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ANNUAL REPORT of the
SECRETARY OF THE TREASURY
on the STATE OF THE FINANCES
for Fiscal Year ended June 30,1933
" •'•' ..h'K U B R I S
, .fj::OHR/i RESERVE -^Kf^^pWi^a^-l;;
ANNUAL REPORT OF THE
SECRETARY OF THE TREASURY
ON
THE STATE OF THE
FINANCES
FOR THE FISCAL YEAR
ENDED JUNE 30
1933
V
9,
^- •
UNITED STATES
GOVERNMENT PRINTING OFFICE
WASHINGTON: 1933
For sale by the Superintendent of Documents, Washington, D . C.
Price 50 cents (Paper cover)
TREASURY DEPARTMENT
DOCUMENT N O .
Secretary
3058
H50
%^
CONTENTS
Page
Budget results
.
Receipts...
Income taxes
:.
Miscellaneous internal revenue
Customs
.
1
^
Miscellaneous receipts
.
1933 estimates and results
Expenditures
The public debt
Reconstruction Finance Corporation
Adjusted service securities
Cumulative sinking fund
.
^
General Fund of the Treasury
Emergency legislation and the Federal finances i__
/
Authority of the Reconstruction Finance Corporation to borrow
r~
Emergency appropriations of Treasury funds__.
^--^^
Guaranteed obligations
1
,
@
j
Economy and revenue measures..^^.
...
•f^^
Estimates of receipts and expenditures
...
"^
Emergency banking and monetary measures
.
-._
Banking
-....
--.__-_._
--_
-__Currency
L^
Gold and foreign exchange
......
^ ^ Obligations of foreign g o v e r n m e n t s . I . . . . . .
.......
^
Payments due July 1-Dec. 31, 1932
Payments due Jan.
i Receipts from Germany 1-June 30, 1933
Army costs
.
Mixed claims
.
.
Bureau of Internal Revenue
Administration of recent revenue legislation
;
Administration of processing taxes
.
Estate tax and gift tax returns
Income tax administration
Summary of audit
^
Assessment of additional taxes
Office of the General Counsel
J Building activities of the Treasury
]
Status of the regular program
3
Expenditures and outstanding contract obligations
Status of Treasury program under the Administrator of Public
Works
.
.
Transfer of office
.
Federal Farm Loan Bureau
•.
Federal land banks
Joint stock land banks
Federal intermediate credit banks
Bureau of Customs
.
Nonfiscal activities
v
Coast Guard
Public Health Service
Bureau of Narcotics
^
Bureau of Industrial Alcohol
.
ni
1
1
2
3
4
4
5
5
8
10
11
11
12
13
14
15
17
17
18
22
22
25
26
27
28
28
29
29
29
29
29
30
30
31
31
32
32
33
33
34
34
34
34
35
36
36
37
38
38
39
40
41
IV
CONTENTS
ADMINISTRATIVE REPORTS OF BUREAUS AND DIVISIONS
Page
Accounts and Deposits, office of the Commissioner of
Daily Statement of the United States Treasury
Treasury accounts
Treasury administration of alien and mixed claims.
Mixed Claims Commission: Claims against Germany
War Claims Arbiter
Claims of German nationals
Claims of Austrian and Hungarian nationals
German special deposit account
Tripartite Claims Commission
Claims against Austria
.
Claims against Hungary
Railroad obligations
Section 204
Sections 209 and 212
.
Section 210
.
Securities owned by the United States Government
Trust funds invested by the Treasury
Adjusted service certificate fund
Civil service retirement and disability fund
Foreign service retirement and disability fund
Canal Zone retirement and disability fund
District of Columbia teachers' retirement fund.-.
Library of Congress trust fund...
.
United States Government life insurance fund
General railroad contingent fund
National Institute of Health gift fund
Longshoremen's and harbor workers' compensation fund
Alien property trust fund . .
.
Special funds
Colorado River dam fund
Advances to reclamation f u n d . . .
Division of Bookkeeping and Warrants
Duties
^
District of Columbia account
..
Division of Deposits
Section of Surety Bonds
^
Appointments, Division of
Number of employees
.
Retirement of employees
.:.-_
Budget and Improvement Committee
Chief Clerk and Superintendent, Office of
^
, Coast Guard
Reorganization and retrenchment
_.
Protection to navigation
Enforcement of customs and other laws
Communications
Equipment
The academy, stations, bases, repair depot, reclamation plant, e t c —
Personnel
1
.
Award of life-saving medals
Appropriations and expenditures
ComptroUer of the Currency
-1
Changes in the condition of national banks- .
Reopening and reorganization of national banks
Summary of changes in membership in the national banking system. _
Customs, Bureau of
'
Receipts
Volume of business
Antidumping
Countervailing duties
Smuggling
Miscellaneous provisions of the tariff act
New legislation
.
Investigative unit
,.'-.,
45
45
45
46
46
49
49
50
50
51
51
51
52
53
53
53
54
55
55
56
56
57
58
59
62
63
64
65
66
66
66
68
68
68
69
69
71
71
71
72
72
73
74
74
75
76
76
77
78
79
80
80
80
80
82
83
83
83
84
85
86
86
86
87
87
CONTENTS
V
ADMINISTRATIVE REPORTS OF BUREAUS AND DIVISIONS—Contd.
Page
Disbursing Clerk
Engraving and Printing, Bureau of
Enrollment and Disbarment of Attorneys and Agents, Committee on
Federal Farm Loan Bureau
Operations of Federal land banks
Operations of joint stock land banks
Operations of Federal intermediate credit banks
1
Financial and Economic Research, Section of
General Supply Committee
Industrial Alcohol, Bureau of
Technical activities
Review of production data
Administration
Internal Revenue, Bureau of
General
i
Internal revenue receipts
Refunds
Additional assessments
Cost of administration
Income Tax Unit
Returns audited and closed
Additional revenue
.._
Final notices of deficiency (60-day letters)
Claims and overassessments
Returns on hand
._
Audit in Washington
Audit in the
field
Special Advisory Committee
Miscellaneous Tax Unit
Estate Tax Division
Sales Tax Division.
Tobacco Division
Appeals and Review Section
Accounts and Collections Unit
Collection Accounting Division
Collectors' Personnel, Equipment, and Space Division
Disbursement Accounting Division
Office of the General Counsel
Civil Division
Interpretative Division
Review Division
Appeals Division
Penal Division
Administrative Division
Mint Bureau
Institutions of the Mint Service
Coinage
Bullion deposits
Gold and silver operations
Refineries
..
Gold and silver in the United States
Appropriations, exiDcnses, and income
Narcotics, Bureau of
Enforcement activities
:
Extent and trend of narcotic traffic
Personnel Classification Officer
Public Debt Service
_-__
Division of Loans and Currenc}^
Register of the Treasury
Division of Public Debt Accounts and Audit
Division of Paper Custody
Destruction Committee
.
88
89
91
92
92
93
95
95
96
97
97
99
101
102
102
102
102
103
103
104
104
105
106
106
107
107
108
108
109
110
111
113
113
114
114
115
115
116
116
117
117
118
118
119
120
120
120
120
120
121
121
122
123
123
124
124
125
125
127
129
130
130
VI
CONTENTS
ADMINISTRATIVE REPORTS OF BUREAUS AND DIVISIONS—Contd.
Page
Public Health Service
.
Division of Sanitary Reports and Statistics
•
Division of Foreign and Insular Quarantine and Immigration
Division of Domestic Quarantine
Division of Scientific Research
Division of Marine Hospitals and Relief
Division of Venereal Diseases
Division of Mental Hygiene
Division of Personnel and Accounts
.
Secret Service Division
Supervising Architect, Office of the
Regular public building program
Annual appropriations for maintenance, repairs, etc., of public buildings
.
Total expenditures
^
Supply, Division of
Expenditures from various appropriations
.
Stationery supplies
Printing and binding
Department advertising
Engraving work
Treasurer of the United States
War Finance Corporation
132
132
132
134
135
137
137
138
138
140
141
142
144
144
145
146
147
148
149
149
149
152
EXHIBITS
THE PUBLIC DEBT
Issues of Treasury bonds. Treasury notes, and certificates of indehtedness
Exhibit 1. Offering of Treasury notes, series B-1936 (2% percent), and
certificates of indebtedness, series TI)-1933 (^ percent)
Exhibit 2. Subscriptions and allotments. Treasury notes, series B-1936,
and certificates of indebtedness, series TD-1933 (from press releases,
Dec. 8, 12, and 16, 1932, revised)
Exhibit 3. Offering of Treasury notes, series A-1938 (2% percent)
Exhibit 4. Subscriptions and allotments. Treasury notes, series A-1938
(from press releases, Jan. 24 and 27 and Feb. 3, 1933)
Exhibit 5. Offering of certificates of indebtedness, series TAG-1933 (4
percent) and series TD2-1933 (4)4 percent)
Exhibit 6. Subscriptions and allotments, certificates of indebtedness,
series TAG-1933 and series TD2-1933 (from press releases. Mar. 14,
15, and 20, revised)
Exhibit 7. Offering of Treasury notes, series C-1936 (2% percent)
Exhibit 8.. Subscriptions and allotments. Treasury notes, series C-1936
(from press releases, Apr. 26, 28, and 29, and May 4, 1933)
Exhibit 9. Offering of Treasury notes, series B-l938 (2% percent), and
certificates of indebtedness, series TM-1934 (% percent)-.
Exhibit 10. Subscriptions and allotments. Treasury notes, series B-l938,
and certificates of indebtedness, series TM-1934 (from press releases,
June 8, 9, 10, and 16, 1933, revised)
Exhibit 11. Offering of Treasury bonds of 1941 {3}i percent) and Treasury notes, series B-1935 {1% percent)
Exhibit 12. Subscriptions and allotrrients. Treasury bonds of 1941 and
Treasury notes, series B-1935 (from press releases, August 1, 3, 5, 7,
and 15, 1933, revised)
Exhibit 13. Offering of certificates of indebtedness, series TJ-1934 {}i percent)
.
Exhibit 14. Subscriptions and allotments, certificates of indebtedness,
series TJ-1934 (from press releases, Sept. 14 and 15, 1933)
Exhibit 15. Partial redemption of fourth Liberty Loan bonds before
maturity and offering of Treasury bonds of 1943-45 (4}^-3% percent)..
Exhibit 16. Cash subscriptions and aUotments, Treasury bonds of 1943-45
(from press releases, Oct. 18, 21, 26, and Nov. 2 and 8, 1933)
157
159
160
161
162
163
164
166
167
169
170
173
174
175
176
182
CONTENTS
VII
EXHIBITS—Continued
THE PUBLIC DEBT—continuod
Issues of Treasury hills
Page
Exhibit 17. Inviting tenders for Treasury bUls dated Nov. 9, 1932, and
maturing Feb. 8, 1933 (press release, Nov. 2, 1932)
Exhibit 18. Acceptance of tenders for Treasury bills dated Nov. 9, 1932,
and maturing Feb. 8, 1933 (press release, Nov. 5, 1932)
Exhibit 19. Summary of information contained in press releases issued in
connection with Treasury bills offered from Nov. 9, 1932, to Oct. 25,
1933
183
184
184
Sinking fund
Exhibit 20 Legislation authorizing additional appropriations for the
cumulative sinking fund
186
MONEY AND BANKING
Exhibit 21. An act to provide relief in the existing national emergency
in banking, and for other purposes (Pub. No. 1, 73d Cong., H.R. 1491).
Exhibit 22. Title III ofthe act of May 12, 1933 (Pub. No. 10, 73d Cong.)—
Financing—and Exercising power conferred by Section 8 of Article I of
the Constitution: To coin money and to regulate the value thereof
Exhibit 23. Joint resolution to assure uniform value to the coins and
currencies of the United States (Pub. Res. No. 10, 73d Cong., H.J. Res.
192).,
^
Exhibit 24. Proclamations and Executive orders issued by the President
in connection with the banking emergency
187
191
194
194
TAXATION
Exhibit 25. Sections 211 to 219 of the National Industrial Recovery Act
(Pub. No. 67, 73d Cong., approved June 16, 1933) providing for reemployment and relief taxes
Exhibit 26. An act to extend the gasoline tax for 1 year, to modify postage
rates on mail matter, and for other purposes (Pub. No. 73, 73d Cong.,
H.R. 5040)
204
207
OBLIGATIONS OF FOREIGN GOVERNMENTS
Exhibit 27. Statement by Secretary of the Treasury Mills announcing the
postponement of the payment due from Austria on Jan. 1, 1933, on
account of its indebtedness to the United States (press release, Dec. 1,
1932)
-_
208
Exhibit 28. Statement by Secretary of the Treasury Mills relative to the
status of obligations due from Greece and Hungary on Nov. 10 and
Dec. 15, 1932, respectively (press release, Nov. 10, 1932)
209
Exhibit 29. Statement by Secretary of the Treasury Mills announcing the
payment by Greece of a portion of its indebtedness due Nov. 10, 1932
(press release, Jan. 14, 1933)
209
Exhibit 30. Statement by Secretary of the Treasury Mills announcing the ^
postponement of the payments due from Germany on Mar. 31, 1933, on
account of mixed claims and army costs (press release, Jan. 5, 1933)—
210
Exhibit 31. Statement of the Treasury Department covering payments
received from foreign governments on account of their indebtedness to
the United States (press release, Dec. 15, 1932)
210
Exhibit 32. Correspondence exchanged between the Government of the
United States and various foreign governments concerning foreign debts
owing to the United States (Department of State and White House press
releases)
211
VIII
CONTENTS
EXHIBITS—Continued
MIXED CLAIMS
Pago
Exhibit 33. Regulations No. 9.—Payments on account of awards against
Hungary entered by the Tripartite Claims Commission (United States,
Austria, and Hungary) (Department Circular No. 499)
Exhibit 34. Joint resolution extending for 1 year the time within which
American claimants may make application for payment, under the
Settlement of War Claims Act of 1928, of awards of the Mixed Claims
Commission and of the Tripartite Claims Commission (Pub. Res. No.
11, 73d Cong., H.J.Res. 183)
264
266
GOVERNMENT DEPOSITS
Exhibit 35. Special deposits of public mone3^s under the act of Congress
approved-September 24, 1917, as amended (second supplement to
Department Circular No. 92, revised)
Exhibit 36. Special deposits of public moneys under the act of Congress
approved September 24, 1917, as amended (third supplement to Department Circular No. 92, revised)
Exhibit 37. Regulations governing deposit of public moneys and payment
of Government checks and warrants (fourth supplement to Department
Circular No. 176)
267
267
268
MISCELLANEOUS
Exhibit 38. Description of change in form of exhibiting receipts and expenditures in the DaUy Statement of the United States Treasury, Julv 1,
1933
J
1..
Exhibit 39. Executive Order No. 6226 providing for current encumbrance
reports
'
Exhibit 40. Statement showing distribution by the Secretary of the
Treasury of the general railroad contingent fund pursuant to section
206 (a) of the Emergency Railroad Transportation Act, 1933
Exhibit 41. Excerpt from a letter of the Acting Postmaster General to the
Secretary of the Treasuiy, dated November 13, 1933, certifying extraordinary expenditures contributing to the deficiency of postal revenues
for the fiscal year ended June 30, 1933, in pursuance of Public Act No:
316, 71st Cong., approved June 9, 1930 (40 Stat. 523)
268
269
270
271
TABLES
Explanation of bases used in tables
Description of fund accounts through which Treasury operations are
effected
'_..-
275
276
RECEIPTS AND EXPENDITURES
General tables
Table 1. Receipts and expenditures for the fiscal year 1933, by funds
(warrants, checks-issued, and daily statement bases)
Table 2. Details of receipts, by sources and funds, for the fiscal year 1933
(warrants and daily statement bases)
Table 3. Details of expenditures, by organization units and funds, for
the fiscal year 1933 (checks-issued and daily statement bases)
Table 4. Ordinary receipts, expenditures chargeable against ordinary
receipts, and surplus or deficit for the fiscal years 1916 to 1933 (daih^
statement basis)
Table 5. Receipts and expenditures for the fiscal years 1789 to 1933
(warrants and daily statement bases)
Table 6. Summary of ordinary receipts, expenditures chargeable against
ordinary receipts, and excess of receipts or expenditures, by months,
for the fiscal year 1933 (daily statement basis)
Table 7. Expenditures, by months, classified according to organization
units, for the fiscal year 1933 (daily statement basis)
279
281
290
299
303
312
313
CONTENTS
IX
TABLES—Continued
RECEIPTS AND EXPENDITURES—Continued
specific receipts and expenditures
Page
Table 8. Comparison of detailed internal revenue receipts for the fiscal
years 1932 and 1933 (collection basis)
.
Table 9. Internal revenue receipts, by sources, for the fiscal years 1916 to
1933 (collection basis)
Table 10. Internal revenue receipts, by States and Territories, for the
fiscal year 1933 (collection basis)
Table 11. Expenses of the Internal Revenue Service for the fiscal year
1933 (checks-issued basis)
Table 12. Customs duties (estimated), value of imports entered for consumption, and ratio of duties to value of dutiable imports and to value
of all imports, for the calendar years 1923 to 1932 (on basis of reports
of the Bureau of Foreign and Domestic Commerce)
Table 13. Customs duties (estimated), value of dutiable imports, and
ratio of duties to value of dutiable imports, by tariff schedules, for the
years 1923 to 1932 (on basis of reports of the Bureau of Foreign and
Domestic Commerce)._.
Table 14. Customs receipts, expenditures, and entries, fiscal year 1933
(collection basis)
.
Table 15. Panama Canal receipts and expenditures for the fiscal years
1903 to 1933 (warrant basis)
.
317
318
320
321
323
323
325
326
Estimates of receipts and appropriations
Table 16. Actual receipts for the fiscal year 1933 and estimated receipts for
the fiscal years 1934 and 1935, by sources (daily statement basis and
reports from the Bureau of the Budget)
Table 17. Appropriations for 1934 compared with estimates of appropriations for 1935, by organization units (basis of reports from the Bureau
ofthe Budget)
'
.
327
331
PUBLIC DEBT
Public debt outstanding
Table 18. Public debt outstanding June 30, 1933, by issues (revised daily
statement basis)
Table 19. Description of the public debt issues outstanding June 30, 1933
(revised daily statement basis)
Table 20. Interest-bearing debt outstanding June 30, 1933, by kind of
security and callable period or payable date (revised daily statement
basis)
Table 21. Principal of the public debt outstanding at the end of each fiscal
year from 1853 to 1933 (revised daily statement basis)
.
333
336
343
344
Public debt operations
Table 22. Public debt retirements chargeable against ordinary receipts
during the fiscal year 1933, and cumulative totals to June 30, 1932 and
1933, by sources and issues (revised daily statement basis)--.
Table 23. Summary of transactions in interest-bearing and noninterestbearing securities during the fiscal year 1933 (revised daUy statement
basis)..
Table 24. Summary of transactions in interest-bearing securities, by form
of issue, during the fiscal year 1933 (revised daily statement basis)
Table 25. Changes in interest-bearing debt, by issues, during the fiscal
year 1933 (revised daily statement basis)
Table 26. Transactions in noninterest-bearing securities, by issues, during
the fiscal year 1933 (revised daily statement basis)
Table 27. Issues, maturities, and redemptions of interest-bearing securities,
exclusive of trust fund and other special issues, June 1932 through
October 1933 (daily statement basis)
345
347
349
350
353
357
X
CONTENTS
TABLES—Continued
PUBLIC DEBT—contiuued
Public debt operations—Continued
Page
Table 28. Sources of public debt increase or decrease for the fiscal years 1915
to 1933 (daily statement basis)
.
Table 29. Transactions on account of the cumulative sinking fund during
the fiscal year 1933 (revised daily statement basis)_.
Table 30. Transactions on account of the cumulative sinking fund for the
fiscal years 1921 to 1933 (revised daily statement basis)
Table 31. Securities retired through the cumulative sinking fund, par
amount and principal cost, to June 30, 1933 (revised daily statement
basis)
Interest on the public debt
Table 32. Interest on the public debt payable, paid, and outstanding
unpaid for the fiscal year 1933 (revised daily statement basis)
Table 33. Interest paid on the public debt, by issues, for the fiscal years
1931 to 1933 (warrant basis)
.
Table 34. Amount of interest-bearing debt outstanding, the computed
annual interest charge, and the computed rate of interest, for the fiscal
years 1916 to 1933, and by months from July 1931 to June 1933 (revised
daily statement basis)
-
360
361
361
362
362
363
364
CONDITION OF THE TREASURY EXCLUSIVE OF PUBLIC DEBT LIABILITIES
Table 35. Current assets and liabilities of the Treasury at the close of
the fiscal years 1931, 1932, and 1933 (revised daily statement basis)
Table 36. Net balance in the general fund at the end of each month from
July 1929 to September 1933 (daily statement basis)
Table 37. Securities owned by the United States Government, June 30,
1933
365
366
367
TRANSACTIONS WITH RAILROADS
Table 38. Obligations of carriers acquired pursuant to section 207 of the
Transportation Act, 1920, as amended, receipts on account of principal,
and obligations outstanding June 30, 1933
Table 39. Obligations held on June 30, 1932 and 1933, on account of
loans to carriers under section 210 of the Transportation Act, 1920, as
amended, and repayments on such loans during the fiscal year 1933,
together with cumulative figures showing the total amount of loans
and repayments to June 30, 1933
370
371
STOCK AND CIRCULATION OF MONEY IN THE UNITED STATES
Table 40. Stock of money, money in the Treasury, in the Federal Reserve
banks, and in circulation at the end of each fiscal year from 1913 to
1933
Table 41. Stock of money, by kinds, at the end of each fiscal year from
1913 to 1933
Table 42. Money in circulation, by kinds, at the end of each fiscal year
from 1913 to 1 9 3 3 . . . !
....
Table 43. Stock of money, money in the Treasury, in the Federal Reserve
banks, and in circulation, by kinds, June 30, 1933
._
372
373
374
375
MISCELLANEOUS
Table 44. Principal of the funded and unfunded indebtedness of foreign
governments to the United States, the accrued and unpaid interest
thereon, and payments on account of principal and interest, as of Nov.,
15, 1933
.
Table 45. Estimated money cost of the World War to the United States
Government to June 30, 1933
376
377
CONTENTS
XI
TABLES—Continued
MISCELLANEOUS—Continued
Page
Table 46. Estimated amount of securities outstanding, interest on which
is wholly exempt from normal income tax and surtax of the Federal
Government, by years, on December 31, 1912 to 1932, by type of
obligor
Table 47. United States securities outstanding, interest on which is exempt
from normal income tax, but not surtax, of the Federal Government, on
June 30 and December 31, 1917 to 1933
Table 48. Net expenditures for Federal aid to States, on basis of warrants
issued for the fiscal year 1920 and checks issued for the fiscal years 1932
and 1933, and amounts appropriated for the fiscal year 1934, classified
by appropriations from which direct payments are made to States and
by the more important of the appropriations providing for expenditures
by the Government in cooperation with States, municipalities, and
other civil organizations for investigative, regulatory, protective, or
construction work
Table 49. Expenditures made by the Government as direct payments to
States under cooperative arrangements during the fiscal year 1933
377378
379
382
PERSONNEL
Table 50. Number of employees in the departmental service of the Treasury in Washington, by months, from June 30, 1932, to June 30, 1933-Table 51. Number of employees in the departmental and field services
of the Treasury bn June 30, 1932, and June 30, 1933
Table 52. Number of persons retired, or eligible for retirement, retained
in the departmental and field services of the Treasury from August 20,
1920, to August 31, 1933
.-_-
387
Index'
389
.
386
387
SECRETARIES, UNDER SECRETARIES, AND ASSISTANT SECRETARIES
OFTHE TREASURY DEPARTMENT DURING THE FISCAL YEAR 1933,i
AND THE PRESIDENTS UNDER WHOM THEY SERVED
Term of service
Officials
From—
Secretaries
Presidents
To-
•
J. Secretaries ofthe Treasury
Feb. 13,1932
Mar. 4,1933
Mar. 3,1933
Ogden L. Mills, New York
William H. V\7'oodin, New York...-
Hoover.
Roosevelt.
Under Secretaries
Feb. 13,1932
May 15,1933
May 19,1933
Arthur A. Ballantine, New York--. Mills, Woodin
Dean'G. Acheson, Maryland
Woodin
Hoover,
Roosevelt.
Roosevelt
Assistant Secretaries
Aug. 1,1927
Mar. 15,1933
Seymour Lowman, New York
June 26,1929
Apr. 17,1933
Ferry K. Heath, Michigan-
Mar. 9,1932
June 11,1933
James H. Douglas, Jr., Illinois
Apr. 18,1933
June 6,1933
June 12,1933
Mills, Woodin
Woodin
Lawrence W. Robert, Jr., Georgia
Stephen B. Gibbons, New Y o r k . . . Woodin
Woodin
Thomas Hewes, Connecticut
» For officials since 1789, see annual report for 1932, pp. xvii to xxi.
Mellon, Mills, Woodin.. Hoover,
Roosevelt.
Mellon, Mills, Woodin.. Hoover,
Roosevelt.
Hoover,
Roosevelt.
. -- Roosevelt.
Roosevelt.
Roosevelt.
XIV
PRINCIPAL ADMINISTRATIVE AND STAFF OFFICERS
PRINCIPAL ADMINISTRATIVE AND STAFF OFFICERS OF THE TREASURY
DEPARTMENT AS OF NOVEMBER 15, 1933
OFFICE OF T H E SECRETARY
William H. Woodin
Dean Q. Acheson
ThomasHewes——Lawrence W. Robert, Jr
Stephen B. Gibbons
John Kieley
W. N. Thompson--Edwin L. Kilby
H. R. Sheppard
Francis C. Rose
F . A. Birgfeld—
W. R. Stark
-A. S. McLeod
W. H. Moran
.-L. C. Spangler..James E. Harper
John L. Summers.
Secretary of the Treasury.
Under Secretary of the Treasury.
Assistant Secretary of the Treasury.
Assistant Secretary of the Treasury.
Assistant Secretary of the Treasury.
Assistant to the Secretary.
Executive Assistant to the Under Secretary.
Junior Assistant to the Under Secretary.
- . - - . Assistant to Assistant Secretary.
Assistant to Assistant Secretary.
Chief Clerk and Superintendent.
Chief, Section of Financial and Economic Research.
Government Actuary.
Chief, Secret Service Division.
Chief, Division of Supply.
Chief, Division of Appointments.
Disbursing Clerk.
-
SPECIAL STAFF ASSISTANTS
O. M. W. Sprague
Walter J. Cummings—
John Q. Harlan
B. H. Bartholow
Edward G. Lowry
John Gallup Laylin
Stewart Berkshire
Josiah Willard
Bolon B. Turner...
Charles R. Schoeneman
Leo C. Martin
J. H. Schaefer
W. A. Schmitt
.'
W. O. Cram, Jr
W. E. Reynolds
Financial Executive Assistant to the Secretary.
Executive Assistant to the Secretary.
Financial Legal Assistant to the Secretary.
Special Assistant to the Secretary.
Special Assistant to the Secretary.
Special Assistant to the Under Secretary.
Legal Assistant to the Under Secretary.
Legal Assistant to the Under Secretary.
Principal Attorney.
Special Staff Assistant.
Special Assistant to Assistant Secretary.
Special Assistant to Assistant Secretary.
Special Assistant to Assistant Secretary.
Technical Adviser to Assistant Secretary.
Technical Adviser to Assistant Secretary.
i
BOARD OF ARCHITECTURAL CONSULTANTS
Edward H. Beimett,,Chairman
Louis Ayres
Arthur Brown, Jr.
William A. Delano
..
.. Clarence C. Zantzinger
Louis A. Simon
John Russell Pope
PUBLIC D E B T SERVICE
William S. Broughton...
S. R. Jacobs
.
Rene W. Barr
_.
W. W. Durbin.-...^.-i._^_...
Byrd Leavell
Marvin Wesley..Melvin R. Loafman
Maurice A. Emerson
Commissioner of the Public Debt.
Assistant Commissioner of the Public Debt.
Deputy Commissioner of the Public Debt.
Register of the Treasuiry.
Assistant Register of the Treasury.
Chief, Division of Loans and Currency.
Chief, Division of Accounts and Audit.
Chief, Division of Paper Custody.
OFFICE OF T H E COMMISSIONER OF ACCOUNTS AND DEPOSITS
D. W. Bell..Edward F. Bartelt
Andrew M. Smith
Edward D. Batchelder
William T. Heffelfinger
-
Commissioner of Accounts and Deposits.
Assistant Commissioner of Accounts and Deposits.
Chief, Division of Bookkeeping and Warrants.
Chief, Division of Deposits.
, . - . „ - . Chief Examiner, Section of Surety Bonds.
'
PRINCIPAL ADMINISTRATIVE AND STAFF OFFICERS
XV
OFFICE OF T H E COMPTROLLER OF T H E CURRENCY
J. F. T. O'Connor
F. Q. Await
Eugene H. Gough
Gibbs Lyons
W. P. Folger
J. E. Fouts
George R. Marble
Comptroller ofthe Ctirrency.
Deputy Comptroller.
Deputy Comptroller.
Deputy Comptroller.
„ . Chief National Bank Examiner.
—-.—-. Supervising Receiver, Insolvent National Bank Division.
: . . - _ . . . „ . Chief Clerk.
,
OFFICE OF T H E TREASURER O F T H E U N I T E D STATES
William A. Julian
Marion Banister
George O. Barnes
J. C.Wallace-
Treasurer of the United States.
Assistant Treasurer.
.._ Executive Assistant to the Treasurer.
Chief Clerk.
OFFICE OF T H E COMMISSIONER OF I N T E R N A L REVENUE
Guy T. Helvering
Wright Matthews
Charles T. Russell
George J. Schoeneman
D. Spencer Bliss
Pressly R. Baldridge
A. R. Marrs
:__
L.C.Mitchell
Clayton E. Turney
E. B. Prettyman
.-. Commissioner of Internal Revenue.
Acting Assistant to the Commissioner.
Deputy Commissioner.
Deputy Commissioner.
Acting Deputy Commissioner.
Special Deputy Commissioner.
Technical Assistant.
Technical Assistant.
Special Assistant.
.^- General Counsel.
BUREAU OF INDUSTRIAL ALCOHOL
James M. Doran
B. R. Rhees
Vincent DeP. Simonton-
.—
-.-_ Commissioner of Industrial Alcohol.
Assistant Commissioner of Industrial Alcohol.
Chief Counsel.
BUREAU OF NARCOTICS
Harry J. Anslinger
Louis Ruppel
.^
.......-.--.
Commissioner of Narcotics.
Deputy Commissioner of Narcotics.
BUREAU OF CUSTOMS
James H. Moyle
Frank Dow
Thomas J. Gorman
Joseph D. Nevius
-i..
-
. . - - Commissioner of Customs.
Assistant Commissioner of Customs.
. . . ' . . . Deputy Commissioner, Customs Agency Service.
. . - General Counsel.
M I N T BUREAU
Nellie Tayloe Ross
Mary M. O'Reilly
Director of the Mint.
Assistant Director.
BUREAU OF ENGRAVING AND P R I N T I N G
Alvin W. Hall
Clark R. Long
Jesse E. Swigart
-
-...._
-...-
Director of the Bureau of Engraving and Printing.
Assistant Director (Admimstration), .
Assistant Director (Production).
PUBLIC H E A L T H SERVICE
Hugh S. Cumming—
C. C. Pierce.—..-.
F. C. Smith
L.R.Thompson
Francis A. Carmelia...,
Walter L. Treadway..
C.E.Waller
Ralph C. Williams
D. S. Masterson
Surgeon General.
Assistant Surgeon
.-—. Assistant Surgeon
^-^.
..Assistant Surgeon
. . . _ . . . . Assistant Surgeon
....-^^. Assistant Surgeon
, . . . . . , . — . - . A.ssistant Surgeon
.-.—
Assistant Surgeon
Chief Clerk.
General.
General.
General.
General.
General.
General.
General.
'
XVI
PRINCIPAL ADMINISTRATIVE AND STAFF
OFFICERS
U N I T E D STATES COAST GUARD
Rear Admiral H. G. Hamlet
Capt. Leon C. Covell
Commander Russell R. Waesche
A. T. Thorson
Oliver M. Maxam
-
Commandant.
- Assistant Commandant.
Aide to Commandant.
^ Chief Clerk and Chief, Division of Finance.
-. Chief, Division of Operations.
P R O C U R E M E N T DIVISION
James A. Wetmore
Robert Le Fevre...
Acting Supervising Architect, Public Works Branch.
Superintendent, Branch of Supply.
STANDING DEPARTMENTAL COMMITTEES
BUDGET AND I M P R O V E M E N T C O M M I T T E E
S. R. Jacobs, Chairman.
F. A. Birgfeld, Vice Chairman.
W. N. Thompson.
D. S. Bliss.
L. C. Martin.
Edward F. Bartelt.
J. H. Schaefer.
Arthur E. Wilson.
M. E. Slindee.
F. J. Lawton.
Charles R. Schoeneman.
E. C. Nussear, Secretary.
C O M M I T T E E ON E N R O L L M E N T AND D I S B A R M E N T OF ATTORNEYS AND AGENTS
S. R. Jacobs, Chairman.
James B. Corridon, Vice Chairman.
H. C. Armstrong.
P. R. Baldridge.
^
O. V. Emery.
James E. Harper.
Lawrence Becker, Attorney and Secretary.
C O M M I T T E E ON P E R S O N N E L
F. A. Birgfeld, Chairman.
James E. Harper.
S. R. Jacobs.
C O M M I T T E E ON CIVIL SERVICE R E T I R E M E N T
F. A. Birgfeld, Chairman.
James E. Harper.
W. N. Thompson.
Frank Dow.
C O M M I T T E E ON S I M P L I F I E D OFFICE P R O C E D U R E
F. A. Birgfeld, Chairman.
W. T. Sherwood.
J. L. Nuber.
A. W. Starratt.
14820—33-
SeCReTARY
<
OF THC
TBEASURY
UNDERSECatTASlY
ASSISTANT SlCRtTAttY
ASSISTANT SECRLTARY
IN C H A B a b OF
C U S T O M S -COAST OUABO
U3TRIAL ALCOHOL
A N D NAUCOTICS
BUUEAU
THE FISCAL
ASSISTANT SECfETAttY
BUttEAU
U . S . C O A S T GUAKD:
CUSTOMS
INTERNAL
ftiVENOfc
BUREAU
BUHEAU
NAICOTICS
tNQRAVmQ4?Bim-mq
-THE
FINANCES
COMMlSSJOnER
OP
ACCOUNTS
PkHO D E P O S I T S
D I V I S I O N OP
B0OKKECPIN&
AND
WARRAum
CHIEr
CLERK
OP T M E
DEPARTME.NT
PROCUREMENT.
AND MISCELLANEOUS.
BUatAU OF-THE
O F r i C E OF T H E
TSEASURKR orTHl
UNITEB STATES
SOLICITOR
OP T M C ,
TREASURY
I N CHARGE o r
PUBLIC.
HCAUTH,
P U B U C HEALTH
StRVICE
aeCTION
OK
FINANCIAL
AND
ECONOniC RESEARCH
C O M M 133 I O N BR.
OF T H E .
PUBLIC DEBT
DIVISION.OF
PUBUC
DEBT
«\CCOUNT3
AND
ftUOlT
CHART 1.—Organization of the Treasury Department, November 15, 1933.
DIVISION
SUPPLY
PROCUREMENT
D I V I S I O N
OF
APPOINTMENTS
ANNUAL REPORT ON THE FINANCES
TREASURY
SIR:
DEPARTMENT,
Washington, D . C , November 20, 1933.
I have the honor to make the following report:
BUDGET RESULTS
Receipts
Total receipts, exclusive of trust fund items, during the fiscal year
1933:were $2,079,696,742, as compared with $2,005,725,437 in 1932.
A large increase in miscellaneous internal revenue receipts, chiefly due
to new and increased taxes, and a somewhat smaller increase in miscellaneous receipts more than offset the continued decline in receipts
from income taxes and customs duties.
I^ALL OTHE.R
IFORLIGN
lOBLIGATIONS
CUSTOMS
MISCLLLANE0U5.
INTERNAL
REVENUE
INCOML
TAXES
1924 1925 1926 1927 1928 1929 1930 1931 1932 1933
CHART 2.—Principal sources of receipts for the fiscal years 1924 to 1933 (exclusive of trust fund items)
The trend in receipts, by major sources, from 1924 to 1933, inclusive, is shown in chart 2; and a more detailed comparison of receipts
for 1932 and 1933 is presented in the table on page 2.
Miscellaneous internal revenue receipts in 1933 constituted 41 percent of total receipts, the largest proportion since 1924, while the
percentage derived from income taxes was less than in any of the
preceding nine years. Income tax receipts, which in recent years have
usually accounted for more than half of the total receipts, were only
36 percent of the total in 1933.
1
REPORT OF THE SECRETARY OF THE TREASURY
Receipts hy major sources for the fiscal years 1932 and 1933 ^
[Dollars in millions]
Source
Internal reveniie:
Income taxes:
Current corporation
Current individual
Back taxes 2 . . .
