although
cholera, plague, and yellow fever were prevalent in various parts of
the world, none of these diseases arrived at quarantine. The prophylactic measures applied by Public Health Service officers at foreign
ports of departure undoubtedly contributed to this result.
Medical inspections of aliens.—There were 938,928 alien passengers
and 874,962 alien seamen examined by medical officers at the various
stations, Of this number 34,403 passengers and 2,737 seamen were
certified in accordance with the act of Congress approved February
5, 1917. The most important, causes-of certification of alien passengers were: Trachoma, 1,190; tuberculosis, 226; feeble-mindedness,
214; insanity, 89; syphilis,. 101; and gonorrhea, 292. Of the alien
seamen certified, 154 were for trachoma, 36 for tuberculosis, 262 for
syphilis, 351 for chancroid, and 621 for gonorrhea.
Division of sanitary reports and statistics
In addition to the dissemination of infonnation of epidemics and
unusual outbreaks of diseases dangerous, to the public health by
published weekly reports, annual compilations have been made and
published showing the reported prevalence of these diseases throughout the United States and in foreign countriies: .
The publication of the weekly Public Health Reports was continued throughout the fiscal year, and reprints were made of articles
which were of special interest. In addition, much helpful information regarding health subjects has been given the public through
radiocasting stations situated in all parts of the country.
The compilation of laws, ordinances, and' regulations and the
digesting of court decisions pertaining to public health were continued during the fiscal year.
The need for creating a registration area for reports of communicable and preventable disease is acute and is being urged by all State
health officers^
316
REPORT ON THE FINANCES
Marine hospitals and relief
The principal relief operations for the fiscal year ended June 60,
1924, may be summarized as follows:
Total number of patients treated
_._
Total number of patients treated in hospital
...
Died...
!
..'..
.
Total number remaining in hospital June 30, 1924_._.
Number of days' rehef in hospital. .
.
Number of patients furnished office relief
Number of times office relief was furnished
.
Number of surgical operations, exclusive of dental
Number of physical examinations
Number of clinical laboratory examinations
Number of X-ray examinations.
1
.
163, 100
40, 981
882
3, 282
1, 232, 754
122, 119
403, 864
44, 312
62, 709
132, 236
49, 756
The operating costs in marine hospitals averaged $3.89 per patient
per day, a reduction of 23 cents over the previous year. This has
been effected without reducing the cost of the ration, included in the
above amount, which averaged 68 cents per day. Economies were
effected chiefly in the use of personnel, supplies, freight, and transportation. The operating costs in marine hospitals, which include
the salaries of all personnel, fuel, light, heat, repairs to buildings, and
all expenses except new construction and permanent equipment, are
now lower than those of representative. non-Government hospitals
giving similar services, and lower than the average cost to the Public
Health Service of caring for its service beneficiaries in contract
hospitals.
The marine hospitals are generally in a state of disrepair. New
construction to replace dilapidated buildings is needed especially at
New Orleans and San Francisco. At many other hospitals inflammable buildings occupied by bedfast patients should be replaced
with wards of fire-resisting construction. A marine hospital is
needed at Seattle and another to serve important Texas ports.
Funds at the present time are not available for these purposes.
By the act approved December 5, 1923, authority was granted to
sell the marine hospital at Detroit, Mich., and to devote the proceeds to the acquisition of a site and construction of a new marine
hospital to serve that port. This became necessary by reason of
the extension of the industrial section rendering the present institu-"
tion unfit for the housing and care of the sick.
' Division of venereal diseases
State boards of health received $92,842,11 of the $100,000 allotted
by Congress for the fiscal year 1924. The District of Columbia,
Illinois, Utah, and Wyoming failed to qualify for their portion of the
allotment.
SECRETARY OF T H E TREASURY
317
T h e total number of cases of venereal diseases reported to State
l)oards of health from all sources was 363,063.
Five hundred and four clinics reported to the State boards of
liealth. New cases admitted to these clinics totaled 118,023, an
average of 234 to each clinic. The number of cases bf syphilis reported is 65,046; gonorrhea, 49,028; and chancroid, 3,949. The
number of treatments given was 2,147,087; doses of arsphenamin
administered, 527,146; Wassermann tests made, 203,008. There
were 51,658 patients discharged as noninfectious.
A total of 7,508 educational meetings was also reported by the
State boards of health.
The division received 694 requests for medical advice and 13,453
requests for educational pamphlets, and 66,625 pamphlets were distributed. State boards of health purchased 967,452 pamphlets and
placards, 309 exhibits, 10 sets of slides, and 47 motion-picture films.
A total of 5,246 lectm-es, 996 exhibits, and 1,266 film demonstrations
was given.
The bulletin Venereal Disease Information has been enhanced in
value because of the increase in the number of journals from other
•countries abstracted. Translations are now made from journals
published in nine foreign languages.
A representative of the Service, cooperating with the officials of the
railroad companies in Florida, conducted a campaign for the purpose
of giving information relating to the hygiene of sex and reproduction,
clanger of venereal diseases, and the importance of prompt and
sufficient treatment. An effort was made also to interest the railroads in the maintenance of special clinics. The result has been the
establishment of 12 clinics under the supervision of the State board
of health, where railroad employees receive treatment at nominal cost.
The number of persons reached by means of lectures, exhibits,
motion pictures, personal letters, and pamphlets was over 25,000.
This campaign demonstrates what can be done in the control of
venereal diseases in cooperation with large industrial organizations.
A motion picture film. Science of Life, was prepared for use in
presenting a clear and wholesome account of the biology of sex and
reproduction and the danger of disease to the individual and to the
race. A special lecturer has been sent to many universities and
normal schools in answer to requests for this type of work.
A total of 383 conferences was also held with teachers in 25 States
for the, discussion of the problem of sex instruction for adolescents.
Reports from the schools where the conferences were held indicate
that interest in the problem of sex education in high schools has been
aroused and that the work is progressing satisfactorily.
318
REPORT ON THE FINANCES
;
Division of personnel and accounts .
On June 30, 1924, the regular. commissioned corps of the service
consisted of the Surgeon General, 4 Assistant Surgeons General a t
large, 20 senior surgeons, 122 surgeons, 30 passed assistant surgeons,
and 22 assistant surgeons, a total of 199 medical officers. Of this
number, 3 Assistant Surgeons General at large, 8 senior surgeons,.^
5 surgeons, and 3 passed assistant surgeons were on waiting orders.
The total number of commissioned officers at the close of the fiscal
year is 19 less than in the year 1918, the difference being due to lack
of successful candidates to fill vacancies.
- . . . :
The number of res.erye officers on active ^duty at the close of t h e
fiscal year totaled 65, in the following grades: 1-Assistant Surgeoui
General, 3 senior surgeons, 6 surgeons, 2 dental surgeons, 20 passed
assistant surgeons, 9 passed assistant dental surgeons, 21 assistant
surgeons, and 3 assistant dental surgeons. .
.
Following is a statement of all personnel of the service on June 30,.
1924:
Commissioned medical officers, regular corps....
___..
199*
Commissioned officers, reserve corps ,...
.....^
.
'-.65^
Acting assistant surgeons
^__
..__.i._i
: 464.
Attending specialists
, .•
__.
.
146»
Contract dental surgeons
..
1..
27
Internes
.
i
.
.
1
1
20>
Scientific personnel
.•
.
...
27
Pharmacists
:
..
•..
.
....
37
Administrative assistants
.^
• 20>.
Druggists ^
-v
...
12"
Nurses
.
.
.'...'_..
^
363
Aids......:.
_:.
.......
^_..__._.
37
Dietitians
1
•._ :..
25
Laboratorians;
•
Roentgenology
.
•
...._
,
15.
Bacteriology
^
13
Pilots
....
....
' 30
Marine engineers . . . .
._
...
33
Clerks
.524
All other employees.".
....
.
.. . . .
. 2, 308Total:.....
.._..:_.!
._
-..-
. . 4,365^
In addition to the above personnel there were 4,261 State and local
health officers employed at nominal salaries, generally $1 per year,,
for the purpose of furnishing epidemiologic information.
Financial statement
The following is a statement of appropriations and expenditures,
for the fiscal year 1924:
319
SECEETAEY: OF- T H E TREASURY
Expended
and
encumbered
Appropriated
Salaries, oflSce of the Surgeon General
_ -.
iPay, etc., commissioned oflQcers and pharmacists:
Pay of acting assistant surgeons
_._
.-...
fPay of other employees-_._:
•_..
.Freight, transportation, e t c . .
...
Maintenance, Hygienic L a b o r a t o r y . . . . . . . . .
:..
'
....
i^reparation and transportation of remains of oflQcers
,.......
Books
_
...„.._.:
.:_..-.
-__Pay of personnel and maintenance of hospitals
Quarantine service
_
.....J..
.......J.....:.}
'
Preventing the spread of epidemic diseases
i
Field investigations of public health
J:
Interstate quarantine service
Studies of rural sanitation
_
•
_._•....
Control of biologic products
:
_
Expenses division of venereal diseases
1
:
_
Medical and hospital services .(allotments from United States Veterans
Bureau)—
_
::;..-_.
Salaries and .expenses (allotments from ,United States Veterans'Bureau)..
720. 00
1,115, 354.84
300, 000.00
840, 000. 00
37, 500. 00
45, 000.^00
3, 000. 00
500.00
4,869, 925. 00
488, 000. 00
336, 042.78
279, 436.00
23, 000. 00
50, 000. 00
41, 500. 00
227, 363. 00
811.31
1, 073,538. 49
293, 211. 55
832, 418. 86
37, 269. 41
43, 080. 97
955. 08
498. 00
4, 606,331. 59
470, 261. 85
297, 675.47
273, 606. 47
21, 933. 92
49, 874. 80
40, 729. 81
194, 640. 07
332,150. 00
2,961,450.00
288,567.71
2, 715, 200. 78
COAiST GUARD
The principal operations of the Coast Guard during the fiscal year
•ended June 30, 1924, are summarized by the commandant, as follows:
-Lives saved or persons rescued from peril
^
..
Persons on board vessels a s s i s t e d . .
^_
..
Persons ill distress cared f o r . . .
.._.:
Vessels boarded and papers e x a m i n e d . . .
'.
"Vessels seized or reported for violations of l a w . . .
. . . _^. .
F i n e s and penalties incurred by vessels r e p o r t e d .
R e g a t t a s and marine parades patrolled in accordance with l a w .
I n s t a n c e s of lives saved and vessels assisted
i_
...
I n s t a n c e s of miscellaneous assistance.
.
.__.'.
:Derelicts and other obstructions to navigation removed or destroyed.
^
...
_.•
.
Value of vessels assisted (including c a r g o e s ) . .
;
:
Value of derelicts recovered and delivered to owners
...
Persons examined for certificates as lifeboat men
_._._.__
Appropriation for 1924, oflace of t h e c o m m a n d a n t
'_ . . .
Expended and obligated.
Unencumbered balance
..
---Appropriation for 1924, maintenance of Coast Guard
.
Expended and obligated
_._..._.._.__.......
Unencumbered balance
___.__^.
.___
Appropriation for 1924, repairs to cutters..
:
'.:
- Expended and o b l i g a t e d . . . . .
....
.'.^_._._'
Unencumbered b a l a n c e .
...
.
.•.'.
Appropriation, construction of new cutters:
;
»,
' Unencumbered balance July 1 , 1 9 2 3 - . - . . _ . _ . . _ _ - - i . - - - _
Expended and obligated.
1...1
.....
Unencumbered balance J u n e 30, 1 9 2 4 . . .
Appropriation, additional vessels. Coast Guard, 1924 and 1925.
Expended and o b l i g a t e d . . . .
.
Unencumbered balance,. J u n e 30, 1924
Appropriation, radio equipment, Coast Guard, 1924, Dec. 3 1 ,
1924.....
.
.....
. Unencumbered balance J u n e 30, 1924
..
...
.
.
2,462
15,902
406
46, 152
2,205
$630, 123
30
1, 948
2, 278
75
$25, 316, 180
,
$536, 895
5, 643
$127, 530. 00
$119, 847. 57
$7, 682. 43
$11, 958, 722. 00
$10, 463, 953. 33
$1,494,768.67
$375, 000. 00
$368,140.36
$6,-859. 64
'
$12,
$8,
$3,
$3,397.16
$199. 83
$3, 197. 33
194, 900. 00
288, 125. 41
906, 774. 59
$34, 000. 00
$34, 000. 00
320
'
REPORT ON T H E FINANCES
Ice patrol to promote safety at sea
The international service of ice patrol in the vicinity of the Grand
Banks along the trans-Atlantic steamship lanes for the season of 1923,
which was still in progress at the close of the fiscal year ended June^
30, 1923, was discontinued on July 12, 1923. The last few days of
the patrol were spent, in a large part, in checking the movements of
two large bergs in a southerly position. When these bergs had disintegrated to such an extent as to render them ho longer a menace tonavigation further patrol operations ceased for the season.