• Total income taxes
.
.
1932
_
-..
.
33.2
20.2
«29.7
15.5
+15.5
-flO.O
-17.7
+13.6
+124.9
+32.8
+28.6
+16.2
+45.3
+247.8
317. 5
81.1
27.9
.
—311.1
38.5
14.6
14.7
35.2
328.4
74.3
6.1
+38.5
+14.6
+14.7
+35.2
+10.9
-6.8
-21.8
858.2
+354. 5
327.7
...
746. 2
124.9
32.8
28.6
16.2
45..3
...
-197.6
-56.1
—57.5
17.7
10.2
47.4
1.9
.
319.4
295.0
131.8
503.7
-
516.9
351.1
189.3
1,057.3
.
.
250.8
—76.9
1,888.7
1,855.2
-33.5
98.8
32.1
93.6
+98,8
+9.7
-1.0
117.0
. 224.5
+107. 6
2,005. 7
2,079. 7
+74.0
New taxes, Revenue Act of 1932:
Manufacturers' excise:
Gasoline
Automobiles, trucks, tires, and parts or accessories
Electrical energy..
Lubricating oils. .
.
..
All other..
Total manufacturers' excise taxes
Checks
Telo.phone, telegraph, radio, and cable
All other 6
. . .
Fermented liquor, act of Mar. 22, 1933
Small cigarettes
...
.
All other tobacco manufactures.
-..-..
All other internal revenue 2
..
. . .
.„_
Total miscellaneous internal revenue
Customs
Total internal revenue and customs
Miscellaneous receipts:
Proceeds from Government-owned securities:
Foreign obligations
Aiiother-..'
All other receipts, exclusive of trust fund items
Total miscellaneous receipts, exclusive of trust fund items
Total receipts, exclusive of trust fund items...
Increase
( + ) , decrease (—)
247.8
..
Miscellaneous internal revenue:
Increased taxes, Revenue Act of 1932:
Documentary stamps: 3
Capital stock transfers
All other 4
..
Estates...
Admissions
1933
-
-
(')
22.4
94.6
» On basis of daily Treasury statements (unrevised), supplemented by report of the Commissioner of
Internal Revenue. General and special funds combined; for description of funds, see p. 276; for classification by funds, see p. 281.
8 Includes adjustment to basis of dally-Treasury statements (unrevised).
3 Stamp taxes on playing cards and boats included elsewhere.
* Includes bond issues and transfers, capital stock issues, etc., and sales of produce (future delivery).
* Receipts reflect to a small extent provisions for additional estate tax.
«Includes taxes on transportation of oil by pipe line, gifts, leases of safe-deposit boxes, and the use of
boats.
7 Amounts postponed under the suspension agreements aggregated about $252,300,000.
Income taxes.—In the fiscal year 1933 income taxes amounted to
$746,200,000, as compared with $1,057,300,000 in 1932, a decline of
$311,100,000. As shown in the above table, receipts from current
income taxes were $614,400,000 in 1933, as compared with $868,000,000 in 1932, a decline of $253,600,000. The receipts from back
taxes decreased from $189,300,000 in 1932 to $131,800,000 in 1933, or
iabout $57,500,000.
REPORT OF THE SECRETARY OF THE TREASURY
6
Current income taxes during the first half of the fiscal year 1933
were collected largely on incomes returned for the calendar year 1931
and during the last half of the fiscal year represented taxes on incomes
for the calendar year 1932. While taxable incomes for the calendar
year 1932 showed further decline, taxes on incomes for that year
(collected in 1933) did not decline correspondingly, due to the
increased rates, reduced exemptions and credits, and other provisions
of the Revenue Act of 1932.
Comparison of collections for the calendar years 1932 and 1933
on taxes returned for the calendar years 1931 and 1932, respectively,
indicates the effect of the new legislation. Indicated corporation
collections in the full calendar year 1933 show a decline of 27 percent
as compared with collections in 1932. An even greater decline in
taxable income was partially offset by the increased taxes effective on
1932 incomes, due chiefly to the increase in the tax rate from 12 to
13% percent, with an additional tax of three fourths of 1 percent on
net income reported on consolidated returns, and the elimination of
specific credit for corporations with small incomes.
Indicated current collections of individual income taxes during the
full calendar year 1933 show an increase of 30 percent over the preceding year, the decline in taxable incomes being more than ofl'set
by the increased taxes under the Revenue Act of 1932. The major
provisions of the revenue act affecting collections of current individual
income taxes were: A reduction in personal exemptions from $3,500
to $2,500 for married persons or heads of families and from $1,500
to $1,000 for single individuals; an increase in the normal rates from
Iji, 3, and 5 percent to 4 and 8 percent; increased surtaxes (graduated
from 1 percent on net income in excess of $6,000 to 55 percent on net
income in excess of $1,000,000); and the elimination of tax credit
for earned income.
Miscellaneous internal revenue.—Receipts from miscellaneous internal revenue taxes were $858,200,000 in the fiscal year 1933 as compared with $503,700,000 in 1932, an increase of $354,500,000.
Receipts from the leading revenue-producing taxes are shown in
the table on page 2.
In 1933 about 95 percent of miscellaneous internal revenue came
from six sources—tobacco taxes, manufacturers' excise taxes, documentary stamp taxes, the tax on checks, the tax on fermented liquors,
and the estate tax.
The taxes on tobacco manufactures, which yielded $402,700,000
in 1933, continue to be the largest source. Collections of the tax
on small cigarettes, which produces more than four fifths of all
tobacco taxes, totaled $328,400,000, an increase of $10,900,000
over the preceding fiscal year. Receipts from other tobacco taxes
were $6,800,000 less in 1933 than in 1932.
4
REPORT OF THE SECRETARY OF THE TREASURY
In the fiscal year 1933, $449,400,000 of miscellaneous internal
revenue represented collections of taxes increased by the Revenue
Act of 1932 or of new taxes levied by that act and the act of March
22, 1933 (which imposed a tax on fermented liquors). The new
manufacturers' excise taxes on a variety of articles yielded $247,800,000, of which $124,900,000 was derived from the tax of 1 cent
per gallon on gasoline. Of the miscellaneous internal revenue taxes^
that were increased by the Revenue Act of 1932, the largest amount
of revenue during 1933 came from the documentary stamp taxes,
which, excluding playing cards, aggregated $53,400,000.
Miscellaneous internal revenue collections did not in all cases
immediately reflect the full efl'ect of new tax legislation, and monthly
receipts during the year changed as new and increased taxes became
fully effective. The manufacturers' excise taxes and the other miscellaneous taxes became effective on June 21, 1932, with the exception of the tax on the use of boats. Except for the documentary
stamp taxes and the tax on boats, which are collected through the
sale of stamps, these taxes are payable monthly on returns filed on
or before the last day of the succeeding month. Miscellaneous
internal revenue for July 1932, at $42,500,000, included receipts
from new and increased taxes only for the period June 21-30. Collections increased during subsequent months and from October through
April monthly receipts ranged between $64,400,000 and $78,000,000.
In May 1933 these receipts increased to $93,500,000, and in June to
$106,500,000, largely as a result of the new tax on fermented liquors
and increased collections on small cigarettes.
The additional estate tax imposed by the Revenue Act of 1932
applied to estates of decedents after June 6, 1932. Since returns of
this tax are not required to be filed until one year after death, and
payment may be extended under certain conditions even beyond
that period, the tax receipts for the fiscal year 1933 were affected
only slightly by the additional tax provisions.
Customs.—Customs receipts dechned from $327,700,000 in the
fiscal year 1932 to $250,800,000 in the fiscal year 1933, or $76,900,000.
Monthly collections of customs receipts throughout the year until
May were at a considerably lower level than in 1932. Receipts in
May and June showed increases of $2,500,000 and $5,600,000, respectively, over the corresponding months of the preceding year.
Miscellaneous receipts.—Miscellaneous receipts, exclusive of trust
fund items, increased from $117,000,000 in the fiscal year 1932 to
$224,500,000 in the fiscal year 1933. These receipts are nontax items
and include such receipts as the proceeds from Government-owned
securities, Panama Canal tolls, fees, fines and penalties, rents and
royalties, the immigration head tax, tax on the circulation of national
bank notes, and seigniorage on coinage of subsidiary silver and
minor coins.
REPORT OF THE SECRETARY OF THE TREASURY
O
The increase was due chiefly to the fact that certain payments were
made in 1933 on account of obligations of foreign governments,
whereas, during the fiscal year 1932, payments on these obligations
were postponed under the House joint resolution approved December
23, 1931. Principal payments received on obligations of foreign
governments in 1933 were $31,600,000 and interest payments $67,200,000. Further information regarding intergovernmental debts will
be found on pages 27 to 29 of this report.
Receipts on Government-owned securities also included interest in
the amount of approximately $24,400,000 paid by the Reconstruction
Finance Corporation on account of advances made by the Secretary
of the Treasury, offset in part by a decrease of nearly $14,000,000 in
repayments of agricultural loans made by the Secretary of Agriculture.
1933 estimates and results.—Total receipts, exclusive of trust fund
items, for the fiscal year 1933 were $388,200,000 less than Treasury
estimates made in the fall of 1932. Receipts from internal revenue
and customs were $194,800,000 or about 10 percent less than the
estimates. Income tax receipts fell $113,800,000 short of the estimates and miscellaneous internal revenue and customs receipts were
$41,800,000 and $39,200,000 less, respectively, than estimated.
Miscellaneous receipts, exclusive of trust fund items, fell $193,400,000
short of the amount estimated, chiefly due to the fact that receipts on
obligations of foreign governments were $169,800,000 less than the
amounts due.
Expenditures .
During the fiscal year 1933 expenditures chargeable against ordinary
receipts (exclusive of trust fund items) amounted to $3,865,915,459,
as compared with $4,885,909,686 for the fiscal year 1932. Expenditures thus classified do not include net payments on account of purchases of notes of the Reconstruction Finance Corporation aggregating
$1,277,038,168 in 1933 and $267,735,209 in 1932. Total expenditures including these payments amounted to $5,142,953,627 in 1933
as compared with $5,153,644,895 in 1932. The following analysis of
Federal expenditures relates to expenditures excluding trust fund
items but including net payments on Reconstruction Finance Corporation account. The trend in Federal expenditures for the fiscal
years 1924 to 1933 is shown in chart 3 on page 6.
Expenditures for 1933 and prior fiscal years cannot be completely
classified as between general and emergency outlays—a classification
which was introduced into the Daily Treasury Statement on July 1,
1933. There is presented in the table on page 7, however, a comparison of expenditures for the fiscal years 1932 and 1933, classified
by major functional groups. In this table major items due to or
particularly affected by the depression are shown separately.
b
REPORT OF THE SECRETARY OF THE TREASURY
Major expenditures due to or particularly aft'ected by the depression were $1,913,000,000 in 1933 as compared with $1,750,000,000 in
1932, an increase of $163,000,000. The principal item of increase in
this class of expenditures represented net payments on Reconstruction
Finance Corporation account which aggregated $1,277,000,000 in
1933 as compared with $768,000,000 in 1932, the latter including
$500,000,000 for the purchase of the capital stock of the Corporation.
Expenditures for public works decreased in 1933, amounting to
$474,000,000 in that year as compared with $507,000,000 in 1932.
Other reductions in this category of expenditures for 1933 reflect the
BILLION
DOLLARS
6r
PUBLIC
DEBT
INTER,EST
4
NLT PAYMENTS ON
R.F. C. ACCOUNT ®
A L L OTHER.
1924 1925
930 1931 1932 1933
CHART 3.—Expenditures, fiscal years 1924 to 1933, including net payments on Reconstruction Finance
Corporation account (exclusive of trust fund items)
nonrecufrence of certain outlays made in 1932 in connection with
special aids to agriculture, including net loans of $136,000,000 from
the agricultural marketing fund, purchase of $125,000,000 of additional
capital stock of the Federal land banks, and $11,000,000 for loans and
credits to farmers; and a decrease of $86,000,000 in the postal deficiency. The more important of the new expenditures in 1933 due to
the depression included $14,000,000 for emergency conservation work
under the act approved March 31, 1933, and $34,000,000 for wheat
and cotton distributed for relief.
Service on the public debt amounted to $1,151,000,000 in 1933, an
increase of $139,000,000 over 1932. Of this increase, $90,000,000
» includes for 1932 Treasury subscription to capital stock of Reconstruction Finance Corporation.
REPORT OF THE SECRETARY OF THE TREASURY
represented larger payments for interest, reflecting the increase in the
public debt during the year, and $49,000,000 was due to retirements
from repayments of principal by foreign governments on account of
their indebtedness. Owing to the postponement of foreign debt payments due in the flscal year 1932 there were no retirements frora this
source during that year.
Expenditures, hy certain major functions, including net payments on Reconstruction
Finance Corporation account, fiscal years 1932 and 1933^
[In millions of dollars]
1932
Class of e x p e n d i t u r e
Major expenditures d u e to or p a r t i c u l a r l y affected b y t h e depression:
R e c o n s t r u c t i o n F i n a n c e Corporation (net) ^
P u b l i c works 3
_
Special aids to agriculture:
Agricultural m a r k e t i n g fund (net)
A d d i t i o n a l capital stock, Federal l a n d b a n k s
L o a n s a n d credits to f a r m e r s . .
D i s t r i b u t i o n of w h e a t a n d cotton for relief
E m e r g e n c y conservation work . .
_
-Postal deficiency
-
1,277
474
+509
-33
136
125
11
<3
203
34
14
117
-139
-125
-11
+34
+14
-86
1,750
1,913
+163
699
413
689
462
+90
+49
1,012
1,151
+139
.
058
973
639
863
-19
-110
.
-129
_
T o t a l p u b l i c d e b t expenditures
N a t i o n a l defense a n d veterans *:
N a t i o n a ] defense
Veterans
Increase
( + ) or decrease (—)
768
507
T o t a l major e x p e n d i t u r e s d u e to or affected b y t h e depression
Publicdebt:
Interest
Retirements
1933
1,631
1,502
All other, including nonfunctional:
Major nonfunctional ^
Other expenditures, largely d e p a r t m e n t a l
141
620
98
479
-43
— 141
T o t a l all other, including nonfunctional
761
577
-184
5,154
5,143
-11
T o t a l n a t i o n a l defense a n d v e t e r a n s
T o t a l expenditures, including n e t p a y m e n t s on
F i n a n c e Corporation account .
.
Reconstruction
-.
1 On basis of daily Treasury statements (unrevised), supplemented by certain details on checks-issued
basis and public works on basis of Bureau of Budget compilation. For description of bases see p. 275.
2 Includes purchases of capital stock ($500,000,000 in 1932) and net payments on account of purchases of
the notes of the Corporation.
3 Excluding expenditures of District of Columbia Government and for maintenance of rlveis and harbors.
< Excess of credits (deduct).
6 Excluding expenditures under these headings for public works.
fl Includes refunds of tax receipts, purchases of capital stock of Federal intermediate credit banks, and.
for 1932, expenditures under Settlement of War Claims Act of 1928.
Other major categories of Federal expenditures were those for
national defense and war veterans, which together aggregated
$1,502,000,000 in 1933 and which were $129,000,000 smaller than in
1932. The greater part of this decrease was due to a reduction of
$100,000,000 in the amount credited to the adjusted service certificate
fund for which an increased appropriation had been made available in
1932 in connection with the financing of loans on adjusted service
certificates under authority of the act of February 27, 1931.
The balance of Federal expenditures, composed chiefly of nonfunctional and departmei;ital expenditures not included under other cate
8
REPORT OF THE SECRETARY OF THE TREASURY
gories, aggregated $577,000,000 in 1933, a decrease of $184,000,000 as
compared with 1932. Major nonfunctional expenditures, amounting
to $98,000,000, were $43,000,000 lower than in 1932 and reflected a
decrease of $31,000,000 in refunds of tax receipts, the nonrecurrence of
an expenditure of $38,000,000 during 1932 made under the authority
of the Settlement of War Claims Act of 1928, and an increase of
$26,000,000 in the purchase of stock of the Federal intermediate
credit banks.
All other expenditures, largely for departmental activities not otherwise classified, amounted to $479,000,000, a decrease of $141,000,000
from 1932. This category includes expenditures on account of the
legislative and judicial branches of the Government, the fiscal administration and control of banking and currency, foreign relations, civil
pensions and allowances, and other governmental activities in connection with conservation of natural resources, education, promotion of
public health, Indian affairs, and aids to agriculture, labor, aviation,
and industry. Reduction in expenditures for these activities, which
amounted to 23 percent of the amount spent for similar activities
during the preceding year, reflected chiefly economy legislation,
including the reduction in salaries of Government employees,
THE PUBLIC DEBT
At the end of the flscal year 1933 the gross public debt outstanding
was $22,538,672,560 and showed an increase of $3,051,670,116 for the
fiscal year.
Changes in public deht outstanding June 30, 1932 and 1933, hy classes
[On basis of daily Trisasury statements (unrevised), see p. 275]
June 30,1932
Interest-bearing debt:
Open market issues:
Prewar bonds
Liberty bonds
Treasury bonds
-
. Total bonds
Treasury notes
Certificates of indebtedness
Treasury bills
Total
-
-
$753,320,130
8, 201, 314, 550
5, 258, 776,100
i
-$7,000
-42, 833,800
-
-
4, 548,379, 200
2,108, 327, 600
954,493,000
-42,840,800
+3, 287,095, 600
-617.402,400
+338,861,000
18,816,056,280
Total interest-bearing debt
Matured debt on which interest has ceased
Debt bearing no interest
-
Increase (+) or
decrease (—)
1, 261, 283, 600
2, 725, 729,900
615,632,000
-
Total gross debt
$753,320,130
8, 201,307,550
5, 215,942, 300
14, 213, 410,780 14,170,669,980
-
special issues for investment of trust funds, and
postal savings bonds:
Postal savings bonds
-Treasury notes
--Certificates of indebtedness
.
TotaL
J u n e 30,1933
21,781,769, 680
+2,965, 713,400
36,247,260
203,970,000
105, 000,000
52, 697,440
231,176,000
92,000,000
+16, 450,180
+27, 206.000
-13,000,000
345, 217, 260
375,873,440
19,161, 273,540
' 60,079,385
265, 649,519
22,167,643,120
65,911,170
316,118, 270
19,487,002,444
22, 638,672,660 +3,051,670,116
+30,656,180
+2,996,369, 580
+5,831,785
+49,468,761
REPORT OF THE SECRETARY OF THE TREASURY
9
The changes in the character and amount of the outstanding debt
as a result of the year's operations are summarized in the table on
page 8 in which are compared amounts of the various classes of debt
outstanding at the beginning and at the end of the fiscal year.
Treasury financing operations in the open market during 1933
refiected chiefly (1) an excess of expenditures over ordinary receipts,
(2) payments- against credits established for the Reconstruction
Finance Corporation through the purchase of its obligations,
(3) retirements of maturing debt, and (4) increase in the General
Fund balance.
About 43 percent of the total open market issues during 1933
consisted of securities with maturities in excess of 1 year, as com
1919
1920
1921
19^^
1923
CHART 4.—Interest-bearing debt outstanding and ratio of the computed annual interest charge to the
interest-bearing debt, by months, January 1919 to June 1933
pared with 20 percent in 1932. Open market issues outstanding on
June 30, 1933, and maturing in 1 to 5 years amounted to $4,304,000,000, an increase of $3,643,000,000 during the year. Outstanding
short-dated debt maturing witliin l y e a r aggregated $3,307,000,000,
a decrease of $635,000,000 as compared with the end of the preceding
fiscal year. Debt with maturities of over 5 years showed no significant change.
Public debt transactions, other than open market operations, included the issuance and redemption of special obligations connected with
the investment of trust funds and postal savings and of special
1-day certificates to cover temporary advances by Federal Reserve
banks at the time of quarterly income tax payments, and transactions
10
REPORT OF THE SECRETARY OF THE TREASURY
relating to matured debt on which interest has ceased and to noninterest-bearing debt, the latter representing chiefly operations in
connection with the national bank note and Federal Reserve bank
note retirement funds.
The course of the interest-bearing debt outstanding and of the computed rate of the interest charge on that debt for the fiscal years 1919
through 1933 is shown in chart 4 on page 9.
Between June 30, 1919, and June 30, 1931, the annual interest
charge computed on the basis of the interest-bearing debt outstanding
on those dates was reduced from $1,054,000,000 to $589,000,000, and
the computed rate was reduced from 4.18 percent on the former date
to 3.57 percent on the latter. By June 30, 1933, owing to the increase
in the amount of the outstanding debt, the annual interest charge had
increased to $742,000,000, bi^i the computed rate had declined
further, to 3.35 percent.
Information regarding issues, maturities and redemptions of interest-bearing United States securities in the open market is presented
in table 27 on page 357 of this report; and Department circulars
and public announcements regarding public debt issues appear as
exhibits 1 to 19 on pages 157 to 186.
Reconstruction Finance Corporation
During the fiscal year 1933 the Treasury continued to supply funds
for the Reconstruction Finance Corporation thi'ough the purchase of
its interim notes under section 9 of the Reconstruction Finance Corporation Act as amended. Purchases of the Corporation's interim
notes during the fiscal year 1933 amounted to $1,235,000,000, maldng
the total purchases to June 30, 1933, $1,585,000,000, in addition to
the capital stock subscriptions during the fiscal year 1932 amounting
to $500,000,000.
Obligations held by the Secretary of the Treasury maturing October
27, 1932, in the face amount of $675,000,000, were renewed for 6
months ending April 30, 1933. From October 27, 1932, to April 30,
1933, additional notes maturing on the latter date were purchased in
the face amount of $660,000,000, making the total amount of notes
maturing April 30, 1933, $1,335,000,000, which notes were renewed
on May 1, 1933 (April 30 being Sunday), for a 6-month period
ending November 1, 1933.
Interest on the notes was collected and covered itito the Treasury
as miscellaneous receipts as follows: On October 27, 1932, $7,608,904.11; and on May 1, 1933, $16,760,205.52,
The funds of the Corporation are credited to its accoimt with the
Treasury and payments are made by means of checks drawn on the
Treasurer of the United States. The net payments to June 30, 1933,
amounted to $2,044,773,376.28, classified as follows:
REPORT OF THE SECRETARY OF THE TREASURY
11
Fiscal year 1932 (including $500,000,000 on account of capital
stock)
.
$767,735,208.55
Fiscal year 1933
t . . . . 1, 277, 038, 167. 73
The account of the Corporation on the books of the Treasury as of
June 30, 1933, was as follows:
Capital stock paid in
$500, 000, OOO 00
Notes purchased by Secretary of the Treasury
1, 585, 000, 000. 00
Total
.
2, 085, 000, 000. 00
Unexpended balances on June 30, 1933:
On books of Treasurer, United States.. ^$32, 040, 763. 72
On books of Division of Bookkeeping
and Warrants (Farm Credit Administration)....
8, 185, 860. 00
40, 226, 623. 72
Net payments made by Treasurer to June 30, 1933
2, 044, 773, 376. 28
Adjusted service securities
The financing operations of the Treasury during the fiscal year
reflected the continued operations of the act of February 27, 1931,
which authorized loans to veterans on their adjusted service certificates up to 50 percent of the face value of such certificates. At the
beginning of the fiscal year the Treasury invested the appropriation
of $100,000,000, provided for the adjusted service certificate fund,
but subsequently redeemed a net amount of $113,000,000 in order to
provide funds for authorized payments, which consisted largely of
loans to veterans. A statement of the adjusted service certificate
fund appears on page 55 of this report.
Cumulative sinking f and
The indefinite appropriation available for the sinking fund during
the fiscal year 1933, including a small unexpended balance for the
prior year, was $425,575,013. Bonds totaling $6,896,300, face
amount, were purchased at a total principal cost of $6,805,628; and
$418,764,000 face amoimt of Sji percent Treasury notes of series 1932
were redeemed for account of the fund. Tables covering the transactions on account of the cumulative sinking fund for the fiscal year
1933, and from its inception on July 1, 1920, will be found on pages
361 and 362 of this report.,
The indefinite appropriation referred to above is made each fiscal
year under section 6 (a) of the Victory Liberty Loan Act. This
appropriation is made up of two parts: (a) A constant amount of
$253,404,864.87, representing 2K percent of the aggregate amount of
Liberty bonds and Victory notes outstanding on July 1, 1920, less an
»Includes $5,000,000 for note dated June 30, 1933, credited by Treasurer of the United States on July 1,
1933.
12
REPORT OF THE SECRETARY OF THE TREASURY
amount equal to the par amount of any obligations of foreign governments held by the United States on the same date, and (b) an increasing amount, representing the interest which would have been payable
during the fiscal year for which the appropriation is made on the
bonds and notes purchased, redeemed, or paid out of the sinldng fund
during such year or in previous years.
The sinldng fund appropriation for each fiscal year beginning with
1934 has been increased under recent legislation. The Emergency
Relief and Construction Act of 1932 (sec. 308) and the National
Industrial Recovery Act (sec. 210 (b)) provide for additions to the
sinking fund appropriation of amounts equal to 2}^ percent of the
aggregate expenditures under title III (public works) of the Emergency Relief and Construction Act and under title II (public works
and construction projects) of the National Industrial Recovery Act.
These provisions have the effect of increasing not only the first part
of the sinking fund calculation but the second part also.
In a period during which the publfc debt is increasing, sinking
fund operations clearly do not result in net reduction in the debt.
GENERAL FUND OF THE TREASURY
All cash receipts of the Government are credited to the General
Fund of the Treasury and all expenditures are made therefrom. The
net balance of this fund represents the working cash balance of the
Government. The net change in this balance from the close of the
previous fiscal year is accounted for as follows:
Summary of the net changes in the General Fund halance between June SO, 1932,
and June 30, 1933
[On basis of daily Treasury statements (unrevised), see p. 275]
Net balance June 30, 1932
-
-
-
Increase in public debt in the fiscal year 1933
Total to be accounted for
$417,197,178.17
3,051,670,116.02
3,468,867,294.19
Excess of expenditures over ordinary receipts in the fiscal year 1933:
General and special fund accounts ^
$1,786,218,717.12
Trust fund accounts 1
5,009,988.73
Total
1,791,228,705.85
Less charges to statutory debt retirements in the fiscal year 1933...
461,604,800.00
Net, exclusive of statutory debt retirements.
Payments on account of Reconstruction Finance Corporation ^
Net balance June 30, 1933
Total
1,329,623,905.85
1,277,038,167.73
862,205,220.61
3,468,867,294.19
> For a description of accounts through which Treasury transactions are effected, see p. 276.
2 From credits established on account of the purchase of notes.
REPORT OF THE SECRETARY OF THE TREASURY
13
Current cash assets and liabilities of the Treasury,^ June 30, 1932 and 1933, and
changes during the year
[On basis of daily Treasury statements (unrevised), see p. 275]
June 30, 1932
Gold assets:
Coin
Bullion
-
$969,695,868.33
. 1,988,384,766.29
.
June 30,1933
Increase (+),
decrease ( - )
$847, 753,849.92 -$121,942,018.41
2, 386,092,926. 52 +397,708,161. 23
2,968,080,633.62
3,233,846,776.44
+275, 766,142. 82
1,490,689,469.00
1,235,736, 771.58
166,039,088.03
1,230,718,869.00
1, 771,485, 595.89
156,039,088.03
-259,970,600. 00
+535,748,824. 31
2,882,465,328.61
3,158,243, 552.92
+276, 778, 224. 31
75,615,305. 01
75, 603,223. 52
501,022,733.00
507,191,369.00
+6,168,636.00
487,216,201.00
1,222,150.00
479,870,670. 00
1, 200,124. 00
-7,345, 631. 00
—22,026.00
488,438,361.00
481,070,694.00
—7,367,657.00
12, 584, 382.00
26,120, 676. 00
+13, 636, 293.00
75, 615,305.01
12, 584,382.00
61, 779, 428. 44
75,603,223. 52
26,120,675.00
82, 207,203.16
— 12,081.49
+13, 536,293. 00
+30,427, 774. 72
917,767.433.37
848,458.74
+464,652,893.17
—145, 646.12
604,087,760. 51 1,102, 546,993. 79
+498,469, 233. 28
59,689, 661. 26
127,200,921.08
44,066,151. 32
196,275, 621. 86
-15,623,509.94
+69,074, 700. 78
.-.-
186,890, 582.34
240,341,773.18
+53,451,190.84
Balance in the General Fund of the Treasury-
417,197,178.17
862,205, 220.61
+445,008,042,44
Total
. . . .
.
Deduct gold liabilities:
Gold certificates
Gold fund. Federal Reserve Board
Gold reserve ^
Total
.-
-
Gold in General Fund
. .
Silver dollars
. . . .
Deduct silver dollar liabilities:
Silver certificates
Treasury notes of 1890 outstanding .
Total
-
•
.
Silver dollars in General Fund
General Fund assets:
In Treasury oflaces:
Gold (as above)- ..
.
Silver dollars (as above). . . .
.
All other (coin, currency, and bullion)
In depositary banks, reserve banks, and treasury of Philippine Islands
All other
Total
Deduct General Fund liabilities:
Federal Reserve note 5 percent fund (gold)...
Aiiother
. .
.
Total
463,114,540.20
994,104.86
— 12,081.49
1 For detailed statement, see p. 365.
a Reserve against $346,681,016 of United States notes, and Treasury notes of 1890 outstanding in the
amount of $1,222,150 in 1932 and $1,200,124 in 1933. Treasury notes of 1890 are also secured by silver dollars
in the Treasury.
The composition of the General Fund of the Treasury, existing
liabilities against the assets in the fund, and the balance in excess of
such liabihties are shown for June 30, 1932 and 1933, in the above
table. These figures are on the basis of the daily Treasury statements, unrevised (for explanation, see p. 275). Similar information
is presented in somewhat greater detail, and on the basis of the daily
Treasury statements, revised, in the table on page 365 of this report.
ElMERGENCY LEGISLATION AND THE FEDERAL FINANCES
The Government's activities and its finances are affected to an
important degree by legislation enacted with a view to providing
means for dealing with problems of the depression. The Government's recovery program which is based upon this legislation involves
14
REPORT OF THE SECRETARY OF THE TREASURY
the use of the public credit in three ways. Provision for a variety
of emergency activities has been made both by direct appropriation
of Treasury funds and by authorization of advances by the Reconstruction Finance Corporation, the financing of which involves the
Government's credit. In addition, the Home Owners' Loan Corporation and the Federal land banks are authorized to issue obligations in respect of which the Government assumes a contingent
hability to the extent of guaranteeing interest payments; and the
Tennessee Valley Authority is^ authorized to issue bonds on the
credit of the United States.
Authority of the Reconstruction Finance Corporation to borrow
The financing of advances by the Reconstruction Finance Corpora• tion, over and above the amount of its capital stock, is provided for
under a series of emergency acts authorizing the Corporation to issue
its obligations in amounts aggregating about $4,075,000,000 (exclusive of indefinite authorizations). Through the fiscal year 1933 these
obligations were not sold in the open market but were deposited as
evidence of advances from the Treasury which in turn obtained the
required funds through the sale of its own obligations.
Acts passed prior to the convening of the new Congress in March
1933 account for $3,425,000,000 of the total borrowing power, including the initial authorization of $1,500,000,000, as provided in the
organic act of January 22, 1932, an additional sum of $1,800,000,000,
as provided in the Einergency Relief and Construction Act of July 21,
1932, and a further increase of $125,000,000 under the terms of the
Federal Home Loan Bank Act of July 22, 1932.
Specific net augmentation of the Corporation's borrowing power
included in acts passed by the new (73d) Congress totals $650,000,000,
after taking into account a reduction of $400,000,000 provided for by
title I I of the National Industrial Recovery Act. The increases may
be itemized as follows: $200,000,000 to be made available to the Farm
Loan Commissioner for direct loans to farmers, and $100,000,000 to
facilitate the orderly liquidation of joint stock land banks, as provided by the Emergency Farm Mortgage Act of May 12, 1933;
$500,000,000 for expenditures authorized by the Federal Emergency
Relief Act of May 12,1933, designed to provide for further cooperation
by the Federal Government with the States and Territories in relieving
suffering and distress; $50,000,000 for subscriptions to preferred stock
and for the purchase of capital notes of insurance companies (act of
June 10, 1933); and $200,000,000 for capital stock in the Home
Owners' Loan Corporation, created by the Home Owners' Loan Act
of June 13, 1933.
In addition to these definite authorizations, the Bank Conservation Act of March 9, 1933, empowered the Corporation to increase its
REPORT OF THE SECRETARY OF THE TREASURY
15
borrowings in an amoimt sufficient to meet requests by the Secretary
of the Treasury to subscribe for preferred stock in any national
bank or any State bank or trust company in need of funds for capital
purposes either for organization or reorganization, or to make loans
secured by such stock; and the Agricultural Adjustment Act of May
12, 1933, empowered the Corporation to increase its borrowings in an
amount sufficient to carry out the provisions of that act which relate
to purchases of cotton.
By June 30, 1933, net payments aggregating $1,545,000,000 (in
addition to the $500,000,000 disbursed for the Corporation's capital stock) had been made by the Treasury on account of advances
to the Corporation. At the close of the fiscal year there remained,
therefore, $2,530,000,000 of additional funds (exclusive of indefinite
authorizations) which the Corporation was authorized to procure and
use after July 1, 1933, under the acts now in force. Inasmuch as the
limitations on the funds available to the corporation refer to the
total amount of obligations which it may have outstanding at any
one time, the amounts at its disposal are in the nature of a revolving fund.
Emergency appropriations of Treasury funds
The emergency appropriations made from the General Fund, as
distinguished from outlays authorized from funds of the Reconstruction Finance Corporation, may be divided into four broad categories
for purposes of review, namely, those for public works, for purposes of
the Agricultural Adjustment Act, for agricultural credits under the
Farm Credit Act, and for subscriptions by the Federal Government
for capital stock, surplus, or preferred shares in corporations and associations provided for in the acts.
The first emergency authorization for public works, in the amount
of $329,660,000, was provided in the Emergency Rehef and Construction Act of July 21, 1932. The so-called Reforestation Act of
March 31, 1933,, provides that sums necessary for carrying out its
purposes be expended out of the unexpended and unallocated balance
of the above-mentioned moneys appropriated for public works. This
act also authorizes that an amount equal to the sums so expended
($101,875,200 was actually transferred) be appropriated for the purposes named in the Emergency Relief and Construction Act.
The major public works appropriation is that of $3,300,000,000
authorized by title II of the National Industrial Recovery Act, which
creates a Federal Emergency Administration of Pubhc Works. This
sum, except $100,000,000 authorized to be allocated for expenditures
in carrying out the Agricultural Adjustment Act and for the purposes
of the Farm Credit Administration, and such amounts as may be
needed for expenditures of the National Industrial Recovery Admin14820—33
3
16
REPORT OF THE SECRETARY OF THE TREASURY
istration, is to be used during the emergency period to construct,
finance, or aid in the construction and financing of any projects in
the public works program, and to make disbursements in connection
therewith to States, municipalities, or other public bodies not to exceed
30 percent of the cost of labor and materials employed. The National
Industrial Recovery Act and also the Emergency Relief and Construction Act provide for additions to the sinldng fund appropriation
(seepage 12).
The Agricultural Adjustment Act carries an appropriation of
$100,000,000 for administrative expenses under the act and for rental
and benefit payments. In addition this act authorizes the use of
processing taxes collected under the act for benefit payments, the
expansion of markets, etc., and authorizes the Secretary of the
Treasury to make advances from the Treasury in anticipation of the
collection of such taxes.
Direct appropriations from the General Fund authorized for subscriptions by the Federal Government for capital stock, surplus, or
preferred shares in various corporations and associations assume a
variety of forms. The Emergency Farm Mortgage Act authorizes
an appropriation of $50,000,000 for the use of the Secretary of the
Treasury in subscribing to the paid-in surplus'of the Federal land
banks in order to enable those banks to grant necessary extensions of
unpaid interest and principal on farm mortgages. The same act also
authorizes an appropriation of $15,000,000, together with such additional amounts as may be necessary, to cover payments to the land
banks on account of certain reductions in interest rates on mortgages
held by such banks.
The Home Owners' Loan Act authorizes the appropriation of
$100,000,000 (of which $50,000,000 has already been appropriated)
for subscription by the Secretary of the Treasury for preferred shares
in Federal Savings and Loan Associations, the organization of which is
to be encouraged by the board of directors of the Home Owners' Loan
Corporation, created by the act. An appropriation of $150,000,000
is authorized by the Banking Act of 1933 for subscription on behalf
of the United States for capital stock in the Federal Deposit Insurance
Corporation.
The Governor of the Farm Credit Administration is directed by
the Farm Credit Act to organize a Production Credit Corporation
and a Bank for Cooperatives in each of the 12 Federal land bank
cities. He is authorized to subscribe for the initial capital stock of
these corporations out of a revolving fund made up of unobligated
balances from certain funds created by various other acts and an
additional emergency appropriation of $40,000,000.