During the season of 1924 the patrol was prosecuted by the Coast
Guard cutters Tampa and Modoc, based on Halifax, Nova Scotia,,
with the Coast Guard cutter Ossipee as a stand-by vessel. The
Tampa inaugurated the patrol, leaving Boston, Mass., on March 18,.
1924. She proceeded to the Tail of the Grand Banks, arriving at theice area on the morning of Marc^h 22. She advised the wireless operator of the port of Halifax that the patrol had begun and that all ice^
and obstruction reports for the Atlantic area would be broadcast by^
the patrol. On the evening of that day the first broadcast was sent
out consisting of special ice information for the steamship Cairntorr^
The first report ofthe presence of a berg was received from the steamship Lituania, on March 25. The Modoc relieved the Tampa onApril 5, and the patrol was continued, alternately, through the seasoni
by these two cutters, one reheving the other about every fortnight..
A commissioned officer of the Coast Guard was detailed to accompany^
the cutters as scientific and oceanographic observer. He remained
with the patrol throughout the season, transferring from one cutter
to the other as each took up its work, conducting observations and
experiments for the furtherance of oceanographic knowledge. Thepatrol was discontinued for the season on June 30, 1924, it then,
appearing that icebergs no longer formed a menace to navigation.
Winter cruising
The President annually designates certain Coast Guard vessels
to perform special cruising upon the coast in the season of severe
weather, usually from December 1 to March 31, to afford such aid
to distressed navigators as their circumstances may require. Navigation is especially hazardous during these months and the.object
of this special, intensified cruising and watchfulness on the part
of the cutters is to extend to shipping approaching our shores all
possible protection and assistance in case it should suffer misfortune or disaster. The President, on October 26, 1923, upon the
recommendiation of the Secretary of the Treasury, designated the
following-named cutters to perform this duty for the winter season
.of 1923-24: Ossipee, Tampa, Acushnet, Seneca, Seminole, Gresham,.
Kickapoo, Manning, Modoc, and Yamacraw,
SECRETARY OF THE TREASURY
321
Cruises in northern waters
The regular annual visitation and patrol of the waters of the
north Pacific Ocean, Bering Sea, and southeastern Alaska for the
enforcement of the convention of July 7, 1911, between the United
States, Great Britain, Russia, and Japan, and the laws and regulations for the protection of the fur seal and sea otter and of game, the
fisheries and fur-bearing animals of Alaska, were made for the season
of 1923 by the following-named Coast Guard cutters :^Z^ongum,
Bear, Cahokia, Haida, Mojave, Snohomish, and Unalga.
The Bear also made her customary annual cruise to the Arctic.
These vessels cruised many thousands of miles in the execution of
the duties of the patrol, and in addition to the prime work of this
annual enterprise, rendered valuable service to shipping and to other
interests, public and private, in the regions visited. The patrol for
the present season of 1924 is being conducted by the above-named
vessels.
Added to the many useful and beneficent offices which the Coast
Guard annually is called upon to perform in the northern country,
happily there fell to its lot during the spring of the year the opportunity to be of material assistance to the round-the-world ffight of
the Army Air Service, along the Alaskan shores and in crossing
the Pacific. The Coast Guard cutters Haida and Algonquin were
employed in various ways in rendering assistance to the flight. The
Chief of the Air Service of the Army in a letter to the commandant
graciously expresses his appreciation of the splendid cooperation
and assistance rendered b y the Coast Guard in this memorable
undertaking, and states that the crossing could not have been effected
at the time -without the assistance of this service.
Anchorage and movements of vessels
The facilities of the Coas-t Guard were utilized during the year,
as formerly, in the enforcement of the rules and regulations governing the anchorage and movements of vessels at ports and other
places where Federal regulations' are in effect. At the larger ports
this duty is one of magnitude and great importance, and the services
of Coast Guard officers with large experience in maritime affairs are
availed of to insure the satisfactory and efficient administration of
this service activity. Coast Guard officers are serving as captains
of the port in the following-named localities: New York Harbor
and vicinity; Hampton Roads and the harbors of Norfolk and
Newport News, Va.; Charleston Harbor, S. C ; Galveston Harbor,
Port Bolivar, and Texas City, Tex.; San Diego Harbor, Calif.; San
Francisco Harbor, Calif.; Chicago Harbor, 111.; St. Marys River,
from Point Iroquois, on Lake Superior, to Point "Detour, on Lake
Huron, except those waters including St. Marys Falls Canals.
322
.
REPORT ON T H E FINANCES
In the larger ports the anchorage grounds are patroled regularly
by harbor tugs or launches of the Coast Guard,to facilitate and
effect the proper anchorage of vessels, to see that the anchorage
regulations and navigation laws are observed and to impart and
secure information concerning maritiine conditions and activities.
Regattas
Among other activities of the service 30 regattas, marine parades,
and boat races were patrolled and supervised during the year in
various sections of the country. This duty is always of first iiriportance both to the craft participating and spectators. The courses
must be kept clear, order maintained, and the movements of vessels
supervised, in the interests of safety to thousands of persons at
times. The successful manner in which this duty is performed by
the units of the service reflects great.credit on the Coast Guard.
Removal of derelicts
During the year the Coast Guard, through the instrumentality
of its vessels and stations, removed from the paths of marine commerce 75 derelicts and other floating dangers to navigation. The
estimated value of property involved in these transactions, where
values are given, aggregated $536,895..
.
Coastal communication
In the course of the year additions were made to the coastal com-'
munication system of the Coast Guard by the • construction of a
telephone line to Egmont Key Lighthouse (Tampa Bay, Fla.), and
to Coquille River Lighthouse (Oreg.). Telephone connection with
these points affords excellent opportunity for reporting maritime disasters and other marine information to the Coast Guard. Aside
from the foregoing and the complete rebuilding o f a portion of the
telephone pole line on Long Island, N. Y., the work during the year
was confined principally to the repair, upkeep, improvement and
maintenance of the entire system. Telephone service is how fiirnished to all Coast Guard stations except one, to approximately 150
lighthouses, and to other Government agencies in the vicinity of
service lines, such as radio compass stations, Navy radio stations.
Weather Bureau stations, etc. The system comprises more than
2,200 miles of land line, including approximately 440 miles of subnaarine telephone cable.
Ordnance
The ordnance equipment of many of the units of the Coast Guard
has been changed during t h e year so as to conform to modern prac-
SECRETARY OF THE TREASURY
323
tices along related lines. Practically all 6-pounder guns have been
replaced by modern 3-inch and 4-inch guns. The larger vessels of the
service have been outfitted with modern fire-control instruments.
All the small craft are now armed with rifies, pistols, and machine
guns. Many of the stations have been supplied with rifles and
pistols and in some cases with machine guns. Experiments have,
been carried on by various vessels in the use of star shells at night for
target practice and other activities of the service. Experiments also
were conducted with 150-pound T N T mines in the destruction of
icebergs by vessels- on the international ice patrol.
The regulations of the Coast Guard pertaining to ordnance and
gunnery have been revised so that they now conform in every respect
to Navy practice. All officers of the service have been furnished the
latest data concerning gunnery.
Coast Guard Academy
At the close of the year there were under instruction at the Coast
Guard Academy, at New London, Conn., 57 line cadets and 36 cadet
engineers: During the year covered by this report 21 line cadets and
34 cadet engineers were appointed as the result of competitive examination held throughout the country on April 7, 1924. Two line
cadets aiid five" cadet engineei's were graduated. The resignations of
26 line cadets and 16 cadet engineers were accepted. One line
cadet was dismissed, and one line cadet was dropped from the rolls
of the academy.
'The- practice cruise for 1923 of the Coast Guard cutter Alexander
Hamilton, which, as stated iil last yearns report, was in progress at
the close of the fiscal year, terminated at New London on September
15, 1923V During the cruise the vessel touched at various ports
along the east coast of the United States, at Halifax, Nova Scotia,
and at Hamilton, Bermuda. She began her practice cruise for 1924,
sailing for Europe on June 1, and arriving at Gravesend, England, on
June 24, 1924. The cruise Was being continued at the close of the
year.
'
Coast Guard repair depot
During the year the following-named Coast Guard vessels were
overhauled at the Coast .Guard repair depot at Curtis Bay, Md.:
Acushnet, Seneca, Yamacraw, Gresham, Apache, Chulahoma, and
Chincoteague, The boat-building plant at the depot constructed 31
service boats, as follows,^ for distribution to the units of the service as
needed: 10 motor lifeboats; 15 motor self-bailing surf boats; 2 motor
launches; and 4 self-bailing surf boats, without motors. The depot
continued to manufacture small equipment for service needs.
324
REPORT ON T H E FINANCES
Repairs and improvements to vessels and stations .
In addition to the'vessels of the service that underwent an overhauling at the Coast Guard depot, as shown under the preceding
heading, the Comanche was reconditioned throughout, under contract.
Repairs, improvements, alterations, and additions, more or less
extensive in character, were completed in the course of the year at
seven Coast Guard stations. Minor repairs, etc., were made as
needed at 207 stations. Contracts were awarded or work was begun
during the year for repairs, improvements, alterations, and additions
at 11 stations.
Certain buildings at the Coast Guard Academy which were taken
over from the Navy were remodeled for the use of cadets as dormitory,
mess hall, class rooms, etc.
Repairs were, also made to the long wharf at the Coast Guard depot,
and a mold loft was constructed.
Enforcement of customs and other laws
The duties of the Coast Guard in enforcing the customs laws of the
country and the laws relating to navigation and motor boats were
assiduously prosecuted during the year by all the units and agencies
of the service, to the fullest extent of the resources at its command.
The Coast Guard has continued to render invaluable assistance to
the customs in the enforcement of the laws of the United States relating to the smuggling of illicit merchandise into the country along
the coasts.
The Secretary of the Treasury in his report for the fiscal year
ended June 30, 1923, recommended a substantial increase in the
appropriations for the Coast Guard for the purpose of combating
the smuggling of liquor into the United States. For increasing the
equipment and personnel of the Coast Guard for this work, the President, on February 1, 1924, transmitted to the Congress supplemental
estimates of appropriations for the Treasury Department for the
fiscal year 1924, amounting to $13,853,989. Of this amount $12,194,900 was for conditioning and equipping 20 torpedo-boat destj-oyers
and 2 mine sweepers or other suitable type of vessel, to be obtained
from the Navy Department, and the construction and equipment
of 223 ^^cabiii cruiser'' type motor boats and 100 smaller motor
boats. The remaining $1,659,089 was for additional operating expenses during the remainder of the fiscal year, brought about by this
enlarged program. The President also recommended that the personnel of the Coast Guard be increased by the appointment of temporary
commissioned and warrant officers and by temporary enlistments.
By act approved April 2, 1924, the Congress appropriated $13,850,622
for the purposes indicated, and by act approved April 21, 1924,
authorized the additional personnel.
SECRETARY OF THE TREASURY
325
The Coast Guard proceeded at once to carry out the provisions of
l a w in these respects and is using all possible means at its command
t o hasten to completion the law-enforcement program contemplated
^by the legislation mentioned.
I t is gratifying to be able to state that,-notwithstanding the magnitude of the undertaking, very satisfactory results were being attained at the time of the closing of this report for the fiscal year.
I t should also be stated that during the year the Coast Guard, even
^ i t h its limited, inadequate, and ill-adapted floating equipment
for combating smuggling, has rendered very effective service in that
<iirection through the seizure and apprehension of violators of the
taw and their contraband cargoes.
Award of life-saving medals
Thirty-three life-saving medals of honor, 4 gold and 29 silver,
were awarded by the Secretary of the Treasury during the fiscal
year, under the provisions of law, in recognition of bravery exhibited
an the rescue, or attempted rescue, of persons in danger of drowning
/in waters over which the United States has jurisdiction, or upon
-American vessels.
Personnel
On June 30, 1924, there were on the active list of the Coast Guard
209 commissioned officers, 57 line cadets, 36 cadet engineers, 420
warrant officers, 5,000 enlisted men, 260 temporary and substitute
surf men, and 42 civilian employees in the field. There were 61
vacancies in the commissioned personnel.
Units
At the close of the year there were in commission in the service
22 cruising cutters, 19 inshore patrol cutters, 20 harbor cutters, and
16 harbor launches. The shore stations in an active status numbered
237.