REPORT OF THE SECRETARY OF THE TREASURY
17
Guaranteed obligations
A contingent burden is placed on the Treasury by the Government
guaranty of interest on bonds issued by the Federal land banks and
by the Home Owners' Loan Corporation. The Federal land banks
are authorized by the Emergency Farm Mortgage Act of 1933 to
issue bonds in the aggregate amount of $2,000,000,000 and the Home
Owners' Loan Act authorizes the corporation created by it to issue
bonds in the same amount. The amount of bonds which the Tennessee Valley Authority may issue on the credit of the United States
is limited to $50,000,000.
Economy and revenue measures
By the terms of the Economy Act, approved March 20, 1933, the
Congress authorized substantial reductions in ordinary expenditures.
The payless furlough plan of the Legislative Appropriation Act,
approved June 30, 1932, which effected a reduction of 8K percent
in Government employees' compensation, was repealed by the
Economy Act and the President was authorized to reduce salaries in
accordance with changes in living costs, up to a maximum of 15 percent, during the period from April 1, 1933, to June 30, 1934. Subsequently, an Executive order was issued, effective April 1, 1933,
reducing salaries of Government employees by 15 percent. Certain
other economies in the Legislative Appropriation Act are continued
in effect for the fiscal year 1934 by provisions of the Treasury and
Post Office Departments Appropriation Act, approved March 3,1933.
These economy provisions include: Reductions in retired pay, prohibition of administrative promotions and of automatic increases in
compensation, and prohibition against the filling of vacancies except
upon approval of the President. The Economy Act also provides
for reductions in veterans' pensions and compensation allowances.
In accordance with the authority contained in the acts of March 3,
and 20, 1933, the President submitted to the Congress on March 27,
1933, an Executive order consolidating the functions of the Federal
Farm Board, the Federal Farm Loan Board, and other agencies wliich
deal primarily with agricultural credit, into one agency, the Farm
Credit Administration. A further order was submitted on June 10,
1933, providing for numerous changes in administrative organization.
Additional revenue was provided by the act of March 22, 1933,
which legalizes the manufacture and sale of beer and certain other
beverages containing one half of 1 percent oi* more of alcohol by
volume and not more than 3.2 percent of alcohol by weight. The
act imposes a tax of $5 per barrel containing not more than 31 gallons
of such beverages. The act also imposes an occupational tax of $1,000
on each brewery, to be paid annually by the brewer. Previously
existing laws provide occupational taxes of $50 and $20 for wholesale
and retail dealers, respectively.
18
REPORT OF THE SECRETARY OF THE TREASURY
Provision was made also for additional revenue to meet service
charges on the funds borrowed for construction of public works. In
title II of the National Industrial Recovery Act new and increased
taxes were imposed. These include: An increase in the tax on gasoline from 1 to 1}^ cents, effective June 17, 1933; an excise tax (to be
withheld at the source) of 5 percent upon the receipt of dividends
declared after June 16, 1933, by any person other than a domestic
corporation, subject to certain exemptions; an excise tax, for each
year ending June 30, of $1 for each $1,000 of the adjusted declared
value of the capital stock of a domestic corporation or on such stock
employed by a foreign corporation in the transaction of its business
in the United States, subject to certain exemptions; an excess profits
tax equivalent to 5 percent of such net income of corporations as is
in excess of 12^ percent of the adjusted declared value of its capital
stock for each income-tax taxable year ending after June 30, 1933.
The National Industrial Recovery Act also extends for one year
after June 30, 1934, the manufacturers' excise and other taxes imposed by titles IV and V of the Revenue Act of 1932—the act of June
16, 1933 (Pub. No. 73), made this extension applicable to the gasoline
tax—repeals provisions of the revenue act relating to deductions for
net losses for prior years in computing income taxes, and establishes
the rate of corporation income tax for consolidated returns for the
taxable years 1934 and 1935 at 14% percent.
The act further provides that the new and increased taxes imposed
shall cease to be effective at stated periods after the President proclaims the date of (1) the close of the fiscal year ending June 30 of
any year after 1933, during which the total receipts of the United
States (excluding public debt receipts) exceed its total expenditures
(excluding public debt expenditures other than those chargeable
against such receipts) or (2) the repeal of the eighteenth amendment
to the Constitution, whichever is the earlier.
The text of this and other revenue legislation is presented in exhibits 25 and 26 on pages 204 to 208 of this report.
ESTI]\1ATES OF RECEIPTS AND EXPENDITURES
There follows a table showing actual receipts and expenditures
for the fiscal year 1933 and estimates for 1934 and 1935. Estimated
expenditures are based on the latest information from the Bureau of
the Budget and are classified as between emergency and general
governmental activities according to the new daily Treasury statement
classification inaugurated July 1, 1933.^ Actual expenditures for 1933
are not fully available according to this classification and emergency
expenditures for 1933, except for the Reconstruction Finance Corporation, are included in general expenditures for that year.
» For explanation of the new classification see exhibit 38, page 268 of this report.
ilEPOKT OF THE SECRETARY OF THE TKEASURY
19
Receipts and expenditures for the fiscal year 1933, on the basis of daily Treasury
statements {unrevised), and estimated receipts and expenditures for the fiscal years
1934 and 1935
[This statement does not include contingent liabilities resulting from the issue of debentures bv the
Reconstruction Finance Corporation]
1933, actual
1934, estimates
1936, estimates
OENERAL AND SPECIAL FUNDS
Internal revenue:
IRECEIPTS
Income tax
Miscellaneous internal revenue:
National Industrial Recovery Act taxes '
Aiiother.
Processing tax on farm products
Customs:
Spirits and fermented liquors
All other..^
Miscellaneous receipts:
Proceeds of Government-owned securities:
Principal—foreign obligations
Interest—foreign obligations
All other
Panama Canal tolls, etc
Other miscellaneous
Total.
$746, 206, 444. 95 $864,000,000. 00 $1,266,000,000.00
153,700,000.00
80,000,000.00
858,217, 511.61 1,242,900,000. 00 1,440,100,000. 00
403,000,000. 00
548,000,000. 00
250, 750, 251. 27
89,000,000.00
310,000,000. 00
84,000,000.00
382,000,000. 00
31,567,518.98 2 20,000,000.00
(«)
67,190,207.22
79,952,416. 00
96,439,315.00
32,090,746.50
25.661,000. 00
25,672,424. 00
23,267,500.34
69,952,063. 00
56,227,017.00
70,406, 560.89
2, 079, 696, 741. 76 3,259,938,766.00 3,974,665,479. 00
EXPENDITURES
Departmental: 3
^^^«^«'
17,718,500.00
18,734,600.00
Legislative establishment.
21,477,373. 26
369,400.00
379,400.00
Executive OfBce
369.112.82
11,100,100.00
11,036,000.00
15,225, 568.81
state Department
103,671,500.00
98,479,300.00
5 268,617,901.01
Treasury Department <
1,350,400.00
1,130,900.00
War Department (nonmilitary) <
34,107,200.00
31,178,500.00
44,088, 327.05
Department of Justice..
67, 882. 41
Post Oflace Department..
43,845,800.00
66,166,100.00
74,579, 716. 62
Interior Department
52,167,800.00
59,903,800.00
250,981, 139.02
Department of Agriculture
38,134,000. 00
153.14
29,263,400.00
45,968,
Department of Commerce
13,831,400. 00
11, 569,900.00
13,677, 841. 67
Department of Labor..830.33
28, 518,
Shipping Board
(0
(«)
15, 360,000.00
23,509,260.00
7 64,010,977.14
Other independent oflaces and commissions
138.48
Unclassified items
-..
Total departmental
816,677,684.70
324,277, 600.00
348,729,560.00
Public building construction and sites. Treasury
15,440, 600.00
89,568,600.00
Department 3 <
40,479,100.00
92,349,300.00
River and harbor work »
118,391,256.03
National defense: 3
230,484, 600.00
Army <.8 309, 557, 468. 47 229,014, 600.00
310,180, 300.00
Navy
-349,561,924. 69 281,116,200.00
488,928,000. 00
Veterans' Administration 3_
_.
763,154,886. 30 491,940,000. 00
60,000,000.00
Adjusted service certificate fund
100,000,000.00
50,000,000. 00
760,744,000.00
Agricultural Adjustment Administration
614,800,000.00
3,949,200.00
Farm Credit Administration »
16,688,407.00
1 2,674,625.74
0
13,000,000.00
Agricultural marketing fund (net) *
13,600,000.00
3,254,996.45
Distribution of wheat and cotton for relief
Zi, 240,628.21
Refunds of receipts:
11,010,700.00
12,576,841. 79
11,860,000.00
Customs
46,605,000.00
66,916, 900.00
57,763,119.46
Internal revenue
NOTE.—Excess credits in italics to be deducted. For explanation of the new classification, see exhibit 38,
page 268 of this report.
1 Receipts for the temporary revenue provisions of the National Industrial Recovery Act are estimated
for the periods prior to their termination following the proclamation on Dec. 5,1933, of repeal of the eighteenth amendment.
2 The total amounts owing to the United States on account of obligations of foreign governments are
$328,000,000 and $335,000,000 for the fiscal years 1934 and 1935, respectively. To the extent that receipts
from foreign governments exceed amounts included in the estimates, there will be a corresponding increase
in total receipts.
3 Additional expenditures on these accounts for the fiscal years 1934 and 1935 are included under "Federal
Emergency Administration of Public Works."
* The classification of general expenditures for public-building construction and sites, Treasury Department, and for War Department (nonmilitary) prior to the fiscal year 1934 is not available, and such expenditures for the fiscal year 1933 are therefore included in general expenditures under Treasury Department
and National Defense—Army, respectively.
»Revised to adjust $1,112,941.82 credit in special deposit account of Farm Loan Bureau now Farm
Credit Administration.
fl Included under Department of Commerce.
7 Revised to adjust $8,773,569.75 for Emergency Conservation Work included in daily Treasury state
ments in 1933 under National Defense, Army.
8 Exclusive of $8,773,569.76. See note 7.
0 On and after May 27,1933, repayments of loans made from agricultural marketing fund—Federal Farm
Board, and interest thereon, are reflected as credits in the expenditures ofthe Farm Credit Administration.
10 Exclusive of $1,112,941.82. vSee note 5.
20
REPORT OF THE SECRETARY OF THE TREASURY
Receipts and expenditures for the fiscal year 1933, on the basis of daily Treasury
statements {unrevised), and estimated receipts and expenditures for the fiscal, years
1934 and 1935—Continued
I
1933, actual
1934, estimates
1935, estimates
GENERAL AND SPECIAL F U N D S - C o n .
EXPENDITURES—Continued
Genera/—Continued
Postal deficiency..
---Panama Canal
Subscriptions to stock of Federalland banks
Civil service retirement fund (Government share).
Foreign service retirement fund (Government
share)
.District of Columbia (Government share)
Interest on the public d e b t . . .
Public debt retirements:
Sinking fund
Purchases and retirements from foreign repayments
Received from foreign governments under debt
settlements
--Estate taxes, forfeitures, gifts, etc
Total general ^L.
$117,380, 192.33
12,672, 728. 59
«69, 595, 000.00
10, 600,000.00
$92,014,200.00
9,340,800.00
645.00
20,850,000.00
20,850,000. 00
20,850,000.00
416, 000.00
7,775. 000.00
689,365, 105.60
292, 700.00
5, 700,000. 00
742,000,000.00
159,100. 00
5, 700,000.00
824,349,000.00
425,660,300. 00
488,121, 500.00
525, 738,800.00
30,977,000. 00
2,909, 660. 00
2,057, 850. 00
50, 000.00
25,000.00
3,865,915,468.88 3, 533, 691,767.00
3, 763, 276, 000.00
Emergency "
Federal Emergency Administration of Public
Works:
30,000,000.00
Administrative expenses
9, 812,000.00
182,162,000. 00
203,. 174,000. 00
Loans and grants to States, municipalities, etc1, 211,000. 00
750,000.00
State Department
Treasury Department:
22,000,000.00
10, 000,000. 00
Public building construction and sites-.
11, 229, 900.00
14, 845, 300. 00
All other
War Department (noimiilitary):
75,652,000. 00
131, 934,000. 00
River and harbor work
540,000. 00
1, 652,100.00
All other
National defense:
26,007, 600. 00
61, 880,800.00
Army
144, 669, 400. 00
66, 063, 200. 00
Navy
-.
76,000. 00
925,000. 00
Panama Canal
979,800.00
Department of Justice
Interior Department:
24,000,000.00
5, 450,000.00
Boulder Canyon project
78, 730,400. 00
42, 898,800.00
All other
-Department of Agriculture:
236,878,100.00
323, 162, 600. 00
Public highways
14,321,800.00
21, 264, 300. 00
All other
3,071, 300.00
2, 919,400. 00
Department of Commerce
1, 510,000.00
393,400. 00
Department of Labor
1, 190,000. 00
675,000. 00
Veterans' Administration
1, 040.900. 00
542,000.00
Independent oflSces and commissions
887, 200. 00
872, 300. 00
District of Columbia
237.408,000. 00
334, 505,300. 00
Unclassified, including unallotted funds...
.400, 000,000.00
Civil Works Administration
(12)
4, 250,000. 00
Administration for Industrial Recovery
Agricultural Adjustment Administration:
5,000,000. 00
40, 250,000. 00
Department of Agriculture
60, 000, 000.00
Farm Credit Administration
3, 000,000.00
Commodity Credit Corporation.,
40, 000,000. 00
Farm Credit Administration (revolving fund)--.
341, 705, 600.00
65,190,000. 00
Emergency Conservation Work
" Emergency expenditures prior to the fiscal year 1934 (except Reconstruction Finance Corporation)
are included in general expenditures, the classification of which emergency expenditures is not available
for comparison with emergency expenditures for the fiscal year 1934. Therefore, neither the totals of general
expenditures nor the totals of emergencj^expenditures for the fiscalyear 1934 are comparable with the totals
for prior fiscal years.
1 No allotment has yet been made for 1935. Estimate of expenditures is included in the figures relating
2
to unallotted funds.
REPORT OF THE SECRETARY OF THE TREASURY
21
Receipts and expenditures for the fiscal year 1933, on the basis of daily Treasury
statements {unrevised), and estimated receipts and expenditures for the fiscal years
1934 and 1935—Continued
1933, actual
1934, estimates
1936, estimates
G E N E R A L AND SPECIAL FUNDS—Con.
EXPENDITURES—Continued
Emergency—Continued
Reconstruction Finance Corporation:
Direct expenditures by the corporation...
$1,153,438,246.06
From funds allocated by the corporation:
37,148.880. 24
Crop production loans....
44,685,766.79
Regional agricultural credit corporations.
Loans to joint stock land banks
3
133,969,740,300.00 1 480,436,600. 00
Farm mortgage relief.—..
110,023. 55
2,294,738.91
Farm Credit Administration
Commodity Credit Corporation
Capital stock of home loan banks
42,950,000.00
Federal Surplus Relief Corporation
Capital stock of Home Owners' Loan
.Corporation
1.000,000.00
31,000,000.00
Tennessee Valley Authority.-19,000,000.00
Federal land banks:
5,600,000.00
Subscriptions to paid-in surplus
44, 400,000. 00
Payment for reduction of interest rates on
mortgages-:
7,050,000.00'
7,950,000.00
Federal Savings and Loan Associations (subscriptions to preferred shares)
50,000.000.00
Federal Deposit Insurance Corporation (subscriptions to stock)
--150,000,000.00
Total emergency " i*
--.
723, 286, 600.00
1, 277,038,167.73 , 357,486,700.00
Total general and emergency expenditures is..
6,142,963,626. 61 9,891,178,467.00 4,486,562,500.00
Excess of expenditures over receipts i*..
3,063, 266,884.85 16, 631, 239,711.00
611,897,021.00
Summary
3,063, 256, 884.85 , 631, 239, 711.00
E xcess of expenditures
461,604, 800.00 488,171, 500.00
Less public-debt retirementsExcess of expenditures (+) or excess of receipts (—)
(excluding public-debt retirements)
+2, 601, 662,084. 85 +6,143,068,211.001
Trust and contributed funds,le excess of receipts(—)
or expenditures (+)
+5, 009, 988. 73 -1,565,822.00
Total excess of expenditures (+) or excess of
receipts (—) (excluding public debt retirements)
+2, 606, 662, 073. 58 +6,141,502,389.00
Increase (+) or decrease (—) in General Fund bal+446,008,042.44
-205, 221.00
ance
Increase (+) or decrease (—) in the public debt... +3,051, 670,116. 02 +6,141,297,168.00
Public debt at beginning of year
Public debt at end of year..
511,897,021.00
526,763,800.00
-13,866,779.00
-1,610,929.00
-15,477,708.00
-16,477,708.00
19,487, 002,444.13 22,538,672,660.00 28,679,969,728.00
22, 538,672, 660.15 28,679,969,728.00 28,664,492,020.00
TRUST A N D CONTRIBUTED FUNDS i
Receipts
Expenditures.
158,659,438.80
163,669,427. 53
155,848,063.00
154, 282,241.00
154,137,079.00
152, 626,150.00
11 See footnote on.p. 20.
1 The estimates of expenditures of the Reconstruction Finance Corporation are contingent on the enact3
ment of legislation extending the Corporation's authority to incur obligations to June 30, 1934. If the authority is not extended, the estimated expenditures for 1934 will be reduced by $903,000,000, and the net
repayments for 1935 will be reduced by $74,000,000.
1* Of the emergency expenditures made up to and including the fiscal year 1935, it is roughly estimated
that $2,500,000,000.00 represents loans that will be repaid to the Government during the fiscal year 1936
and subsequent years, which repayments will be available for reduction of the public debt.
1 Total expenditures and excess of expenditures for the fiscal year 1933 include expenditures made by
5
the Reconstruction Finance Corporation, whereas total expenditures in previously published statements
for 1933 did not include Reconstruction Finance Corporation expenditures.
i^The classification of receipts and expenditures on account of contributed funds prior to the fiscal year
1934 is not available. Such receipts and expenditures were classified as special funds and are included in
the receipts and general expenditures under General and Special Funds for the fiscal year 1933.
22
REPORT OF THE SECRETARY OF THE TREASURY
Total receipts (exclusive of trust fund items) are estimated at
$3,259,900,000 for the fiscal year 1934, and at $3,974,700,000 for
1935. The uncertainties affecting the estimates of revenues are particularly important under present unusual economic conditions.
Estimated receipts from internal revenue and customs for 1934
include the following amounts not covered in the estimates presented
to Congress last December: $150,500,000 for taxes levied by the
act of March 22, 1933 (chiefly the tax on beer); $403,000,000 for
processing and floor-stock taxes levied by the Secretary of Agriculture
under the authority of the act of May 12, 1933; about $153,700,000
for taxes levied by the National Industrial Recovery Act, exclusive
of certain changes in the income tax; and $174,400,000 for additional
receipts from existing internal revenue taxes and customs duties on
distilled spirits and fermented liquors as a result of the repeal of the
eighteenth amendment to the Constitution. Estimated internal
revenue receipts also take account of the effect of the repeal of the
eighteenth amendment on taxes imposed by the National Industrial
Recovery Act.^
The estimates of receipts from processing and floor-stock taxes
were prepared by the Department of Agriculture. These and related
taxes which the Secretary of Agriculture is authorized to levy under
the agricultural adjustment title of the act of May 12, 1933, are intended to provide funds for benefit payments and other purposes of
that title. The estimates of receipts are based on processing tax
rates adopted, or definitely anticipated. Only minor amounts are
included for compensating taxes since only a small number of these
(other than compensating import taxes) have been levied.
ElMERGENCY BANKING AND IMONETARY IMEASURES
The banldng emergency which became acute in the opening months
of 1933 marked the commencement of a number of banking and monetary developments of major importance.^
Banking
By March 4, banks in almost all States were either closed or operating
under restrictions. On March 6, 1933, the President proclaimed a
1 The tax on gasoline will be reduced from 1 ^ cents to 1 cent per gallon in respect of sales on and after
Jan. 1, 1934, and the tax of 5 percent on dividends will be terminated in respect of dividends declared
on and after Jan. 1, 1934. Under provisions governing the repeal ofthe capital stock tax, collections
will continue into the fiscal year 1935. The tax provisions of the National Industrial Recovery Act are
included as exhibit 25 on page 204 of this report.
2 Related legislation, proclamations, and Executive orders are presented as exhibits 21 to 24 on pp. 187 to
203 of this report.
REPORT OF THE SECRETARY OF THE TREASURY
23
bank holiday to extend from that date to March 9, inclusive, for all
banldng institutions and branches located in the United States,
territories, and insular possessions. All banldng transactions were
suspended, except those authorized b}^ regulations issued by the
Secretary of the Treasury with the approval of the President. The
holiday was subsequently continued until further proclamation by
the President.
As expeditiously as possible regulations were issued by the Secretary of the Treasury permitting banks to perform certain essential
functions such as maldng change, cashing checks drawn on the Treasurer of the United States, and carrying on transactions necessaiy to
meet the needs of the community for food, relief of distress, and payment of salaries and wages. Banks were permitted to create special
accounts for the segregation and repayment of new deposits, and
Federal Reserve banks were authorized to open special accounts for
these deposits not only for member banks but temporarily for nonmember banks. The reserve banks also were permitted to conduct
certain operations as fiscal agents of the United States and to make
available to member banks such limited amounts of coin and currency
(other than gold or gold certificates) and such credit accommodations
as were necessary to enable the member banks to exercise the restricted
functions permitted by regulation.
On March 9, the President asked the Congress, called in extra
session, for the immediate enactment of legislation to clarify and
augment the authority of the President in a period of national emergency and to promote the reestablishment of banldng facilities.
Legislation was enacted on the same day granting to the President the
powers requested.
One of the important features of the act is the provision that,
whenever necessary to conserve the assets of any national bank, or of
any bank or trust company located in the District of Columbia, the
Comptroller of the Currency may appoint a conservator with powers
of a receiver to take control of the bank and hold its assets intact until
such time as the Comptroller deems it advisable to reopen the bank
under the control of its officers and directors or to place it in the hands
of a receiver. If funds are needed for organization or reorganization,
the Reconstruction Finance Corporation is authorized to purchase, or
loan on the security of, the preferred stock of national banks. State
banks, and trust companies.
The act amended the Federal Reserve Act in several respects. It
broadened the authority of the Federal Reserve banks for issuing
currency, modified the provisions pertaining to reserve bank loans to
member banks in exigent circumstances on their time and demand
notes, and authorized the reserve banks to make advances to individuals, partnerships, or corporations on their promissory notes
secured by United States obligations.
24
REPORT OF THE SECRETARY OF THE TREASURY
On March 9, after passage of the banldng act, the President issued
a proclamation continuiag the bank holiday until further proclamation. The following day he issued an Executive order authorizing the
Secretary of the Treasury to permit any member bank of the Federal
Reserve System and any other banldng institution organized under
the laws of the United States to perform any or all of their usual banking functions, except for the prohibitions against gold payments and
gold exports and against currency withdrawals for hoarding. Member banks desiring to reopen were to apply for licenses to the Secretary
of the Treasury through the Federal Reserve banks. In view of the
fact that neither the Treasury nor the Federal Reserve authorities
had sufficient information upon which to consider applications for
reopening by State nonmember banks, the President authorized the
appropriate State authorities having immediate supervision of these
banks to permit them to reopen. The State authorities were requested
to cooperate with the Treasury in endeavoring to reopen only sound
banks.
Under a schedule announced by the President on March 11, licensed
banks located in Federal Reserve cities were authorized to resume
operations on March 13; those in cities having an active, recognized
clearing house association, on March 14; and those located elsewhere,
on March 15. This progressive plan, which contemplated further
reopenings on subsequent days, afforded time for shipments of currency from reserve bank centers.
By March 15, the third day of the scheduled reopenings, 5,077
member banks were licensed to resume operations on an unrestricted
basis. The deposits of these licensed member banks (as of Dec. 31,
1932) aggregated about $25,500,000,000, or nearly 90 percent of
the deposits of all member banks.
The number of nonmember banks (exclusive of mutual savings
banks) authorized, by March 22, to resume operations on an unrestricted basis was about 6,800. By April 12, the first date for which
figures were compiled showing the deposits (as of Dec. 31, 1932) of
such banks, 7,392 nonmember banks (exclusive of mutual savings
banks) with deposits of about $5,000,000,000—representing about 79
percent of the deposits of all such banks—^were authorized to conduct
normal banking operations.
The Reconstruction Finance Corporation has continued to make
advances to banks under the original provisions of the Reconstruction
Finance Corporation Act and, under the Emergency Banldng Act, it
has assisted in strengthening the capital position of banks by purchases of preferred stock and capital notes and debentures and by
advances collateraled by preferred stock.
A Federal Deposit Insurance Corporation was created by the
Banking Act of 1933 to purchase, hold, and liquidate the assets of
REPORT OF THE SECRETARY OF THE TREASURY
25
closed banks in the Federal Reserve System and to provide on January
1, 1934, a temporary deposit insurance fund, and by July 1, 1934, a
permanent deposit insurance fund. All member banks in the Federal
Reserve System will automatically participate in the plan and all other
banks may participate if found eligible upon examination.
Currency
New currency legislation had already been enacted early in 1932.
Section 3 of the so-called Glass-Steagall amendment to the Federal
Reserve Act, approved February 27, 1932, authorizes the use of
United States obligations as collateral for Federal Reserve notes
until March 3, 1933 (subsequently extended to March 3, 1934).
Furthermore, Section 29 of the Federal Home Loan Bank Act,
approved July 2, 1932, extended the circulation privilege for a period
of 3 years to all United States bonds bearing interest not in excess of
3% percent per annum, thus increasing the coUateral available for
the issuance of national bank notes.
The Emergency Banking Act of March 9 further broadened the
authority of the Federal Reserve banks to issue currency by an
amendment to Section 18 of the Federal Reserve Act which authorized,
during the emergency, the issuance of circulating notes of Federal
Reserve banks, commonly termed Federal Reserve bank notes,
{a) against the security of any direct obligations of the United States,
or (6) against the security of (and up to 90 percent of the estimated
value of) any notes, drafts, exchanges, or bankers' acceptances
acquired under the Federal Reserve Act. Prompt measures were
taken to prepare a supply of this currency adequate to meet the then
existing emergency.
Section 45 of title I I I of the Agricultural Adjustment Act, approved
May 12, 1933, authorized the President for a period of 6 months to
accept silver, at a price not to exceed 50 cents an ounce, from foreign
governments in payment of principal or interest due on account of
indebtedness to the United States. The law requires the issuance of
silver certificates against any silver so received to the total number of
dollars to which such silver was accepted from foreign governments
in payment of debts.^
The above title also gave broad authority to the President, upon
determination of the existence of certain conditions, to require the
Secretary of the Treasury to enter into agreements with the Federal
Reserve banks and the Federal Reserve Board for the purchase of
additional United States obligations in an aggregate sum of
$3,000,000,000 and, under certain conditions and limitations, to
require the issuance of United States notes—not to exceed
1 Transactions under this authority are described on p. 27 of this report.
26
REPORT OF THE SECRETARY OF THE TREASURY
$3,000,000,000 to be outstanding at any one time—for the purpose
of meeting maturing Federal obligations and of purchasing interestbearing obligations of the United States. The President is also
given authority under limitations provided in this title to take action
with regard to the content and coinage of the gold and of the silver
dollar. The title as amended on June 5 also gives all monetary
issues of the United States the same legal tender status, providing
that—
all coins and currencies of the United States (including Federal. Reserve notes
and circulating notes of Federal Reserve banks and national banking associations) heretofore or hereafter coined or issued, shall be legal tender for all debts,
public and private, public charges, taxes, duties, and dues, except that gold
coins, when below the standard weight and limit of tolerance provided by law
for the single piece, shall be legal tender only at valuation in proportion to their
actual weight.
Gold and foreign exchange
The President's proclamation declaring the bank holiday prohibited
the paying out, exporting, or earmarking of gold or silver coin or
bullion, or currency, or dealing in foreign exchange during the banking
holiday.
By the Executive order of March 10, issued under authority specifically confirmed in the emergency act of March 9, foreign exchange
operations were limited to normal requirements, and prohibitions on
gold payments by the banks and on the export of gold or gold certificates except under license or regulation by the Secretary of the
Treasury were continued in force. Gold continued to be available,
however, for use in industry and the arts.
On April 5, 1933, an Executive order was promulgated which
required all hoarders to deliver their gold to the Federal Reserve
banks. This order permitted the holding and acquisition of gold for
industrial use and for proper transactions not involving hoarding.
On April 20 an order was promulgated which prohibited the export
of gold and gold certificates except under license issued by the Secretary of the Treasury.^
A joint resolution was passed by the Congress and approved by the
President on June 5, 1933, declaring the inclusion, in dollar obligations, of provisions for payment in gold, or a particular kind of coin
or currency, to be against public pohcy and forbidding the inclusion
of any such provision in any obligations thereafter incurred. The
resolution further provides that every dollar obligation (except currency) theretofore or thereafter incurred, whether or not any such
provision was contained therein, should be discharged upon payment,
dollar for dollar, in any coin or currency which at the time of payment is legal tender for public and private debts.
1 These Executive orders were consolidated and to some extent modified by an order dated August 28,
1933. These and subsequent orders appear in exhibit 24, page 194 of this report.
REPORT OF THE SECRETARY OF THE TREASURY
27
OBLIGATIONS OF FOREIGN G0VERN3MENTS
During the fiscal year 1933 the United States received payments
aggregating $98,757,726.20 on account of the indebtedness of foreign
governments, of wliich $31,567,518.98 was for account of principal
and $67,190,207.22 was for account of interest. Since the close of
the fiscal year the Treasury has received payments aggregating
$11,368,688.25, representing largely silver payments on account of
amounts due June 15, 1933.
Under authority of section 45 of title III of the Agricultural Adjustment Act, approved May 12, 1933, the President was authorized for
a period of 6 months from that date to accept silver in payment of
the whole or any part of the princip.al or interest due within the 6
months' period from any foreign government on account of its indebtedness to the United States, such silver to be accepted at not to
exceed a price of 50 cents an ounce, with a provision that the aggregate silver accepted could not exceed $200,000,000. In connection
with the payments offered by certain foreign governments on account
of amounts due on June 15, 1933, the President announced that he
would accept such payments in silver at a price of nbt to exceed 50
cents an ounce. The Governments of Great Britain, Czechoslovakia,
Finland, Italy, Lithuania, and Rumania took advantage of this offer.
The silver delivered to the United States on account of these
payments was assayed and refined at the United States Assay Office
in New York and the United States Mint at San Francisco, Calif.
As this required some time, the deposit of the amount of the payments
in the Treasury was delayed until the value of such silver could be
determined. The assaying and refining were not completed until after
the close of the fiscal year and the amount of the payments was not,
therefore, taken into the Treasury's accounts until the fiscal year 1934.
The Treasury received on this account 22,734,824.35 fine ounces ol
silver, which, at a price of 50 cents an ounce, was valued at $11,367,412.18 as shown by the following statement:
Silver payments received from foreign governments on account of amounts due
June 15, 1933
Country
Czechoslovakia
Finland
Italy
Fine ounces
Value at 50
cents an
ounce
$179,505. 25
359,010.49
296. 631.88
148,315.94
20,001,036.84 10,000,618.42
2,000,041.52
1,000,020.76
Country
Lithuania
Rumania
Fine ounces
19,980.70
58,122.92
Value at 50
cents an
ounce
$9,990.35
29,061.46
22, 734,824. 35 11,367,412.18
The balance of the payments on account of amounts due June 15,
1933, and received since the close of the fiscal year, aggregated
$1,276.07 and represents certain small cash adjustment payments,
28
REPORT OF THE SECRETARY OF THE TREASURY
$245.91 and $1,030.16, received from the estate of an American
citizen who bequeathed this amount to the United States to be
applied on account of the debt of Latvia to the United States.
Payments due July 1—December 31, 1932
The following statement shows payments due during the period
July 1 to December 31, 1932, and the amounts actually paid on
account by the various governments:
Amounts payable
A m o u n t s actually paid
Country
Principal
Austria..
Belgium
Czechoslovakia
Estonia
Finland
France
Great B r i t a i n . .
Greece...
Hungary
Italy
Latvia
Lithuania. . .
Poland-Rumania
..
Yugoslavia
Total-..-
Interest
Total
$2,125,000.00
$1,500,000
1 111, 000
68,000
30,000,000
1 357,000
12, 285
146,200
1 1, 357,000
33,441, 485
$2,125,000.00
1, 500,000.00 $1, 500,000
366,370.00
58.000
186,235.00
19, 261,432. 50
95, 550, 000. 00 30,000,000
574,920. 00
40, 729. 35
1, 245,437. 60
148,852.12
9,200
92,386. 01
4,427,980.00
245, 370. 65
128, 235. 00
19, 261, 432. 50
66, 550,000. 00
217,920. 00
28,444. 35
1, 245, 437. 50
102, 652.12
92, 386. 01
3,070,980.00
92, 067,867.48
Principal
125,609,342.48
31,567,200
Interest
Total
$1,500,000.00
$128,235.00
186. 236.00
65, 550,000. 00
66,376.00
95. 650,000. 00
66,376.00
1, 245, 437. 50
102, 652.12
92,386. 01
1, 245,437.50
111,862.12
92, 386.01
67,184,086.63
98,761,286.63
1 Principal payments were postponed under the provisions of the respective debt agreements: Estonia,
$90,000; Greece, $130,000; Latvia, $37,000; Poland, $1,125,000.
Payments due January 1-June 30, 1933
The following statement shows payments due during the period
January 1 to June 30, 1933, and the amounts actually paid on
account by the various governments:
A m o u n t s actually paid i
Amounts payable
Country
Principal
Austria .
Belgium
Czechoslovakia. _
Estonia
Finland
France
Great Britain
Greece
Hungary
ItalyLatvia
Lithuania
Poland
Rumania. „
Yugoslavia
Total..-
2 $287, 556
4, 200,000
Interest
$2,125,000.00
1,500.000
21,477,135
2 361,000
12,300,000
39, 705
286, 266.00
148,592.60
19, 261,432. 50
75,950,000.00
220,682.50
28.444. 35
1, 245.437.60
119.609.00
92,386.00
3,582,810.00
1,000, 000
275,000
41,440.396
103. 060. 659. 35
Total
Principal
Interest
Total
$287,656.00
6,325,000.00
1.500,000.00 $179,914.17
286,265.00
148, 592. 60
40,738,567.50
75,950, 000. 00
581, 682. 50
28,444. 36
13,546,437. 50
119,609. 00
132,091.00
3, 682,810.00
1,000,000.00
276,000.00
144, 501,055. 35
179,914.17
$179.914.17
$148,592.50
148,592.50
10,000.618.42
10.000,518.42
1,000,020.76
6,000. 00
9,990.35
1,000,020.-76
6,000.00
9,990.35
8 29,061.46
29,061.46
11,194.183.49
11, 374,097. 66
1 Includes payments received after June 30, 1933, on account of amounts due June 15, 1933.
* Principal payments were postponed under the provisions of the respective debt agreements: Austria,
$287,566; Greece, $130,000.
« An advance payment of interest was made on June 15, 1933, on $1,000,000 for 1 year.
REPORT OF THE SECRETARY OF THE TREASURY
29
Press releases and the various notes exchanged between the Department of State and representatives of foreign governments regarding
the amounts due during the fiscal year will be found in exhibits 27 to
32 on pages 208 to 264 of this report.
A statement showing the principal of the funded and unfunded
indebtedness of foreign governments to the United States, the accrued
and unpaid interest thereon, and payments on account of principal
and interest as of November 15, 1933, will be found as table 44 on
page 376 of this report.
RECEIPTS FROM GERMANY
The United States received no payments during the fiscal year
from the Government of Germany on account of the costs of the
American army of occupation or the awards of the Mixed Claims
Commission, United States and Germany, except interest on payments postponed under the provisions of the debt agreement of
June 23, 1930.
Armycosts
Payments aggregating 25,300,000 reichsmarks, due during the
fiscal year on account of the costs of the army of occupation were
postponed under the provisions of the debt funding agreement of
June 23, 1930. In accordance with the provisions of the agreement,
such postponed payments bear interest at the rate of 3% percent
per annum. During the past year Germany paid the sum of 229,281.25 reichsmarks, or $54,764.31 on account of this interest.
There has been no change in the Army cost account as reported
on page 39 of last year's annual report.
' Mixed claims
Payments aggregating 40,800,000 reichmarks due during the fiscal
year from the Government of Germany on account of mixed claims
awards were postponed under the provisions of the debt agreement
of June 23, 1930. The amounts postponed bear interest at the rate
of 5 percent per annum, payable semiannually. The payments due
on account of interest in the aggregate sum of 2,550,000 reichsmarks,
or $606,950.90, were made by that Government on the due dates.
Information regarding the Treasury administration of alien and
mixed claims appears on pages 46 to 52 of this report.