Recruiting
The Coast Guard does not maintain a regular recruiting agency and
i t therefore was deemed desirable and in the interest of economy
a n d expedition t o solicit the cooperation of the Bureau of Navigation, Navy Department, in the recruiting of the additional enlisted
personnel authorized by Congress.
Twenty-eight Navy recruiting stations were therefore designated
by the Navy Department to make enlistments for the Coast Guard.
Certain Coast Guard units also were directed to perform special
recruiting. The campaign for recruits began on May 15, 1924.
At that time the enlisted strength of the Coast Guard was 3,745
326
'
REPORT ON T H E FINANCES
men. On June 30, 1924, the enlisted personnel had increased to5,000 men, showing a net gain of 1,255 men from May 15 to June 30.
, The Navy cooperated further with the Coast Guard by trainingand outfitting recruits at the naval training stations at Hampton^
Roads, Va., and Newport, R. I.
Vessels
•
There is urgent necessity of augmenting the equipment of' theCoast Guard by vessels that are, adapted to the highly important^
duty of saving life and property at sea, with which the Coast Guards
is charged. Demands upon the service in this regard are constantly
increasing. Many of the cutters are old and some of them are in*
pressing need of repairs. Every year, in the late spring, it becomes
necessary to withdraw certain vessels from duty on the Pacificcoast and send them' on cruises in northern waters. They do hot
return to the west coast until fall a n d early winter. In the meantimeshipping on the west coast is left without adequate protection.
The additional equipment in vessels that the Coast Guard ispreparing- under the appropriation for enlarging the service for lawenforcement work is, it is believed, well adapted to that particularduty, but distinctly not adapted to assistance and rescue work a n d
pther important duties which the Coast Guard is called upon to^
perform. The Coast Guard needs six new cruising cutters.
, I t is of the utmost importance that the Bear be replaced. Thisvessel is 50 years old. She performs most important duty in.
the Arctic regions. The bill H. R. 6817, Sixty-eighth Congress^,
first session, to replace the Bear by a new vessel, passed the Houseof Representatives on March 19, 1924, and is now pending in theSenate. I t has been reported favorably by the Committee om
Commerce in the Senate, with the recommendation that it pass.
I t is earnestly hoped that the Senate will give its approval to this
meritorious measure at the earliest practicable date. •
The cutter Manning is urgently in need of extensive repairs.
Reports based on careful examination indicate that this vessel is in
such bad shape as to constitute a menace to her personnel at sea.
If sufficient funds are,available, this ship can be reconditioned and
made to last for many years. If funds are not made available, the
vessel will rapidly deteribi:ate and soon be of negligible value to t h e
Government.
The commandant, in former reports, has invited attention to the
cutter Onondaga, which was rapidly deteriorating for lack pf funds to
recondition her. For several years the necessary funds were asked
for, but were not made available. The commandant, in his report
327
SECRETARY OF THE TREASURY
:for the fiscal year 1923, emphasized the fact that if this deterioration
•continued the vessel would soon have value.only as scrap material.
This prediction was justified, as it was found necfessary finally to sell
tier for the sum of $7,840. If this ship had been reconditioned she
'would be worth to the service approximately $600,000. The present
situation with respect to the Manning is identical v^dth the Onondaga case. In the interest of economy and good administration
this vessel should be properly repaired. I t is estimated that it will
cost at this time $150,000 to put her in good condition.
DIVISION OF LOANS AND CURRENCY
•Summary.of activities of the Division of Loans and Currericy during the fiscal year
ended June 30, 1924
Pieces
192,438
Unregistered letters r e c e i v e d . . . _.
• S t a m p s , checks, securities, etc., received in unregistered mail
T e l e g r a m s received-.
_
Registered letters received
....
".
;Pouches r e c e i v e d . . .
'
Half notes received
Legal d o c u m e n t s (examined a n d
filed)
.•....:
^Securities received from B u r e a u of.Engraving a n d P r i n t i n g
.Securities restored to stock
_.
• Interest checks received from B u r e a u of E n g r a v i n g a n d P r i n t i n g
Securities delivered to Register for d e s t r u c t i o n
Ilnterest checks delivered to D e s t r u c t i o n C o m m i t t e e for destruction
Half notes delivered to .Destruction C o m m i t t e e for d e s t r u c t i o n .
• Securities issued i
Interest checks issued
D u p l i c a t e checks issued
"Treasury savings retirements,.including r e d e m p t i o n s
O l d loans accounts (appro.ximately) as of J u n e 30,1924
O t h e r loans accounts
.-..
' T r e a s u r y savings s t u b s received from b a n k s , post office, a n d T r e a s u r e r
of t h e United States
_
.
$2, 769, 819.80
1,039
190, 207
2,338
527,326,304
51, 631
3, 220,874
1, 243,827
4, 326, 835
3, 515, 502
95, 269
627,326,304
3, 248, 423
4, 297, 354
2,240
352, 285
17,000
2,031,436
1, 296, 927, Oil. 48
917,050, 673. 64
4, 040,351, 200. 00
226, 426, 600. 00
897, 540,467. 25
917, 050, 673. 64
4, 993, 550, 580. 00
173,931, 338. 30
52, 031, 075.00
852, 944, 580.00
3, 656,960, 650. 00
1,118,598
189, 476, 550.00
1 A b o v e includes stock s h i p m e n t s to Federal reserve b a n k s . T r e a s u r y savings' certificates ( m a t u r i t y
v a l u e ) , a n d a u t h o r i z a t i o n s to Federal reserve b a n k s on registered exchange t r a n s a c t i o n s :
Claims section
Claimants
.'INTEREST-BEARING
SECURITIES
OTHER
SAVINGS
/Received..
Relief g r a n t e d
-Recovered or disallowed
THAN
TREASURY
Pieces
(WAR)
._•...:
' 2,523
2,746
1,216
5,984
6,410
2,759
$2,127, 580. 00
1, 269,920. 00
814,600.00
4, 327
5,648
525
37, 688
61,128
6,153
549,979. 00
560, 474. 25
103,365. 00
TREASURY ( W A R ) SAVINGS SECURITIES
;Eeceived
Relief-granted.
_
R e c o v e r e d or disallowed
_
,
In connection with the registered accounts there were 48,109
•unclaimed checks received and 50,752 released. Stoppages were
placed against the payment of 5,964 checks; 63,407 accounts were
<Jonsolidated, 41,451 of which were eliminated, 315,382 accounts
<3losed, 30,391 decreased, 133,750 new accounts opened, and 73,322
changes of address effected.
328
REPORT ON T H E FINANCES
To conduct these transactions approximately 337,795 letters a n d
telegrams were written, distributed as foUows:
Surrenders
Securities
Claims
Treasury savings
Registered accounts
.
Issues control unit
J
Issues control unit (transmittal letters)
Personal office of chief.
.
Total
.
.
....
.
. . 30, 384
1 2, 700\
67, 782
36, 250^
100, 96323896, 439*
3, 039'
.
^.._
.
...
337, 795
A more detailed account of the activities of the several majorunits of the division follows:
Surrenders Section
The following table shows the number of pieces and par amounts,
of securities authorized to be issued upon original subscriptions, and
of securities received, examined, and accepted for redemption, transfer, exchange, or other transactions by the surrenders section during;
the fiscal year 1924:
Number
of pieces
Par
amount
COUPON S U R R E N D E R S UNIT
Coupon exchange
Coupon conversion
Coupon conversion exchange
'.
Coupon denominational exchange
Coupon denominational exchange (Treasury notes)
Coupon denominational exchange (certificates ofindebtedness).
Special denominational exchange, U. S. R. A
Temporary exchange...
.
Coupon mutilation
_
Coupon mutilation (Treasury notes)
Coupoh mutilation redemption.
Coupon claim issue.Coupon claim issue (Treasury notes)
Coupon claim retirement
Forgery coupon issue
^
Forgery coupon retirement..o
Coupon error
Original issue (Treasury notes)
"..
Total.
372,846
10,241
257
13,306
500
14
13
5,856
603
4
36
400
3
60
25
19
8
11
$363,108,350>
3,837,550'
28,8003,586,450
1,063,000?
23,000950.
499,100
71,2503,100=
2,850
36,850
1,600
9,100
8,650
3,150
40O
3,800
404,202
372,286,950
357,602
2
302
160
5,342
39,449
89
975
31
6
33
339,646,350
20O
1,148,350
12,781, OOO
1,234, OOO
10,544,600
166,000
233,650
8,300
3,150
3,100, OOO
403,991
368,865,600
R E G I S T E R E D EXCHANGE-REDEMPTION UNIT
Registered exchange
Cancellations of registered exchanges made in 1923
Inheritance tax redemption
Cumulative sinking fund redemption, unmatured loans..
Cumulative sinking fund redemption, Victory 4 ^ ' s . . . - . Redemption matured Victory 4^'s
:
Redemption Victory 4^'s in payment of .Treasury notesRegistered claim redemption
_
Registered mutilation redemption
Redemption Victory 3M's
Redemptions out of surplus money in Treasury
Total-
329
SECEETAEY OF THE TBEASUEY
Number
of pieces
Par
amount
TRANSFER-CONVERSION UNIT
Transfer-Registered
Registered
Registered
Registered
Registered
_•
conversion, registered conversion transfer..
claim issue
mutilation
•.
claim retirement
claim redemption retirement
-..
Total
...:
^...
111,128
19,490
4,080
190
288
. 27
$178,043,550
5,822,350
831,850
44,950
68,200
3,100
, 135,203
184,814,000
10,359
160
1,176
4,385
64,020,880
436,000
3,318,000
5,728,000
2,462
5,031
2,462,000
5,031,000
12,368
333
1,356
3,266
95
51,655,410
1,393,000
3,318,000
4,019,000
36,550
2,894
85
212
2,104
77-
2,331,910
22,700
212,000
2,104,000
6,760
46,363.
136,095,210
OLD LOANS UNIT
Registered issues:
United States pre-war loans
District of Columbia loan
Philippine loans
Porto Rican loans
__
Coupon issues:
Philippine loans
._
L...
Porto Rican loans
Registered retirements:
United States pre-war loans (active)....
District of Columbia loan
i
Philippine loans.....i.-_Porto Rican loans
-United States pre-war loans (matured)
Coupon retirements:
United States pre-war loans (active)
District of Columbialoan
-.
Philippine loans
.,
:
Porto Rican loans..
United States pre-war loans (matured)
Total--
-
.•
:.
RECAPITULATION
Coupon surrenders.unit--.:.
Old loans unit
Registered exchange-redemption unit
Transfer-conversion unit
Grand total
-_.
_
404,202
46,363
403,991
135,203
372,286,950
136,095,210
368,865,600
184,814,000
989,759
1,062,061,760
The average number of days required to handle Federal reserve
bank submissions through the division, for the more important
transactions, has been still further reduced, as shown by the following table:
Number of days
Transaction
Coupon exchange...
Redemption
Registered exchange.
Transfer
Authorities Unit.—The authorities unit received, examinecl, and
ffied 51,631 legal documents, bringing the total number of files up
to 309,518; wi'ote 4,982 letters, telegrams, and memoranda concern• ing defective documents; examined. 155,796 assignments requiring
legal documents in support thereof; and conducted extensive filing
operations incident to this work.
,
•
Correspondence Unit—The correspondence unit wrote 10,676 letters
and memoranda concerning defective assignments and the evidence
330
REPORT ON T H E FINANCES
submitted or required in support thereof, giving instructions regarding the execution of assignments authorized by approved legal
papers, and replying to inquiries along these lines. The bond
control desk handled 10,088 bond cases, each two or more times,
atid kept appropriate accounts with the units concernfeci. , .; • v^ i'
Fraudforgery Unit.—The fraud-forgery unit conducted, "c.ojrrespondence in 1,188 cases of alleged fraud or forgery in assignments,
evasion of department regulations governing assignments, and other
cases of similar nature. Full restitution, including interest, \yas.
obtained ih forgery cases involving registered se'Qtirities in;'amount
of $12,450.. This unit also received and filed 27,956 cards carrying
autograph signatures of officers authorized to witness assignments
of registered bonds.
\ ',"
Numericals Unit.—Ml transactions in registered • Liberty ^boiids.
Victory notes, and Treasury bonds, involving 539,194 pieces,' ^ere
recorded by the numericals unit on registers provided,; forV t h a t
purpose. All entries were verified to insure ac,curacy,. as these
registers are the key to the status of all registered securities recorded
therein. .
•
, ••
.
Securities Section
The general activities of this section embrace the receipt, of all
classes and descriptions of United States Government and Insular
securities from the Bureau of Engraving and Printing, the. Federal
reserve banks, other banks, and individuals; the custody, issue, and
shipment of securities.of all descriptions, including registered interest
checks; the supervision and conduct of ^afe-keeping operations,
involving securities received by the Division of Loans and. Currency,
to be held for account of other Government departments; the preparation for issue of certificates of indebtedness. Treasury notes.
Treasury savings certificates, etc.; the daily shipment of bonds
and other securities requisitioned froin the vault; the counting,
examining, placing of inipression seal, initialing, and countersigning
oof interest checks; the cancellation of securities for delivery to the
Register of the Treasury; and the receipt, recording, verification,
segregation, and delivery of all registered mail to the severalsections
of the division and other divisions of the Treasury Department,
together with maintaining accounting records reflecting the numerous transactions of this section. .
In addition to the regular work of the section, the return of unsold
Treasury savings certificates of the issue of September 30, 1922,
for restoration to stock necessitated the counting, arranging in
numerical sequence, and listing of nearly 1,000,000 certificates,
and the cancellation of surplus stock for final disposition to the
SECRETARY OF THE TREASURY
331
Register of the Treasury. This, together with the regular duties,
has kept the section extremely busy during the entire year.
The total number of pieces received, handled, and disposed of
during the year was 29,457,795, amounting to $21,016,186,548.73.
Registered Accounts Section
There has been a reduction in the force of this section of 149
employees, from 514 to 365, with a resultant reduction in salaries
of $172,540. The work in all of the units has been functioning on
a strictly current basis throughout the year.
The par amount of bonds and notes in registered form increased
slightly during the year, from $3,654,246,550 to $3,656,960,650, a
gain of $2,714,100. Interest on these bonds was paid in the form of
4,235,473 checks, representing $154,054,225.50. The number of
registered accounts decreased 9.69 per cent, a loss of 217,963 (from
2,249,399 to 2,031,436) taking place during the year. The bulk of
this loss was in the smaller holdings.
During the year the number of unclaimed checks decreased from
97,724 to 95,081, although the money value increased from $354,787.49
to $367,537.17; in this period 48,109 checks were received and
50,752 were released.
The section effected 73,322 changes of address, issued 2,240 duplicate checks, placed 5,964 stoppages against the payment of checks,
wrote 100,963 letters, consolidated 63,407 accounts (of which 41,451
were eliminated), closed 315,382 registered accounts, decreased
30,391 others, and opened 133,750 new accounts.
Claims Section
A recapitulation of the condition of work in the claims section is
submitted herewith. The section is in good condition and the work
is as current as it is possible for it to be.
The figures shown are actual claims received during the fiscal year
with number of pieces and money value, together with settlements
and recoveries made. Where settlements exceed receipts, the difference comes from the balance on hand June 30, 1923.
Bonds, notes, interim certificates, and certificates of indebtedness
Number
Claims and reports
Securities involved
Securities recovered
New securities ordered issued (replacements and duplicates).
Matured securities ordered redeemed..^
10065—FI 19241
23
3,318
8,843
2,710
5,256
1,152
Amount
involved
$2,930,980
809,350
988,600
281,220
332
REPORT ON T H E FINANCES
Treasury savings
claims received
......
Treasury savings certificates involved
Treasury savings certificates allowed ^.J
Treasury savings certificates recovered
Treasury savings claims settled
Total
Total
Total
Total
' Total
number
number
number
number
number
of
of
of
of
of
Total
Total
Total
Total
Total
Total
Total
number
number
number
number
number
number
number
War savings
of claims received
of war-savings stamps involved
of thrift stamps i n v o l v e d . . . . . . :
.;
of war-savings stamps allowed ^ . . . . .
of thrift stamps allowed 2__.'_
of war-savings stamps recovered...
oif war-savings claims settled._.
.
i And four stamps.
828
^ 2, 965
i 1,288
465
722
3, 499
34, 599
120
57, 419
141
1, 998
5,451
..
.
.
'.
...
' Duplicates and redemption authorized.
Treasury Savings Section
The following is a summary of the work handled in the Treasury
savings section for the fiscal year ended June 30, 1924:
Amount
involved
Pieces
Treasury savings certificates:
Stubs received from banks. Post Office Department, and Treasurer of the
United States. . .
_
-,'rr..
Retirements on various transactions, including redemptions....i...
Issues on various transactions
_.
.^
War savings certificates: Retirementsonstamps, all series..
»Impractical to state.
Cases handled
Letters written
Total
Correspondence
_._•
1,118,598
352,265
8,799
38,993
$189,476,650
52,031,075
1,894,575
(1)
. . . . . 29, 000
1, 250
_-_...'_.....•........
Mail and Files Unit
30, 250
Total number of letters received (of this number 14,979 were nondivision)
•
^
192, 438
Total amount of securities received (including postage stamps,
money, etc.)
. . . . . $2, 769, 819. 80
Total number of telegrams received..^
^
1, 039
Total number of interoffice packages received
._
10, 121
Analysis of filing operations
-^
-Briefing.
Typing
.
Verifying
.
Arranging
_
_
.
'_•
Returned charges (involving searching)
:
168, 463
Searching
-..
.
.
^
455, 947
Special searching..
^
...
39,849
Total......
Filing
.
Pink sheets.:
Follow-up system
...
.
.
..
403,,516
494,791
470, 449
868, 594
. . : . ^ . 664, 259
849, 379
196, 433
28, 875
333
SECRETARY OF THE TREASURY
Issues Control Unit
A recapitulation of its activities follows:
Pieces
Stock shipments:
Treasury savings certificates
Coupon bonds (Federal reserve banks).
Coupon bonds (booth)
Treasury notes
Certificates of indebtedness
Total
..»._-.:
1,823,962 $309,881,725
547, 062 1, 009, 750, 700
10,359
6,193, 500
59,86i8
850, 511, 000
246,612 1,854,380,000
-
Treasury and Federal reserve bank cases: Registered bonds.
Treasury cases:
Coupon bonds
Treasury notes
Certificates of indebtedness.-
i
TotalAuthorized delivery of coupon bonds by .Federal reserve banks: On registered
exchange
Grand total securities authorized for delivery
Treasury savings certificates assigned to Treasury savings section.
2,687,863
4,030,716,925
266, 726
647,879,750
56,539
586
36
26,526,150
1, 071, 500
23, 000
57,160
27,620,650
204, 302
314,442,800
3, 216,051
4,920,660,126
8,799
2, 597, 460
Transmittal letters typed
33, 627
62, 812.
Federal reserve banks.
Treasury
Total
.
-
. . 96,439
Unclaimed cases
On hand July 1, 1923
.
Received during year. ._
Reforwarded during year
On hand June 30, 1924
,
Number of letters and telegrams sent
20
76
80
16
238
Redeemed Currency Unit
This unit counted and delivered to the destruction committee^
during the fiscal year 1924, securities as follows:
Lawful notes only
Pieces
United States notes.
Treasury notes
S il ver certificates...
Gold certificates
Fractional currency.
Total-
Value
173,509,130 $295, 637, 250. 00
• 5,892
43, 557. 00
344, 099, 810 458,254, 390. 00
9, 705, 732 163, 214, 200. 00
5,740
1,276.64
627, 326,304
917, 050,673.64
334
REPORT ON T H E FINANCES
Personnel
At the beginning of the fiscal year 1924 there were on the rolls
of this division 1,472 employees. At the close of the year there were
1,276 employees, of whom 100 were slated for separation on account
of reduction in force, leaving a permanent personnel of 1,176 for the
fiscal year 1925.
Accounting Unit
\
A very comprehensive and complete report of the transactions of
the year has been submitted by the accounting unit, but it is composed entirely of tabulated figures, and is not included in this
abstract. This unit is a small one, and its work is current.
Circulation
The distribution of the stock of money in the United States on
July 1, 1924, is shown by the following statement, to which has been
added, for purposes of comparison, the totals for June 1, 1924, July 1,
1923, November 1, 1920, April 1, 1917, July 1, 1914, and January 1,
1879:
Circulation statement of United States money, July 1, 1924 {revised figures)
M o n e y h e l d in t h e T r e a s u r y
K i n d of m o n e y
Gold coin a n d bullion
Gold certificates
S t a n d a r d silver dollars
Silver c e r t i f i c a t e s . . .
T r e a s u r y notes of 1890
S u b s i d i a r y silver
U n i t e d S t a t e s notes
F e d e r a l reserve notes
F e d e r a l reserve b a n k notes.
N a t i o n a l b a n k notes
T o t a l J u l y 1, 1 9 2 4 . . .
Comparative totals:
J u n e l , 1924
J u l y 1,1923.
N o v . 1, 1920
A p r . 1, 1917
J u l y 1, 1914
J a n . 1,1879
Stock of
money i
Total
Amount
held in t r u s t
against gold
a n d silver
certificates
( a n d Treasu r y notes
of 1890)
Reserve
against
United
States
notes ( a n d
Treasury
notes of
1890)
M o n e y outside of t h e T r e a s u r y
In circulation
H e l d for
Federal
reserve
banks and
agents
All o t h e r
money
Total
2 $4,490,807, 303 $3, 7^6, 060, 989 $1,218,350,659 $152, 979, 026 $2, 260,891, 035 $163,840,269 $704, 746, 314
1, 218, 350, 659
1, 218, 350, 659
503, 754,851
427, 694, 079
17,906, 043
409, 788, 036
76, 060. 772
3 408,365, 410
408, 365; 410
3 1,422, 626
1, 422, 626
277, 614, 378
8, 073, 621
8, 073, 621
269, 540, 757
346,,681, 016
4, 260, 547
4, 260, 647 342, 420, 469
1,124,r'"
2, 339,'048, 030
.1,124,848 2, 337, 923,182
193, 898
193,898
10, 596,170
10, 402, 272
18,291,051
18, 291,061
778, Oil, 779
769, 720, 728
Population
of continental
United
States
Per
c a p i t a (estimated)
Held by
Federal
reserve
banks and
agents ^
999,380
416, 969,840
22, 045,847
43, 951,198
16, 546, 602
44, 629, 977
494, 817, 077
335,924
25, 886, 690
$395, 746, 934
801, 380,819
64, 014, 925
364, 414, 212
1,422, 626
252, 996, 266
297, 790, 492
1,843, 106,105
10, 066, 348
733, 835, 038
$3.61
7.11
.48
3.23
.01
2.26
2.64
16.36
.09
6.61
Ul
H
o
:::::::::::
:::::::::::
1,596,179,109
1,150,167, 965
696,854, 226
2, 684,800, 085
1,507,178,879
21, 602, 640
152, 979, 026 2, 243, 232, 036 226, 884,100 6,128, 670.123 1, 313, 268, 668 4, 816, 401, 455
152, 979, 0^6 2, 286,169, 646 230, 666, 257 6, 936, 017,-787 1, 205, 639, 271 4, 729, 378, 516
152, 979, 026 1, 206, 341, 990 350, 626, 530 6,-616,390,721
987, 962, 989 6, 628, 427, 732
152, 979, 026
105, 219, 416 5, 063, 910,830
953, 320,126 4,100, 690, 704
160, 000, 000
186, 273, 444 3, 402, 015, 427
3,402, 016,427
816, 266, 721
100,000, 000
90, 817, 762
816, 266, 721
42.78
42.50
62.36
39.64
34.35
16.92
112, 568,000
111,268,000
107, 491,000
103i 716,000
99,027,000
48,231,000
> I n c l u d e s U n i t e d S t a t e s p a p e r c u r r e n c y in circulation in foreign countries a n d t h e a m o u n t held b y t h e C u b a n agencies of t h e F e d e r a l reserve b a n k s .
2 D o e s n o t i n c l u d e gold bullion or foreign coin o u t s i d e of v a u l t s of t h e T r e a s u r y , F e d e r a l reserve b a n k s , a n d F e d e r a l reserve a g e n t s .
8 T h e s e a m o u n t s are n o t i n c l u d e d in t h e t o t a l since t h e m o n e y held in t r u s t against gold a n d silver certificates a n d T r e a s u r y notes of 1890 is i n c l u d e d u n d e r gold coin a n d bullion
a n d s t a n d a r d silver dollars, respectively.
< T h e a m o u n t of m o n e y held in t r u s t against gold a n d silver certificates a n d T r e a s u r y notes of 1890 s h o u l d be d e d u c t e d from t h i s t o t a l before c o m b i n i n g it w i t h t o t a l m o n e y o u t side of t h e T r e a s u r y to arrive a t t h e stock of m o n e y in t h e U n i t e d S t a t e s .