BUREAU OF INTERNAL REVENUE
Administration of recent revenue legislation
A number of new and increased taxes, together with modifications
in the income tax, were effected by Congress during the fiscal year.
New administrjative problems were presented by some of these tax
30
REPORT OF THB SECRETARY OF THE TREASURY
measures, notably by certain sections of the National Industrial
Recovery Act and the Agricultural Adjustment Act.
No serious difficulties were encountered in administering the tax
features of the nonintoxicating liquor revenue act of March 22, 1933,
since aU special tax and administrative provisions of previously existing internal revenue laws in respect to fermented malt liquors and
wines became applicable upon passage of that act.
Section 212 of the National Industrial Recovery Act amended
titles IV and V of the Revenue Act of 1932 by extending for another
year, that is, until June 30, 1935, the manufacturers' excise and other
taxes imposed by these titles. By an amendment in the act of June
16, 1933 (Public No. 73), this extension of the effective date was
made to include the gasoline tax, increased from 1 cent to IK cents by
section 211(a) of the National Industrial Recovery Act.
As a result of complaints certain sections of the Revenue Act of
1932 relating to the manufacturers' excise taxes were amended by
the act approved June 16, 1933 (Public No. 73), to correct alleged
unwarranted discrimination against dealers in taxable articles.
Administration of processing taxes.—The Agricultural Adjustment
Act, approved May 12, 1933, authorizes the Secretary of Agriculture
to levy processing and related taxes. The Bureau of Internal Revenue
is charged, under section 19 (a) of the act, with the duty, under the
direction of the Secretary of the Treasury, of collecting these taxes.
Processing taxes are authorized to be levied on the first domestic
processing of certain basic agricultural commodities, namely, wheat,
cotton, field corn, hogs, rice, tobacco, and milk and its products, to
become effective in each case on the first day of the marketing year
next following the date of the proclamation by the Secretary of
Agriculture that rental or benefit payments are to be made with respect to that commodity. The marketing year for each commodity
is ascertained and prescribed by regulations issued by the Secretary of
Agriculture, who also determines the rate of tax. In addition, compensating taxes are provided for on the first domestic processing of
those commodities found by the Secretary of Agriculture to be competing disadvantageously with any of the above-mentioned basic
commodities. These taxes are to be paid by the processors. Compensating taxes are also authorized with respect to imported articles
processed or manufactured wholly or in chief value from any commodity subject to the processing tax. The act also provides for
taxes on floor stocks of articles wliich, on the date that the processing
tax becomes effective with respect to a commodity, have already been
processed wholly or in chief value from that commodity and which
are on that date held for sale or disposition.
Estate tax and gift tax returns.—^Estate tax returns under provisions
of the Revenue Act of 1932 which impose an additional estate tax
31
REPORT OP THE SECRETARY OF THE TREASURY
are now being ffied, the first having become due during the month
of June 1933. Gift tax returns under that act became due on March
15, 1933, and 1,710 gift tax returns for the calendar year 1932 subsequent to June 6, 1932, have been filed.
Income tax administration
During the fiscal year revenue agents recommended the assessment
of additional taxes totahng $209,560,778, and overassessments of
$20,395,475, or a net amount of recommended additional taxes of
$189,165,303.
Summary of audit.—The work of the Bureau on income taxes is
summarized in the following table:
Summary of income iax audit during the fiscal years 1932 and 1933
Number
1932
1933
Returns closed b y Income Tax Unit—
Without mailing final notice of deficiency
,
After mailing final notice of deficiency, without appeal to Board of Tax
Appeals
Jeopardy assessment
i._,
2,442,855
2,099,196
15,679
2,122
12,793
1,695
Total...
Accounts and Collections Unit
-..-.
Decision of Board of Tax Appeals
Returns involved in appeals filed during year with Board of Tax Appeals i.
2,460,056
1,840,000
6,379
8,575
2,113,584
1,784,000
6,613
June 30
1932
Returns on hand:
For audit:
Income Tax Unit
AU other, procedure prior to audit incomplete
Awaiting action of taxpayer, after mailing final notice of deficiency..
Appeals pending before Board of Tax Appeals
254r'771
2,270,000
2,397
«29,529
June 30,
1933
325,734
3,113,000
2,836
«24, 678
1 Includes some returns for which final notices of deficiency were sent prior to this beginning of the year.
3 Represents taxable year returns, as distinguished from cases.
There were approximately 2,525,000 income tax returns in the
Bureau for audit at the beginning of the fiscal year 1933, of which
about 2,290,000 were returns for 1931, ffied in March 1932. The
returns ffied during^ the fiscal year, totaling approximately 4,811,000,
included for the most part calendar year returns for 1932 filed in
March 1933. During the fiscal year about 90.9 percent of the
previously unaudited returns for 1931 were closed as well as more than
a third of the returns ffled for 1932. With respect to a substantial
part of the balance of the 1932 returns the adininistrative procedure
prior to audit was incomplete on June 30, 1933.
The total number of returns in the Bureau for audit at the end of the
year was approximately 3,438,000. Of the total awaiting audit,
14820—33
i
32
REPORT OF THE SECRETARY OF THE TREASURY
approxiniately 3,205,000 were returns for 1932, 208,111 were returns
for 1931, and 25,412 were original or reopened returns for 1930 and
prior years. Other returns involvuig matters still in dispute on
June 30, 1933, and not included in the above figures include 2,836
returns awaiting action of the taxpayer after the sending of final
notice of deficiency and 24,578 returns involved in the appeals pending
before the Board of Tax Appeals.
Assessment of additional taxes.—During the fiscal year, $169,629,609
of additional taxes was made available for collection, as compared
with $218,521,219 in the fiscal year 1932. This amount includes
$168,150,762 of assessments and $1,478,847 of rejected abatement
and credit claims.
Assessments {excluding jeopardy) of additional taxes on incomes during the fiscal
year 1933
Procedure
Tax
Agreements in field (Mimeograph 3552)
Agreements without mailing final notices of
deficiency.-.
Agreements after mailing final notices of deficiency
Default after mailing final notices of deficiency-.
After final order of Board of Tax Appeals
--.
$19.668,614
$11,916
$1,680,600
$21,361,130
33,909,125
393,648
5,451.395
39, 754,168
8,773,691
22,663,531
49,909, 876
165,664
1, 242,824
199,263
2,003, 205
1,724,447
3.854,885
18,621,493
10.653,592
27, 761, 240
68, 630,632
31, 232,820
168,150,762
Total...-.J—.-
-
134,914,737
Penalty
Interest
Total
Additional taxes were assessed under the jeopardy provisions of
the several revenue acts in the amount of $109,895,997, including
penalties and interest, as compared with $50,973,392 so assessed in
the fiscal year 1932. The major part of these assessments is appealed
to the Board of Tax Appeals.
Office of the General Counsel.—The number of cases pending before
the Board of Tax Appeals and in the courts on appeals from Board
decisions was reduced during the year from 20,469, as of June 30,
1932, to 18,080, as of June 30, 1933. Cases filed with the Board
during the year totaled 5,997, and cases closed numbered 8,386.
Sixty-eight percent of the cases closed were closed by agreed settlement, 4,614 settlements having been negotiated by the Special
Advisory Committee and 1,113 by the office of the General Counsel.
There were 12,521 offers in compromise closed during the year as
follows: 1,870 insolvent compromises; 518 decedents' estates, assignments, etc.; 2 liquor cases; and 10,'l31 interest and delinquency
penalty compromises. Disposals of cases involving liability for
percentage penalties for fraud, negligence or delinquency totaled
1,254; and 2,079 jacketed cases involving interpretation of internal
revenue laws were disposed of during the year.
Overassessment cases disposed of totaled 1,195, including certificates allowing reductions in tax aggregating $145,959,642. Pubhc
REPORT OF THE SECRETARY OF THE TREASURY
33
decisions involving overassessments in excess of $20,000 were promulgated in 932 cases, and reports were submitted to the Joint Committee on Internal Revenue Taxation in 5S cases involving credits
and/or. refunds in excess of $75,000 each.
A more detailed description of the work of the Bureau will be found
on pages 102 to 119 of this report.
BUILDING ACTIVITIES OF THE TREASURY
The Public Building Act approved May 25, 1926, authorized a
preliminary expenditure of $177,404,818, and provided for a nationwide survey of the Government building requirements outside of the
District of Columbia. This survey was made by the Treasury and
Post Office Departments, and a report based thereon was submitted
to Congress early in 1927 with specific recommendations.
During the years 1928, 1929, and 1930 Congress increased by
$455,891,976 the authorized liinit of cost, maldng the total amount—
authorized but not entirely appropriated—$633,296,794 plus $69,000,()00. The latter amount represents the estimated proceeds of sales
of obsolete buildings.
Under the Emergency Relief and Construction Act approved July
21, 1932, an additional $100,000,000 was authorized and appropriated for public building projects to be selected by the Secretary of
the Treasury and the Postmaster General from projects listed in a
second report on Government buUding requirements made in 1931,
but not yet specifically authorized. Pursuant to this act, 410 additional projects, with limits of cost aggregating $85,865,900, were
specifically authorized; over 100 sites were purchased; and contracts
were made with outside architects for 110 of the buildings. No construction contracts, however, were awarded. Under the act of March
31, 1933, providing for the emergency conservation program of the
Government, any moneys previously appropriated for public works,
unless obligated in connection with projects on which actual construction had been commenced or niight be commenced within 90 days,
were allocated to the conservation program. I t was therefore necessary to transfer $92,875,200, the unobligated portion of the emergency relief public building appropriation, to the emergency conservation fund; and the awarding of contracts under the emergency relief
building program was consequently suspended pending later allocation of funds.
Status of the regular program
The total general authorizations under the several public building
acts covering the regular program reached a total of $702,296,794 by
June 30, 1933. The specific authorizations, exclusive of certain land
site appropriations in t>he District of Columbia, cover 817 projects
34
REPORT OF THE SECRETARY OF THE TREASURY
at a Umit of cost of $465,962,437. The specific appropriations for
land sites in the District of Columbia amount to $28,680,000, making
the total specific authorizations and appropriations for buildings and
land under the regular program $494,642,437. At the end of the
fiscal year 1933, 375 projects had been completed at a total limit of
cost of $131,490,822, and 360 projects were under contract in whole
or in part, amounting to $311,188,858. The remaining projects were
in various stages of preparation but not yet under contract for construction. Of the 375 projects completed to June 30, 1933, 169 were
completed during the fiscal year 1933.
Expenditures and outstanding contract obligations
Of the $494,642,437 specifically authorized as of June 30, 1933,
$426,654,140 in the aggregate had been obligated to that date.
Expenditures have been made under these obligations to the amount
of $330,065,673, including expenditures for the fiscal year 1933
amounting to $100,653,973. Expenditures in 1933 included $77,383,702 for the coimtry at large and $23,270,271 for the District of
Columbia.
Status of Treasury program under the Administrator of Public Works
In view of the consideration in Congress of the National Industrial
Recovery Act, proposing the consolidation of all public works under
a Public Works Administrator, the awarding of construction contracts under the regular public building program in the Treasury was
suspended in March 1933. With the passage of that act on June 16,
1933, new public building construction by the Treasury was made
subject to the approval of the Administrator of Public Works.
The status of public building work in the Office of the Supervising
Architect is set forth in detail in the section beginning on page 141 of
this report.
Transfer of office
The Executive order of June 10, 1933, provided for the transfer of
the Office of the Supervising Architect to the Division of Procurement ^ authorized under that order.
FEDERAL FARM LOAN BUREAU
The Federal Farm Loan Bureau, which had been a part of the
Treasury Department since passage of the Federal Farm Loan Act in
1916, was transferred to the Farm Credit Administration on May 27,
1933, in a general consolidation of agricultural credit agencies. The
Federal Farm Loan Board was abohshed by the same Executive
order, except for the office of Farm Loan Commissioner, the title of
» This division was established in the Treasury on October 10,1933, and the transfer took place on October
16,1933, under order of the Secretary of the Treasury.
REPORT OF THE SECRETARY OF THE TREASURY
35
which was changed to office of Land Bank Commissioner on June 16,
1933. The activities of the bureau and of the Land Bank Commissioner were affected in important respects by agricultural credit legislation enacted in the latter half of the fiscal year 1933.
Further information regarding the activities of the Bureau is presented on pages 92 to 95 of this report.
Federal land banks
The powers of the Federal land banks were greatly increased
under the Emergency Farm Mortgage Act of 1933, approved May
12, 1933. The banks were authorized to make loans direct to
farmers in communities where there were no national farm loan
associations or where existing associations were not functioning.
The maximum amount that might be loaned to one individual was
increased from $25,000 to $50,000. Interest rates on both new and
outstanding loans were reduced for a period of 5 years. Authority
was given to issue during the 2-year period beginning May 12, 1933,
a new type of bond, in an amount up to $2,000,000,000, the interest
on which wUl be fully and unconditionally guaranteed by the United
States.^ The banks were also authorized to acquire first farm mortgages, either through the payment of cash or in exchange for the
new bonds to be issued.
In addition to the new powers given to the Federal land banks, a
fund of $200,000,000 was made available to the Land Bank Commissioner for the purpose of making emergency loans to farmers.
Under this provision, loans may be made to any farmer, upon the
security of first or second mortgages upon real or personal property in
an amount not exceeding 75 percent of the normal value of the
property, to be used for refinancing any indebtedness, for providing
working capital for farm operations, or for enabling any farmer to
redeem or repurchase his farm property foreclosed subsequent to
June 30, 1931. These loans are administered by the Federal land
banks as agents of the Commissioner, but the notes and mortgages
evidencing the loans are not pledged as collateral for any issue of
bonds and form no part of the assets of the Federal land banks.
I t was necessary for the Federal land banks greatly to enlarge
their personnel to handle the heavy pressm^e of loan applications
resulting from this legislation. The number of land bank appraisers
was increased from 210 on April 1 to 464 on June 30, 1933.
The volume of loans closed during the last few months of the year
was substantially greater than in the same months of the preceding
year. During May and June the banks closed 1,921 loans for
$6,903,789, compared with 1,319 loans for $5,157,400 in the same
months of 1932. In addition, the Land Bank Commissioner during
1 All bonds issued during thefiscalyear were of the type originally authorized. New interest-guaranteed
bonds authorized by the act of May 12, on which the maximum rate of interest is 4 percent, were not issued
until August 24. In anticipation of the issuance of the new bonds the Federal land banks in July 1933
Digitized reduced the mortgage rate of interest on new loans through associations to 6 percent, and on direct loans to
for FRASER
5H percent.
36
REPORT OF THE SECRETARY OF THE TREASURY
May and June of 1933 closed 77 loans for $180,150. Exclusive of the
Commissioner's loans, the banks closed a total of 9,020 loans for
$32,738,700 during the fiscal year 1933, compared with 7,257 loans
for $27,445,700 during the preceduig year.
The legislation also authorized the appropriation of funds from the
Treasury for the purpose of reimbursing the banks for extensions,
deferment of pruicipal payments, and reduction of interest rates.
To provide for reimbursements of extensions and principal deferments,
the Secretary of the Treasury was authorized, with the approval of
the Land Bank Commissioner, to subscribe on behalf of the United
States to the paid-in surplus of the Federal land banks from a fund of
$50,000,000 authorized for the purpose. An appropriation of $15,000,000 was authorized to compensate the banks for the reduction of
interest rates during the fiscal year 1934, and such additional amounts
as may be necessary were authorized for subsequent years up to
June 30, 1938. As of June 30, 1933, no subscriptions to paid-in
surplus and no withdrawals on account of interest reductions had
been made.
During the year the banks retired $304,210 of the capital stock
owned by the Government. Of this amount $242,545 represented
subscriptions made during 1932. The balance, $61,665, represented
retirements of stock ui the Springfield and Berkeley banks originally
subscribed in 1917. On June 30, 1933, the total capital stock of the
Federal land banks owned by the Government was $124,871,729.25
or 66.2 percent of the entire capital stock of the banks.
Joint stock land banks
With regard to joint stock land banks, the Emergency Farm Mortgage Act provides that—
After the date of enactment of this act, no joint stock land bank shall issue
any tax-exempt bonds or make any farm loans except such as are necessary and
incidental to the refinancing of existing loans or bond issues or to the sale of any
real estate now owned or hereafter acquired by such bank.
Federal intermediate credit banks
The new legislation also included measures which eventually will
have an important effect upon the operations of the Federal intermediate credit banks. The Farm Credit Act of 1933, approved
June 16, 1933, provides for a system of production credit associations,
with authority to rediscount their notes with the intermediate credit
banks, thus providing for the establishment of short-term credit
facihties broadly paralleling those of the Federal land banks and
national farm loan associations for long-term mortgage credit.
The loans to and discounts for financing institutions by the Federal
intermediate credit banks during the fiscal year 1933 totaled $155,625,217.92, including renewals, compared with the total during the
37
REPORT OF THE SECRETARY OF THE TREASURY
preceding year of $126,518,039.90. In addition, loans made by the
Federal intermediate credit banks to cooperative marketing associations amounted to $39,107,239.25, comparing with a total of $128,308,196.47 in the year precediQg.
A gradual decrease in the rate of interest borne by successive
issues of debentures sold during the year enabled the banks to reduce
the rates charged on their loans and discounts. Debentures in the
amount of $108,185,000 were sold by the banks during 1933.
The authorized and paid-in capital of the twelve Federal intermediate credit banks is $60,000,000, equally distributed. Of the total
capital, all of which was subscribed by the Secretary of the Treasury
on behalf of the United States, $32,000,000 had been paid in at the
beginning of the fiscal year. During the year the remaining $28,000,000 was paid in as the Federal intermediate credit banks of
Houston and Spokane called for $2,000,000 each; and the Federal
intermediate credit banks of Springfield, Baltimore, Louisville, New
Orleans, St. Louis, St. Paul, Omaha, and Wichita, for $3,000,000 each.
BUREAU OF CUSTOMS
Under the Tariff Act of 1930, as supplemented by the Revenue
Act of 1932, customs receipts for the fiscal year 1933 amounted to
$251,000,000. This represented the smallest total for any year since
1919, and was $77,000,000, or 23 percent, less than for the fiscal
year 1932, despite the fact that about $11,000,000 was collected under
the provisions of the Revenue Act of 1932. This decrease in customs
receipts in 1933 was due to a reduction in the quantity of imports,
and to a general decline in values—partly as a result of the depreciation in foreign currencies.
An upward trend in receipts became apparent during the last
2 months of the fiscal year 1933.
The value of imports entered free of duty during the past year
was 64.3 percent of the total value of the imports for consumption,
as compared with 66.7 percent for 1932 and 69 percent for 1931.
The general trade situation and customs collections are summarized
by fiscal years in the following table:
Mer chandise exports and imports and customs collections, 1929 to 1933
[In millions of dollars]
Fiscal year
1929
1930
1931
1932
1933
-
Exports
-
.-
1 On basis of daily Treasury statements (unrevised).
5,373
4,694
3,083
1,948
. 1,440
Imports
4.292
3,849
2,432
1,730
1,168
Excess of
exports
over
Imports
1,082
845
651
218
. 272
Customs
receipts i
602
587
378
328
251
38
REPORT OF THE SECRETARY OF THE TREASURY
The value of imports in 1933 amounted to approximately $1,168,000,000, or 32 percent less than in 1932. Practically all classes of
general imports participated in the decline in value. The largest
proportionate decreases occurred in crude materials and finished manufactures. These two classes showed decreases of 40 percent, whereas
imports of semimanufactures decreased 34 percent, and of crude and
manufactured foodstuffs 19 and 13 percent, respectively.
The following table shows the decreases in value of dutiable imports
between 1932 and 1933 of six commodity imports, which together
have produced approximately 50 percent of the customs duties received during the past several years:
Value of imports of leading revenue-producing commodities during the fiscal years
1932 and 1933
[General imports; dollars in millions]
1932
Cane sugar
Tobacco, unmanufactured
Wool and mohair, unmanufactured
Wool manufactures, including semimanufactures..
Cotton manufactures, including semimanufactures
Silk manufactures
Other dutiable commodities
Total dutiable imports
_.
1933
Decrease
56.5
31.9
1L4
18.8
34.2
12.5
418.5
37.4
20.7
4.0
1L4
24.4
5.1
321.6
Percent
34
35
66
39
29
59
23
683.1
424.6
27
The value of the imports of each of the above commodities declined to a greater extent than the total value of the combined
dutiable commodities imported, so that the proportion of the combined value of the imports of these six leading commodities to the
value of total dutiable imports declined from 28 percent in 1932 to
24 percent in 1933.
A more complete statement of the activities of the Bureau of
Customs is presented on pages 83 to 88 of this report.
NONFISCAL ACTIVITIES
Coast Guard
During the year the Coast Guard performed important services
along customary lines. Chief among its activities were those relating to the ice patrol of the trans-Atlantic steamship lanes in the
vicinity of the Grand Banks of Newfoundland; the patrol of the
coast—including aircraft patrol—^in aid of vessels and persons in
distress; the annual patrol of the North Pacific Ocean, Bering Sea,
and southeastern Alaska; the enforcement activities in connection
with customs, navigation, motorboat, and other United States laws,
and with rules and regulations governing the anchorage and movements of vessels at ports and other places; and the preservation of
life and property at sea and along the coasts.
39
REPORT OF THE SECRETARY OF THE TREASURY
Conditions were unusual during the ice observation season, no
icebergs drifting far enough south to be a menace to North Atlantic
lane routes, and ice observation service was discontinued June 26,
1933. In pursuance of the recommendation of the Interdepartmental Board on International Service of Ice Observation and Ice
Patrol, a northern oceanographic cruise was made between June 26
and July 27, 1933, to observe ice conditions, ocean currents, bathymetry, and upper air currents in the Davis Strait area between
Greenland and Labrador. The unusually ice-free situation prevailing during the season made this cruise of especial value in connection with the studies undertaken by the International Service in
furtherance of its knowledge of conditions bearing upon the ice
menace in the North Atlantic Ocean.
The following is a summary of the principal operations of the
Coast Guard which are susceptible of statistical presentation:
1932
Lives saved or persons rescued from peril...
Persons on board vessels assisted
Persons in distress cared for.
_
Vessels boarded and papers examined.
Vessels seized or reported for violations of law
Fines and penalties incurred by vessels reported
Regattas and marine parades patrolled
Instances of lives saved and vessels assisted
Instances of miscellaneous assistance
Derelicts and other obstructions to navigation removed or destroyed
Value of derelicts recovered
Value of vessels assisted (including cargoes)
Persons examined for certificates as lifeboat men
Increase (+)
or decrease (—)
1933
123
165
6.393
7,346
7,176
7,476
+1,278
+2,869
-64
-19,237
-809
-$56,198
+32
+783
+130
300
-71
5,214
30,847
6,492
33,716 1
659
596
102,268
2, 358
$300,756
83,031
1,649
$244,668
371
$45,780
$39,177,247
6,120
+$9,785
$65, 565
$40,516, 220 +$1,338,973
- 2 , 292
3,828
Numerous activities of the Service having to do with the development of increased efficiency and effectiveness of personnel and
equipment were carried forward during the year.
A more detailed account of these and other operations of the
Coast Guard will be found on pages 74 to 80 of this report.
Public Health Service
The Public Health Service continued its highly important work
which has to do mainly with the study, prevention, and cure of
disease. During the year it continued its cooperation with State
and local health authorities in the prevention of the interstate spread
of disease and in demonstrations of rural sanitation.
Research activities were directed to such major problems as those
concerning cancer, heart disease, leprosy, spotted fever, pellagra,
plague, psittacosis, and venereal diseases, j Important studies of
health conditions in certain industries and among the unemployed
were made. Mental hygiene activities were continued, including
supervision of medical, psychiatric, and technical services for the
40-
REPORT. OF THE SECRETARY OF THE TREASURY
Federal prisons under the control of the Department of Justice, and
studies dealing with the medical and scientific needs of the country
for narcotic drugs, and with the medico-social problems of drug
addiction.
Work was continued in the prevention of the introduction of
communicable disease from foreign areas, and improvements were
developed in methods and control of fumigation.
The draft of the International Sanitary Convention for Air Navigation was adopted by the Permanent Committee of the International Office of Pubhc Hygiene in Paris at its session in April and
May 1932. The Government of the United States has signified its
willingness to sign the convention with certain reservations, and
many of the 12 countries already signatory to the-convention have
informally indicated acquiescence to the reservations of the United
States.
The activities of the Public Health Service are more fully presented
on pages 132 to 139 of this report.
Bureau of Narcotics
The pplicy of the Bureau of Narcotics in directing its main activities against major narcotic law violators, and toward the elimination
of the sources of illicit narcotic drugs and the channels of their distribution has resulted in the suppression of illicit narcotic traffic to such
an extent that the available quantity of illicit drugs was probably
less during the fiscal year 1933 than at any time since 1915, when the
Harrison narcotic law went into effect. Progress in the control of
the narcotic traffic has been due in no small part to cooperation
with other governments under an arrangement for the direct international exchange of information relating to illicit narcotic shipments
between countries and to cooperation with the Bureau of Customs
in confiscating Ulicit shipments to this country.
The uniform State narcotic law, drafted with the cooperation of
the Bureau of Narcotics, was approved by the Conference of Commissioners on Uniform State Laws and by the American Bar Association
in October 1932. To date Florida, Nevada, New Jersey, ''and New
York have adopted the law with little or no amendment.
The Convention for Limiting the Manufacture and Regulating the
Distribution of Narcotic Drugs, first ratified by the United States on
March 31, 1932, was ratified or acceded to by 38 other governments
and went into effect July 9, 1933. An outstanding feature of this
convention is an agreement to limit the manufacture of habit-forming
derivatives of opium and coca leaves to a quantity sufficient for the
world's medical and scientific needs.
A fuller account of the activities of the Bureau will be found on
pages 123 and 124 of this report.
REPORT OF THE SECRETARY OF THE TREASURY
41
Bureau of Industrial Alcohol
The Bureau of Industrial Alcohol supervises the lawful production
and distribution of alcohol and alcoholic liquors. The administration
of the statutes entails supervision of the operations of the largest
chemical and drug manufacturers, as weU as of the use of alcohol and
medicinal liquors by physicians, hospitals, schools, and laboratories,
and of wines for sacramental purposes.
On June 30,1933, there were 196,666 permits in force for the various
uses of alcohol and other liquors, including 357 perinits issued under
the act of March 22, 1933, authorizing the manufacture and sale of
beer, wine, and fruit juice contauiing not more than 3.2 percent of
alcohol by weight.
The provisions of the National Prohibition Act relating to the
prescribing of medicinal liquors were liberalized by the act of March
31, 1933. This law reinoved the limitation on the number of liquor
prescriptions physicians were permitted to write; and.under this act
joint regulations were issued by the Secretary of the Treasury and
the Attorney General allowing physicians to prescribe sufficient
medicinal liquors to meet patients' needs for 30 days, or, upon notice
to the Supervisor of Permits, up to 90 days.
A more detailed account of the activities of the Bureau is presented
on pages 97 to 101 of this report.
Attention is invited to the attached reports of other bureaus and
divisions of the Treasury Department and to the exhibits and tables
accompanying the report on the finances.
W. H. WoODIN,
Secretary of the Treasury.
To the SPEAKER OF THE H O U S E OF REPRESENTATIVES.
ADMINISTRATIVE REPORTS
OF BUREAUS AND DIVISIONS
43
ADMINISTRATIVE REPORTS OF BUREAUS AND DIVISIONS
OFFICE OF THE COMMISSIONER OF ACCOUNTS AND DEPOSITS
Daily Statement of the United States Treasury
In the Daily Statement of the United States Treasury, the Treasury
Department makes available to the public daily information with
respect to the receipts and expenditures of the Government, the condition of the Treasury, and the public debt. Effective July 1, 1933,
several important changes were made in the form in which receipts
and expenditures are exhibited in the daily statements. The more
important changes involved the consohdation of transactions pertaining to the general fund and so-called special funds, heretofore
classified separately; the segregation of emergency expenditures from
the general expenditures of the Government; and the showing separately of certain major items of expenditures such as those for national defense. Veterans' Administration, public highway construction, and public building sites and construction. The new form of
statement also shows the gross public debt outstanding each day
and the important factors resulting in the daily changes therein.
A copy of the announcement of July 1, 1933, relating to the
uiauguration of the new form of statement, is printed as exhibit 38,
on page 268 of this report.
Treasury accounts
Under the act of September 2, 1789, creating the Treasury Department, and acts amendatory thereto, the official accounts relating to
the receipts, appropriations, and expenditures of the several executive
departments and establishments of the Government are maintained on
the books of the Treasury. Until recently the appropriation accounts
of the Department reflected only the appropriations provided by the
Congress for carrying on the several activities of the Government, and
the warrants issued by the Treasury against such appropriations on
requisitions of the several departments and establishments for the
advancement of money to disbursing officers and for the payment
of direct settlements of the accounting officers.
Under an Executive order issued by the President on July 27, 1933,
the Treasury's system of appropriation accounts was amplified so as
to show not only the warrants issued by the Treasury Department
for the purpose of advancing money to disbursing officers and for the
payment of claims settled by the accounting officers, but also the
monthly apportionments of appropriations approved by the Bureau
of the Budget pursuant to section 16 of the Executive order of June
10, 1933 (No. 6166), and the obligations incurred thereunder.
The purpose of the Executive order is to provide a centralized system of budgetary accounts through which more effective executive
control may be maintained over the obligation of public funds and
consequently over the cash withdrawals from the Treasury. In order
45
46
REPORT
OF THE SECRETARY OF THE TREASURY
that the books of the Treasury may reflect currently the status of
each appropriation and fund available for expenditure, the head of
each executive department, independent estabhshment, and governmental corporation operating on pubhc funds is required to furnish
the Treasury Department a weekly report of obligations incurred and
such other reports as the Secretary of the Treasury may from time to
time require. The order provides that the Secretary of the Treasury
shall furnish the Director of the Bureau of the Budget such reports
covering the status of appropriations and funds available for expenditure as the Director may require.
Executive Order No, 6226 of July 27, 1933, is printed as exhibit 39
on page 269 of this report.
Treasury administration of alien and mixed claims
The Settlement of War Claims Act of 1928 authorized the Secretary of the Treasury to make payments on account of (1) awards of
the Mixed Claims Commission, United States and Germany, for
claims of American nationals against the Government of Germany;
(2) awards of the War Claims Arbiter for claims of German, Austrian,
and Hungarian nationals against the Government of the United
States; and (3) awards of the Tripartite Claims Commission for
claims of American nationals against the Governments of Austria and
Hungary.
The'time within which claimants receiving awards from the Mixed
Claims Commission, United States and Germany, and the Tripartite
Claims Commission, United States, Austria and Hungary, could file
application, expired on March 10, 1933. Congress, however, by act
of June 12, 1933 (Public Res. No. 11, 73d Cong.) extended the time
within which such applications could be filed for a period of an additional year from March 10, 1933. A copy of the act will be found as
exhibit 34, page 266 of this report.
Mixed Claims Commission: Claims against Germany.—The payments made by the Treasury to American nationals during the past
year on account of awards of the Mixed Claims Commission, United
States and Germany, amounted to only $181,778. These payments
represented amounts due to claimants who have been prevented, for
one reason or another, from filing application sooner.
Up to October 1, 1933, the Treasury had made payments in the
aggregate amount of $134,650,258, on account of awards of the Mixed
Claims Commission, from which there has been deducted $673,252
representing one half of 1 percent authorized by the Settlement of
War Claim.s Act, maldng net payments to claimants of $133,977,006.
Of the deductions so made, $646,428 has been covered into the Treasury as miscellaneous receipts in accordance with the act as reimbursement to the United States for expenses incurred, and $26,824 has been
paid to "the German Government pr reserved for payments to that
Government in accordance with the agreement of December 31, 1928,
and the act of Congress approved June 21, 1930, for defraying such
expenses as were incurred by that Government in connection with the
adjudication of the late claims.
The following summary shows by classes, number, and amount of
aAvards certified to the Treasury by the Secretary of State, the amount
paid on account, and the balance due as of September 30, 1933:
Number and amount of awards of the Mixed Claims Commission, United States and Germany, certified to the Secretary of the Treasury hy the
Secretary of State; and the amount paid and halance due, hy classes, as of Sept. SO, 1933
Total
A w a r d s certified
1. A m o u n t d u e on a c c o u n t :
P r i n c i p a l of a w a r d s :
A g r e e m e n t of A u g . 10, 1922
A g r e e m e n t of D e c . 31, 1928
Number of
awards
Amount
Number of
awards
4,635 $156,313, 215. 34
3,693,716. 85
2,288
417 $3,475,187. 76
556,625. 00
115
T o t a l p a y a b l e t o J a n . 1, 1928
I n t e r e s t thereon t o d a t e of p a y m e n t or, if u n p a i d t o
Sept. 30, 1933, a t 5 p e r c e n t p e r a n n u m as specified in
t h e S e t t l e m e n t of W a r C l a i m s A c t of 1928
Total due claimants
2. P a y m e n t s m a d e on a c c o u n t u p t o S e p t . 30, 1933:
P r i n c i p a l of a w a r d s :
A g r e e m e n t of A u g . 10,1922
A g r e e m e n t of D e c . 31, 1928
I n t e r e s t t o J a n . 1, 1928, a t r a t e s specified ih a w a r d s :
A g r e e m e n t of A u g . 10, 1922
A g r e e m e n t of D e c . 31, 1928
I n t e r e s t a t 5 p e r c e n t p e r a n n u m from J a n . 1, 1928, on
total a m o u n t p a y a b l e as of J a n . 1,1928, t o d a t e of p a y m e n t as directed b y t h e S e t t l e m e n t of W a r C l a i m s A c t
of 1928.
.. .
3,816
2,167
A w a r d s of
$100,000 a n d
less
Numberof
awards
A w a r d s over
$100,000
Numberof
awards
' Amount
$14, 744,476. 01
2,445,657. 57
298
6
$96,058, 757.17
691,434. 28
4 $42, 034, 794.41
42, 034, 794. 41
17,190,133. 58
96,750.191.45
48,012. 50.
139, 214. 35
4,031,812.75
17,142,121.08
96,610,977.10
729, 832. 53
115, 976. 22
6, 680, 688. 30
970,683. 90
42, 961, 689. 72
322,105. 51
230,810, 006. 74
4,877, 621. 50
24, 793, 493. 28
139, 894, 772. 33
61, 244,119.63
37, 573, 931. 24
268,383, 937. 98
183, 226. 71
5, 060,848. 21
1,196,199. 60
25,989,692.88
18, 601, 502. 34
158,496, 274. 67
14, 670,805. 69
2,441, 508. 00
1102,865,944. 27
789, 280.11
6, 670, 500. 26
969,008. 80
(2)
w
17, 593,002. 59
78,837,122. 22
3,475,187. 76
555,425. 00
1^
19, 209, 325. 22
187, 226. 85
69,581,535.77
1,408, 765. 63
Ul
o
Kl
o
4,218 1121, Oil, 937. 71
2,259
3, 786, 213.11
7,400,332. 79
1,084,734. 99
417
114
729, 832. 53
115, 726.19
3,801
2,146
tel
•-3
>
Ul
(2)
182, 810.17
1, 367, 039. 48
1,184, 229. 31
103, 655, 224. 38
134, 650, 258. 08
T o t a l p a y m e n t t o S e p t . 30, 1933
25,936,052.06
5, 058, 981. 64
(2)
1 Includes payments on account of interest to Jan. 1,1928, on class I I I awards. Payments on this class of awards are first applied on account of the total amount payable as of Jan.
I,fl928, as directed by the Settlement of War Claims Act of 1928, until total of all payments on the 3 classes equals 80 percent of the amount payable Jan. 1,1928. Payment of accrued
• interest since Jan. 1, 1928, on this class of claims deferred in accordance with act.
2 See above note.
O
42,034, 794.41
4, 031, 812. 76
159,819,705.34
I n t e r e s t t o J a n . 1, 1928, a t rates specified in a w a r d s :
A g r e e m e n t of A u g . 10, 1922
A g r e e m e n t of D e c . 31,1928
Number of
awards
U.S. Government
o
160,006,932.19
Less a m o u n t s p a i d b y Alien P r o p e r t y C u s t o d i a n a n d
others
A w a r d s on
a c c o u n t of
death a n d
personal
injury
Class I I I
Class I I
Class I
Number a n d amount of awards of the Mixed Claims Commission, United States a n d Germany, certified to the Secretary of the Treasury hy the
Secretary of State; a n d the amount p a i d a n d balance due, by classes, as of Sept. 30, 1 9 3 3 — C o n t i n u e d
Classi
Total
A w a r d s certified
Number of
awards
Amount
Numberof
awards
Class I I I
Class I I
Awards on
a c c o u n t of
death and
personal
injury
Number of
awards
A w a r d s of
$100,000 a n d
less
Numberof
awards
A w a r d s over
$100,000
QO
U.S. Government
Numberof
awards
Amount
O
o
2. P a y m e n t s m a d e o n a c c o u n t u p t o Sept. 30, 1933—Con.
Less one half of 1 p e r c e n t d e d u c t i o n from each p a y m e n t :
A g r e e m e n t of A u g 10, 1922
A g r e e m e n t of D e c . 31, 1928
.