5 T h i s t o t a l includes $18,700,175 of notes in process of r e d e m p t i o n , $140,640,438 of gold deposited for r e d e m p t i o n of F e d e r a l reserve notes, $12,214,192 dep'osited for r e d e m p t i o n of
n a t i o n a l b a n k notes, $8,745 deposited for r e t i r e m e n t of a d d i t i o n a l circulation (act of M a y 30, 1908), a n d $6,624,306 d e p o s i t e d as a reserve against postal s a v i n g s d e p o s i t s .
6 I n c l u d e s m o n e y held b y t h e C u b a n agencies of t h e Federal R e s e r v e B a n k s of B o s t o n a n d A t l a n t a .
N O T E . — G o l d certificates are secured dollar for dollar b y gold held in t h e T r e a s u r y for t h e i r r e d e m p t i o n ; silver certificates are secured dollar for dollar b y s t a n d a r d silver dollars
held in t h e T r e a s u r y for their r e d e m p t i o n ; U n i t e d States notes are secured b y a gold reserve of $152,979,025.63 h e l d in t h e T r e a s u r y . T h i s reserve fund m a y also be used for t h e r e d e m p t i o n of T r e a s u r y notes of 1890, w h i c h are also secured dollar for dollar b y s t a n d a r d silver dollars, held in t h e T r e a s u r y . F e d e r a l reserve notes are obligations of t h e U n i t e d States
a n d a first lien on all t h e assets of t h e issuing F e d e r a l reserve b a n k . Federal reserve notes are secured b y t h e deposit w i t h Federal reserve agents of a like a m o u n t of gold or of gold
a n d such d i s c o u n t e d or p u r c h a s e d p a p e r as is eligible u n d e r t h e t e r m s of t h e F e d e r a l reserve act. Federal reserve b a n k s m u s t m a i n t a i n a gold reserve of a t least 40 per cent, including t h e gold r e d e m p t i o n fund w h i c h m u s t be deposited w i t h t h e U n i t e d States T r e a s u r e r , against F e d e r a l reserve notes in a c t u a l circulation. F e d e r a l reserve b a n k notes a n d national b a n k - n o t e s are secured b y U n i t e d States G o v e r n m e n t obligations, a n d a 6 per cent fund for t h e i r r e d e m p t i o n is r a q u i r e d to be m a i n t a i n e d w i t h t h e T r e a s u r e r o f t h e U n i t e d
States in gold or lawful m o n e y .
•
o,
.
'
•
^
Pi
8, 746, 513, 6274 4,245, 699, 033 1, 628,138, 695 162, 979, 026 2, 260,891, 036 «203, 690, 277 6,128, 953,189 1, 374,180,435 4, 754, 772, 754 42.19 112,686, 000
8, 750, 765, 2844 4,218, 274, 270
8, 603, 732, 7164 3,818,882, 894
8, 326, 338, 2674 2,406, 801, 772
5, 312,109, 2724 2,942, 998, 527
3, 738,288; 871 ^ 1,843,452, 323
1, 007, 084,483 < 212, 420, 402
g
^
H
W
H
H
;>
Ul
OD
CO
336
REPORT ON T H E FINANCES
DIVISION OF PAPER CUSTODY
The following tables show transactions conducted by the Division
of Paper Custody during the fiscal year ended June 30, 1924.
Paper custody
On hand
Julyl,
1923
Kind
D i s t i n c t i v e p a p e r .for U n i t e d States currency,
Federal reserve notes, F e d e r a l reserve a n d
n a t i o n a l - b a n k currency
_
Internal-revenue paper
..^
P o s t a g e - s t a m p paper
•...
Check p a p e r .
U n i t e d States b o n d p a p e r
P a r c h m e n t , artificial p a r c h m e n t , a n d p a r c h m e n t
deed p a p e r
Postal-savings cards....
Customs stamp paper..
Miscellaneous p a p e r .
P h i l i p p i n e I s l a n d s p a p e r : D i s t i n c t i v e p a p e r for
(3 silver certificates, n a t i o n a l - b a n k a n d T r e a s u r y
notes
P o s t a g e - s t a m p paper...
I n t e r n a l - r e v e n u e and check p a p e r
P o r t o R i c a n internal-revenue p a p e r
TotalRolls p o s t a g e - s t a m p p a p e r . Rolls internal-revenue p a p e r
Rolls U n i t e d States security p a p e r
•
Sheets
13,448,807
31,610,380
3, 364, 759
631,884
5, 370, 662H
160, 795
156,126
42, 616
1,363,112
Issued to
bureau
Sheets
224,170, 284
66, 691, 688
35,892, 708
3,033, 325
1, 080,366
Sheets
Sheets
217,490,197 20,128,894
75, 218, 643 21,983,425
32,931,928 6, 326, 539
2, 786, 663
879,646
' 2, 036, 567 4,414,460H
39,073
100,000
3,111,390
976, 726
9,709
101,888
232,009
57,349,471H
966
293
3
On h a n d
J u n e 30,
1924
Received
from
contractors
333,119,469
3,265
429
93,074
156,126
62, 250
2,826,927
80,366
1, 637,576
19,340
35, 002
976, 727
9,709
82, 548
197, 741
96, 794
333,656, 617 56,813,423H
2,831
1,389
435
287 I
3
Blank paper counted in the Division of Paper Custody from July 1,1923, to June 30
1924
Sheets
United States.securities, 8i by 13i
. . . . . . . 146, 227, 998
Federal reserve note, 8J by 13i
. . . . 79, 20.0, 000
First Liberty loan, 14 by 13, war bond-2 R
,
50, 340
Panama Canal loan, registered bond, 13 by 14-2R
-.
3, 000
Second Liberty loan, 201 by l l | - 7 R . .
39, 000
Second Liberty loan, 20 by 18|-2 R
4, 325
Third Liberty loan, 17J by 15^-5 R
_.
19, 000
Liberty loan, 1 9 | by 18J-6 R
8, 000
Fourth Liberty loan, permanent, 11\ by l l J - 6 R
...'.
61, 000
Victory registered bond, 20f by 23-6 R
.
10, 500
Federal farm loan bond, 12i by 16i-2 R
.....
205, 357
Federal farm loan bond, 12i by 16i-2 R
.....
51,000
Federal farm loan bond, I 2 | by 16^-4 R . . . .
.
880, 272
Federal farm loan bond, 12f by 19f-2 R
..
344, 000
Standard Treasury bond, 17f by 17i-6 R
89, 500
United States Treasury note, 20 by 18|-6 R
.
550
Treasury savings certificates, 13i by 19|-1 R
.
.
1, 080, 358
Certificates of indebtedness, 19 by 11-4 R
'.
^
^.
•.
94, 000
Tax certificates of indebtedness, 19 by 12i-4 R . .
206, 500
Certificates of indebtedness, 19 by 14f-4 R
.
.
81, 000
Certificates of indebtedness, 21 by 13-4 R . . . .
163, 842
Interim certificates, 18^ by 20-3 R
.
11, 180
Philippine certificates, 7i by 14J-2 R
.
.
976,727
United States bond, 14^by 19-3 R
..
13, 642
United States bond, 9 | by 19-1 R . . . .
..
19, 703
337
SECEETABY OF THE TEEAStTEY
Sheets
Remnant bond fourth permanent, 17 by 23^-6 R
Distinctive bond, 18 by 24-4 R
.
.......
United States bond,-17iby 11-2 R
........
..
Remnant bond, 6 by 11-1 R 1
...
United States bond, 14i by 24-3 R
First Liberty loan converted coupon bond, 18i by 20-4 R
Remnant second Liberty loan bond, 17 by 19-7 R
.
Registered war savings certificates, 26§ by i 8 | - 2 R
Prohibition paper, ''watermarked," 19 by 2 1 i . . .
Total
.
....
1, 756
313
1, 797
13, 000
' 700
644
10, 000
99, 748
33, 530
'
.
230,002,282
Custody of Federal reserve notes, series 1914 ctnd 1918
On hand July
1, 1923
Federal reserve bank
Boston
New York
Philadelphia..
Cleveland
Richmond
, Atlanta
Chicago
St. Louis
Minneapolis..
Kan.sas City..
Dallas
San Francisco.
$181,660, 000
83,260, 000
256,920,000
169,720, 000
72, 240,000
2,000,000
255,620, 000
2,860, 000
8,520,000
15, 120, 000
14,740, GOO
72,780, 000
Issued
On hand June
30, 1924
$174,000, 000
178, 520, 000
205,200,000
163, 580,000
87, 240,000
60, 220, 000
217, 640, 000
35,420, 000
50, 500, 000
37, 200,000
60,720, 000
143,520,000
$162, 060,000
342,460, 000
174, 740, 000
102, 640,000
124, 540, 000
109,140, 000
159, 960,000
91, 340, 000
58, 660,000
48, 380, 000
.49, 320,000
110. 500, 000
1,803, 060, 000 1,134,440, 000 1 1,413, 760,000
1,523, 740, 000
$144,400,000
437, 720, 000
124, 020, 000
96, 500,000
139, 540, 000
167, 360, 000
121,980, 000
123,900, 000
100, 640, 000
70,460, 000
95, 300, 000
181, 240, 000
Total.,.
Received
1 Includes $168,000,000 delivered to Federal Reserve Issue and Redeinption Division for destruction.
REGISTER
OF THE
TREASURY
Since February 9, 1920, when the Public Debt Service was organized,' the function of retiring securities surrendered to the Treasury
Department has been vested entirely in the office of the register.
Appropriate control is maintained over all securities received from
all sources and every precaution is taken for their safekeeping. In
the fiscal year 1924 the total amount of securities received reached
89,262,042 pieces, having a face value of $19,924,859,723.25.
Bearer securities amounted to 40,630,020 pieces, aggregating
$7,110,909,632.10, while registered securities amounted to 48,632,022
pieces, representing a face value of $12,813,950,091.15.
Securities are received under two main classifications. '^ Canceled
securities ^^ represent securities not affecting the principal of the public
debt and are surrendered upon interchange transactions with the
general public, such as denominational exchange, conversion, etc.,
and the securities so retired have no direct bearing on the net amount
outstanding. The other group, known as ^'redeemed securities,'' are
those securities which have been paid and represent an actual reduction in the public debt.
Since the establishment of the Federal reserve system a great many
duties hitherto performed directly by the Treasury Department
338
REPORT ON T H E FINANCES
have been delegated to the Federal reserve banks as fiscal agents.
The general public can in this manner be served more efficiently
and with greater facility since the banks are situated in important
financial centers. The successful flotation of the Liberty loans may
be accredited in large measure to the assistance rendered by the
Federal reserve banks. Canceled securities, including unissued stock,
as described above, are received directly from the banks and the
Division of Loans and Currency, appropriate credit being allowed.
Redeemed securities, on the other hand, are received through the
office of the Treasurer of the United States, and upon receipt are
given a final audit, certification of which is forwarded to the Comptroller General of the United States. The register's office bears the
responsibility for the accuracy of the accounts in connection with the
securities received and the Treasurer of the United States is thus
cleared through the register's certification to the Comptroller General.
Approximately one-half of the personnel was engaged in auditing
interest coupons. The greater part of these coupons are ^^paid''
coupons which have been detached from the bonds as interest became
due, and collected in regular course through banks. In addition,
matured coupons are clipped from bonds prior to issue by either
the Federal reserve banks or the Division of Loans and Currency
and these are returned to the register's office for credit.
Records are kept both by pieces and amounts on all securities by
issue or series, loans, transactions, denominations, paying dates, etc.,
and numerical registers are maintained covering the final disposition
of all bearer securities (except Treasury savings securities), representing the principal of the public debt. These bearer securities are
identified by hieans of serial numbers which are imprinted on them
by the Bureau of Engraving and Printing, and upon retirement
appropriate data in connection therewith are recorded opposite
the corresponding numbers in the numerical registers. The
total number of entries, including those originally entered on
bond registers and later transcribed to the bond coupon registers,
amounts to 160,054,129; 19,754,928 entries were made during the
fiscal year 1924.
The personnel has been reduced from 1,091 to 894 clerks during the
fiscal year 1924. This reduction in force has made necessary closer
CQoperation between the employees and the divisions, but the work
of the office is practically on a current basis. The functions of auditing canceled and redeemed securities have been combined, the division
of paid (redeemed) securities^'being consolidated with the division of
canceled securities. Improvements have been effected in the accounting procedure, principally in the division of accounts, which
maintains an accurate control over pieces as well as amounts of
securities functioned.