8 $646,428.40
4 26,823. 60
$21, 536. 63
3, 758. 24
$110, 561.65
19,118.87
$614,330.12
3,946. 39
N e t p a y m e n t s m a d e t o c l a i m a n t s u p ' to S e p t . 30,
1933
133, 977, 006.18
5, 033, 686. 77
25,806, 371. 54
103,136.947. 87
3. B a l a n c e d u e on a c c o u n t :
P r i n c i p a l of a w a r d s :
A g r e e m e n t of A u g . 10, 1922..
A g r e e m e n t of D e c . 31, 1928
I n t e r e s t t o J a n . 1, 1928, a t r a t e s specified i n a w a r d s :
A g r e e m e n t of A u g . 10, 1922
A g r e e m e n t of D e c . 31, 1928
Accrued interest a t 5 p e r c e n t p e r a n n u m from J a n . 1,
1928, o n t o t a l a m o u n t p a y a b l e as of J a n . 1, 1928, t o
S e p t . 30, 1933
w
Ul
o
317
29
97, 285, 065. 72
229.609. 25
1
1, 200. 00
15
22
25, 657.82
4,149. 57
298
6
36,015,288. 27
224, 259. 68
4 $61, 244,119. 63
>
10.188.04
1,925.13
250. 03
10,188.04
1, 675.10
36, 206,891. 76
416. 54
11, 970. 29
18, 601, 502. 34
17, 593, 002. 59
O
133, 733, 679. 90
1,866. 57
53, 640.82
54,841,050. 29
78,837,122. 22
w
3 This amount has been covered into the Treasury as miscellaneous receipts.
* Of this amount $24,150.09 has been paid to the Government of Germany. A further sum of $2,673.41 is payable in connection with the adjudication of late claims under the agreement of Dec. 31, 1928.
H
B a l a n c e d u e c l a i m a n t s as of Sept. 30, 1933..
>
Ul
REPORT OF THE SECRETARY 6f THE TREASURY
49
War Claims Arbiter.—^Under the Settlement of War Claims Act of
1928 it was the duty of the War Claims Arbiter, within certain limitations, to hear the claims of the German, Austrian, and Hungarian
nationals and to determine the fair compensation to be paid by the
United States for ships seized, patents sold or used by the United
States, and a radio station sold to the United States.
War Claims Arbiter: Claims oj German nationals.—No payments
were made during the past year to German nationals on account of
awards received by them from the War Claims Arbiter under authority of the Settlement of War Claims Act of 1928. These claimants
had received an aggregate of approximately 50 percent of the principal
of their awards up to the end of the fiscal year 1932 out of appropriations provided by Congress for that purpose. No further payments
can be made under the scheme of priorities specified in the act until
payments aggregating 80 percent of all of the awards entered by the
Mixed Claims Commission have been made, and all of the accrued
interest on the 5 percent participating certificates issued by the
Secretary of the Treasury under section 25 of the Trading with the
Enemy Act to the Alien Property Custodian, representing the investment of 20 percent of the amount of the German property retained
under the provisions of that act, has been paid. The balance due
to the American claimants under paragraph 5 of section 4 (c) of the
Settlement of War Claims Act is $2,000,000, or about 5K percent of
the unpaid principal still due. The accrued and unpaid interest due
the Alien Property Custodian on account of the participating certificates am.ounted on September 30, 1933, to $3,357,133.60.
The following summary statement shows the number and amount
of awards in favor of German nationals.certified to the Treasury for
payment by the War Claims Arbiter|and the payments made on account by the Treasury.
Number and amount of awards of the War Claims Arbiter on account of claims of
German nationals for ships, patents, and a radio station, and the amount paid and
balance due on each, as of Sept. 30, 1933
Total amount
(315 awards)
1. Amount due on account:
Principal of awards including interest to Jan.
1, 1929
Interest at 5 percent per annum from Jan. 1,
1929, on total amount payable as of that date or
on the principal amount remaining unpaid to
Sept. 30, 1933
.
'
Patents and
a radio station, amount
(288 awards)
$86, 738,320.83
$74, 252, 933.00
$12,485,387.83
Total payments to Sept. 30, 1933
3. Balance due on account:
Principal of awards
.
Interest accrued at 5 percent per annum from Jan.
1, 1929, on total amount payable as of that date
or on the principal amount remaining unpaid to
Sept. 30, 1933
. . - -. .
..
..
.
.
12, 677, 566.86
2,306, 640.16
86, 930, 498. 86
14, 792, 027.99
43, 368,211. 71
37,126, 205. 21
6, 242,006. 50
43,368,211.71
2. Payments made on account to Sept. 30, 1933:
Principal of awards
Interest at 5 percent per annum from Jan. 1, 1929,
on total amount payable as of that date or on the
principal amount remaining unpaid to Sept. 30,
1933 .
..
14, 984, 206. 02
101, 722, 526. 85
Total amount due
Balance due
Ships, amount
(27 awards)
37,126, 205. 21
6, 242,006. 50
43,370,109.12
37,126, 727. 79
6 243 381.33
14, 984,206.02
12,677,565.86
2,306,640.16
58,354,315.14
49.804,293. 65
8,550,021.49
50
REPORT OF THE SECRETARY OF THE TREASURY
War Claims Arbiter: Claims of Austrian and Hungarian nationals.—
As pointed out in last year's report, tbe War Claims Arbiter awarded
to Austrian nationals, as the value of 194 patents, the sum of $663,740,
together with $248,948 of interest at the rate of 5 percent per annum
from July 2, 1921, to December 31, 1928, or a total of $912,688. Up
to September 30, 1933, the Treasury has made payment on account of
132 awards in favor of Austrian nationals in the amount of $899,625,
together with interest since December 31, 1928, at the rate of 5 percent per annum, in the amount of $146,324. There are two awards
remaining unpaid amounting to $13,063.15, together with interest
at the rate of 5 percent from December 31, 1928, to September 30,
1933, in the amount of $3,099, or a total of $16,162.15 due Austrian
nationals as of this date.
The Arbiter also awarded to Hungarian nationals as the value of
30 patents $39,125, together with $14,675 of interest at the rate of 5
percent per annum from July 2, 1921, to December 31, 1928, or a total
of $53,800.
_
,
Under the provisions of the Settlement of War Claims Act of 1928,
the Secretary of the Treasury is prohibited from making any payments
on account of awards entered by the Arbiter in favor of Austrian or
Hungarian nationals until those Governments have deposited in the
Treasury a sufficient amount to make payments on account of the
awards entered by the Tripartite Claims Commission in favor of
American nationals against those Governments. The Austrian Government made its deposits to cover the claims entered by the Tripartite Claims Commission, and these claims have practically all
been paid. The Hungarian Government did not make any deposits
on this account untU September 15, 1933. The Treasury is now in
process of making payment on account of the awards of the War
Claims Arbiter in favor of Hungarian nationals.
German special deposit account.—The following statement shows the
total amounts deposited in the German special deposit account, the
amounts paid therefrom up to September 30, 1933, and the balance
held in the account:
Statement showing funds deposited in the German special deposit account and the
payments made therefrom up to Sept. 30, 1933
RECEIPTS
From investments by Alien Property Custodian under
Trading with the Enemy Act, as amended:
Unallocated interest fund (net)
20 percent German property retained
...i
^
•
From Germany:
2)4 percent of Dawes' annuities available for reparations
(Paris agreement of Jan. 14, 1925)
Under Germ an-American debt agreement, June 23, 1930
Interest on payments postponed under terms of debt
agreement dated June 23, 1930
$22,600,000.00
17,652,096.91
$40,052,096.91
32,183,060.87
19,469,964.00
728,004.78
52,381,029.65
Appropriation for ships, patents, and radio station
86.738.320.83
Expenses of administration. War Claims Arbiter, on account Germam nationals
-113,624.20
86,851,945.03
Earnings and profits on investments by Secretary of the
Treasury
_
Total receipts
4,180,947.03
—
$183,466,018.62
REPORT OF THE SECRETARY OF THE TREASURY
51
Statement showing funds deposited in the German special deposit account and the
payments made therefrom up to Sept. 30, 1933—Continued
PAYMENTS ON ACCOUNT
Awards of the Mixed Claims Commission:
Under agreement of Aug. 10, 1922
Under agreement of Dec. 31, 1928-
.-.
$128,639,080.04
5,337,926.14
$133^ 977^ 006.18
Awards of War Claims Arbiter:
For ships
For patents and one radio station
37,126,205.21
6,242,006.50
43,368,211.71
One half of 1 percent deducted from mixed claims payments covered into
Treasury...
One half of 1 percent deducted from mixed claims payments on account of
awards entered under agreement of Dec. 31,1928 (act of June 21,1930) and
paid to Germany ($2,673.41 withheld but not paid)
Advances to special fund, expenses of administration of the Settlement of
War Claims Act of 1928 (Office of the Secretary of the Treasury)
Expenses of administration, War Claims Arbiter, account of German nationals
$646,428.40
24,150.09
33,175. 00
113,624.20
$178,162, 695. 58
5,303,423.04
Balance in German special deposit account (including investments)
Made up as follows:
$4,447, 000 face amount 3 percent Treasury bonds of 1951-1955.
$750,000 face amount 334 percent Treasury notes, series A 1937
.,$13,500 face amount 3 percent Treasury notes, series B 1937
Cash balance...Total
Principal cost
4,425,098. 51
750,703.13
13,500.00
114,121.40
5,303,423.04
Tripartite Claims Cornmission: Claims against Austria.—A full
statement of the payments made to American nationals on account
of the awards entered by the Tripartite Claims Commission against
Austria was included in the annual reports for the fiscal years 1929
to 1932. No payments were made on the awards during the past
year. There is one award unpaid in the amount of $152.18.
Tripartite Claims Commission: Claims against Hungary.—Previous
Teports pointed out that the Treasury had received up, to the end of
the fiscal year 1932 from the Government of Hungary the sum of
$8,250 in partial satisfaction of the awards entered by the Tripartite
Claims Commission against Hungary, in favor of American nationals.
I t was also pointed out that Hungary had not been in a position to
deposit a sufficient amount in the Hungarian special deposit account
as required by the Settlement of War Claims Act, to pay these awards,
because of certain '^most-favored-nation" clauses contained in its
debt agreements with France and Italy. The United States consulted
these governments regarding the waiver of the ''most-favorednation" clauses. After extended correspondence, particularly with
the Government of France, it received from those governments
assurances that they would renounce the right to claim ''most-favorednation" treatment, in the case under consideration. About the time
that these governments agreed to renounce their rights, the financial
situation in Hungary became so acute that it was necessary to suspend
payments on Hungarian foreign debts and to put into effect strict
foreign exchange regulations so that that government could control
all foreign exchange transactions. The past year, however, has witnessed the consummation of the matter. Arrangements were made
between the Hungarian Government and the Liquidators of the
Austro-Hungarian National Bank whei'eby the latter turned over to
52
REPORT OF THE SECRETARY OF THE TREASURY
Hungary out of their funds held by the Alien Property Custodian,
the sum of $191,000, which Hungary paid to the Treasury for deposit
in the Hungarian special deposit account for the purpose of maldng
payment on account' of the awards entered by the Tripartite Claims
Commission against Hungary in favor of American nationals. This
deposit was only made on September 15, 1933. Regulations were
issued under date of September 12, 1933, and transmitted to the
claimants under date of September 14, 1933, together with forms of
application for payment. The Department is finally prepared to
make paj^ment on account of these awiards.
The following statement shows the amounts deposited in the
Hungarian special deposit account, the amoimts paid therefrom up to
September 30, 1933, and the balance remaining therein.
Statement. showing the funds deposited in the Hungarian special deposit account
and the payments made therefrom up to Sept. 30, 1933
RECEIPTS
:
From Hungarian Government
Interest earned on investments
$199,250.00
1,299.77
_
Total receipts
Payments on account of awards ofthe Tripartite Claims Commission
200, 549. 77
39,236.77
Cash balance
161,313.00
Railroad obligations
The total receipts during the fiscal year on account of railroad
securities amounted to $974,565.79 classified as follows:
Principal
Collections b y T r e a s u r y D e p a r t m e n t :
Sec. 210
Sec. 207
E q u i p m e n t t r u s t notes
Total
Collections b y Director General .
G r a n d total
.
Interest
Total
$443,633. 33
.
$508, 357. 82
12, 760. 00
6, 048. 00
$951,991.15
12,750.00
6,048.00
443, 633. 33
1, 000. 00
444, 633. 33
527,155.82
2, 776. 64
529, 932. 46
970, 789.16
3, 776. 64
974, 565. 79
The following statement shows the total amount of railroad obligations by classes originally held by the United States Government, the
amount held on June 30, 1933, and payments received on account
(exclusive of certain miscellaneous obligations held by the Director
General of RaUroads):
Railroad obligations held originally hy the United States Government, amount held
June SO, 1933, and total payments of principal and interest received {exclusive of
certain miscellaneous obligations held by the Director General of Railroads)
Principal a m o u n t
originally h e l d ,
Federal Control A c t :
E q u i p m e n t t r u s t notes
Sec. 7
Sec. 12
Transportation Act:
Sec. 207
Sec. 210
Total
.-
$346,556,750.00
98,401,756. 00
62,103,453.28
282,712,837. 36
290,800,667.00
- 1,080. 575,462. 64
Principal
a m o u n t held
on J u n e 30,
1933
$100,800.00
T o t a l p a y m e n t s received
Principal
Interest
$346, 455,950. 00
98, 401, 765. 00
62,103,453. 28
$45, 287,088. 93
23,100, 562. 27
4, 248,171. 96
277,4.93, 337. 36
257, 638, 709. 39
54, 321,998. 68
89,476,859.82
38,482, 257. 61 1,042,093, 205.03
216,434, 681. 66
5, 219,500.00
33,161, 957. 61
REPORT OF THE SECRETARY OF THE TREASURY
53
The Minneapolis & St. Louis Railroad Co. defaulted on the principal
of the equipment trust note due January 15, 1933, in the amount of
$33,600. A reduction was made in the obligations acquired under
section 210 of the Transportation Act, 1920, as amended, due to
payments amounting to $443,633.33, received on account of the
obligations of various carriers. For detailed statements of the
obligations held and payments made on account of principal, see
tables 38 and 39, pages 370 and 371.
Section 204-—There have been no transactions under section 204
since June 30, 1931. The total payments under this section have
amounted to $10,967,801.80.
Sections 209 and 212.-^lii the annual reports of 1925, 1926, and
1927, attention was called to. overpayments made to certain carriers
under sections 209 and 212 of the Transportation Act, 1920, as
amended, which were then in litigation. On November 7, 1932, the
Supreme Court of the United States affirmed a decision of the
District Court of the United States for the District of Minnesota to
the effect that the Great Northern Railway Co. was not obligated to
repay the United States the amount of $1,329,785.98 overpaid the
carrier. This decision eliminated the claims of the United States
against the Oregon Electric Railway Company, in the amount of
$25,741.83, and the Spokane, Portland and Seattle Railway Company, in the amount of $104,273.48, for overpayments under section
212. Claims against the Minneapolis & St. Louis Railroad Co. and
the Missouri North Arkansas Railroad Co. (receiver) in the amounts
of $292,022.23 and $41,375.46, respectively, are pending in the
Department of Justice.
As a result of the above decision of the Supreme Court, there was
refunded to the Chicago, Indianapolis & Louisville Railway Co. during
the fiscal year 1933 the sum of $223,066.62 growing out of a repayment
to the United States of an overpayment under sections 209 and 212.
Of this amount $198,484.95 represented principal and $24,581.67
represented interest. Due to this refund, the payments under sections 209 and 212 were increased to $531,954,530.66.
Section 210.—This section established a revolving fund of
$300,000,000 to be used for loans to raUroads under the conditions
set forth in a certificate of the Interstate Commerce Commission
authorizing each loan, and also for paying judgments, decrees, and
awards rendered against the Director General of Railroads. No new
loans are being made as the time for making application has expired.
The net expenditures by the Director General during the fiscal year
under this section, after deducting repayments, amounted to
$115,617.60, maldng net expenditures by him on this account of
$33,627,475.25 to June 30, 1933.
For a statement showing the principal amount of obligations held
as of June 30, 1932 and 1933, on account of loans made, see table 39,
page 371.
54
REPORT OF T H E SECRETARY OF THE TREASURY
The following statement shows the amounts of principal and
interest due from carriers in default as of June 30, 1933, on account of
their obligations for loans under this section:
Principal and interest due from carriers in default on J u n e 30, 1933, on account of
loans under sec. 210
Principal in
default
Name of carrier
Aransas Harbor Terminal Ry
Des Moines & Central Iowa R.R
Fort Dodge, Des Moines & Southern R.R. Co_.
Gainesville & Northwestern R.R. Co
Georgia & Florida Ry., receiver
--.
Minneapolis & St. Louis R.R. Co
--.
Missouri & North Arkansas Ry. Co
Salt Lake & Utah R.R. Co
Seaboard Air Line Ry. Co
Seaboard-Bay Line Co
-.
Virginia Blue Ridge Ry. Co----.
Virginia Southern R.R. Co
'
Waterloo, Cedar Falls & Northern Ry. Co
Wichita Northwestern Ry. Co.
Wilmington, Brunswick & Southern R.R. Co..
Interest in
default
Total
471,000.00
106, 000. 00
38,000. 00
600,000.00
381, 750. 00
90,000. 00
$2, 014. 71
$46,319.38
230, 200. 34 ~ 863,700.34
41, 168. 02
241,168. 02
44, 852. 53
119,852.53
166, 320. 00
166,320.00
791, 849. 73 2,173, 849.73
1,823, 255.19
1,823.255.19
444, 970.80
670, 570.80
2, 302, 201. 68 2,302,201. 68
113, 040.00
584,040. 00
44, 620. 00
150,520.00
16. 730.09
64,730.09
866. 691.96 1, 456, 691. 96
699.347. 50
217. 597. 60
106. 200.00
16, 200.00
4,147,154. 67
7. 111. 612. 55 11. 268,767. 22
$44,304.-67
633,600.00
200,000.00
75,000.00
0)
(0
, 382,000. 00
125, 600. 00
(0
TotaL.
1 Principal not yet due.
Securities owned by the United States Government
The aggregate amount of securities owned by the Government on
June 30, 1933, as compUed from the latest reports received, was
$14,776,524,896.68, as against $13,441,591,969.60 on June 30, 1932,
an increase of $1,334,932,927.08. A summary comparison of the
holdings at the end of the last two fiscal years is as follows:
Summary of securities owned hy the United States on J u n e 30, 1932 and 1933
Security
Foreign obligations:
Received under debt settlements.
All other
Total--—
Capital stock of war emergency corporations.
Reconstruction Finance Corporation..Railroad obligations
Capital stock of Panama Railroad
Capital stock of Inland Waterways Corporation..
Capital stock of Federal land banks:
Original act of July 17, 1916
Actof Jan. 23, 1932
Capital stock of Federal home loan banks,
act of July 22, 1932
Capital stock of Home Owners Loan Corporation, act of June 13, 1933
Capital stock of Federal intermediate credit
banks
Miscellaneous securities received by War and
Navy Departments, U.S. Shipping Board,
and Federal Farm Board
Total-
June 30, 1932
June 30, 1933
$11,094,105,696. 50 $11,064,038, 496. 50
683,211, 013.88
683, 210, 284. 67
11,777,316,710.38
49, 514, 345. 42
767, 735,208.55
38,925, 690. 94
7, 000. 000.00
Increase (+) or
decrease (—)
-$30,067,200.00
-729. 21
11, 747, 248,781.17
-30,067,929. 21
56,334, 508.04
+6,820.162. 62
2, 057, 959,236. 28 +1, 290. 224, 027. 73
38,482, 257. 61
1 -443,433. 33
7, 000, 000. 00
12, 000, 000. 00
12,000, 000.00
175,939. 25
125, 000.000. 00
114, 274. 25
124, 757. 455. 00
-61,665.00
-242, 646. 00
42, 970, 000. 00
+42,970,000. 00
1, 000, 000. 00
32, 000,000. 00
631, 924, 075. 06
13,441,691,969. 60
+1,000, 000.00
60, 000, 000. 00
+28,000,000.00
628, 658,384. 33
14, 776, 524,896. d
- 3 . 265. 690. 73
+1,334,932.927.08
1 A decrease of $443,633.33 on account of principal payments during the fiscal year 1933 was offset by a^
increase of $200 on account of an adjustment in conpectiop with the capital stock of the Kapsas, Oklahoma
<fc-Gulf Ry. Cp.
REPORT OF T H E SECRETARY OF T H E TREASURY
55
There was a net decrease during the year of $30,067,929.21 in the
principal amount of foreign obligations held by the United States.
This decrease was due principally to payments received from the
following governments: Finland, $58,000; Great Britain, $30,000,000;
and Latvia, $9,200.
There was a net increase of about $6,820,000 on account of the
capital stock of war emergency corporations due to the decrease of
cash balances held by those corporations in the Treasury, which cash
balances are offset against the capital stock of these corporations
owned by the United States.
Other increases comprise $1,290,224,000 representing net payments
against credits established on account of the purchase by the Secretary
of the Treasury of obligations of the Reconstruction Finance Corporation Act; $42,970,000 for capital stock of Federal home loan banks
and $1,000,000 for capital stock of the Home Owners' Loan Corporation; an increase of $28,000,000 in the capital stock of the Federal
intermediate credit banks; and a net decrease of about $3,265,000 in
miscellaneous securities.
A detailed statement of the securities held on June 30, 1933, will be
found as table 37, page 367.
Trust funds invested by the Treasury
Adjusted service certificate fund.—Investments for the account of the
adjusted service certificate fund, created by the act of May 19, 1924,
were made during the fiscal year 1933 in special issues of Treasury
obligations bearing interest at the rate of 4 percent per annum in
accordance with the procedure outlined on pages 118-120 of the
Annual Report of the Secretary of the Treasury for the fiscal year
1925.
Investments made during the year amounted to $229,900,000, of
which $100,000,000 represented funds appropriated by Congress under
the provisions of Public No. 228, approved June 30, 1932; $126,900,000
represented the principal proceeds of maturing notes reinvested; and
$3,000,000 was derived from interest on investments. During the
year $242,900,000 face amount of securities were redeemed on account
of the adjusted service certificate fund, the proceeds of which, together
with interest thereon, were credited to the fund.
A statement of the fund as of June 30, 1933, follows:
Adjusted service certificate fund, June 30, 1933
FUND ACCOUNT
Appropriations:
To June 30, 1932
Available July 1, 1932
$1,096,000,000.00
100,000,000.00
Interest on investments:
To June 30, 1932
J u l y l , 1932, to June 30, 1933.
$1,196,000,000. 00
97,800,348.47
6,577,165.31
103, 377, 513. 78
Total
----.Checks paid by Treasurer of the United States, less credits on account of repayments
of loans and interest thereon
Balance in fund June 30, 1933...—
-..
1,299,377,513.78
1,204,261,549.11
-...
95,115,964.67
Investments, 4 percent Treasury certificates of indebtedness
Unexpended balances:
To credit of disbursing officers of the Veterans' Administration with the Treasurer
of the United States
To credit of fund on books of the Division of Bookkeeping and Warrants
92,000,000.00
FUND ASSETS
Total fund assets June 30. 1933...
1
2,985,724.60
130,240.17
95,115.964.67
56
REPORT OF THE SECRETARY OF THE TREASURY
Civil service retirement and disability fund.—The civil service retirement and disability fund was created by the act of May 22, 1920.
During 1933 the Treasury continued to make investments for account
of the fund in special issues of Treasury notes bearing interest at the
rate of 4 percent per annum ui accordance with the procedure outlined in the Annual Report of the Secretary of the Treasury for the
fiscal year 1926.
Total credits to the fund during the fiscal year amounted to
$61,246,090.74, of which $30,493,792.21 was on account of deductions from basic compensation of employees and service credit payments, $9,752,298.53 represented interest on investments, $20,850,000
was appropriated by Congress to fulfill the current liability of the
United States Government in connection with the fund, and $150,000
was appropriated from the revenues of the District of Columbia to
cover its liability on account of the fund. The total earnings and
profits on uivestments to June 30, 1933, amounted to $49,230,630.28.
The foUowing statement shows the status of the fund as of June 30,
1933:
Civil service retirement and disability fund, June 30, 1933
Credits:
On account of deductions from basic compensation of employees and
service credit payments:
From Aug. 1, 1920, to June 30, 1932...
i $260, 266, 640. 37
July 1, 1932, to June 30, 1933
30,493,792. 21
Appropriations:
To June 30, 1932
• Available July 1, 1932
82,450.000.00
2 21,000,000.00
Interest and profits on investments:
From Aug. 1, 1920, to June 30, 1932
July 1, 1932, to June 30, 1933
.'
•.
39,478, 331. 75
9,752, 298. 53
$290, 760, 432. 58
103,450,000.00
49, 230, 630. 28
Total
.
443,441,062.86
Less checks paid by Treasurer of the United States on account of annuities and refunds,
Aug. 1, 1920, to June 30, 1933
193,064,217.27
Total
Assets:
Face amount
$22,695,050 4H percent fourth Liberty
, 35,800,000 4 percent special Treasury
. 32,400,000 4 percent special Treasury
64, 200,000 4 percent special Treasury
i 44,000,000 4 percent special Treasury
I 50,400,000 4 percent special Treasury
250,376,845.59
Loan bonds
notes payable
notes payable
notes payable
notes payable
notes payable
June
June
June
June
June
249,495,050
Unexpended balances June 30, 1933:
To credit of disbursing officers
On books of Division of Bookkeeping and Warrants
Total fund assets June 30, 1933
30, 1934
30, 1935
30, 1936
30, 1937
30, 1938
Principal cost
$22,399,454.01
35,800, 000. 00
32,400, C O 00
O.
64,200,000. 00
44, 000,000. 00
50,400,000.00
380, 320.88
797, 070. 70
249,199,454.01
1,177, 391. 58
250,376,845.59
1 Exclusive of $1,430,808.84 transferred to the Canal Zone retirement and disability fund pursuant to act
of May 2, 1931.
2 Includes $20,850,000 appropriated from the General Fund to cover the liability of the United States,
and $150,000 appropriated from the revenues of the District of Columbia to cover its liability in connection
with the financing of the fund.
Foreign service retirement and disability fund.—The foreign service
retirement and disability fund was established by section 18 of the
act of May 24, 1924 (43 Stat. 144), and is under the administrative
supervision of the Secretary of State, but under the act the Secretary
of the Treasury is directed to make investments from time to time of
such portion of the fund as in his judgment may not be immediately
required for authorized payments, the income derived from such
investments to be credited to the fund as a part thereof.
REPORT OF T H E SECRETARY OF THE TREASURY
57
Investments for account of the foreign service retirement and disability fund were made during the fiscal year 1933 in special issues
of Treasury notes in the face amount of $655,000, bearing interest at
the rate of 4 percent per annum in accordance with the procedure
outlined in the Annual Report of the Secretary of the Treasury io\
the fiscal year 1927. Redemptions during the year amounted to
$142,000 face amount, maldng the net investments $513,000.
Credits to the fund during the year aggregated $668,493.48, of
which $167,740.49 was on account of deductions from basic compensation of employees and service credit payments, $84,752.99
represented earnings on investments, and $416,000 was appropriated
by Congress to meet the current liability of the Government ih
connection with the fund.
The following statement shows the status of the fund as of June 30,
1933:
Foreign service retirement and disability fund, June 30, 1933
Credits:
On account of deductions from basic compensation and service credit
payments:
From May 24, 1924, to June 30, 1932
$1,287,061.63
J u l y l , 1932, to June 30, 1933....
167,740.49
Appropriations:
To June 30, 1932
Available July 1, 1932
860,000.00
416,000.00
Interest and profits on investments:
From May 24, 1924, to June 30, 1932.
July 1, 1932, to June 30, 1933
217,833.49
84,762.99
-
-
- -
$1,454,802.02
.1,276,000.00
302, 586. 48
Total
3,033,388.50
Less checks paid by Treasurer of the United States on account of annuities and refunds.
May 24, 1924, to June 30,1933
889,178.14.
Balance in fund June 30,1933
Assets:
Face amount
$454,000 4 percent
509, 000 4 percent
440,000 4 percent
654,000 4 percent
62,000 4 percent
special
special
special
special
special
Treasury
Treasury
Treasury
Treasury
Treasury
2,144,210. 36
notes due June
notes due June
notes due June
notes due June
notes due June
30, 1934
30, 1935...
30, 1936
30, 1937
30, 1938
2,119,000
.Unexpended balance June 30, 1933:
Treasurer of the United States, disbursing account
On books of Division of Bookkeeping and Warrants
Total fund assets June 30, 1933
Principal cost
$454,000.00
509,000. 00
440,000.00
654,000.00
62,000.00
24,675.79
534.57
^
2,119,000.00
25, 210.36
2,144,210.36
Canal Zone retirement and disability fund.—The Canal Zone retirement and disability fund was created by section 9 of the act of March
2, 1931 (46 Stat. L. 1477). I t is under the administrative supervision of the Administrator of Veterans' Affairs, but under section 10
of the act the Secretary of the Treasury is directed to make investments from time to time of such portions of the fund as in his judgment may not be immediately required for the payment of the
annuities, refunds, and allowances authorized by the act, the income
from such investments to be credited to the fund.
Investments for account of this fund in the face amount of $197,000
were made during the fiscal year 1933 in special issues of Treasury
. notes bearing interest at the rate of 4 percent per annum in accordance
with the procedure outlined on page 125 of the Annual Report of the
Secretary of the Treasury for the fiscal year 1931. Redemptions
during the year amounted to $4,000 face amount, maldng net invest
58
REPORT OF THE SECRETARY OF T H E TREASURY
ments of $193,000 for the year. Credits to the fund during the year
aggregated $560,930.88, of which $475,945.57 was on account of
deductions from basic compensation of employees and service credit
payments, and $84,985.31 represented earnings on investments.
The following statement shows the status of the fund as of June
30, 1933:
Canal Zone retirement and disability fund, June 30, 1933
Credits:
On account of deductions from basic compensation of employees subject to
retirement act:
From July 1, 1931, to June 30, 1932
$2,207,741.36
July 1, 1932, to June 30, 1933.
....:..
475,945. 57
.
Interest and profits on investments:
From July 1, 1931, to June 30, 1932
J u l y l , 1932, to June 30, 1933
66,385.89
84,985.31
$2, 683, 686. 93
151,371.20
Total
2,835,058.13
Less checks paid by Treasurer of the United States, on account of annuities and refunds,
J u l y l , 1931, to June 3 , 1933
j . . . 527,030.50
Balance in fund June'30, 1933
..,.
Assets:
Face amount
$1,994,000 4 percent special Treasury notes maturing June 30, 1936
179,000 4 percent special Treasury notes maturing June 30, 1937
84,000 4 percent special Treasury notes maturing June 30, 1938
2, 257,000
Unexpended balances June 30, 1933:
Treasurer ofthe United States, disbursing account.
On books of Division of Bookkeeping and Warrants
2,308,027.63
Principal cost
$1,994,000. 00
179,000.00
84,000.00
17,723.98
33,303. 65
Total fund assets June 30, 1933
2,257.000.00
51,027. 63
2,308,027.63
District of Columbia teachers^ retirement fund.—The act of January
15, 1920, as amended by the District of Columbia appropriation act of
June 5, 1920, vested the administration of this fund in the Commissioners of the District of Columbia, except that it was directed that
such funds shall be held and invested by the Treasurer of the United
States. A further amendment of June 11, 1926, created a reserve
fund, provided for annual appropriations to this end, and provided
that investments on account of such fund shall be held by the Treasurer of the United States separate from the investments on account of
contributions of teachers. During the fiscal year 1933, the Treasurer
purchased for account of the deductions fund (derived from deductions from teachers' compensation) $332,000 face amount of United
States bonds at a principal cost of $326,418.27, as follows:
Class of security
3%~percent Treasury bonds of 1946-56.
4K'percent Treasury bonds of 1947-52
ZH percent Treasury bonds of 1941-43
5 percent Federal land bank bonds...
Face
amount
Principal
cost
$48,000
32,000
87,000
165,000
$48,450.00
34,280.00
87,882.50
155,805. 77
332,000
326,418. 27
There were also purchased for account of the Government reserves
fund $223,000 face amount of United States bonds at a principal cost
of $221,348.76, as follows:
REPORT OF THE SECRETARY OF THE TREASURY
59
Principal
cost
Face
amount
Class of security
$16,000
167,000
40,000
$16,150. 00
167,'651. 56
37, 547. 20
223, 000
ZH percent Treasury bonds of 1946-56..
3 ^ percent Treasury bonds bf 1941-43.
5 percent Federal land bank bonds....
221,348. 76
The following statement shows the status of the combined funds
as of June 30, 1933:
District of Columbia teachers' retirement fund, June SO, 1933
Credits:
On account of deductions from basic compensation of teachers:
From Jan. 15, 1920, to June 30, 1932
July 1, 1932, to June 30, 1933
$3,110,676.49
292, 648. 28
:
$3,403,324. 77
Appropriations:
To June 30, 1932.._.
Available July 1,1933
2,269,940.91
400.000.00
. 2.669.940.91
Interest on investments:
• From Jan. 15, 1920, to June 30, 1932
July 1, 1932, to June 30, 1933
868.850.29
199,089. 04
Total
1,057.939.33
7.131,205.01
Less disbursements on account of annuities, refunds, etc., Jan. 15,1920, to June 30,1933.. 2,039,571.13
Balance in fund June 30, 1933
5,091,633.88
Assets:
DEDUCTIONS F U N D
Face amount
$26,850 i H percent first Liberty Loan converted bonds
794,750 i H percent fourth Liberty Loan bonds.
55,320 4 percent Federal land bank bonds
1,358,880 i H percent Federal land bank bonds
459,440 i}4 percent Federal land bank bonds
91,380 4 ^ percent Federal land bank bonds
166,000 5 percent Federal land bank bonds
182,000 41^ percent Philippine Island bonds
113.200 i H percent Treasury bonds of 1947-52
79. 000 4 percent Treasury bonds of 1944-54
87.000 3 ^ percent Treasury bonds of 1946-56
48.000 ZH percent Treasury bonds of 1943-47
142, 000 ZH percent Treasury bonds of 1941-43
3,603,820
_.
- . --
Principal cost
$27,529.64
763,896.90
54,660.95
1.313,830.89
467,020.91
.94,627.91
166,835.77
197,669.66
118,988. 00
79,366. 25 .
87,437.81
49,500. 00
137,667. 60 3. 549, 022. 09
G O V E R N M E N T R E S E R V E S FUND
$21,000 i H percent fourth Liberty Loan bonds
215,640 4 percent Federal land bank bonds..
819,600 41^ percent Federal land bank bonds.
100 i H percent Federal land bank bonds
40,000 5Dercent Federal land bank bonds
31,000 ZH percent Treasury bonds of 1946-56
199,000 3^i percent Treasury bonds of 1943^7
178,000 3H Treasury bonds of 1941-43
.---.
-.
:
i
$21,183.75
208,050.78
776,281.48
101.64
37,547.20
31,145. 31
204.701.25
177,606.56
1,504,340
Accrued interest paid in 1933 (on investment purchases), repayable in 1934
Unexpended balance June 30, 1933, on books bf Division of Bookkeeping and Warrants
Total fund assets June 30, 1933
$1,456.617.97^
5.005,640.06
592.88
85.400.94
- 6.091,633.88
Library of Congress trust fund.—Under the act of March 3, 1925,
as amended, a Library of Congress Trust Fund Board, consisting of
the Secretary of the Treasury, the chairman of the Joint Comniittee
on the Library, the Librarian of Congress, and two persons appointed
by the President, is authorized to accept^ receive, hold, and administer such gifts or bequests of personal property for the benefit of or
in connection with the library, its collections, or its service as may be
approve(i by the board and by the Joint Committee on the Library;
60
REPORT OF T H E SECRETARY OF T H E TREASURY
The moneys or securities given or bequeathed to the board are required to be receipted for by the Secretary of the Treasury, who is
authorized to invest, reinvest, or retain investments as the board may
determine. In accordance with the policy adopted by the board,
investments and reinvestments of the trust funds are made in interestbearing securities of high rating.
The foUowing statement, shows the earnings collected on account
of each donation as of June 30, 1933:
Library of Congress trust fund earnings to June, 30, 1933
Income account
Donation
Total colTotal colCollected
lected to
lected to
during fiscal
June 30,19.33
June 30,1932 year 1933
.
33,944. 92
^...
.
-
.
.
-
..
.
.
$571. 25
1, 729. 96
20, 000. 50
629. 82
20, 390. 06
. 64, 274.68
12,861. 67
34,882.46
13.97
45,096.15
36, 673. 05
190.450. 52
$321. 75
1, 225. 21
17,634. 50
530. 09
16,653. 26
47, 231. 26
9,076. 52
28,159. 96
.- -
$249. 50
504. 75
2,366. 00
99.73
3, 736. 80
7,043. 42
3, 785.15
6,722. 50
13.97
11,151. 23
154,777. 47
Babine
Beethoven.