339
SECRETARY OF THE TREASURY
• The following statement shows comparative figures covering classes,
pieces, and amounts of retired securities received, examined, and filed
in the register's office during the fiscal years 1923 and 1924. With
the exception of matured war-savings stamps redeemed, and paidinterest coupons covering three settlement months, April, May, and
June, the figures below represent securities that have been given final
audit and delivered to the
files.
.
Summary of securities received, examined, and filed in the register's office during
the fiscal years ended June 30, 1923 and 1924
1924
1923
Class of securities
Amount
Pieces
Redeemed:
BearerU n i t e d States s e c u r i t i e s Pre-war l o a n s .
206
L i b e r t y loans
5,275,052
Treasury b o n d s . . .
8
T r e a s u r y notes
...
10,132
Certificates of i n d e b t e d n e s s .
309,026
T r e a s u r y (war) savings securities
_- ^' 131,682,953
Interest coupons
75,359,618
Securities not affecting p u b l i c
debtDistrict of C o l u m b i a l o a n s .
53
District of C o l u m b i a inter1,344
est coupons
._ . - _
Total
Registered-TU n i t e d States s e c u r i t i e s Pre-war loans
L i b e r t y loans . .
...
Certificates o f i n d e b t e d n e s s .
T r e a s u r y (war) savings securities
I n t e r e s t checks ( L i b e r t y
loans).
1.
I n t e r e s t checks ( m a t u r e d
pre-war loans)
Securities not affecting p u b l i c
debt:
District of C o l u m b i a l o a n s .
Miscellaneous loans ^
D i s t r i c t of C o l u m b i a interest checks
-.
• Total
Total redeemed
R e t i r e d on a c c o u n t of exchanges for
o t h e r securities, etc.:
BearerU n i t e d States securities—
Pre-war loans
.
L i b e r t y loans
Treasury bonds
T r e a s u r y notes
I n t e r i m certificates (Libe r t y loans)
Certificates o f i n d e b t e d n e s s .
T r e a s u r y (war)
savings
securities . .
Interest coupons.
Securities n o t affecting p u b l i c
debtInsular possessions l o a n s . . .
Total
136
733,266
6
94,656
190,276
$7,610.00
560,767,300.00
6,000.00
356,973,000.00
1,415,667,000.00
607,708,520.42 i'228,639,395
769,048,525.01 54,650,448
i'2 153,558,229.73
723,049,604.16
$30,540.00
1,744,986,500.00
.
8,000.00
143,339,500. 00
1,933,403,000.00
22,700.00
13,460.00
85
6,999. 33
1,242
6,807.86
212,638,391
6,188,546,034.76
27,130,710
2,902,941,692.29
28,768
794,428
466
48,562,200.00
360,914,550.00
3,163,000,000.00
675,876
46,387
48
3,173,341,337.26
29,219,050.00
822,500,000.00
33,646,228.84 »44,813,937
1265,644j 456.54
3,251,666
256
3,054.91
122
816.23
49
117,000.00
34
152. 93
4,197
12,937
7,132,000.00
71,459,012.00
•
278
169,761. 50
263
156,896.26
4,076,033
3,606,413,611.48
45,553,678
4,369,452,903.98
216,714,424
8,794,958,646.24
72,684,388
7,272,394,596. 27
2,190
10, 201,454
113,579
191,086
1,428,810.00
2, 515, 542,850.00
172, 989,700.00
903, 704, 200. 00
8,713
6,861,848
73,489
230,132
15,333, 650. 00
1,390,497,750. 00
118, 573,400.00
1,099,234, 500. 00
763
472, 304
66,460. 00
2, 111, 912,000. 00
288
265, 291
31,400. 00
1,292, 312,500.00
2,342,466
7,352,139
2,386,345.25
251,244,430. 71
324,315
6,728, 337
474,142. 00
268,917,697. 81
• 21, 305
20,697,286
——
Amount
Pieces
21,306,000.00
6,897
22, 593,000. 00
6,980,578, 786. 96
13,499,310
4.207.967.939. 81
=========
1 In~adiustment of unaudited figures inserted in nonregistered stamps in 1923 annual report, 44,221,209
stamps, amounting to $221,106,045, have been transferred from nonregistered to registered account.
2 Counter entry; deduct.
3 Includes United States railway loans, soldiers' and sailors' relief bonds, and Cherokee certificates.
10065—FI 19241
24
340
REPORT ON THE FINANCES
Summary of securities received, examined, and filed in the register's office during
the fiscal years ended June 30, 1923 and 1924—Continued
1924
1923
Class of securities
Retired on account of exchanges for
other securities, etc.—CJontinued.
RegisteredUnited States securitiesPre-war loans
Liberty loans
Treasury bonds
Certificates ofindebtedness.
Treasury (war) savings
' securities
. .
Securities not affecting public
debtInsular possessions loans...
District of Columbia loans.
Miscellaneous loans *_
Total
Total retired account exchange, etc
...
Recapitulation:
BearerUnited States securitiesPre-war loans
Liberty loans
Treasury bonds
Treasury notes .
Interim certificates (Liberty loans)
Certificates ofindebtedness.
Treasury (war) savings securities
Interest coupons
Securities not affecting public
debtInsular possessions loans..,
District of Columbia loans.
District of Columbia interest coupons
Total
RegisteredUnited States securitiesPre-war loans
- _- .
Liberty loans
Treasury bonds
Certificates ofindebtedness.
Treasury (war) savings securities
_
Interest checks (Liberty
loans)...
Interest checks (matured
pre-war loans)
Securities not affecting public
debt —
In sular possessions loans...
District of Columbia loans.
Miscellaneous loans
District of Columbia interest checks
Total
Grand total .
Amount
Pieces
Pieces
Amount
2,024,633 $7,221,398,871.17
573,867,800. 00
496, 760
20, 253,600. 00
3,608
300
76,000, 000. 00
14,252
1,022,008
2,038
10
$66,232,830.00
1,225,828, 750. 00
7,216, 400. 00
3,967,000. 00
715,298
82,314, 415. 00
438,049
95, 532,940. 00
23,634
166
67, 609,000. 00
677, 000. 00
15,274
20, 569
79,151
34,401,000. 00
62, 750, 300. 00
361,292, 676. 00
1,777, 405
1,443,745,395.00
3,078,344
22,474,691
7,424,324,180. 96
2,395
15,476,606
113,587
201,218
1,459,350. 00
4,260,529,350. 00
172,997,700.00
1,047,043,700.00
8,849
7,695,104
73,495
324,788
15,341,060.00
1,961,265,050.00
118, 579,400.00
1,456,207,500.00
65,450.00
763
781,330 ^ 4,045,315,000.00
288
465,567
31,400.00
2,707,979,500.00
;
.
134,025,419
82,711,757
21,306
63
1,344
8,444, 497,187.17
16, 577, 654 12,652, 465,126.98
610,094,866.67 < 28,215,080 • <• 153,084,087.73
991,967,301.97
1,010,292,955.72 60,378,786
21,305,000.00
13,450.00
6,897
86
22,693,000.00
22,700.00
6,999.33
1,242
6,807.86
233,335,677.
11,169,123,820.72
40,630,020
7,110,909,632.10
43,020
1,816,436
2,038
476
104,795,030. 00
1,586,743,300. 00
7,216,400.00
3,166,967,000.00
2,700,508
543,147
3,608
348
10,394,740,208.43
603,086,850.00
20,253,600.00
897,500,000.00
3,966,964
115,960,643.84
46,251,986
361,177,396. 54
256
3,054.91
34
162.93
122
816.23
23,634
214
67,509,000.00
794,000.00
15,274
24;766
92,088
34,401,000.00
69,882,300.00
432,761,688.00
278
. 169,761.50
263
166,895.25
5,853,438
6,050,159,006.48
48,632,022
12,813,950,09L 16
16,219, 282,827. 20 89,262,042
19,924,859,723.25
239,189,115
4 Counter entry; deduct.
«Includes United States railway loans, soldiers' and sailors' relief bonds, and Cherokee certificates.
341
SECRETARY OF T H E TREASURY
DIVISION OF DEPOSITS
The following statements indicate the number of depositaries
maintained by the Treasury, other than the Treasurer of the United
States,, and the amount of public moneys held by such depositaries
on the basis of revised Treasury statements, at the end of the fiscal
years 1923 and 1924:
Number of depositaries
June 30,
1924
Federal land banks
_
Federal reserve banks (including branches)..........
Special depositaries
•Foreign depositaries
General national-bank depositaries-.._.
Limited national-bank depositaries
Insular depositaries (including Philippine treasury)
Total
..:_.-•.
Amount of deposits
June 30,
1923
June 30,
1924
Deposits in Federal land banks..
....
$1, 000, 000. 00
$33, 681, 278. 26
Deposits in Federal reserve banks and branches
_
43, 250, 226. 26
Deposits in special depositaries
: . . . . . 297,832,343. 40 162,091,572.40
Deposits in foreign depositaries:
To credit of .Treasurer of the United States
150,539.16
135, 907. 47
To credit of other Government officers
_
....
666,691.79
244,349. 32
Deposits in national-bank depositaries:
. 6,854, 423. 67
To credit of Treasurer of the United States
6, 505, 701. 29
To credit of other Government oflBcers.,
19, 299, 629. 40 18,876, 956. 49
Deposits in insular depositaries:
To credit of Treasurer of the United States
453, 536. 45
316,128. 63
1,101,417.70
To credit of other Government officers
_
^--.
1,145, 748. 78
986,823. 60
732,487. 25
Deposits in Philippine treasury to credit of Treasurer ofthe United States.
Total.
361,026, 583. 43
234, 299,077. 89
Changes affecting the depositary system during the fiscal year
ended June 30, 1924, were as follows:
General national-bank depositaries of public moneys
As a result of two complete analyses of the depositary accounts
of general national-bank depositaries during the fiscal year 25 general
depositaries, authorized to maintain fixed balances to the credit of
the Treasurer of the United States in the aggregate amount of
$207,000, were discontinued, and the fixed balances of 27 general
depositaries were reduced in the, amount of $624,000, making a
total reduction of $831,000. Additional general national-bank depositaries to the number of 17 were designated with authority to
carry fixed balances to the credit of the Treasurer of the United
States totaling $241,000, and the fijxed balances of 17 general depositaries were increased in the amount of $337,000. The net
342
REPORT ON T H E FINANCES
reduction in the number of general national-bank depositaries during
the fiscal year, therefore, totaled 8, while the net reduction in the
amount of the fixed balances was $253,000.
Limited national-bank depositaries of public moneys
During the fiscal year ended June 30, 1924, 60 additional limited
national-bank depositaries were designated and 56 such depositaries
were discontinued. One hundred and ninety-one limited depositaries qualified by the deposit of requisite collateral to accept increased deposits made by United States courts and their oflBicers and
by postmasters for credit in their official checking accounts, while
reductions were made in the case of 100 limited depositaries as a
result of the withdrawal of collateral security by such depositaries.
Insular depositaries of public moneys
One additional insular depositary of public moneys was designated
at Panama during the fiscal year. The six insular depositaries maintained by the Treasury at the close of the fiscal year were located as
follows: One in the Canal Zone, two in Panama, two in Porto Rico,
and one in the Philippine Islands.
Special depositaries of public moneys
One hundred and ten banks were designated and 405 banks were
discontinued as special depositaries of public moneys during the
fiscal year ended June 30, 1924. Of the 7,815 special depositaries
of public moneys maintained by the Treasury at the close of the
fiscal year, June 30, 1924, 3,889 were national banks and 3,926 were.
State banks and trust companies.
Foreign depositaries of public moneys
One foreign depositary located in China was discontinued during
the fiscal year. Accordingly, there were 10 foreign depositaries
maintained by the Treasury on June 30, 1924, four of which were in
England, three in France, one in Italy, one in China, and one in Haiti.
Deposits in Federal land banks
Under the provisions of section 32 of the act approved July 17,
1916, as amended July 1, 1921, the Treasury made temporary deposits aggregating $5,000,000 with Federal land banks during the
fiscal year ended June 30, 1924, all of which deposits, with the exception of one in the amount of $1,000,000, were repaid to the Treasury
prior to June 30, 1924, ^This deposit was repaid to the Treasury on
July 9, 1924,
SECRETARY OF THE TREASURY
343
SECRET-SERVICE DIVISION
During the fiscal year . ended June 30, 1924, 893 persons were
arrested by the secret-service agents, or by their direction, for the
manufacture or circulation of counterfeit currency and other obligations and securities of the United States. Of those arrested, 423
have been convicted and 296 are still awaiting action by the courts.
Twent3^-four new counterfeit note issues were discovered in circulation. The majority of these were so poorly made that their circulation was very limited and secret-service agents were able to suppress them promptly. Counterfeit and altered notes amounting to
$219,358.10 were seized, two-thirds of the amount in connection with
the arrests of the makers. Spurious Italian public debt bonds
amounting to 640,000 lire were also seized and three persons responsible for circulating them were arrested and convicted.
There were confiscated during the year $11,328.20 in counterfeit
coins, 325 note' plates, 8 sets of dies, 65 metal and plaster of Paris
molds, and. a large amount of miscellaneous materials, including
bleached note paper, bogus Treasury checks, imitation California
gold coins, internal-revenue strip stamps, and apparatus and materials fitted and intended for use in counterfeiting, such as presses,
plating outfits, inks, paints, acids, ladles, and melting pots.
The secret-service division conducted investigations of 1,793
forged check cases, 430 fraudulent bond cases, 40 war-savings stamp
cases, and a number of miscellaneous matters relating to the Treasury Department and its several branches.
DIVISION OF PRINTING AND STATIONERY
Printing and binding
There was a reduction of 479 in the number of requisitions on the
Public Printer for printing and binding during the fiscal year 1924
compared with 1923 and a consequent reduction of $43,904.19 in
the net cost for printing and binding for the same period.
The larger appropriation of $930,000 for 1924, as compared with
$500,000 for 1923, for printing and binding was to take care of additional printing and binding which had been reimbursed from other
appropriations in preyious years. I t will be seen from the statement following that there was a net decrease of $445,421.34 in reimb:ursed expenditures for 1924 and an increase of $401,517.15 in the
regular allotment expenditures, showing a net decrease of $43,904.19.
In the table following will be found a statement of appropriations,
details of expenditures, etc., shown by bureaus and offices.
344
REPORT ON THE FINANCES
Appropriations, expenditures, and reimbursements for printing and binding
Fiscal year
1923
Fiscal year
1924
Increase
$500,000.00
576,474.29
$930,000.00'
130,062.95
$430,000.00
1,076,474.29
1,013,111.40
1,060,052.95
969,207.21
62,362.89
90,846.74
Appropriation-1.. _.
Reimbursements.Total credits
Total expenditures
Balance
...
^
Decrease
$445,421.34
16,421.34
43,904.19
28,482.85
E X P E N D I T U R E S BY BUREAUS, OFFICES, AND DIVISIONS
Secretary, Undersecretary, and Assistant
Secretaries
_
Appointment Division
Bookkeeping and Warrants Division
Bureau of Engraving and Printing
...
Bureau of Supply
_.;
Bureau of the Budget
t3hief clerk and superintendent
Commissioner of Accounts and Deposits.
Committee on enrollment and disbarment
Comptroller ofthe Currency
Custodians of public buildings
Customs Division
Disbursing clerk
Division of Deposits..
'.._
Federal Farm Loan Bureau
^
_
General Supply Committee
Government Actuary
-.
Internal Revenue Bureau
Loans and Currency Division...:
Mint Bureau
-1
National bank depositaries
_..•_
Printing and Stationery Division__
!.•
Public Debt Service
J
Public Health Service
Register of the Treasury..
_
Secret Service
—
Supervising Architect.
_.
Tax Simplification Board
Treasurer of the United States
United States Coast GuardMiscellaneous
Total..
Net increase.
2,636.52
71.64
27.787.29
3,006.65
68,783.61
946.50
14.75
2,962.24
23,801.89
1,239.55
98.825.30
2,418. 64
• 6,416.38
2,487. 96
495.31
89,595.15
584.66
288.47
3,757.86
5.05
12,030.70
16,101.84
39,061.92
437,637.11
REIMBURSED
Agricultural Credits Corporation
Bureau of Engraving and Printing
Bureau of the Budget
Chief Coordinator
:..
_
Consultants on hospitalization
Contingent expenses, national currency...
Customs service blank forms
Federal farm loan b a n k s . .
_
General Supply Committee
Insolvient national bank fund
..
Internal Revenue Bureau
National bank examiners
'.
National Bank Redemption Agency
Public Debt Service
Public Health Service
World War Foreign Debt Commission
.
Total
Net decrease
$7,500.76
1,194.94
14,418.16
9,110.12
2,193.26
.
__
. _
.
$8,863.32
944.22
10,172. 77
6,741.10
2,643.15
25,827.11
2,083.00
119.19
' 156.06
18,778.13
1,603.62
64,015.73
. 622.56
46.44
5,043.67
18,313.46
1,426.23
468,005.66
2,504.41
6,787.12
2,824.33
325.92
26,366.97
93,099.49
628.06
724.31.
1,868.68
$1,362.56
$250.72
4,246.39
2,369.02
449.89
25,827.11
453.62
47.65
156.05
9,009.16
1,403.03
4,767.88
323.94
31.69
2,081.43
6,488.44
186.68
369,180.36
85.77
629.26
336.37
"i69.'39
"26,"366.'97'
3,504.34
43.41
435.84
1,889.18
5.06
1,454.99
10,575.71
24,230.46
34,813.40
8,128.62
839,164.26
438,224.64
401,517.16
4,248.52
86,707.49 •
EXPENDITURES
$340.99
834.78
5,733.59
88.81
1,127.61
642.14
37,696.20
498.01
91.84
684.50
377,231.13
11,978.56
4,249.98
133,990.76
32Q. 66
266.74
9,469.68
9,816.99
68,349.09
60.00
155.30
676,474.29
130,052.95
$898.47
$63.69
568.49
39,054.66
138.64
16.36
1,469.36
1,551.83
967.33
6,567.01
8,073.74
$340.99
6,733.69
88.81
1,127.61
359.37
91.84
377,231.13
2,508.97
65,641.67
260.66
110.44
453,495.08
445,421.34
Postage
Appropriations, expenditures, and unexpended balances on account
of postage for the fiscal years 1923 and 1924 are shown in the following table:
345
SECEETAEY OF THE TEEASUET,
Appropriation
1923
1924
$1, 500. 00
1,000.00
-
Expendi- Unexpended
tures
balance
$1,493.33
999. 72
$6.67
.28
Department advertising
Fiscal year
Decrease
1923
Number of authorizations
Amount expended
1924
• 2,275
2,036
-- $15, 871. 46 $14,982.03
239
$889 42
I t will be seen from the above that there was an expenditure of
$14,982.03 for department advertising for the fiscal year 1924. This
expenditure was inade by States, Territories, and insular possessions
as follows: Alabama, $56.11; Alaska, $10.50; Arizona, $218.81; Arkansas, $17.50; California, $868.10; Colorado, $218.65; Connecticut,
$24.72; District of Columbia, $241.57; Florida, $265.21; Georgia,
$112.70; Hawaii, $170.17; Illinois, $1,990.41; Indiana, $44.64; Iowa,
$69.67; Kentucky, $27.30; Louisiana, $274.68; Maine, $63.64; Maryland, $836; Massachusetts, $558.65; Michigan, $464.27; Minnesota, $178.95; Mississippi, $21.04; Missouri, $334.64; Montana,
$191.77; Nebraska, $30.30; Nevada, $18.60; New Hampshire, $2.08;
New Jersey, $25.10; New Mexico, $25.56; New York,. $3,051.70;
North Carolina, $315.39; North, Dakota, $17.02; Ohio, $256.58;
Oregon, $104.36;.Pennsylvania, $2,355.58; Porto Rico, $88.91; South
Carolina, $27.08; Tennessee, $103.66; Texas, $519.12; Utah, $3.12;
Vermont, $402.55; Virginia, $49.33; Washmgton, $268.69; West Virginia, $5.50; Wisconsin, $48.06; Wyoming, $4.04.
DISBURSING CLERK
The following is a summary of the work performed by the office
of the disbursing clerk during the fiscal year ended June 30, 1924:
Number
Disbursements:
Checks (salaries, expenses, supplies, etc.)
Cash (salaries)
Checks (refunding taxes illegally collected)
Amount
--
413,736
126, 230
164, 085
$50, 311, 613. 34
7,787,402.97
133, 960,102. 61
----
704, 051
192,059,018.82
Collections on account of rents, sales, etc
-..
Vouchers paid
Schedules of claims for tax refunds--J...
Appropriations under which disbursements were made.
2,981
202,410
13, 349
532
178, 771.10
Total
346
. KEPORT ON T H E FINANCES
The cash payments and the checks for salaries, expenses, supplies,
etc., cover disbursements for all bureaus and divisions of the Treasury
Department in the District of Columbia (except the Bureau of
Engraving and Printing), and a large portion of the salaries and
expenses outside the District of Columbia under the Public Health
Service, the Supervising Architect's Office, the Bureau of Internal
Revenue, the Federal Farm Loan Board, the Comptroller of the
Currency, the Coast Guard, the Secret Service, the Customs Division,
and the Division of Loans and Currency.
Collections represent moneys received and accounted for on account
of rents of buildings and sites, sales of public property, etc., under
various bureaus and offices of the department.
Under the existing practice schedules of claims for refund of
internal-revenue taxes illegally collected, after examination and
approval by the Internal Revenue Bureau, are forwarded directly to
the disbursing clerk and checks in payment thereof are issued immediately and mailed to the taxpayers. A separate account is rendered
for these disbursements.
BUREAU OF SUPPLY
Department Circular 283 of March 28, 1922, and amendatory
circulars of June 16, 1922, and January 9, 1923, authorized the
creation of the Bureau of Supply and the consolidation therein of all
activities incident to purchasing, warehousing, and distributing
supplies, together with most of the accounting work in connection
therewith, for all units of the Treasury Department, both in Washington and in the field (except the Bureau of Engraving and Printing,
which, because of statutory restrictions, could not be included).
This consolidation has proceeded gradually until the purchasing for
only the Bureau of Engraving and Printing, the Coast Guard, and
the Mint is now done indejpendently of the Bureau of Supply.
To enable the Bureau of Supply to pay for supplies purchased,
allotments were madfe to it from appropriations under the administrative control of the several bureaus, offices, and divisions of the
department. The appropriations from which these allotments were
made, the amounts of the allotments, and the expenditures therefrom
are shown in the table following:
347
SECEETAEY OF THE TBEASUEY
Allotments to and expenditures by the Bureau of Supply from appropriations to
various bureaus and offices of the Treasury Department, fiscal year ended June
30, 1924
Bureaus and offices, and titles of appropriations
Chief clerk and superintendent:
Contingent expenses. Treasury DepartmentCarpets and repairs
.,
File holders and cases
-Freight, telegrams, etc
_..
• Fuel, etc
Furniture, etc
^
Gas, etc
Motor vehicles
.
'..
Miscellaneous item's
_
Newspaper clippings and books
Rent
_
Labor-saving machines
Operating expensesTreasury Department Annex
Annex Building, Fourteenth and B Streets NW.,
Darby Building
..
Total.
General Supply Committee—Transfer of office material, supplies, and
equipment
Division of Bookkeeping and Warrants—Contingent expenses, public
money;?
_
Public Debt Service:
Expenses of loans (act Sept. 24,1917, as amended and extended)
Salaries and expenses incident to foreign loans and transportation acts..
Public Debt Service....
Total.
Division of Printing and Stationery:
Contingent expenses. Treasury Department— .
Stationery
Materials for bookbindei:. Treasury Department.
Total.
Treasurer of the United States—Repairs to canceling and cutting machines.
Bureau of Internal Revenue:
Collecting the internal revenue
Enforcement of narcotic and national prohibition acts
_
Total..
Public Health Service:
Pay of personnel and maintenance of hospitals.
Quarantine service
Interstate quarantine service
Maintenance of Hygienic Laboratory
Field investigations
Preventing the spread of epidemic diseases
Expenses, Division of Venereal Diseases..
Control of biologic products
Books
...Studies of rural sanitation
Boston (Mass.), Quarantine Station
Marine hospital. Savannah, Ga
Marine hospital, Baltimore, Md
Total.
Supervising Architect:
Repairs and preservation of public buildings
Mechanical equipment for public buildings
Vaults and safes for public buildings
General expenses of public buildings
...
Furniture and repairs-of same for public buildings..
Operating supplies for public buildings
Total..
Division of Customs—Collecting the revenue from customs..