Benjamin
Bowker
Carnegie
Coolidge
Guggenheim . .
Huntington
Longworth
Wilbur
:
Total
The following statement shows the principal cash accounts for each
donation:
Library of Congress trust fund—Cash receipts, cost of investments, and unexpended
balances, fiscal year 1933
Principal account
Donation
Babine
Beethoven
Benjamin
Bowker
Coolidge
Guggenheim.
Huntington
Longworth
Wilbur.:
Total
UnexCash availpended bal- Cash receipts able during
fiscal
ance June during 1933
year
fiscal year
30, 1932
.
$38.16
4.00
26.62
UnexCost of investments pended balmade during ance June
fiscal year
30, 1933
39.96
i, 350. 00
103, 666.81
$38.16
4.00
26.62
5,000. 00 . $4,954.32
288. 38
270.00
39.60
33.75
1,310. 62
1, 350. 00
103,480.94
103, 706. 77
220. 47
110, 266.81
110, 487. 28
, 38.38'
39.60
33.75
$5, 000.00
250.00
110,015.88
$38 16
4.00
26.62
45.68
18 38
39.60
33.75
39.38
225. 83
471 40
The Board received on account of the securities held in the donation
of Mrs. Elizabeth Sprague Coolidge the sum of $250 representing 5 percent payment on account of $5,000 face amount of Chicago Railway
5 percent bonds. The Board also received on account of the R. R.
Bowker donation $5,000, representing principal payment at maturity
of the first mortgage 5 percent gold bonds of the Detroit Edison Co.
During the past year the Board accepted a fund aggregating $1,350,
subject to proposed future additions, to constitute an endowment
under the title of "The Nicholas Longworth Foundation in the
61
REPORT OF T H E SECRETARY OF T H E TREASURY
Library of Congress", the income to be apphed to "the furtherance of
music." The Board accepted during the year from the Bankers Trust
Co., trustee, the sum of $i03,666.81 in settlement of the claims of
the Board under article 8 of a certain Indenture of Trust executed by
the late James B. Wilbur on March 5, 1928. On February 24, 1933,
the Board adopted the following resolution:
Resolved, That of the amount ($103,666.81) received under Article 8 of Mr. James
B. Wilbur's Indenture of Trust dated March 5, 1928, the sum of $75,000 constitute
an endowment for a Chair of Geography in the Library, to be associated with the
conduct of its Division of Maps, and that the balance of $28,666.81 constitute an
endowment the income of which shall be applicable in the discretion of the
Librarian to expert service in its Division of Manuscripts in the treatment of
source material for American History.
On March 22, 1933, the shareholders of the Elgin National Watch
Co. voted to decrease the capital of the company by changing the par
value of the stock from $25 a share to $15 a share. Accordingly,
375 shares of stock of a par value of $25 a share, or $9,375, held for
account of the Coolidge donation were exchanged for 375 shares of a
par value of $15 a share, or $5,625.
Investments made during the year were as follows:
Face
. amount
Donation
Bowker
.
Coolidge
LongworthWilbur
-•
._
- -
Total
Principal
cost
Securities
$4,800 American Telegraph & Telephone Co. stock
300 4H percent Federal farm loan bonds of 1936-66
• 1,300 i H percent Treasury certificates, series TD2, 1933
102, 700
do
:.-•-
:.
$4,964.32
270.00
1,310. 62
103, 480. 94
.11(), 015. 88
109,100
The following statement shows the securities held by the Board for
account of each donation as of June 30, 1933. The securities are held
in safe-keeping by the Treasurer of the United States, and the Federal
Reserve Bank of New York, subject to the order of the Secretary of the
Treasury for account of the Board.
Library of Congress Trust Fund Board securities held June 30, 1933
Face
amount
Name of security
Alexis V. Babine donation
0
American Chain Co. (Inc.)
Federal land bank bonds
.
.
U.S. Government
Tung-Sol Lamp Works, Inc., 2 shares
.
$600
3,800
2,000
Tung-Sol Lamp Works, Inc., 4 shares
Class of security
Rate
Percent
7 Preferred stock.
i H Farm loan bonds.
i H Fourth Liberty Loan bonds of 1933-38.
Preferred stock.
Common stock.
Beethoven Association donation
Canadian National Railways
Federal land bank bonds
10, 000
100
.
6 Guaranteed gold bonds.
i H Farm loan bonds.
William E. Benjamin donation
33, 800
Standard Oil Co. of California
Common stock.
R. R. Bowker donation 2
Austrian Government
German Government
:
Japanese Government. .
.
.
American Telephone & Telegraph Oo
.
1,000
2,000
2,000
4,800
7 Sinking fund bonds guaranteed loan.
7 German external loan.
6H Sinking fund gold bonds.
Common stock.
1 No par.
2 Life interest In six-sevenths of income retained under terms of donation.
62
REPORT OF T H E SECRETARY OF THE TREASURY
Library of Congress Trust Fund Board securities held June SO, 1933—Continued
Face
amount
Name of security
Rate
Class of security
Carnegie donation
Commonwealth Edison Co
Federal land bank bonds
Missouri Pacific R.R. Co
New England Telephone & Telegraph Co
$52,000
80
5,000
25,400
Percent
First mortgage bonds.
,
4M Farm loan bonds.
'
5 I First and refunding mortgage bonds.
iyi First mortgage bonds.
Elizabeth Sprague Coolidge donation
Canadian National Railways Co
Do---Chicago Railways Co—
Federal land bank bonds
Do
.
.
Do
Great Northern Ry. Co
Houston Home Telephone Co
Missouri Pacific R.R. Co.
New England Telephone & Telegraph Co
Public Service Co. of Northern Illinois...
Rio Grande Southern R.R. Co
U.S. Government
Utah Power & Light Co
American Ship Building Co
American Telephone & Telegraph Co
American Window Glass Co
Board of Trade BuildingvTrust of Boston.
Commonwealth Edison Co
Elgin National Watch Co
Mexican Northeirn Ry. Co
Public Service Co. of Northern Illinois...
'7,000
10,000
4,000
11, 640
2,600
680
10, 000
100
2,000
16, 400
13, 000
1,000
300
10, 000
6,000
17,100
2,500
700
12, 400
6.625
800
6,000
Do.
First mortgage bonds.
Farm loan bonds.
Do.
4H
Do.
4M
7 General mortgage bonds.
5 First mortgage bonds.
5 First and refunding mortgage bonds.
iy2 First mortgage bonds.
5 First and refunding mortgage bonds.
4 First mortgage bonds.
ZH Treasury bonds of 1940-43.
6 First mortgage bonds.
Common stock.
Do.
Do.
Do.
Do.
Do.
Do.
Preferred stock.
740
75, 000
iH Farm loan bonds.
iH Guaranteed gold bonds.
5
5
Harry F. Guggenheim donation
Federal land bank bonds...
Harbor Commissioners of Montreal—
5
Guaranteed gold bonds.
4
First and refunding mortgage bonds.
Archer M . Huntington donation
Central Pacific Ry. Co
Federalland bank bonds--.
-
105. 000
1,000
49, 600
loan bonds.
iH Farm and refunding mortgage bonds.
First
5
Missouri Pacific R.R. Co...
Nicholas Longworth donation
1,300
4H
U.S. Government
James B. Wilbur donation
Canadian National Railways.
Federal land bank b o n d s . . . . .
Do
Public Service Co. of Northern Illinois...
U.S. Government
Do.
Total
44,000
16,300
280
100, 000
3,000
102,700
Treasury certificates of indebtedness,
series TD2-1933.
Guaranteed gold bonds.
Farm loan bonds.
Do.
Preferred stock.
Treasury bonds of 1940-43.
7 Treasury certificates, of indebtedness,
ZH series TD2-1933.
iH
5
4H
m
United States Government life insurance fund.—Under the provisions
of section 18 of the act approved December 24, 1919, as amended
March 4, 1923, the Secretary of the Treasury is required to invest in
interest-bearing obligations of the United States or in bonds of the
Federal land banks all moneys received in payment of premiums on
converted insurance in excess of authorized payments. The act
approved March 3, 1927, as amended by the Emergency Adjusted*
Compensation Act of February 27,1931, authorized the Administrator
of Veterans' Affairs to make loans to veterans upon their adjusted
service certificates out of the United States Government life insurance
fund. All of the funds available for investment during the fiscal year
1933 were used to make loans to veterans. The Administrator of
REPORT OF T H E SECRETARY OF THE TREASURY
63
Veterans' Affairs reported outstanding loans to veterans from this
fund, June 30, 1933, on policies and adjusted service certificates,
aggregating $514,002,518.51.
Monthly reports are made by the Treasury to the Veterans' Administration of all securities in the fund and the principal cost thereof
as the result of investments made by the Secretary of the Treasury,
and periodic verifications of the security holdings are made through
reports rendered to the Administrator by the safekeeping offices.
The investments as of June 30, 1933, were as follows:
Government life insurance fund, June 30, 19S3
Par value
i H percent Treasury bonds of 1947-52
i H percent Federal farm loan bonds
i H percent Federal farm loan bonds
Total investments made by the Secretary of the Treasury
Policy loans
Adjusted service certificate loans..
Total investments made by Administrator of Veterans' Affairs
Total investments in fund..
Principal cost
$28,000, 000. 00
32,550, 000. 00
69, 200,000. 00
$28,016, 346. 21
32, 477, 690.04
69,742, 644. 40
129,750,000.00
130, 236, 579. 65
119,005, 701. 88
394,996, 816. 63
119, 005, 701. 88
394,996,816. 63
514,002, 518. 51
514,002, 618. 51
643,752, 518. 61
644, 239,098.16
General railroad contingent fund.—The general railroad contingent
fund was created by paragraph 6 of section 15 (a) of the Interstate
Commerce Act, approved June 18, 1910, as amended|by the act of
February 28, 1920 (41 Stat. 489). Under the provisions of this section
any carrier, which received for any year a net railway operating income
in excess of 6 percent of the value of the railway's property held for
and used by it in the service of transportation, was required to place
one half of such excess in a reserve fund established and maintained
by and for use of the carrier, the other half to be paid to the Government for deposit in the general railroad contingent fund.
Moneys in the general railroad contingent fund have been invested
by the Secretary of the Treasury from time to time in interest-bearing
obligations of the United States in accordance with advices received
from the Interstate Commerce Commission. The interest and profits
on investments have amounted to $3,735,720.97, which represents
an average earning rate of 5.02 percent per annum.
At the beginning of the fiscal year the Treasury held for account of
the general railroad contingent fund $9,799,300 face amount of 3% percent Treasury bonds of 1941-43 and $3,630,000 face amount of 4
percent Treasury bonds of 1944-54. During the fiscal year the Secretary purchased $461,450 face amount of 3% percent Treasury bonds of
1941-43. On July 21, 1932, $776,100 face amount of 4 percent
Treasury bonds of 1944-54j^was sold to provide funds to meet a payment to the Illinois Terminal Company, and in July 1933 all bonds
held for account ofjithe fund, aggregating $13,114,650 face amount,
were sold to carry out the provisions of the act of June 16, 1933.
Under the provisions of section 15 (a) of the Interstate Commerce
Act as amended by section 206 (a) of the Emergency Railroad Transportation Act, 1933, approved June 16, 1933, the Secretary of the
Treasury is directed to liquidate the general railroad contingent fund
and to distribute the fund among the carriers which have made payments under that section.
14820—33—6
64
REPORT OF THE SECRETARY OF THE TREASURY
Section 206 (a) of the act of June 16, 1933, supra, provides:
All moneys which were recoverable by and payable to the Interstate Commerce
Commission, under paragraph (6) of section 15a of the Interstate Commerce Act,
as in force prior to the enactment of this title, shall cease to be so recoverable and
payable; and all proceedings pending for the recovery of any such moneys shall be
terminated. The general railroad contingent fund established under such section
shall be liquidated and the Secretary of the Treasury shall distribute the moneys
in such fund among the carriers which have made payments under such section,
so that each such carrier shall receive an amount bearing the same ratio to the
total amount in such fund that the total of amounts paid under such section by
such carrier bears to the total of amounts paid under such section by all carriers;
except that if the total amount in such fund exceeds the total of amounts paid
under such section by all carriers such excess shall be distributed among such
carriers upon the basis of the average rate of earnings (as determined by the
Secretary of the Treasury) on the investment of the moneys in such fund and
differences in dates of payments by such carriers.
A statement showing the distribution by the Secretary of the
Treasury of the general railroad contingent fund, pursuant to section
206 (a) of the Emergency Railroad Transportation Act, 1933, is
included in this report as exhibit 40, page 270. Upon request of the
Department the vouchers covering the distribution were audited by
the General Accounting Office before payment.
The following statement shows the status of the fund as of October
31,1933:
General railroad contingent fund, October 31, 1933
Credits:
Excess earnings deposited in Treasury under sec. 15 (a) of the Interstate Commerce Act.. $10,739,279.57
Interest and profits on investments
3,735,720.9'
Total-'.
14,475,000.54
Deduct—
,
Amounts refunded prior to passage of Emergency Railroad Transportation Act of 1933:
Illinois Terminal Co
$800,000.00
Tuckerton R.R. Co
2,164. 28
Washington Run R.R. Co
3,167. 20
•
$805,331.48
Amounts refunded to Oct. 31, 1933, under Emergency
Railroad Transportation Act of 1933 (details in exhibit
40, p. 270)
13, 514, 722. 29
14,320.053.77
BalanceinfundOct. 31,1933 (see exhibit 40, p. 270.)..
154.946.77
National Institute of Health gift fund.—The National Institute of
Health was created by the act of May 26, 1930 (46 Stat. 379), for the
purpose of creating a system of fellowships in said institute, and to
authorize the Government to accept donations for use in ascertaining
the cause, prevention, and cure of diseases affecting human beings,
and for other purposes.
Under the provisions of section 2 of the act the Secretary of the
Treasury is authorized to accept, on behalf of the United States, gifts
made unconditionally by will or otherwise for study, investigation,
and research in the fundamental problems of diseases of man and
matters pertaining thereto, and for the acquisition of grounds or for
the erection, equipment, and maintenance of buildings and premises.
The Secretary of the Treasury is also authorized to accept conditional gifts if recommended by the Surgeon General of the Public
Health Service and the National Advisory Health Council. Any such
gifts shall be held in trust and shall be invested by the Secretary of the
Treasury in securities of the United States, and the principal or income
thereof shall be expended by the Surgeon General, with the approval
of the Secretary of the Treasury, for the purposes indicated in the act.
REPORT OF THE SECRETARY OF THE TREASURY
65
No gifts were received during the year. In order to meet expenditures of the institute, $1,000 face amount of 4)^ percent Treasury
bonds of 1947-52 was sold. The receipts and expenditures during
the year were as follows:
Receipts and expenditures during 1933
Unexpended balance June 30, 1932
.
Receipts:
Net earnings collected during year on investments
Principal cost of securities sold during year.
Total
Expenditures: Advances to institute
$788.06
3,756.24
1,115.68
._-
Unexpended cash balance June 30, 1933
5,659.98
4,812.42
:-.
-
847.56
The following statement shows the status of the fund as of June
30, 1933.
National Institute of Health conditional gift fund, June 30, 1933
Credits:
Principal proceeds of donated securities redeemed at par at maturity-Net earnings on investments
_
Total
Less advances to meet expenditures on account of the institute
Balance in fund June 30, 1933...
$100,000.00
9,121.87
109,121.87
. 8,979.02
100,142.85
Assets:
$89,000 face amount i H percent Treasury bonds of 1947-52, principal cost
IJnexpended balance to credit of the fund on books of Division of Bookkeeping and
Warrants...
:
Total fund assets June 30, 1933
1
99,295. 29
847.56
100,142.86
Longshoremen^s and harbor workers' compensation fund.—This fund
was established under the act of March 4, 1927 (44 Stat. 1444, sec.
44), to provide for the payment of compensation for disability or
death resulting from injury to employees in certain maritime employments, and for the maintenance of employees undergoing vocational
rehabilitation. Each employer is required to pay into the fund the
sum of $1,000 as compensation for the death of an employee of such
employer resulting from injury where it is determined that there is no
person entitled under the act to receive compensation for such death.
Fifty percent of each such payment shall be available for the payments
on account of injury increasing disability and 50 percent shall be
available for the payments on account of maintenance for employees
undergoing vocational rehabilitation.
The fund is administered by the United States Employees' Compensation Commission. Moneys not required for immediate disbursement are invested by the Treasurer of the United States.
The following statement shows the status of the fund as of June
30, 1933.
Longshoremen's and harbor workers' compensation fund, June 30, 1933
Credits:
On account of assessments:
To June 30, 1932
J u l y l , 1932, to JuneSO, 1933
Interest on investments:
To June 30, 1932
J u l y l , 1932, to June 30, 1933
$105, O OO
O. O
5,000.00
$110,000. 00
5,743.78
3,988.14
•-.-.
9,731.92
Total
.
Less disbursements on account of current claims and expenses
BaJaGce in fund June 30,1933.....
-
119,731.92
13,311.00
—
106,420.92
66
REPORT OF THE SECRETARY OF THE TREASURY
Longshoremen's and harbor workers' compensation fund, June SO, 1933—Contd.
Assets:
Face amount
$59,150 i H percent fourth Liberty Loan bonds 1933-38
11,000 4M percent Federal land bank bonds
11,000 4H percent Federal land bank bonds.-10,000 3 percent Treasury bonds 1961-55
11,000 4J^ percent Federal farm loan bonds
-.
Principal cost
$59, 584.47
9,680.48
9, 642.97
9,959.38
9,171.77
$97,939.07
102,160
Unexpended balances:
Disbursing Officer (check-book balance)
Division of Bookkeeping and Warrants
550.99
7,930.86
Total fund assets June 30, 1933..
8,481.85
106,420.92
Alien property trust fund.—JJudev the act of October 6, 1917, and
the Settlement of War Claims Act of 1928, approved March 10, 1928
(44 Stat. 254), the Secretary of the Treasury held on June 30, 1933,
securities in the face amount of $28,976,500 for account of the Alien
Property Custodian. During the year the following transactions
were made in this account..
Securities:
Held June 30, 1932..Purchased and exchanged.
^"^^ amoimt
$32,980,500
643,100
..-
Sold or redeemed
33, 623, 600
4,647,100
-.
Held June 30, 1933
28,976,600
A statement of the alien property trust fund as of September 15,
1933, follows:
Alien property trust fund as of Sept. 15, 1933
Credits:
Trusts
.:.
Earnings on investments, etc
•.
Total
-
$37,941,637.72
31,693,488.64
69,535,126.36
Assets:
Principal at
Face amount
amortized cost
$9,800,000 4 percent Treasury bonds 1944-54..
$10,483,701.77
17,750,000 i H percent fourth Liberty Loan bonds
17,759,924.10^
350,000 ZH percent Treasury notes maturing Aug. 1, 1936
363,828.13
26,500 21^ percent Treasury notes maturing Aug. 1, 1934
26, 574. 53
200,000 ZH percent Treasury notes maturing Sept. 15, 1937
203,000.00
•
.
28,827,028.53
28,126,500
Accrued interest receivable
415,348.82
Participating certificates issued under sec. 25 (e) of the Trading with the
Enemy Act:
Noninterest-bearing
$22, 500', 000.00
5 percent interest-bearing
17,552,096.91
40,052,096.91
Cash with Treasurer of the United States
240,662.10
Total fund assets Sept. 15, 1933
....'
69,535,126.36
Checks issued by the Treasury Department during the fiscal year
on account of the alien property trust fund were as follows:
To claimants upon authorizations of the Alien Property Custodian and the Attorney
General
$3,741,822.14
To the Alien Property Custodian for:
Distribution of income
2,925,000.00
Distribution of Government earnings
.-.
400,000.00
Administrative expense
325,000.00,
Total.-'.
.
7,391,822.14
Special funds
Colorado River Dam fund.^—T^hh fund was established under the act
of December 21, 1928, to provide for the construction of works commonly referred to as the Boulder Canyon project. All revenues
REPORT OF THE SECRETARY OF THE TREASURY
67
received in. carrying out the provisions of the act are payable into the
fund. Expenditures are made out of the fund under the direction
of the Secretary of the Interior.
The Secretary of the Treasury is authorized to advance to the fund,
from time to time within the appropriations therefor, such amounts
as the Secretary of the Interior deems necessary for carrying out the
provisions of the act, except that the aggregate amount of such
advances shall not exceed the sum of $165,000,000. Of this amount
$25,000,000 shall be allocated to flood control and shall be repaid
to the United States out of 62}^ percent of revenues, if any, in excess
of the amount necessary to meet periodical payments during the
period of amortization, as provided in section 4 of the act. If the
$25,000,000 is not repaid in full during the period of amortization,
then 62K percent of all net revenues shall be applied to payment
of the remainder.
The Secretary of the Treasury is required to charge the fund as of
June 30 each year with such amount as may be necessary for the
payment of interest at the rate of 4 percent per annum accrued
during the year upon the amounts advanced from the General Treasury and remaining unpaid, except that if the fund is insufficient to
meet the payment of interest the Secretary of the Treasury may,
in his discretion, defer any part of such payment, and the amount so
deferred shall bear interest at the rate of 4 percent per annum until
paid. Under an opinion of the Attorney General of the United
States, dated December 26, 1929, funds advanced from the General
Treasury to the Colorado River Dam fund for construction costs of
the all-American canal are not subject to the interest charge. To
date, however, no funds have been advanced to the fund on account
of the all-American canal.
On June 30, 1932, the liability of the Colorado River Dam fund to
the General Fuiid of the Treasury amounted to $19,119,504.72 representing advances in the sum of $18,764,474.80, and interest in the
amount of $355,029.92, payment of which had been deferred for a
period of one year from June 30, 1932. Interest on the sum of
$19,119,504.72 for a full year at the rate of 4 percent per annum,
amounting to $764,780.19, was chargeable to the fund on June 30,1933.
Additional advances were made from time to time during the year in the
aggregate amount of $19,709,297.48, the interest on which from the
respective dates of advances to June 30, 1933, amounted to
$396,707.99. Upon recommendation of the Secretary of the Interior
and in accordance with the authority contained in section 2 (d) of the
act of December 21, 1928, the Secretary of the Treasury deferred for
one year the payment pf the total amount of interest due on June 30,
1933, of $1,516,518.10, consisting of the above-mentioned sums of
$355,029.92, $764,780.19, and $396,707.99. The liability of the
Colorado River Dam fund to the General Fund on June 30, 1933,
amounted to $39,990,290.38, consisting of $38,473,772.28 principal and
$1,516,518.10 interest.
68
REPORT OF T H E SECl^ETARY OF T H E TREASURY
The status of the fund as of June 30, 1933, was as follows:
Colorado River Dam fund, J u n e 30, 1933
Advances from
Fiscal year
Fiscal year
Fiscal year
General Fund:
1931
1932
1933
Interest:
Fiscal year 1931
Fiscalyear 1932
Fiscal year 1933
$1,745,866.46
17,018,608. 34
19,709,297.48
-
-
_
Total
Less amount covered into Treasury as miscellaneous receipts
$38, 473, 772. 28
25, 631. 58
-.
355,029.92
1.161,488.18
1,542,149.68
25,631. 58
Total liability to General Fund
11,516,518.10
39, 990, 290. 38
Advances to reclamation fund.—Under the act of Congress approved
June 17, 1902 (32 Stat. 388), there was established in the Treasury
a special fund loiown as the reclamation fund, representing receipts
from the sale of public lands in certain States and Territories to be
used for the construction of irrigation works for the reclamation of
arid lands. Pursuant to the act of June 25, 1910 (36 Stat. 835), the
Secretary of the Treasury advanced to the reclamation fund from the
General Fund of the Treasury $20,000,000. The act of June 12,
1917 (40 Stat. 149), provides for the reimbursement of the money so
advanced through the transfer of $1,000,000 annually from the
reclamation fund to the General Fund of the Treasury beginning July
1, 1920, and continuing until full reimbursement is made. Beginning
with the fiscal year 1921 there has been returned to the General Fund
$1,000,000 annually, maldng a total of $10,000,000 for the ten years
ended with the fiscal year 1930. The Deficiency Act of February 6,
1931, provided for a suspension of the annual payments for a period
of two years and the act of April 1, 1932, provided a further extension
until the fiscal year beginning July 1, 1934.
The Deficiency Act of March 4, 1931, authorized an additional
advance to the reclamation fund from the General Fund of $5,000,000
all of which was advanced between April 28, 1931, and November 30,
1931.
The following statement shows the status of the account as of ^
June 30, 1933:
Charges:
Advances from the General Fund:
Under act of June 25, 1910
Under act of March 4, 1931
Total
Less:
Repayment of advances to June 30, 1930 2.
Unreimbursed balance-..
$20,000,000
5,000,000
25,000,000
.-
10,000,000
15,000,000
Division of Bookkeeping and Warrants
Duties.—The Division of Bookkeeping and Warrants, in the name
of the Secretary of the Treasury, issues all warrants on the Treasurer
of the United States, and under section 10 of the act of July 31, 1894
(U.S.C., title 5, sec. 255), keeps the official accounts relating to the
receipt, appropriation, and expenditure of the public money, covering
1 Payment of interest due June 30,1933, $1,516,518.10 deferred for one year under sec. 2 (d) of the act of Dec
21, 1928.
2 Installments for 1931,1932, and 1933 suspended under act of Feb. 6,1931, as amended by the act of Apr. 1,
1932 (47 Stat. 78).
EEPOET OF THE SECEETAEY' OF THE TEEASTJEY
69
all departments and establishments of the Government. Other duties
of the division include the preparation of the annual digest of appropriations and the combined statement of receipts and expenditures,
and the handling of duplicate checks, outstanding liability claims,
budget matters, special deposit accounts, etc. A detailed description
of these duties is shown on pages 121-127 of the Annual Report of the
Secretary of the Treasury for the fiscal year 1930.
A statement of the receipts and expenditures of the Government for
the fiscal year 1933, compiled by this division, is shown as table 1,
page 279, of this report.
District of Columbia account.—Under the act of June 29, 1922 (42
Stat. 669), the Treasury^ is required to keep a special account of
receipts and expenditures of the District of Columbia. The transactions in this account since June 30, 1924, on the basis of warrants
issued, were as follows:
Receipts and expenditures of the District of Columbia account for the fiscal years
1925-1933
Revenues
Fiscal year
1926
1926
1927
1928
1929
1930
1931
1932
1933
-
-
---
-.-
.
.
$22, 317, 529. 59
26, 847,837.91
30, 511, 654. 74
32, 777, 616. 00
33, 530, 263.17
35,194, 596. 45
36, 456, 526. 45
35,843, 078. 09
34, 410, 787.01
Balance to
Contribution
of DisExpenditures i credit of Colof United
trict
States
umbia account
$9,000,000 $32, 674, 993. 85 2 $9, 402, 535. 84
34,372,169.10
9,000,000
10, 878, 204. 65
37, 766, 415. 31
9,000,000
12, 623, 344. 08
40,176, 205.14
9,000.000
14, 224, 754. 94
9, 000, 000 '40,906,206.43
15, 848,811. 68
9, 000, 000 44, 347,809. 22
15, 695, 598. 91
9, 500, 000 49, 520,101. 81
12,132, 022. 55
9, 500, 000 48,183, 410. 64
9, 291, 690. 00
7, 776, 000 42, 200. 879. 33
9, 276, 597. 68
1 Exclusive of amounts chargeable to United States under so-called divided accoxmts.
2 The balance at close of^fiscal year 1924 was $10,760,000.10.
Division of Deposits
The Division of Deposits is charged with the administration of
matters pertaining to the designation and supervision of Government
depositaries and the deposit of Government funds in such depositaries.
The following statement shows the number and classes of depositaries maintained by the Treasury and the Government deposits held
by such depositaries on June 30, 1933:
Number of depositaries and amount of Government deposits held on June 30, 1933,
by class of depositaries
[On basis of daily Treasury statements (revised), see p. 275]
Depositaries
Federal Reserve banks (including branches) - _
Member bank depositaries:
To credit of Treasurer of the United States
To credit of other Government officers
Insular depositaries (including Philippine treasury):
To credit of Treasurer of the United States
To credit of other Government officers
Foreign depositaries:
To credit of Treasurer of the United States.
To credit of other Government officers
Special depositaries
'..
Total
Number
Amount i
12
1
}
„..}
$35,587, 765. 37
6,893.996. 06
2 1,297 \r 20,545,184.60
-\
/
1,178,175. 77
1,474, 740. 71
r
\
882,105. 50
1, 264, 457. 66
836, 615,161. 69
3 3.127
4,452
904.341,687.36
1 Excludes amounts iu transit.
2 In addition, 184 branch banks are carried on the depositary list of the Treasury under the designation
of the parent banks.
8 Includes 1,885 national banks and 1,242 State banks and trust companies, 1,184 of which held deposits
on June 30.1933.
70
REPORT OF THE SECRETARY OF T H E TREASURY
The continuation of unsettled banldng conditions during the first
few months of the fiscal year, the President's proclamation of March
6, 1933, declaring a bank holiday, the Emergency Banldng Act
approved March .9, 1933, and the Banldng Act of 1933, approved
June 16, 1933, aU directly affected the depositary system of the
Treasury and created an unprecedented volume of work in providing
adequate depositary facilities for the transaction of the essential
business of the Government at points not readily accessible to the
Federal Reserve banks and their branches. Prior to the bank
holiday numerous liquidations and reorganizations required many
changes and adjustments within the system. Following the declaration of the bank holiday 93 general depositaries and approximately 350
limited depositaries were operating on a restricted basis. In order
to avoid the necessity of designating new depositaries at these points,
with the probable resultant loss of the Government deposits to the
unlicensed banks upon reopening, it was necessary to adopt temporary
exp.edients in many instances. This procedure, while increasing the
work of the Department, is believed to have been beneficial to the
conservators of the banks in perfecting plans for reorganization and
reopening. At the end of September approximately 21 general and
135 hmited depositaries are operating on a restricted basis.
During the fiscal year 89 depositary banks were closed for liquidation. All Government deposits with these banks have been paid in
full with the exception of eight which are now in process of settlement.
Since January 1, 1913, Government depositaries, with the exception of Federal Reserve banks, have been required to pay interest
on daily balances. On the basis of reports received to date the
interest accrued on balances carried with special depositaries during
the fiscal year 1933, and the interest pertaining to prior periods which
was delayed in collection, was ^ $1,910,237.77. The total amount
accrued from this source from April 24, 1917, to, June 30, 1933, was
^$90,858,013.13. Interest accrued on balances carried with other
depositaries during the year, and the interest pertaining to prior
periods which was delayed in collection, was ^ $131,253.56. The
total interest accrued from this latter source since June 1, 1913,
was ^ $21,105,103.86, maldng total interest from all depositaries of
$111,963,116.99.
Section 11 (b) of the Banldng Act of 1933 provides, that, with
certain exceptions, no member bank shall pay interest on deposits
payable on demand. All Government deposits maintained with
depositaries under the supervision of the Treasury are in the nature
of demand'deposits and, w^hile the act above cited made provision
that interest may be paid in accordance with the terms of any con-,
tract entered into in good faith prior to the passage of the act and
which was in force on the date of the enactment of this provision, the
act also provides that no contract shall be renewed or extended unless
it shall conform to section 11 (b), supra. Therefore, in order to
conform with the spirit of the act, the Treasury determined to waive
its rights to collect interest under existing contracts with depositary
banks effective June 15, 1933, in the case of special depositaries and
effective July 1, 1933, in the case of general and limited depositaries.
1 Figures incomplete and subject to revision.
•REPORT OF THE' SECRETARY OF T H E TREASURY
71
Amendments to Department Circulars No. 92 and No. 176 in this
connection will be found as exhibits 35 to 37, on pages 267 and 268.
The existing provisions of the law require that Government deposits with designated depositaries shall be secured by Government
bonds or otherwise and the Treasury regulations heretofore have
required collateral security equal to the maximum amount of the
Government deposits carried with banks.
Section of Surety Bonds
On June 30, 1933, there were 64 domestic companies holding
certificates of authority from the Secretary of the Treasury under
the act of Congress approved August 13, 1894, as amended by the
act of Congress approved March 23, 1910, qualifying them as sole
sureties on recognizances, stipulations, bonds, and undertakings
permitted or required by the laws of the United States, to be given
with one or more sureties. There were also two domestic companies
and five branches of foreign companies holding certificates of authority authorizing them to act only as reinsurers on bonds in favor
of the United States. Changes in the outstanding certificates of
authority during the period ended August 31, 1933, are indicated in
the following table:
Companies authorized as of June 30,1932...
Changes during the year ended June 30,1933:
Certificates terminated:
Companies ceasing business through reinsurance or mergers
Companies in process of liquidation
Company's authority expired (now in rehabilitation)
83
.
Certificates issued
Net reduction in number
9
5
1
16
3
12
Companies authorized as of June 30, 1933
Further changes to Aug. 31, 1933: Certificates terminated, companies in liquidation.
Companies authorized as of Aug. 31, 1933
71
2
69
In accordance with the practice of the Treasury, a number of
departmental circulars to the heads of departments and independent
establishments of the Government, bond-approving officers, and others
concerned, have been issued during the past year to advise such
officials of the status of the bonds in favor of the United States executed by the companies whose certificates of authority were terminated. These circulars are numbered as follows: 473 to 476, 478,
479, 483 to 487, 492, 493, 495 to 497.
DIVISION OF APPOINTMENTS
Numher of employees
For the fiscal year ended June 30, 1933, there was a net reduction
of 458 in the number of employees in the Treasury Department in
Washington. The larger part of this reduction resulted from the
transfer on May 27, 1933, of the Federal F a r m Loan Bureau with
139 employees to the F a r m Credit Administration, and from a decrease of 198 employees in the Bureau of Engraving and Printing.
Due to increased activities in the Office of the Comptroller of the
Currency in connection with insolvent and unlicensed national banks,
the force of that ofiice was increased by 84 employees.
72
REPORT OF THE SECRETARY OF THE TREASURY
I n the field service the force was reduced from 51,901 on June 30,
1932, to 48,922 on June 30, 1933, a net decrease of 2,979. The principal decreases were in the enlisted personnel of the Coast Guard
and in the Public Health Service. Considerable increases occurred
in the Custodian Service, due to the occupancy of new buildings, and
in the engineering force of the Office of the Supervising Architect.
The number of employees in the departmental service of the Treasury, classified according to bureaus and offices at the end of each
month from June 30, 1932, to June 30, 1933, is shown in table 50,
page 386 of this report. A comparison of the number of employees
in the departmental and field services of the Treasury on June 30,
1932, and June 30, 1933, is contained in table 51, page 387.
Retirement of employees
From September 1, 1932, to August 31, 1933, 313 persons were
retired from the departmental service of the Treasury Department,
34 of whom were retired by their own option; and 359 persons were
retired from the field services, 45 by their own option. At the present time 8 persons above the retirement age are retained in the departmental service of the Treasury and 7 in the field service under
authority of the President in accordance with the provisions of section 204 of the Economy Act. Up to the present time 19 employees
of the Treasury Department in Washington and 126 employees of the
field service, whose services were discontinued on account of necessary reduction of force on or since June 30, 1933, and who have
served 30 years or more, have niade application for annuity under
the provisions of section 8 (a) of the Independent Offices Appropriation Act of June 16, 1933.
Table 52, page 387, shows the number of persons retired and the
number retained in the departmental and field services of the Treasury under the provisions of the Civil Service Retirement Act, as
amended, and of section 204 of the Economy Act of June 30, 1932.
BUDGET AND IMPROVEMENT COMMITTEE
The Budget and Improvement Committee is responsible, under
the direction, of the Under Secretary of the Treasury and budget
officer, for the preparation and examination of Treasury estimates
of appropriations and for the improvement of administrative
methods and procedure within the Treasury Department. I n addition to examining all estimates, the committee makes inquiries as to
the reserves which may be set up under the various appropriations and considers other matters affecting expenditures of the
Department.
Subsequent to the submission of the regular estimates for the
fiscal year 1934, supplemental and deficiency estimates aggregating
$305,627,309 were received. After examination by the budget officer,
with the assistance of the committee, these estimates were reduced
to $305,320,108 and submitted to the Director of the Bureau of
the Budget.
General reserves amounting to $946,970 were set aside from ordinary annual appropriations for the fiscal year 1933 to meet extraordinary or emergency demands that might arise. Reserves amount
REPORT OF THE
SSCHETARY
01^ THE TREASURY
73
ing to $57,800 were released, leaving $889,170 in reserve at the end
of the year, which represents a part of the savings from annual
appropriations.