Grand total
Allotments
$500.00
5,000.00
13,000.00
24,000.00
Encumbrances
5,000. 00
15,000.00
500. 00
14, 650. 00
6, C-00. 00
$496.17
4,943. 65
10, 230. 05
1 24,924. 57
4, 901. 43
23,167.95
4,730.17
14,345. 77
493. 83
14, 650. 00
5, 694.85
14, 000. 00
33, 500. 00
4, 000. 00
13,949. 21
33, 053. 86
3, 981. 04
164,150. 00 I
159, 562. 45
120, 000. 00
111, 436. 68
6, 000. 00
24, 000. 00
3, 200. 00
3,193.67
30, 000. 00
100. 00
53,000. 00
20,825.1&
3.50
52, 073. 71
83,100. 00
72,902. 39
349, 815. 00
250.00
319,046. 61
247. 49
350,065. 00
319, 293.10
200. 00
141. 77
395,285.00
126,150. 00
311, 279. 34
124,974. 85
620, 435.00
436,254.19
1, 590, 000. 00
310,400. 00
850.00
34, 500. 00
12, 500. 00
24,300. 00
5, 500. 00
26,000. 00
500. 00
300.00
5, 932.14
6,782. 41
1, 668,170. 65
303,170. 67
363. 47
33,831. 94
12,369. 70
23, 470. 53
4, 541. 80
26, 658. 36
494.25
130.12
2 708. 00
4, 811. 76
5,395. 29
2,016, 564. 56
, 116. 44
111, 000.00
101, 500.00
54,300.00
7,300. 00
447,000. 00
1,220, 000. 00
107,456.18
95, 269. OO
§3,925.18
7,128.17
441,397. 27
, 219,901. 83
1,941,100.00
50,000.00
5, 248, 814. 65
1,925,066. 63
3 46,117. 78
5,057, 085.10
1 Deficiency pending.
2 Encumbrance from unexpended balance of 1923 allotment.
3 The purchase and accounting for supplies for the Division of Customs assumed Apr. 1, 1924.
348
REPORT ON THE FINANCES
The foregoing is exclusive of purchases of supplies and equipment
made for offices and services of the department where no allotments
were made to this bureau to cover these purchases and the appropriation accounting was done by the offices for which the purchases
were made. The table appended below shows the amount of such
purchases by appropriations:
Hospital facilities for war patients
Sundry building appropriations.
Salaries and expenses. Federal Farm Loan Board
National currency reimbursable^
Insolvent national banksi
:
Salaries and expenses. Bureau of the Budget
Special examination of national banks
World War Foreign Debt Commission
Suppressing counterfeiting
....
Salaries and expenses, national bank examiners
Distinctive paper
^
Total
'.^
--
-
$68, 695. 72
9, 580. 21
4, 545. 62
3, 605. 34
1, 434. 35
753. 58
108. 05
111. 00
74. 24
26. 45
19. 40
88, 953. 96
During the year the bureau examined and forwarded to the disbursing clerk for payment 64,760 vouchers totaling $5,279,983.59.
Cash discounts taken for prompt payment totaled $4,832.61; 5,896
transportation vouchers for express and freight shipments were
forwarded to the General Accounting Office for direct settlement.
The purchasing functions of the bureau during the fiscal year
1924 involved the preparation of 3,452 sets of specifications on which
•proposals could be based and the writing of 32,966 purchase orders.
The figures for 1923 were 2,800 and 28,285, respectively. The
increases were due to the fact that during a part of 1923 the work
of several of the bureaus had not been transferred to the Bureau
of Supply.
Purchases and issues of stationery supplies
The appropriation to the department for stationery for the fiscal
year 1924 was $349,815 (a decrease of $38,635 from the amount
appropriated for the preceding fiscal year), of which, $319,045.61
was expended and $30,769.39 reverted to the Treasury. In addition,
$122,719.08 was expended for stationery items and reimbursed
to the departmental appropriation from other appropriations to
bureaus and services of the department. Thus, purchases of
stationery supplies for the department during the year totaled
$441,764.69.
Compared with the fiscal year 1923, there was a decrease of
$63,258.87 in expenditures for stationery supplies in 1924, as shown
in the following statement summarizing appropriations and expenditures for the two years:
349
SECKETAKY OF THE TKEASURY
Appropriations, expenditures, and reimbursements for stationery, fiscal years ended
. ; June 30, 1923 and 1924
1923
Appropriations
!.. . .
Reimbursements
T o t a l credits
.. .
T r a n s f e r r e d to D e p a r t m e n t of C o m m e r c e b y act of J a n . 6, 1923 i
Available credits
Total expenditures.Balance . .
__
..
1924
Decrease
$388,450.00 $349,815.00
125, 298. 50 122, 719.08
513, 748. 50 472, 534. 08
2,400.00
.
511,348. 50 472, 534.08
505,023. 66 441, 764. 69
6,324.94
30, 769.39
$38,635. 00
2, 579. 42
41,214. 42
38,814. 42
63, 258. 87
2 24, 444. 46
1 This act transferred the division of statistics, office of collector of customs, New York, N . Y., from the
jurisdiction of the Treasury Department to that of the Department of Commerce.
2 Increase.
•
•
The value of stationery issued during the year totaled $492,032.09,
of which $122,719.08 was reimbursed from various appropriations
to bureaus and services and $369,313.01 was chargeable to the
•departmental appropriation for stationery. The excess in issues
•compared with expenditures ($50,267.40) was met from reducing our
available stock in warehouse.
The following table shows the value of stationery issued during the
past two fiscal years by bureaus, offices, and services:
Issues of stationery supplies to bureaus, offices, and services ofthe Treasury Department, fiscal years ended June 30, 1923 and 1924
Chargeable direct to
appropriation " Contingent expenses, stationery"
B u r e a u , office, or service
1923
Secretary, u n d e r s e c r e t a r y , a n d
S937. 27
assistants
347.16
Appointment division.... . .
864. 74
Bookkeeping and warrants
B u r e a u of E n g r a v i n g a n d
6,829.47
Printing
B u r e a u of t h e B u d g e t
8, 660. 67
B u r e a u of S u p p l y
1,114.06
Chief clerk a n d s u p e r i n t e n d e n t .
Commissioner of accounts a n d
107.16
deposits .
8,175.43
C o m p t r o l l e r of t h e C u r r e n c y
C o n t i n g e n t expenses, national
currency..
1,264.64
C u s t o d i a n s of public buildings
61,787.15
C u s t o m s service
1,101. 09
D i s b u r s i n g clerk _
168.88
Division of deposits
1,926. 08
F e d e r a l F a r m L o a n Board
F e d e r a l Reserve B o a r d . . . .
1, 793. 90
Oeneral supply committee
54.2'^
Covernment actuary
I n s o l v e n t national b a n k fund .
249,492.
68
Internal Revenue Bureau
1, 682. 72
JMint B u r e a u
N a t i o n a l b a n k examiners
National Bank Redemption
Agency
_
P r i n t i n g division
*
•783.61
P u b l i c D e b t Service..
:
37,952. 63
P u b l i c H e a l t h Service .
Second P a n A m e r i c a n Conference — - > _- . - - 1,266. 41
Secret Service
S u p e r i n t e n d e n t of construc222. 21
tion
3,806.80
Supervising A r c h i t e c t
11,211.
29
T r e a s u r e r of t h e U n i t e d S t a t e s .
7,098.52
U n i t e d States Coast G u a r d
W a r F i n a n c e Corporation
Total
.
408,636.64
1924
R e i m b u r s e m e n t s from
other a p p r o p r i a t i o n s
1923
1924
$1,805. 31
827. 08
694.88
5, 595. 07
$1,211.01
$1, 352. 60
1,415. 62
1, 201. 68
608. 59
618. 52
404.28
698.49
3,934.31
4,634. 57
66.94
45,539.86
446. 43
71,734. 94
4,899. 58
4,659.48
' 4,756.39
21.15
205,677.23
2,027. 76
2,374. 30
2,823. 34
66,884.37
71.13
35, 756. 47
64.21
49.34
233.27
17,453.17
i, 067.73
1924
$937. 27
347.16
864. 74
$1, 806. 31
827.08
694.88
6,829. 47
1, 211. 01
8, 660. 67
1,114.06
6, 595. 07
1,352. 60
1,416. 52
1, 201. 68
98. 68
13,879.61
608. 59
1,264. 64
62,191.43
1,101.09
168.88
1,926.08
3,934.31
1,793.90
64.27
56.94
295,032. 54
1, 682. 72
4,899.68
618. 62
1,748.67
77,574.73
903.68
147. 63
3,125. 70
4, 634. 57
4,756. 39
21.15
446. 43
277,412.17
2,027. 76
4,659. 48
2,374. 30
783. 51
66,884. 37
38,023. 66
2,823.34
233. 27
35,756.47
17,453.17
64.21.
1,255.41
49.34
1,067. 73
327.14
3,724.91
10,250.82
15, 353. 69
44.90
492,032.09
260.92
44.90
222.21
3,805.80
11, 211. 29
7,098.52
,
260.92
125,298. 60
122, 719. 08
633,935.14
327.14
3, 724.91
10,260.82
16, 353. 69
369,313.01
1923
107.16
8,175. 43 •
98.68
13,879.61
• i, 748.67
76,976.24
903.68
147. 63
3,126.70
Total
350
REPORT ON T H E FINANCES
On January 1, 1924, the Bureau of Supply absorbed the blank
books and forms section of the Division of Printing, and on September
10, 1923, a section of the Bureau of Internal Revenue engaged in the
distribution of supplies to field offices. As a result of the consolidation of this work with similar work of the Bureau of Supply, and the
adoption of the policy of utilizing freight rather than expensive mail
transportation, there was a large increase in freight and express
shipments of stationery and blank forms by the bureau. The
weight increased from 398 tons in 1923 to 600 tons in 1924, while
the number of bills of lading used increased from 1,646 to 3,817.
The shipments in 1924 were packed in 6,462 boxes, crates, etc. In
addition, parcel-post shipments totaled 1,527 packages, weighing
19,356 pounds, and required $733.98 in postage for their transportation.
Since February, 1923, all freight shipments by the department have
been routed by the traffic section of the Bureau of Supply. This
policy has resulted in material economy in transportation expenditures.
The following statement summarizes the value of stocks of stationery maintained during the fiscal years 1923 and 1924:
1923
1924
$173, 477. 27
505,023. 56
$215,442. 22
441, 764. 69
Total
A d d value of articles transferred from B u r e a u
of I n t e r n a l R e v e n u e a n d P u b l i c H e a l t h Service stock rooms J u l y 1, 1922
. . .
S u r p l u s transferred to General S u p p l y C o m m i t t e e in M a y , 1924
_
678, 500. 83
657,206.91
V a l u e available for issue
I s s u e d d u r i n g year
738, 404. 91
533, 935.14
O n h a n d at beginning of fiscal year
P u r c h a s e s d u r i n g year
O n h a n d a t e n d of year
I n v e n t o r y v a l u e J u n e 30 ^
Inventory value July 1 *
..
.
Increase
Decrease
$41,964.95
$63, 258. 87
21, 293.92
59,904. 08
4, 887. 93
652, 318. 98
492,032.09
86,085.93
41,903. 05
204, 469. 77
160, 286. 89
44,182.88
204, 469. 77
215, 442. 22
160, 286. 89
166, 290. 37
44,182. 88
60,161.85
1 Inventory values are readjusted July 1 of each year in accordance with new prices on contracts effective
on that date, and invoices are based on replacement costs at dates of shipment. Thus, increased cost of
replacement on July 1, 1923, increased the inventory value of the stock, while decreased costs on July 1,
1924, decreased it.
General Supply Committee
Departmental purchases from General Supply Committee contracts increased $274,657.34, while transfers of surplus property decreased $174,373.81, the net increase in all purchases being $100,283.53. The following statement summaHzes these transactions
during the fiscal years 1923 and 1924:
1923
Purchases from General Supply Committee contracts..
Receipts rom transfers of surplus property
$6, 223,961. 89
324,376.77
Decrease or
increase
6,498,619. 23 $274, 657. 34
160,002. 96 174, 373. 81
351
SECRETARY OF THE TREASURY
Efforts were made during the year to secure wider competition anff
to eliminate all unnecessary items from the general schedule of
supplies.
The disposition of the accumulated surplus material which can not
be utilized in the Government was continued and $179,613 was realized. Sales of salvage material from various Government services,
which is disposed of under contract, amounted to $78,971.92. These
amounts, together with the transfers of surplus to other departments,
show a total of $408,587.88 deposited in the Treasury.
Statistics of the activities of the General Supply Committee are
shown in the tables following:
^
Value of purchases reported under contracts negotiated by the Secretary of the
Treasury through the General Supply C'omjnittee for the fiscal years ended J u n e
30, 1916-1924, inclusive
Class No.
1
2
3 _
4
_
_
5..
€
7
8
9-_
10..
11
:
12 - - .
13._
14__
16_i6_
@FedFRASER