I n pursuance of the President's purpose to eft'ect substantial
reductions in all expenditures, the Director of the Bureau of the
Budget indicated that the cash withdrawals from the Treasury during the fiscal year 1934 on account of appropriations for the Treasury
Department, other than for interest on and retirement of the public
debt, should not exceed the following amounts: $77,370,000 for public
buildings construction; $49,500,000 for refund of taxes erroneously
collected; $15,299,000 for indefinite appropriations; and $110,055,000
for ordinary annual appropriations, excluding the Federal F a r m
Loan Bureau, which had been transferred to the F a r m Credit Administration—a total' of $252,224,000, or $130,346,000 less than
the amount available for expenditure during the year after making deductions on account of a 15 percent reduction in the compensation of all officers and employees. I n general, the amounts
were allocated under particular appropriations by taking as a base
the appropriation for 1934 or the actual expenditures for 1932, whichever was less, and deducting the amount of the 15 percent reduction
in compensation of all officers and employees and a further reduction
equal to 10 percent of the remainder. To keep expenditures within
the amounts so allocated it has been necessary to curtail many activities and, in case of an appropriation available for personal services
where the force has not been sufficiently reduced by separations to
bring expenditures within the amount allocated, it has been necessary to furlough employees without pay to^ make up the difference.
For the fiscal year 1935 the Director of the Bureau of «the Budget
directed that etsimates be limited to the expenditure scale adopted
for 1934, with adjustments for organizational and other changes
and with salaries estimated at base rates without deduction. On
this basis he made an allocation to the Treasury Department which
would authorize estimates for annual appropriations and permanent
and indefinite appropriations aggregating $133,349,000, exclusive
of interest, debt retirements, and refunds. Heads of bureaus and
offices submitted estimates of appropriations for annual and permanent and indefinite appropriations aggregating $148,620,311.
After examination by the Budget and Improvement Committee,
items aggregating $4,007,208 were disapproved in estimates for
annual appropriations. There was approved and submitted to the
Director of the Bureau of the Budget, for regular annual appropriations, $132,569,000; for permanent and indefinite appropriations
and special funds (exclusive of refunds of receipts), $780,000;
refunds of receipts, $62,840,700; interest on the public debt,
$783,000,000; public debt retirements chargeable against ordinary
receipts, $621,386,485; and supplemental items, $11,264103; making
a grand total of $1,611,840,288.
OFFICE OF CHIEF CLERK AND SUPERINTENDENT
The Chief Clerk is superintendent of the Treasury Building,
Treasury Annex No. 1, the Auditors' Building, and the Liberty Loan
Building, and is responsible for their maintenance, operation, upkeep, and repair. He is also custodian of sites for proposed public
74
REPORT OP THE SECRETARY OF THE TREASURY
buildings in the District of Columbia, and makes agreements for
the rental of properties located on these sites. The total amount of
rents collected during the fiscal year amounted to $79,384.03. There
were 215 separate rental accounts at the close of the year.
COAST GUARD
The following is a summary of the principal operations of the
Coast Guard for the fiscal year 1933, in which comparisons with the
preceding year 1932 are indicated:
1932
1933
Increase
(+) or decrease (—)
6.492
Lives saved or persons rescued from peril
5,214
-l-l, 278
33.716
30,847
-f 2,869
Persons on board vessels assisted
595
659
-64
Persons in distress cared for
• 83.031
102, 268
-19,237
Vessels boarded and papers examined
1,549
2,358
-809
Vessels seized or reported for violations of law
$244, 658
$300,756
-$56,198
Fines and penalties incurred by vessels reported...
155
123
-f32
Regattas and marine parades patrolled
'.
7,176
6,393
-f783
Instances of lives saved and vessels assisted
7.476
7.346
-1-130
Instances of miscellaneous assistance..
:
300
371
-71
Derelicts and other obstructions to navigation removed or destroyed
$55. 565
$45,780
-f-$9.785
Value of derelicts recovered
_
$39,177,247 $40. 516. 220 4-$l, 338,973
Value of vessels assisted (including cargoes)
3,828
6.120
- 2 , 292
Persons examined for certificates as lifeboat men
The number of persons saved or rescued from peril during the
year was 1,278 in excess of the year 1932, and the largest number
in the history of the Coast Guard. The persons on board vessels
assisted exceeded last year's number by 2,869. The total nmnber
of instances of assistance rendered was 913 in excess of last year.
Assistance was rendered to other branches of Federal Government
in 491 instances. The operations throughout the service and the
service discipline were very satisfactory.
Reorganization and retrenchment
Under date of September 22, 1932, the Secretary of the Treasury
authorized a general reorganization of the Coast Guard, in order
to increase efficiency and make a marked reduction in expenditures.
The reorganization, which was placed in effect on January 15, 1933,
provides for a rearrangement of Coast Guard districts and divisions, and makes other changes so as definitely to fix authority and
responsibility in any section along the coast and also to permit
greater flexibility and coordination of the forces of the Coast Guard.
As a result of the reorganization, the estimates for the fiscal year
1934 were reduced b}^ over a million dollars and the efficiency of the
service was markedly increased.
I n the interest of further economy the equipment and personnel
were curtailed as follows: 6 bases and 1 off-shore patrol force were
abolished; 7 destroyers, one hundred and eleven 75-foot patrol boats,
and 58 picket boats were decommissioned; 15 Coast Guard (lifesaving) stations were placed in an inactive status; a large number
of enlisted nien were reduced in rating; and within a short time the
personnel will have been reduced by approximately 170 temporary
warrant officers and 1,600 enlisted men.
REPORT OF THE SECRETARY OF THE TREASURY
75
Other economies involving material and service facilities were
effected and further reductions in operating expenses wherever practicable are in progress.
Protection to navigation
International ice observation and ice patrol.—From March 8 to
June 6, 1933, six cruises were made by a service patrol boat in the
ice regions of the Grand Banks of Newfoundland locating icebergs
to the southward of the forty-eighth parallel and making. observations of the direction and drift of the ocean currents. On June 7,
1933, a cutter sailed from New York for the Grand Banks on an
ice observation cruise, particularly to guard against the unknown
presence of icebergs near the North Atlantic United States steamship routes while the patrol boat was in port at St. John's, New. f oundland, its base, and also to make a final survey of ice conditions
to determine the necessity for the establishment of the regular ice
patrol. During this cruise only 10 icebergs were reported south
of latitude 48°. Orders were issued for the discontinuance of the
ice observation service on June 20, 1933. The season was an unusual
one, no icebergs drifting far enough south to menace the North
Atlantic lane routes-United States or to warrant the establishment
of the ice patrol.
Pursuant to the recommendation of the Interdepartmental Board
on International Service of Ice Observation and Ice Patrol, the
patrol boat sailed June 26, 1933, from St. John's,on a northern
oceanographic cruise to make observations of ice conditions, ocean
currents, bathymetry, and upper air currents in the Davis Strait
area between Greenland and Labrador. The unusually ice-free situation which had prevailed during the season made this northern cruise
of especial value in connection with the studies undertaken by the
International Service in furtherance of its knowledge of conditions
bearing upon the ice menace in the North Atlantic Ocean. This
cruise was completed on July 27, 1933.
Winter patrol.—On November 16, 1932, the President, on the recommendation of the Secretary of the Treasury, designated 12
cutters to perform special winter cruising upon the coast for the
season of 1932-33 to afford aid to distressed navigators. An additional cutter served as reserve. I n the performance of their duties
these cutters cruised 59,439 miles, afforded assistance to 21 vessels,
whose value, including their cargoes, amounted to $7,269,800. There
were 370 persons on' board the vessels assisted. The vessels boarded '
in the interests of United States laws numbered 310.
Anchorage and movements of vessels.—The Coast Guard continued
the enforcement of the Federal rules and regulations governing the
anchorage and movements of vessels at ports, and at other places
where the needs of commerce required such supervision. Coast
Guard officers continued to serve as captains of the port at various
places to enforce the regulations.
On August 15, 1932, the Coast Guard inaugurated a patrol of
Amherstburg Channel, Detroit River, to insure the orderly and safe
navigation of vessels through this waterway during the closure of
Livingstone Channel for dredging operations. The regulations gov-
76
REPORT OE THE SECRETARY OF THE TREASURY
erning the movements of vessels through Amherstburg Channel were
agreed upon by the Canadian and the United States Governments.
^EnfoToement of customs and other lams
The usual duties of the Coast Guard in connection with the enforcement of the customs laws and the navigation and motor boat
laws of the United States were carried bn during the year, and the
customary assignment of Coast Guard vessels at the principal ports
of the country to assist the customs authorities was continued.
Liquor smuggling.—The situation generally with respect to the
smuggling of liquor into the United States from the sea was practically the same as last year. The Coast Guard vigorously continued
its preventive operations against this unlawful traffic.
.
Patrol in northern waters.—The regular annual patrol of the
waters of the North Pacific Ocean, Bering Sea, and Southeastern .
Alaska was conducted for the season of 1932 by six cutters and one
125-foot patrol boat. The vessels cruised nearly 52,000 miles, assisted
16 vessels, boarded 27 vessels, afforded medical and dental aid to
5,012 persons, and transported 135 persons.
The patrol for the season of 1933, which was in progress at the
close of the year, is being performed by 6 cutters and one 125-foot
patrol boat.
Northern Pacifvc' halibut fishery.—This activity is conducted annually by the Coast Guard in the interests of the Bureau of Fisheries, Department of Commerce. The service was performed this
year by one cutter which made one cruise covering the period October 15 to November 2, 1932.
G ommmnications
Telephone and telegraph lines and cobles,—The Coast Guard owns
and operates a coastal communication system consisting of telephone
and telegraph lines of approximately 1,493 miles of pole line, 2,512
miles of open wire aerial circuits, 31 miles of aerial and underground
cables, and 585 miles of submarine cable.
During the year, in addition to routine overhauling and repairing
of lines, major projects were undertaken involving the replacement
of submarine cable at several places on the coast.
The Coast Guard continued its research and development work to
improve the physical and electrical characteristics of submarine
° cable for uses peculiar to the service.
Radio.—The analytical study of distress cases off the coast of the
United States in which radio played a part was continued during
the year. A great majority of these distress calls are made direct to
the Coast Guard, and the number is increasing, indicating a growing dependence of shipping upon the service.
Experimentation was carried on in the matter of the installation
of radio equipment on lifeboats located at life-saving stations of the
Coast Guard. Developments during the year encourage the belief
that a feasible plan can be evolved and put into operation. Such a
service would be of great value in directing the movements of lifeboats.
REPORT OF THE SECRETARY OF THE TREASURY
77
The program for the standardization and improvement of radio
installations aboard vessels and aircraft of the service was continued.
An officer of the Coast Guard continued to represent the Treasury
Department on the Interdepartmental Radio Advisory Committee.
This officer also was designated by the State Department as technical
adviser to the delegation from the United States to the International
Radiotelegraph Conference in Madrid, September 1932.
Equipement
Floating equipment.—On June 30, 1933, there were in the Coast
Guard in commission 37 cruising cutters, 8 Coast Guard destroyers,
30 harbor craft, 5 special craft (including 1 floating base and 1 floating workshop), nine 165-foot patrol boats, thirty-two 125-foot patrol
boats, thirteen 100-foot patrol boats, six Y8-foot patrol boats, sixtynine 75-foot patrol boats, 27 miscellaneous patrol boats, 32 open
picket boats, 56 cabin picket boats, and 12 class A picket boats. This
floating equipment does not include the primarily life-saving boat
equipment attached to Coast Guard vessels and stations.
The cutter authorized by the act of April 18, 1930, for service on
Lake Michigan was completed November 23, 1932, and placed iri
commission. The two additional 165-foot patrol boats authorized
by the act of February 23, 1931, were completed and placed in
service. Seven destroyers formerly obtained from the Navy were
decommissioned and returned to the custody of the JNavy. Alterations and improvements were made to five 100-foot patrol boats.
One 125-foot patrol boat was transferred to the Navy Department
in May 1933 by Presidential order.
I n addition to overhauling, reconditioning, and repairing certain
vessels at the Coast Guard repair depot at Curtis Bay, Md., routine
repairs to vessels of the service were made in the course of the year
under contract with private concerns and at various navy yards.
Aviation.—During the year Coast Guard aircraft cruised 150,040
miles and searched over an area of 3,020,800 square miles. The
planes were in the air 1,888 hours, and more than 2,600 vessels were
identified. More than 12,000. reports of passing planes were made
by Coast Guard (life-saving) stations through the reporting system
established by the service along the Atlantic seaboard.
The construction of the five new flying boat seaplanes mentioned
in last year's report was completed during the year and all have been
placed in service. The Coast Guard is operating 11 seaplanes;
viz, 3 Douglas amphibians, 5 General Aviation flying boats, and 3
smaller planes particularly adapted for inshore work.
Numerous calls for assistance were received at the various air
stations from vessels without medical personnel. I n order to contact
such vessels planes have flown from 150 to 175 miles offshore and
the sick or injured have been placed on the planes and transported
to,the nearest hospitals.
The proposed air station at Dinner Key, Fla., near Miami, which
was mentioned in last year's report, was completied and placed in
commission.
Ordnance.—While gunnery training has been curtailed in scope
due to the necessity for economy, much has been accomplished to
promote efficiency in the maintenance of ordnance equipment and
78
REPORT OF T H E SECRETARY OF T H E TREASURY
in the training of personnel. Target practice was held on a reduced
basis. The number of units conducting battle practice was considerably less than a year ago. The number firing small-arms target
practice has steadily decreased for the past 3 years, due to reduced
funds for ammunition, but the percentage of men qualifying with
the .30-caliber rifle has increased.
The Coast Guard won 13 small-arms trophies in competitions with
other services and civilian organizations, showing that much skill
has been developed in the use of^ small arms.
Work on an armory at the Coast Guard depot is progressing
satisfactorily. When it is completed the overhaul and repair of all
service small arms will be effected there and a considerable amount
of money will thus be saved.
. jcCxperiments with line-throwing equipment have been continued
and some definite improvements have been made in shoulder linethrowing gun projectiles.A new wrecking outfit has been developed. Its use will be extended to the smaller units and will reduce the cost of small wrecking
operations.
The academy.^ stations.^ hases^ repair depot., reclamation plant., etc.
Coast Guard Acadenm/.—During the fiscal year, 51 cadets were appointed to the academy, 25 cadets resigned, and 31 cadets completed
the course of instruction and were graduated from the academy and
commissioned as ensigns on May 15, 1933. There were 79 cadets
under instruction at the end of the fiscal year.
The special practice cruise for cadets for 1932 which was in progress at the close of the la.st fiscal year was concluded on August 27,
1932. Two cutters composed the special practice squadron for the
1933 cruise, and left New London, Conn., on May 25, 1933. The
itinerary includes calls at one United States port and a number of
foreign ports. I t is expected that it will terminate at New London,
Conn., the latter part of August. The cutters stopped at Quantico,
Va., from May 27 to June 9, where the cadets and ship3' complements engaged in small-arms target practice at the Marine Corps
rifle range.
The buildings for the new Coast Guard Academy were completed
during the fiscal year, and were occupied in September 1932.
Stations and bases.—On June 30,1933, there were 240 Coast Guard
(life-saving) stations in an active status. There were 1 floating
base and 13 shore bases, established for law-enforcement purposes.
The service craft attached to these bases operate primarily against
smuggling activities.
Rebuilding, repairs, alterations, additions, and improvements were
completed during the year at 163 Coast Guard (life-saving) stations,
18 bases, 6 radio stations, the training station, depot, and 7 miscellaneous units, and in 6 Coast Guard divisions. Contracts were
awarded and operations were begun on the major work of rebuilding,
alterations, and improvements at 8 Coast Guard (life-saving) stations
and 2 bases.
Contract wa.s awarded during the year for the construction of the
Coast Guard (life-saving) station authorized to be established at or
REPORT OF THE SECRETARY OF T H E TREASURY
79
near Port Orford, Oreg. The construction of the Coast Guard
(life-saving) station authorized to be established at or in the vicinity
of Grand Island, Mich., contract for which was awarded in the fiscal
year 1932, was completed and placed in commission May 16, 1933.
Repair depot.—A number of Coa.st Guard vessels.were overhauled,
reconditioned, and repaired at the Coast Guard repair depot, Curtis Bay, Md., during the year. The boat-building shop at the depot
constructed a number of standard and miscellaneous boats for assignment to various units of the service as needed.
Reclamiation plant.—The reclamation plant, operated at base 9,
Cape May, N.J., as an industrial unit of the service, wa.s used during
the year in the reconditioning of several types of marine engines.
Aircraft engines were converted for marine use and repair parts for
these engines were salvaged, stocked, and issued. This plant also
served in repairing vessels operating from base 9 and from other
units in the vicinity.
Personnel
On June 30, 1933, there were on the active Ust of the Coast Guard
462 regular commissioned officers; 2 temporary commissioned officers;
79 cadets; 84 chief warrant officers; 478 regular warrant officers;
230 temporary warrant officers, 13 of whom were on duty with the
War Department in pursuance of orders contained in Executive
Order 6169; 9,587 enlisted men, and 397 civilian employees in the field,
of whom 352 were per diem civilian employees at the Coast Guard
depot, Curtis Bay, Md. The appropriation for pay and allowances
for the fiscal year 1933 permitted the carrying of an average of
11,000 enlisted men. The appropriation for the fiscal year 1934
permits the carrying of an average of 10,790 enlisted men. I n pursuance of the retrenchment program, the funds available for the
operation of the Coast Guard for the fiscal year 1934 were reduced
approximately 25 percent.
Recrwiting.—On July 1, 1932, the beginning of the fiscal year,
the recruiting service of the Coast Guard comprised 9 main stations
and 8 substations located at various places in the country. During
the year 4 substations were closed; and, due to the suspension of recruiting for an indefinite period, all recruiting stations and substations except 7 were placed in an inactive status in June 1933.
I n the course of the year there were 13,581 applicants for enlistment, of which number 832 were enlisted, 895 rejected for physical
disability, and 11,854 rejected for other disabling causes.
Training.—The training of enlisted personnel was extended during the year to include several additional courses. The course for
armorers in the Marine Corps Armorers School was also made available for Coast Guard men. The course in the gas aid Diesel engine
school at Norfolk, Va., was extended to include lathe practice.
The Coast Guard Institute at New London, Conn., in the matter
of personnel training, requires that the men qualify along certain
lines before they become eligible for specialized training in the
various service schools. The institute also offers the opportunity
to service men to study subjects in the usual curricula of graded and
high schools for which work when satisfactorily completed educa14820—33—7
80
REPORT OF THE SECRETARY OF THE TREASURY
tional certificates are awarded. On June 30, 1933, there were 2,921
men enrolled in the various departments of the institute; there were
871 institute educational certificates, and 182 International Correspondence School diplomas awarded.
Enlisted men without prior Coast Guard service are sent to the
Fort Trumbull Training Station at New London, Conn., for training before assignment to regular duty.
Welfare.—Again this year all appropriate available means were
employed to afford the enlisted men the advantages ensuing from
recreational diversion so essential to the efficiency of. the service.
Aioard of Ufe-saving medals
The Secretary of the Treasury, under the provisions of law,
awarded during the year 5 gold and 16 silver life-saving medals of
honor in recognition of bravery exhibited in the rescue of persons
upon an American vessel or from drowning in waters over which
the United States has jurisdiction.
Appropriations and expenditures
The following table shows the amounts appropriated for the Coast
Guard for 1933, together with the balances of appropriations from
the previous year, and the expenditures and unexpended balance of
each appropriation:
Appropriations, expenditures, and unexpended balcmces for the Coast Guard
for the fiscal year .1933
T i t l e of a p p r o p r i a t i o n for Coast
Guard
A m o u n t of
appropriation
or balance
Expended
and
obligated
$372,000 00
Salaries, Office of Coast G u a r d
20,640,000.00
P a y a n d allowances
Fuel and water .
. . 1, 950, 000. 00
Outfits
1,970,000 00
R e b u i l d i n g a n d repairing stations,
520, 000 00
etc
• 140,000. 00
C o m m u n i c a t i o n lines
105, 220. 00
Civilian employees
. .
255,000. 00
C o n t i n g e n t expenses
2,100, 000.00
R e p a i r s to Coast G u a r d vessels
R e t i r e d p a y , former life-saving serv120,000. 00
ice
Balances:
E s t a b l i s h i n g Coast G u a r d sta81,472. 50
tions
190,960. 02
A d d i t i o n a l vessels
139,058. 71
Coast G u a r d A c a d e m y
$331,528 46
18, 580,053. 73
1,801, 642. 77
1,713,351 37
28.583.711.23
Total' . -
Transferred 1
Impounded Unexpended
salaries
balance
$23, 750
$40,290 34
840, 720.09
13, 750
22, 546. 33
$181. 20
1.195.476.18
148, 357. 23
247, 852. 30
4,085 26
300 43
14,646 93
879 91
30,194.04
23, 358. 66
4,118. 05
849. 35
51, 571 53
113,213. 30
104,098. 02
3,990.11
11.911.87
67, 638. 81
89, 386.08
76, 631. 27
189.14
23.833. 69
101. 384. 80
62.427.44
25,641,333.05
957,842. 58
1,984, 535. 60
492, 556 08
145, 581. 52
89, 723. 72
202, 548. 56
1,956, 592. 66
10,000
1 $13,750 and $10,000 were transferred from the appropriation " P a y and allowances, Coast Guard" to
"Outfits ,Coast Guard" and "Communication lines, Coast Guard", respectively.
COMPTROLLER OF THE CURRENCY
Changes in the condition of national banks
Total loans and investments of the 4,902 licensed national banks on
June 30, 1933, aggregated about $15,500,000,000, about $2,000,000,000
smaller than a year earlier. The decline was due principally to the
fact that the number of banks licensed to do business on an unrestricted basis following the declaration of the bank holiday was
1,248 smaller than the number of active banks on June 30,1932. The
EEPOET OF THE SECEETAEY OF THE TEEASUBY
81
985 unhcensed national banks still in the hands of conservators had
loans and investments of $1,151,007,000 and deposits of $1,028,347,000
on June 30, 1933.
Total resources of licensed banks at the end of June 1933 aggregated
$20,860,491,000, compared with $22,367,711,000 reported by the
larger number of active national banks the year before. Total deposits
of licensed national banks were $16,774,115,000, or $686,798,000 less
than the amount reported for active national banks a year earlier.
The resources and liabilities of licensed national banks doing business on an unrestricted basis on June 30, 1933, and of active national
banks for June 30, 1932, and intervening call dates, are shown in the
following statement:
Abstract of reports of condition of national hanks at the date of each report from
June 30, 1932, to June SO, 1933
[Dollars in t h o u s a n d s ]
J u n e 30,
1932
Sept. 30,
1932
D e c . 31,
1932
6,150
N u m b e r of b a n k s .
J u n e 30,
1933
6,016
1 4, 902
$8,116,972
2,800
4, 03], 576
3, 340, 055
225, 835
641, 694
132,187
1, 412,127
288,478
2, 381,333
37,008
37,428
ASSETS
L o a n s a n d discounts (including rediscounts) 2
Overdrafts
U . S . G o v e r n m e n t securities owned
O t h e r b o n d s , stocks, securities, etc., owned
C u s t o m e r s ' liability a c c o u n t of acceptances
L
.
B a n k i n g house, furniture a n d fixtures
Other real estate owned
Reserve w i t h Federal Reserve b a n k s
Cash in v a u l t
D u e from b a n k s
'Outside checks a n d other cash i t e m s
R e d e m p t i o n fund a n d d u e from U n i t e d States Treasurer.
Acceptances of other b a n k s a n d bills of exchange or drafts
sold w i t h e n d o r s e m e n t
Securities borrowed
O t h e r assets
.
$9,919, 603
4,901
3, 662, 669
3, 780, 623
234,544
756, 494
155,125
1,381,085
2,.108,813
33.315
37, 792
$9,844,036
3,688
3, 760, 886
3,822, 550
198, 486
760, 269
169,835
1, 625,840
308, 716
2, 518, 412
60, 959
39, 408
7.182
7,961
184, 392
4,601
7,892
182, 961
5,422
• • 8,027
184, 440
4,912
4,359
203, 727
22, 367, 711
22, 665,995
23, 310, 974
20, 860, 491
7,940,653
7, 265, 640
213, 287
2, 041, 333
7,848, 753
7, 237, 933
374,150
2, 221, 081
8, 276, 715
7, 376, 563
252, 629
2, 612, 300
7,894,127
6, 216, 917
449, 661
2,213,410
17, 460, 913
Total-
I, 281, 676
4, 701
, 352, 666
, 843,986
262,943
760, 057
143,585
,150, 575
338,404
, 956,154
40,728
32, 711
17,681,917
18, 518,107
16, 774,115
652,168
743, 080
780, 069
730, 435
39,535
506, 890
26, 595
443, 644
22,053
348,596
9, 223
117, 855
7,182
279, 220
4,601
239,053
5,422
207, 368
4,912
229,304
2,747
8,027
46,208
127,985
1, 634,484
1,173, 278
269, 785
166, 845
3,374
4,359
41, 617
88, 743
1, 515, 647
940, 598
235, 600
164,709
295, 607
LIABILITJES
D e m a n d deposits
T i m e deposits (including postal s a v i n g s ) .
U n i t e d States deposits
D u e to b a n k s 3
T o t a l deposits..
N a t i o n a l b a n k notes o u t s t a n d i n g . . .
. A g i e e m e n t s to r e p u r c h a s e U . S . G o v e r n m e n t or other
securities s o l d .
Bills p a y a b l e a n d r e d i s c o u n t s . . _ . '
Acceptances of other b a n k s a n d bills of exchange or drafts
sold w i t h e n d o r s e m e n t
Acceptances executed for customers
Acceptances executed b y other b a n k s for account of
reporting banks
Securities borrowed
I n t e r e s t , taxes, a n d other expenses accrued a n d u n p a i d . .
O t h e r liabilities
'.
C a p i t a l stock (see m e m o r a n d u m below)
Surplus
U n d i v i d e d profits, net
.
Reserves for contingencies
Total.
Memorandum:
P a r value of capital stock:
Class A preferred stock (retirable at $58,596,000).
Class B preferred stock (retirable a t $2,700,000)..
Common stock...
Total
-
3,098
7,951
4.9,439
81,467
1, 668, 983
1, 259, 425
302, 521
4 148, 919
2, 019
7,892
68,934
104,125
1, 563, 232
1, 205, 939
308, 384
< 166, 580
•
22,367,711
22, 565, 995
23, 310, 974
20,860, 491
1, 568,983
1, 563, 232
1, 634, 484
51,193
2,600
1,463,412
1,568,983
1,563,232
1, 634,484
1, 517, 205
1 Licensed b a n k s w h i c h were operating on a n unrestricted basis.
2 Includes c u s t o m e r s ' liability u n d e r letters of credit.
3 Includes certified a n d cashiers' checks, a n d cash letters of credit and travelers' checks o u t s t a n d i n g .
* Includes reserves for d i v i d e n d s .
82
REPORT OF THE SECRETARY OF THE TREASURY
Reopening and reorganization of national banks
The President's proclamation of March 6, 1933, ordering a suspension of all banldng activities, except as authorized by the Secretary of
the Treasury, affected the 5,938 national banks that were in active
operation at the time. On March 9, 1933, Congress provided relief
through the Bankiag Act of 1933, whereby 4,509 national banks, with
total deposits of about $16,180,000,000 (as of June 30, 1933), were
immediately licensed to resume operations on the first three days of
the scheduled reopenings and 1,429 were placed in the hands of
conservators for such strengthening and reorganization as might be
necessary in order to obtain licenses or for eventual liquidation.
Between March 16 and June 30 licenses had been issued to 375
additional national banks, with deposits of $381,013,000. Furthermore there had been 73 voluntary liquidations and receiverships, of
which 62 were incidental to reorganizations releasing approximately
$367,000,000 of deposits. The latter figure includes released deposits
of $260,872,000 in two reorganized banks placed in charge of receivers.
The deposits of the 13 unlicensed banks placed in receivership aggregated $314,718,000. Total released deposits of the unlicensed
banks to this date were approximately $748,000,000, or 36 percent of
the deposits tied up as of March 16, 1933. In addition to these,
plans for reorganization of 194 more banks with deposits of
$296,807,000 had been approved.
Summary of national banks, licensed and unlicensed, from March 4,1933, to June 30,
1933
[Dollars in thousands]
'
Number
Status of banks
Active, Mar. 4, 1933.
Licensed, Mar. 13,14,15
Unlicensed, Mar. 16
Changes in unlicensed banks, Mar. 16 to June 30:
Licensed
In voluntary liquidation and receivership
Deposits 1
5,938 $18, 256, 693
4,509
16,178, 508
...—
Nw mber Deposits 1
375 $381,013
73
681,718
1,429
2, 078,185
448 1, 002, 731
Total reduction
3
1
Total increase..
12, 504
389
4
Revocations of licenses
. .
. .
Suspended bank placed in conservatorship
12,893
444
Unlicensed, June 30
Licensed, Mar. 16
Changes in licensed banks. Mar. 16* to June'30:
Licensed
Charters issued.-.
Total reduction
Deposi s 1
381,013
326, 503
21, 028, 347
4,509
16.178, 508
706, 516
3
30
12,504
98, 405
33
Revocations of licenses
In voluntary liquidation and receivership
375
61
426
Total increase
N{ii nber
1, 049,838
985
Net reduction in unlicensed banks
110, 909
Licensed, Juhe 30
393
695,607
4,902
Net increase in licensed banks
16,774,115
,
1 Deposit figures as of June 30, 1933, for licensed and unlicensed banks as of that date; otherwise as of
Dec. 31,1932.
2 Includes $952,040,000 of restricted and $76,307,000 of unrestricted deposits.
83
REPORT OF THE SECRETARY OF THE TREASURY
Summary of changes in membership in the national banking system
The authorized common capital of the banks iti existence on June 30,
1933, was $1,597,257,175, an mcrease duruig the year of $7,261,360.
Since the passage of the act of March 9, 1933, charters have been
issued to 57 national banking associations, of which 41 had common
stock only, aggregating $10,410,000. The remaining 16 banks had an
aggregate of $10,545,000 common stock and $20,782,500 preferred
stock.
During this period 125 existing national banks took advantage of
the act above referred to and increased their capital by issuing preferred stock of an aggregate par value of $33,662,100. While charters
were issued during the year to 98 associations, there was a net decrease of 259 in the number of banks—that is, from 6,205 to 5,946—
by reason of voluntary liquidations, receiverships, and consolidations.
Changes in the number and capital of national banks during the
last year are shown in the following summary:
Organization, capital stock changes, and liquidations of national banks during the
fiscal year 1933
Number of
banks
Capital
Preferred
$106,415,000
Charters granted
Issues of preferred capital (125 banks)...
increases of common capita 1(39 banks) 2
Restored to solvency
Common
$20,782,500
33.662,100
18
116
Total..
Voluntary liquidations
Receiverships 3
__
_
Decreases of common capital (20 banks)
Closed under consolidation (act of Nov. 7,1918) and capital decrease
incident thereto
246, 360
265,000
113,926,360
163
231
640,000
375,000
196, 600
Authorized preferred capital
Net increase in common capital
12
2,098,500
406
Total 3
54,444,600
111, 210,000
4 269
6,205
7, 261,360
1, 589, 995,815
64,444, 600
Charters in force June 30,1932, and authorized common capital54,444, 600
June 30, 1933, authorized preferred capital
.—
6,946
1,597,257.175
Charters in force June 30, 1933, and authorized common capital.
1 16 of these banks had both common and preferred capital stock.
2 Includes 1 increase of $175,000 which was effected as a result of a consolidation under the act of Nov. 7,
1918, and 2 increases aggregating $325,000 incident to the consolidation of State banks with national banks
under the act of Feb. 25, 1927, and 1 increase of $50,000 by a stock dividend.
3 Includes 31 banks with aggregate capital of $4,545,000 which had been previously reported in voluntary
liquidation.
4 Net decrease in nuriiber of national banks in existence including adjustment of the number of receiverships for 31 banks previously reported in voluntary liquidation.'
BUREAU OF CUSTOMS
Receipts
Customs receipts for the fiscal year 1933 amounted to $251,000,000,
a decrease of $77,000,000 below those for 1932. The decrease in
receipts is attributable to a further decline in commodity prices
and to a decreased volume of imports. This was the fourth year
in which receipts have declined. The provisions of the Revenue Act
of 1932, placing on the dutiable list certain classes of lumber, coal.
84
REPORT OF THE SECRETARY OF THE TREASURY
petroleum, and copper, which had previously been on the free list,
resulted in the collection of about $11,000,000.
The following statement shows in detail customs collections, refunds, and net receipts from all sources during the fiscal years 1932
and 1933. The total amount collected and covered into the Treasury as customs receipts does not include tonnage tax, head tax, and
miscellaneous collections for other bureaus made by customs officers
and deposited as receipts for the appropriate bureau or service.
Customs receipts and refunds during' the fiscal years 1932 and 1933
[On basis of accounts of Bureau of Customs]
1932
Receipts:
Duties
. . .
Miscellaneous:
Sale of unclaimed merchandise and abandoned
goods.Fines and forfeitures
Liquidated damages-.
Sale of seizures.
All other customs receipts
Total miscellaneous .
$326,448, 368
$32,410
1,251,381
34,535
69,648
81, 613
$250.501. 722
$39, 356
622,421
23, 598
41, 756
71, 707
1,469, 587
_
798,838
327,917,946
. .
Total receipts
Refunds:
Excessive duties
Drawback payments.
1933
251,300,560
5,444, 373
11,455. 874
4,923, 378
7, 690.971
16,900, 247
Total refunds
310,017,698
Net customs receipts
-
12, 514,349
238, 786,211
Volume of business
Entries of merchandise.—The number of entries of merchandise
decreased from 2,364,722 for 1932 to 2,010,068 for 1933. The entries
for 1933 were less than for any year since 1922 and 15 percent less
than for 1932. Practically all classes of entries participated in the
decrease.
Vessels^ highway trafftc.^ etc.—Traffic from foreigTi countries into
the United States was less in volume than in the preceding year.
The number of vessels decreased 9.5 percent; automobiles and other
vehicles, 11.5 percent; and airplanes, 11.5 percent.
Passenger traffic also declined, except in the case of airplane
passengers which increased 7.8 percent. Passenger traffic by vessels
and ferries declined 8.7 percent; by highway vehicles, 18.2 percent;
and by train, 27 percent. More than 9,000,000 pedestrians entered
the United States over the international borders. A total of 40,824,894 persons were subjected to the customs formalities upon
entering the United States.
Draw\back transactions.—^About two thirds as many drawback
entries were received during the year 1933 as during 1932. On the
other hand, the number of notices of intent showed a decline of
less than 15 percent. The number of drawback claims decreased
from 11,369,588 in 1932 to 7,705,109 in 1933, or 32 percent. Drawback
claims paid during the year amounted to $7,590,971 as compared with
$11,455,874 in the previous year.
REPORT OF THE SECRETARY OF THE TREASURY
85
Under authority of section 318 of the Tariff Act of 1930, the President, by a proclamation dated December 23, 1932, declared an
emergency to exist because of the general business conditions and .
authorized the Secretary of the Treasury to extend for 2 years after
the expiration of the 3-year period prescribed by law the time
within which merchandise imported during 1930 may be permitted
to remain in warehouse under the provisions of sections 557 and
559 of the Tariff Acts of 1922 and 1930; the^ time during whicii
proof may be furnished that wool or camels' hair imported or withdrawn from bonded warehouse conditionally free of duty, under
bond, during the calendar year 1930 has been used in manufactures
prescribed in paragraph liOl of the Tariff Acts of 1922 and 1930;
and the time within which articles manufactured or produced with
the use of merchandise imported during the calendar year 1930
may be exported with benefit of drawback under section 313 of
the Tariff Act of 1930. Pursuant to this proclamation the Secretary
of the Treasury issued T.D. 46089 granting a 2-year extension
of time in these cases.
As referred to in last year's report, the Secretary of the Treasury
was authorized to grant 2-year extensions for similar merchandise
imported on or before December 31, 1929. A 1-year extension of
time was granted by T.D. 45541, 45591, and 45627; and an additional
year was granted by T.D. 46107.
Seizures.—The number of seizures for violations of customs laws
decreased 33 percent, or from 68,183 in 1932 to 45,690 in 1933. Lottery matter and other prohibited articles which constituted more
than one half of the seizures during 1932, showed an appreciable decline.. Merchandise seizures decreased only 6 percent, but the value
of such seizures was 57 percent less than in 1932. The number of
seizures of liquor and narcotics also declined, although the quantity
and value of alcohol seized were much greater than during 1932.
This may be attributed to three especially large seizures at New
Orleans and one at New York.
I n connection with violations of the customs laws, 1,148 automobiles, 389 boats, and 30 airplanes, with an aggregate value of
$1,009,759, were seized, a decrease of 557 automobiles and 40 boats
from -the number seized in 1932. I n addition, 452 seizures were
accomplished by customs officers for other agencies of the Government, and 646 persons were detained for, violations of immigration,
prohibition, and other laws.
Fines and penalties.—Fines and penalties collected for violations
of laws pertaining to the Customs Service aggregated $648,864 which
is 50 percent less than the amount collected in 1932 and the smallest
amount since 1923. Failure to declare foreigTi purchases was responsible for the collection of almost one fourth of the fines, notwithstanding the fact that such failures to declare were 49.9 percent
less than in 1932 and 83 percent less than in 1931, during which
years they represented practically one half of the total fines collected.
Antidumping
During the past year the number of complaints by American
manufacturers against the dumping of foreign goods into this country rose to the highest level since the passage of the Antidumping
86
REPORT OF T H E SECRETARY OF T H E TREASURY
Act of 1921. Through the cooperation of domestic and foreign
offices and customs appraising offices, the antidumping unit of the
bureau was able to dispose of the bulk of the cases which arose from
these complaints.
I n many cases foreign coinipetition was intensified by depreciation in the exchange of the exporting country. Findings of dumping in the case of a number of important commodities were issued
by the Secretary of the Treasury upon the recommendation of the
Bureau of Customs.
A total of $37,807 in dumping duties was collected during the year.
0 ount ervailing duties
Most of the countervailing duties collected during the year were
the result of the provisions of the Tariff Act of 1930 which authorized the imposition of rates of duty comparable with those imposed
by foreign countries on the same commodity. I n some instances
these duties are imposed to offset the advantage gained by foreign
bounties or grants. The total countervailing duties collected during
the year amounted to $203,556, as compared with $257,264 in 1932.
Approximately one half of this amount was collected on coal from
Canada, while two thirds of the remainder represents duty paid on
automobiles and parts from Great Britain and other countries.
Smuggling
Obscene books, pamphlets, stationery, etc., abortive and preventive drugs and appliances, lottery tickets and related advertisements,
and insurrectionary or treasonable literature are pi*ohibited importations under section 305 of the Tariff Act of 1930. During the past
year 14,142 seizures of lottery tickets and related advertisements and
1,103 seizures of obscene and other prohibited articles were destroyed.
These figures do not include 80 seizures which were permitted to be
exported under customs supervision and 95 which were released to
the importers after investigation.
Smuggling of narcotics by airplane, especially along the southern
border and southeastern seaboard, continued to increase.
Miscellaneous provisions of the tariff coet
Marking of imported articles.—The importations received without having been marked so as to indicate the country of origin, as
required in section 304 of the Tariff Act of 1930, were disposed of as
follows: I n 6,151 cases the articles were released after having been
marked under customs supervision; in 2,800 cases they were released
as incapable of being marked; and in 289 cases they were exported.
The 10 per cent additional duty imposed under this section resulted
in a collection of $69,741 in 1933, as compared with $75,363 collected
in 1932.
Merchandise bearing American trade marks.—^Under the provisions
of section 526 of the Tariff Act of 1930, prohibiting the unauthorized
importation of merchandise bearing an American trade mark, 627
seizures were accomplished during the year, of which 12 were destroyed, 13 were exported, 439 were permitted importation by the
REPORT OF THE SECRETARY OF THE TREASURY
87
removal or obliteration of the trade mark, and 163 were permitted
importation on the consent of the trade .mark registrant.
New legislation
The Tariff Act of 1930 was amended by the act of March 4, 1933
(Public No. 440, 72d Cong.), by adding to the free list articles returned after having been loaned and exported for use temporarily
for scientific or educational purposes.
The joint resolution of July 12, 1932 (Public Res. No. 37, 72d
Cong.), construes the so-called duress entry provisions of the Tariff
Acts of 1922 and 1930.
Section 5 of the act of June 16, 1933 (Public No. 73, 73d Cong.),
provides for the exemption from taxes under the Revenue Act of
1932 of certain supplies for vessels.
Section 15 (e) of the Agricultural Adjustment Act of May 12,
1933 (Public No. 10, 73d Cong.), authorizes compensating taxes upon
imported merchandise processed or manufactured from certain
agricultural commodities.
Section 3 (e^ of the National Industrial Recovery Act, approved
June 16,1933 (Public No. 67, 73d Cong.), empowers the President to
restrict importations by license, embargo, or quota; and section 212
of this act continues for the fiscal year 1934 import taxes imposed
on certain merchandise by section 601 of title I V of the Revenue Act
of 1932.
. Investigative unit
P o r t examinations.—The port examination commission of the investigative unit made examinations of the accounts and procedure in
23 customs collection districts during the year in order to maintain
uniformity in the transactions of the customs business in the various
districts.. I n addition to these examinations, personnel surveys were
made in all customs collection districts which resulted i n considerable
savings to the Customs Service. Agents stationed in the various
customs districts also made 233 semiannual examinations of the
financial accounts of headquarters and ports.
An investigation by customs agents during the year disclosed a
lack of uniformity at the several ports in the classification of rags,
the quantity found dutiable varying from 5 to 90 percent. Standardized procedure in this matter resulted in a high uniform dutiable
percentage which contributed materially to the revenue of the Government.
Undervaluation.—Investigations of undervaluation cases continued a most important factor in the Avork of the investigative
unit, both in the United States and abroad. While the actual recoveries made during the year were somewhat less than in 1932, the
number of undervaluation cases handled increased from 977 in 1932
to 1,106 in 1933.
Customs information exchcunge.—This branch of the investigative
unit is the medium used by the Customs Service to disseminate information relative to market values and classifications. The state-
88^
REPORT OF THE SECRETARY OF THE TREASURY
ment following summarizes the activities of the exchange during the
past year:
Numder
12,436
2, 391
2, 438
1, 551
1,913
5,915
543
Appraisers' reports of value received
Appraisement appeal reports received
Changes in value circulated
Requests for investigations abroad
Reports received In response to requests
Reports received covering original investigations
Differences in classification reported
The exchange issues weekly circulars for the use of the customs
officers giving the dates of the sailing of vessels from foreign ports
together with the dates they are due to arrive at the various United
States ports.
Summary.—The following statement summarizes the results effected by the investigative unit during the past year, so far as
direct results may be measured in dollars and cents or by count of
individual cases:
Number
P o r t s examined
Drawback investigations
Foreign investigations
Arrests
Convictions
Acquittals
Failures to indict
Indictment cases pending
Seizures made
Seizures appraised
Seizures released or pending
^
_-
214
2, 000
2, 454
1, 225
968
80
1__
93
336
1, 039
995
233
A.mount
.
$2, 227, 412. 23
99, 399. 63
fines
414, 212. 81
163, 675. 00
185, 129. 38
98, 107. 09
322, 133. 80
'.
'.
.
Appraised value of seized merchandise
Merchandise entered free, but found dutiable
Fines, penalties, and forfeitures incurred, exclusive of court
Bail forfeitures
Fines imposed by United States courts
.Amount of increased and additional duties collected
Amount deposited as offers in compromise
DISBURSING CLERK
The following is a summary of the work performed by the office of
the Disbursing Clerk during the fiscal year 1933:
Number
Disbursements:
Checks (salaries, expenses, supplies, etc.)
Cash (salaries)
. . .
Checks (refunding taxes illegally collected)
Total..
Collections on account of rents, sales, etc
Vouchers paid
...Schedules of claims for tax refunds
.
Appropriations under which disbursements were made
.
.
-
Amount
356,235 " $158,025,166. i'l
15,397, 267. 56
193, 416
56,892, 733. 29
145, 071
.
..
_.
--
694,722
9,246
296, 248
9,526
1,043
230, 315,147. 32
1,342,324.32
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 of a large portion of the
salaries and expenses outside the District of Columbia under the
Public Health Service, Supervising Architect's Office, Bureau of
Internal Revenue, Bureau of Industrial Alcohol, Bureau of Narcotics, Federal F a r m Loan Board, Comptroller of the Currency,
Coast Guard, Secret Service, Bureau of Customs, and Public Debt
Service.
89
KEPORT OP THE SECEETARY OP T H E TREASURY
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.
BUREAU OF ENGRAVING AND PRINTING
Deliveries of currency, securities, stamps, and miscellaneous work
by the Bureau during the year amounted to 308,917,247 sheets as
compared with 333,998,086 for the previous year, a decrease of
25,080,839 sheets, or 7.5 percent. A comparative statement of deliveries follows:
Deliveries of finished ivork in the fiscal years 1932 and 1933
Sheets
1932
Currency:
United States notes
Silver certificates
Gold certificates
National bank currency
Federal Reserve notes
Federal Reserve bank notes
- -
Total
4,465,000
59,709,000
3, 326, 000
4, 310, 516
10,893, 350
' 8, 746, 000
1 49, 248,000
1, 662, 000
6, 679, 2861^
10, 424, 000
3,174, 000
$443,832,000
590,976,000
297, 600,000
697, 006,170
3, 488,940,000
689, 940,000
-
-
82, 703,866
79,833, 285i.i
6, 208, 294,170
Bonds, notes, and certificates:
Pre-war bonds
-..
Liberty bonds
Treasury bonds
Treasury notes
Treasury bills
.
Treasury certificates
Certificates of indebtedness
Insular bonds:
Philippine Islands._
Puerto Rican
.
_Farm loan bonds
Collateral trust debentures
Philippine treasury certificates
Notes for the bank of the Philippine Islands
Interim transfer certificates for postal
savings bonds
- .
Interim certificates for Puerto Rican bonds
Bonds evidencing indebtedness of foreign
governments to the Government of the
United States
Specimens:
Treasury bonds
Treasury notes
Treasury bills
--.
Treasury certificates
Certificates of indebtedness
Insular bonds, Puerto Rican
Farm loan bonds .
.
Collateral trust debentures
Bonds evidencing indebtedness of
foreign governments to the Government of the United States
Total
Stamps:
Customs-_
..:..Internal Revenue:
United States
Puerto Rican
Virgin Islands
Specimens, United States
Face value,
1933
1933
41, 265
329,1401^2
570, 3641.^
78,975
14, 426
128, 750
116, 210
200
2,358^0
70,283% •
13, 315
412, 000
3.000
650
213, 510,720
669, 697, 200
813,994,800
8. 736. 300, 000
6,201,156,000
5,431,500,000
200
3,440
25,245Mo
8,182
1, 538, 600
132, 200
200,000
1,850, 000
46, 662,. 100
297.880. 000
12, 874,250
2, 525,000
750
327
11/6
13/4
3
. 8
2H
3
1
11
4
10
2
1.781.277% '
-
37,823
102,678H
482, 4471/3
367, 025
18, 206
115,140
-
2, 831, 9661^0
22, 427,950,070
;
35, 250
.-
. . .
94,130,252^7
584,628
3,2362^4
119,700
9^,854,6965/^04
419,350
38
Subjects
2,770,000
8,332,717.580
38. 895. 600
3.800
1
3.813
90
REPORT OF T H E SECRETARY OF T H E TREASURY
Deliveries of finished work in the fiscal years 1932 and 1933—Contiuued
Sheets
Face value.
1933
1932
Stamps—Continued.
Postage s t a m p s :
U n i t e d States
U n i t e d States, surcharged
Zone"
C a n a l Zone
.
Philippine Islands
Specimens, U n i t e d States
Postal savings s t a m p s
138,869, 943
116.145. 256
1,680,000
157,500
34,489,130
14.666
531,800
210.909,04531^40
20.882,308. 599
8, 444, 206
..
291,300
29,424
19,463.938
1, 405. 555
8. 507.000
848,264
15. 342,9501^6
14.873, 9242^6
.
42, 221,025
68,260
31, 290^^3
4,348,704
281, 111
2,032,126
147,1261^^5
1
127
8. 451, 516
20,025
41. 200
139, 233
3, 440, 020^^
304, 235
2, 274, 600
188,757^4
7,000
7,338
1
.
16.800
3.150
344, 483
15l49ioo
5,318
10,600
63,710
936,834^^ •
865Moo
4,577
234. 639. 0171079'[276
G r a n d total
Subjects
12, 471,044,710
"Canal
Total
Miscellaneous:
Checks
Drafts
Warrants
Commissions
. - .
Certificates
Transportation requests
Liquor permits
Other miscellaneous
Blank paper.
Specimens
Total
1933
72,767.041
535
333,998,086483^^5300 308,917,24612654275
. . . .
There was expended during the year, including $892,836 impounded
under the provisions of sections 110 and 203 of the Economy Act,
$8,733,127.57, as compared with $9,394,016.61 in 1932, a decrease of
$660,889.04, or 7.03 percent. Excluding the amount impounded, the
decrease is $1,553,725.04, or 16.5 percent. The following statement
shows the appropriations, reimbursements, and expenditures for the
fiscal years 1932 and 1933:
Appropriations, reimbursements, and expenditures for the fiscal years 1932
and 1933
Increase (-}-)
or
decrease ( - )
1932
1933
A p p r o p r i a t e d b y Congress, salaries a n d expenses
R e i m b u r s e m e n t s t o a p p r o p r i a t i o n from other b u r e a u s for
w o r k completed i
$6, 813,938.00
$6,430,000.00
2, 597,008.89
2,531, 569. 36
-65.439.63
Total
E x p e n d e d , salaries a n d expenses ^
9,410,946.89
.9,394,016.61
8.961,669. 36
8.733,127.67
—449,377. 53
-660,889.04
16,930.28
228.441. 79
U n e x p e n d e d balance
_
—$383.938.00
4-211,511.61
1 An additional amount of $4,501.61, received from sale of by-products and useless property, was deposited
to the credit of the Treasurer of the United States as miscellaneous receipts.
2 Includes $15,000 and $12,000 transferred to Bureau of Standards for research work in the fiscal years
1932 and 1933, respectively; $283,346.13 and $264,993.98 transferred to retirement fund in the fiscal years 1932
and 1933, respectively; and $892,836 impounded in the fiscal year 1933 under the provisions of sections 110
and 203 of the Economy Act.
Currency spoilage was reduced from 3.08 percent for 1932 to 2.59
percent for 1933.
The following dies for new postage stamps were engraved during
the year:
REPORT OF THE SECRETARY OF THE TREASURY
Class
Commemorative:
Wm. Penn, 1682-1932
Daniel Webster, 1782-1932
Gen. Jas. E. Oglethorpe, 1733-1933
Newburgh, 1783-1933.....
Chicago Century of Progress, 1833-1933.
U.S. Aurmail (restored)
91
Denomi-nation
Cents
3
3
1,3
There was again some surplus in the number of employees in
certain groups during the year which necessitated the use of rotating
furloughs. During the bank holiday period in March, however,
the urgent demand for early deliveries of Federal Reserve notes
and Federal Reserve bank notes necessitated much overtime work,
the discontinuance of all furloughs, the employment of 592 temporary employees, and the organization of three shifts of employees.
One order for 15,000,000 sheets of 12-subject Federal Reserve bank
notes could not be filled promptly because there were no engraved
plates and no printed stock. National bank currency stock was used
by overprinting the name of the bank, the bank letters, and signatures. During the emergency period $2,547,480,000 in Federal Reserve notes were shipped from the vault, an amount greater than
a normal year's shipment. The demand subsided in a short time,
and to the end of the fiscal year only $319,340,000 of national bank
notes overprinted for Federal Reserve bank notes were shipped.
Recent legislation authorizing the manufacture and sale of 3.2
percent alcoholic beverages required the engraving and printing of
special tax stamps for brewers and dealers and 21 varieties of
stamps for fermented liquor and wine or fermented fruit juices.
The usual inventories of stocks on hand were conducted by auditors charged with that Avork. In all cases stocks agreed with the
records.
COMMITTEE ON ENROLLMENT AND DISBARMENT OF ATTORNEYS
AND AGENTS
The Comniittee on Enrollment and Disbarment of Attorneys and
Agents, created by Department Circular No. 230, dated February 15,
1921, is responsible for the examination of applicants wishing to practice as attorneys, agents, or other representatives before the Treasury
Department or offices thereof; and receives complaints, conducts
hearings, and makes inquiries concerning violations of the regulations
by enrolled practitioners. The conclusions of this committee in each
case are submitted as recommendations to the Secretary of the
Treasury.
During the fiscal year 1933, 2,447 applications for enrollment of
attorneys and agents were approved and 10 were disapproved. I n
one case the applicant for enrollment was afforded a formal hearing
by the committee.
On June 30, 1932, complaints were pending against 90 enrolled
individuals, 61 new complaints were filed during the year, and 58
were disposed of by the Secretary, leaving 93 pending on June 30,
1933. I n 16 cases the Secretary, on recommendation of the committee, accepted the answers of the respondents as sufficient and the
92
REPORT OF T H E SECRETARY OF THE TREASURY
complaints were dismissed. I n 42 cases the committee, after formal
hearing accorded the respondent, submitted its findings and recommendations to the Secretary, who disposed of them as follows: I n
6 cases it was found that the charges were not proven and the complaints were dismissed; in 36 cases the charges were found proven
in whole or in part and the Secretary imposed penalties^26 practitioners were disbarred from further practice before the Treasury
Department, 3 were suspended from practice for various periods,
and 7 were reprimanded. During the year one practitioner who had
formerly been disbarred was reinstated to practice before the department.
I t is the policy of this committee to give an enrolled attorney or
agent opportunity to show cause why formal disbarment proceedings
should not be instituted against him; 10 such cases occurred during
the year.
FEDERAL FARM LOAN BUREAU
Under an Executive order of the President, the Federal Farm
Loan Bureau was transferred to the F a r m Credit Administration on
May 27, 1933. Statistics through June 30, 1933, have been obtained
from the administration, however, in order that data for the entire
fiscal year may be available.
Operations of Federal land banks
During the fiscal year 1933 the Federal land banks made 9,020
first mortgage loans on farm properties in the aggregate amount of
$32,738,737, a relatively small part of which represented purchase
money mortgages approved as collateral for farm loan bonds. From
the date of their organization to June 30, 1933, the land banks had
closed 535,480 mortgage loans aggregating $1,741,894,652.
On June 30, 1933, a principal balance of $1,118,434,268 was outstanding on 399,495 loans. On the same date $1,141,897,220 of farm
loan bonds of Federal land banks were outstanding, excluding
$621,720 held by the issuing banks and $4,150 matured or called, but
including $21,800,000 of bonds issued to the Reconstruction Finance
Corporation during the fiscal year.
The combined capital stock of all Federal land banks on June 30,
1933, amounted to $188,514,499. Of this amount $124,871,729 was
owned by the Federal Government, $62,847,380 by national farm loans
associations, $688,055 by borrowers through the Puerto Rico branch,
and $107,335 by other borrowers. On June 30, 1933, the banks had
special reserves aggregating $21,769,699 against real estate, delinquent installments, and other items; legal and other reserves of
$15,526,801; and undivided profits of $1,257,345 (net). Total capital
stock, reserves, and undivided profits amounted to $227,068,344 (net).
National farm loan associations increased in number from 4,651
to 4,662 during 1933.
The only changes during the year in the rates of interest charged
on new loans were raade in July 1932, when the Baltimore bank decreased its rate to 5 ^ percent and the rate of the Puerto Rico branch
to 6 percent. The Federal land banks of Columbia and New Or-
93
REPORT OP T H E SECRETARY OP T H E TREASTJRY
leans maintained their
banks were maintained
The following table
principal liabilities of
30, 1933:
rates at 6 percent, while those of the other
at 51/^ percent.
shows total assets, net mortgage loans, and
each of the Federal land banks as of June
Principal assets and liahiUties of F e d e r a l land banks on J u n e 30, 1933
Federal L a n d B a n k of—
T o t a l assets i
Springfield..
Baltimore...
Columbia...
Louisville...
N e w Orleans
St. Louis
St. P a u l
Omaha
Wichita
Houston
Berkeley
Spokane
$60, 240, 632
78, 281, 847
71, 627, 905
131, 743,171
123, 636, 696
121, 727, 721
147, 827,314
185,119,164
101, 504,096
171,193, 589
63, 041, 925
117, 996, 043
Total..
1, 373, 939,102
N e t mortgage
loans 2
$4.9, 267,872
63, 980, 788
48, 901,947
114,921, 205
93, 202, 899
98,477, 218
106,104, 596
162,868,978
85, 710, 026
155, 732, 221
49,147,407
90,119,112
1,118,434,;
B o n d s outstanding 3
C a p i t a l stock
Reserves
and undivided
profits 1
$48, 598,840
64, 650, 760
54, 685, 780
112,176, 720
101,375, 760
103, 893, 780
119,536, 480
159, 225,120
86, 598,040
144, 818, 600
50, 964, 200
95, 373,140
$9, 643, 234
•10, 447, 260
15,988, 620
14, 734, 070
18, 326,950
15,166, 045
25,134, 250
18, 694, 516
11,942, 715
18,161, 345
10, 210, 621
20, 074, 875
•$567,164
1, 469, 609
-510,684
2, 402, 217
1,443, 927
831,471
73, 623
3, 541, 422
1,109, 791
5, 254,138
584, 080
17, 389
1,141, 897, 220
• 188, 514, 499
16, 784,146
1 Special reserves set u p against particular assets h a v e been d e d u c t e d .
^ R e p r e s e n t s t h e o u t s t a n d i n g balance of first mortgage loans closed b y t h e b a n k s , including such p u r c h a s e
'
m o n e y first mortgages as h a v e been a p p r o v e d as collateral for farm loan b o n d s in accordance w i t h t h e provisions of t h e F a r m L o a n Act, b u t excluding p u r c h a s e m o n e y first mortgages n o t so a p p r o v e d a n d excluding
p u r c h a s e m o n e y second mortgages.
o
3 B o n d s on h a n d a n d b o n d s m a t u r e d or called b u t n o t y e t presented for p a y m e n t are n o t i n c l u d e d .
Operations of joint stock land banks
During the fiscal year liquidation of one of the three joint stock
land banks which were in receivership at the beginning of the year
was completed and one bank was placed in receivership upon default
in the payment of bond interest. At the end of the year there were
46 joint stock land banks in operation, 1 in voluntary liquidation,
and 3 in process of liquidation through receivership.
The reports submitted by joint stock land banks to the F a r m
Credit Administration as of June 30, 1933, showed that 362 loans
were closed during the year, amounting to $1,130,253. Total loans
closed by these banks from the date of their organization to June
30, 1933, numbered 130,272 and amounted to $901,043,009. The
loans closed represented mainly mortgages taken to secure a portion
of the purchase price upon the sale of real estate which had been
acquired by the banks. On June 30, 1933, 80,253 loans were outstanding on which the principal balances totaled $428,853,367, including 6,575 loans amounting to $42,446,150 in the three joint stock
land banks in receivership.
The reports also showed that the capital stock of the 46 operating
banks on June 30, 1933, amounted to $34,9.85,900, while legal reserves
aggregated $4,595,092, and surplus paid in, surplus earned, and undivided profits totaled $7,241,201. I n addition these banks carried
special reserves aggregating $16,874,740 against real estate, delinquent installments, and other items. Deficits totaling $1,411,186 were
reported by 11 of the operating joint stock land banks. F a r m loan
bonds of joint stock land banks, not including the three banks in
process of liquidation through receivership, were outstanding in the
94
REPORT OF THE SECRETARY OF THE TREASURY
amount of $405,649,440. This figure excludes $2,842,120 of bonds
held by the issuing banks and $3,000 matured or called. The three
banks in receivership had a total of $81,897,300 of bonds outstanding
on the respective dates on which they were placed in receivership.
The following table shows total assets, net mortgage loans, and
IDrincipal liabilities of each joint stock land band in operation as of
June 30, 1933:
Principal assets and liabiUties of joint stock land banks on June 30, 1933 ^
Name and location of bank
Atlanta, Atlanta, Ga
Atlantic, Raleigh, N.C
Burlington, Des Moines, Iowa
California, San Francisco, Calif
Corn Belt, Taylorville, 111
Dallas, Dallas, Tex
Denver, Denver. Colo
.
Des Moines, Des Moines, Iowa
First Carolinas, Columbia, S . C .
First, Fort Wayne, Ind
First, Montgomery, Ala
.
First, New Orleans, La
First Texas, Houston, Tex
First Trust, Chicago, 111
Fletcher, Indianapolis, Ind
Ffemont, Lincoln, Nebr
Greenbrier, Charleston, W.Va
Greensboro, Greensboro, N.C
Illinois, Monticello, 111...
Illinois Midwest, Edwardsville, 111
Indianapolis, Indianapolis, Ind
Iowa, Sioux City, Iowa
Kentucky, Lexington, K y . .
La Fayette, La Fayette, Ind
Lincoln, Lincoln, Nebr
Louisville, Louisville, Ky
Maryland-Virginia, Baltimore, Md
Minneapolis-Trust, Minneapolis, M i n n . . .
Mississippi, Memphis, Tenn
New York, Rochester, N.Y
North Carolina, Durham, N.C
Oregon-Washington, Portland, Oreg
Pacific Coast, Portland, Oreg
Pacific Coast, Salt Lake City, Utah
Pacific Coast, San Francisco, Calif.
Pennsylvania, Philadelphia, Pa.
Phoenix, Kansas City, Mo
•..Potomac, Washington, D.C
San Antonio, San Antonio, Tex
Southwest, -Little Rock, Ark
_
Tennessee, Memphis, Tenn__
Union, Detroit, Mich
Union, Louisville, Ky
_.
Union Trust, Indianapolis, Ind^
Virginia-Carolina, Elizabeth City, N . C —
Virginian, Charleston, W.Va...
Total...
Total
assets 2
466, 681
868, 392
404, 460
499, 375
859,804
301,816
533, 952
673, 793
718, 848
233, 558
568, 240
428,060
226, 328
738, 238
008, 064
323, 293
0.28, 096
446, 000
087, 670
968, 737
117, 049
755, 351
395, 671
426,950
109, 368
052, 360
522,141
806, 631
811, 756
670, 041
738,433
004, 588
402, 961
175, 054
697, 263
752, 276
448, 690
239,096
952,126
Oil, 580
317, 950
607, 286
363,516
662, 987
841,298
173,491
Net mort- Bonds outgage loans 3 standing *
$3,826, 721
10, 300, 205
1, 613, 940
13,007,417
830, 520
32, 969, 626
12,142, 937
5, 713, 465
5, 567,119
5,840,011
5,880, 271
2, 298, 755
6, 510, 325
61,177, 724
14,494, 277
4, 987, 682
1,782,159
3, 330, 438
5,183, 325
3, 978,827
1, 016, 665
6, 484, 098
7, 481,831
7, 465, 357
22, 017, 652
3, 582, 397
2, 255, 553
2, 763, 053
2, 757, 702
9, 384, 570
8. 318, 877
2, 288, 699
6, 647,128
3,873, 785
15, 233, 266
5, 061,171
18, 660, 842
4, 278, 038
16,192, 752
3, 242, 821
2, 833, 089
16,119, 885
1, 655.461
572,405
4,434, 029
10, 450, 347
$4,828, 500
12, 341,900
2, 236, 500
12, 464, 000
580, 000
33, 330, 000
10, 881, 000
4, 479, 500
8, 485, 500
6, 306,100
7,077, 500
2, 970, 000
6, 319, 000
62,118, 000
13, 874, 200
6, 260, 500
1, 704, 500
3, 968, 000
5, 572, 000
4, 715, 000
811,000
6,165, 800
8, 092, 500
7, 746, 800
25, 849, 000
4, 705, 300
2, 093, 500
4, 020, 000
3, 280, 000
10,267,000
11,130,000
2, 641, 000
6,430, 000
3,169, 000
13, 905, 000
4, 935, 000
17, 630, 940
4, 743, 000
15, 492, 500
3, 057,800
2, 924, 000
17, 646, 000
2,178, 500
252, 000
5, 282,000
10, 690,100
Capital
stock
$350,000
907, 500
250, 000
916, 000
250, 000
2, 431, 200
1,184, 800
1,150, OOQ
785,000
400, 000
550, 000
250,000
550, 000
4, 600,000
750,000
850,000
250,000
250, 000
450, 000
350, 000
250,000
500,000
650,000
300,000
2, 711,400.
500, 000
250, 000
450, 000
350,000
800, 000
700, 000
250,000
450, 000
300, 000
1, 400, 000
418,500
1, 650, 000
400, 000
1, 226, 500
285,000
250, 000
1, 370,000
250, 000
250, 000
400,000
1,150,000
470,429,308 386, 407, 218 405, 649, 440 34, 985, 900
Surplus,
reserves
and undivided profits 2
- $ 4 8 , 353
- 7 7 , 665
-122,743
872,087
22, 622
483, 684
471,117
1,204,362
- 3 3 4 , 283
244, 276
- 2 5 7 , 559
76, 029
186, 551
987,994
965. 060
66, 206
32, 727
147, 903
-3,994
-176,431
32, 789
4,541
259,128
230, 368
508,891
- 2 4 7 , 942
151,386
51, 594
-28,071
302,005
297, 653
33, 691
364, 327
132,488
434, 382
287, 500
3, 022, 722
-11,552
429,927
159, 291
51, 283
23,433
-103,593
153, 539
33, 603
153,464
11,467, 437
1 Joint stock land banks in receivership are not included. .
2 Special reserves set up against-particular assets have been deducted.
3 Represents the outstanding balance of first mortgage loans closed by the banks, including such purchase
money first mortgages as have been approved as collateral for farm loan bonds in accordance with the provisions of the Farm Loan Act, but excluding purchase money first mortgages not so approved and excluding
purchase money second mortgages.
< Bonds on hand and bonds matured or called but not yet presented for payment are not included.
95
REPORT OF THE SECRETARY OF THE TREASURY
Operations of Federal intermediate credit banks
During the fiscal year loans made by the Federal intermediate
credit banks to cooperative marketing associations amounted to
$39,107,239. The total of such credit from the date of organization
of the intermediate credit banks to June 30, 1933, amounted to
$822,545,610, of Avhich $3,934,177 was outstanding on June 30, 1933.
Loans to and discounts for financing institutions during the year
amounted to $155,625,218. Total credit extended to financing institutions from the time of organization to June 30, 1933, was $890,214,324, of which there was outstanding $78,202,350 at the end of
the fiscal year.
On June 30, 1933, the earned surplus, undivided profits, and reserves for contingencies of intermediate credit banks aggregated
$2,710,437 (net).
At the beginning of the fiscal year loan and discount rates of
7 intermediate credit banks were 3 % percent per annum; 3 banks
and the Puerto Rico office, 4 percent; 1 bank, 4 % percent; and 1
bank, 3 % percent. A gradual decrease in the rate of interest borne
by successive issues of debentures sold during the year enabled the
banks to reduce the loan and discount rates charged by them, so that
on June 30, 1933, the rate of 4 banks and the Puerto Rico office
Avas 3 % percent per annum; 6 banks, 3 percent; 1 bank, 2 % percent;
and 1 bank, 2i/^ percent.
The following table shows total assets, loans, and discounts, and
principal liabilities of each Federal intermediate credit bank as of
June 30, 1933:
Principal assets and UaMlities of Federal intermediate credit "banks on June
30, 1933
Federal Intermediate Credit Bank o—
f
Springfield..
Baltimore-_Columbia
Louisville
New Orleans
St. Louis.--St. Paul
Omaha
Wichita
Houston
Berkeley
Spokane
Total assets
$7,156.
5,606,
4, 395,
7,329,
10,324,
9, 680.
11,643,
12, 779,
7.835.
20, 591,
14, 070,
14,449.
Total-
126.861,617
Loans and Debentures
discounts outstanding 1
Capital
stock
Surplus, reserves, and
undivided
profits
895,644 $1,500,000 $5,000,000
$584,025
182,376
347. 052
200,000 5,000,000
632,885
5,000,000
-623, 209
415,810
5,000, 000
436, 934
1,845,000
807,407
542,789
4, 650,000 5,000. 000
870, 020 3, 625,000 5,000,000
445,927
615, 673 5,800,000
5, 000, 000
606,837
926,351
546,735
6, 950,000 5,000.000
431,357
534,167
2,150, 000 5.000, 000
780,238 14,360, 000 5, 000, 000
785,139
511, 710 10, 700,000 6,000, 000 -1,808,330
167,157
312,370
8,800, 000 5,000.000
82,136,527
60,580.000
60,000,000
2, 710, 437
1 Debentures held by banks of issue and debentures matured are not included.
SECTION OF FINANCIAL AND ECONOMIC RESEARCH
The section, which includes the office of Government Actuary, performs a combined research, editorial, actuarial, and service function
for the Treasury, largely in the field of finance. Upon request or on
the initiative of the section, studies and investigations in taxation,
public debt, and other subjects in or related to the field of public
14820—33
:8
96
REPORT OF THE SECRETARY OF THE TREASURY
finance are conducted, largely for use within the Department. The
section engages also in estimating revenue receipts.
As in the past, the Annual Report of the Secretary of the Treasury
was edited and in part prepared by the section, under the general
supervision of the Under Secretary; the section, also participated in
the preparation and editing of Statistics of Income for 1931, and of
other Treasury publications.
The monthly publication of daily yields of Government bonds and
notes, and the monthly estimate of the population of the United
States (appearing on the Circulation Statement of United States
Money) were continued.
Service on various governmental committees was performed by
members of the section, including the service of the Government
Actuary on the Board of Government Actuaries in connection with
the Civil Service retirement law.
GENERAL SUPPLY COMMITTEE
The value of the purchases reported by the various Government
departments and establishments under contracts negotiated by the
Secretary of the Treasury through the General Supply Committee
was $7,425,337 during the fiscal year 1933 as compared with $10,178,290 for 1932. There were 3,018 bids received and, in connection
therewith, 26,197 samples. The 1,521 contracts entered into involved
27,642 items.
A summary of the surplus property transactions during the fiscal
year follows:
Statement of the surplus property accountability for the fiscal year 1933
Stores on hand July 1, 1932
Appraised value of receipts during the fiscal year 1933
Revenue:
Serviceable property :
Issued t o :
Legislative establishments
Executive departments
Independent establishments
District of Columbia
Discount on above
Unserviceable property—public sales :
Auction
:
Contract
^
s t o r e s on hand J u n e 30, 1933
;
$9,488.27
73, 064. 32 '
$82, 552. 59
$131. 50
10, 931. 86
3, 362. 23
2, 126. 86
16, 552. 45 o
5, 517. 43
14, 331. 52
39, 034. 85
22, 069. 88
53,366.37
75, 436. 25
7, 116. 34
82, 552. 59
Under the provisions of the act of February 27,1929 (45 Stat. 1341)
and the act of March 26, 1930 (Public No. 78, 7lst Cong.), the
General Supply Committee is authorized and directed to purchase
or procure and distribute supplies to meet the consolidated requirements of the exe(iutive departments and independent establishments
of the Federal Government in Washington, D . C , of the municipal
government of the District of Columbia, and of the field services
when request is made by the heads thereof. These supplies are paid
for by the General Supply Committee out of a revolving fund and
REPORT OF THE SECRETARY OF THE TREASURY
97
collections therefor are made from the departments and deposited
in the general supply fund.
Statement of the ivorking assets of the Oeneral Supply Committee for the
fiscal year 1933
Inventory as of July 1, 1932
Purchases during 1933
Inspection and breakage
Cost of goods sold:
i $21, 522. 94
1, 153, 261. 28
~ $1,174,784.22
187. 63
1, 072, 898. 21
1,073,085.84
^
Inventory as of J u n e 30, 1933
101, 698. 38
Revenue:
Surcharge for delivery
Purchase discount
45, 893. 82
1 0 , 1 5 7 . 23
Total
56, 051. 05
Balance sheet as of June SO, 1933
Treasury ^cash
Disbursing officer's cash
Accounts receivable
Invoice receivable
Inventory as of J u n e 30, 1933
Inventory (stamps)
Consigned goods
Deferred charges
$229,102; 83
82,339.91
52,647.26
13, 515. 49
101, 698. 37
47.64
3, 0 9 6 . 4 1
43, 826. 76
,
;
Total
Liabilities and c a p i t a l :
Deferred credits
Consigned goods accountability
Unpaid audited vouchers
Unvouchered invoices
General Fund revenue
Unencumbered capital
Unliquidated capital
Reimbursable expenditures
Total
10, 965. 35
3, 096. 41
18, 466. 56
54, 146. 68
139, 599. 67
^-—;——
35,180.7 2
163, 120. 5Jl
101, 698. 37
-^
_—
:
$526, 274. 67
'
226, 274. 67
300, 000. 00
i>_0, 274. 67
BUREAU OF INDUSTRIAL ALCOHOL
Technical activities
The Technical Division conducts the scientific and technical work
of the Bureau of Industrial Alcohol as well as the work of this
character for the Bureau of Prohibition, Bureau of Narcotics, and
the Bureau of Internal Revenue. I t supervises generally the activities of the chemical laboratories of the Bureau of Industrial Alcohol
in the field. I t also has supervision of work relating to the provisions of title I I I of the National Prohibition Act and regulations
issued pursuant thereto, and performs work relating to the manufacture and permissive use of intoxicating liquors under title I I of
the National Prohibition Act. Certain features of the general internal revenue laws relating to bonded warehouses and other miscellaneous items are also administered. This division is also charged
with the work in connection with the concentration of distilled
spirits in accordance with the provisions of the act of February 17,
1922.
1 Adjusted.
98
REPORT OF THE SECRETARY OF THE TREASURY
The following table shows the number of permits, issued under the
National Prohibition Act, in force on June 30, 1932 and 1933, by
classes:
Class of permit
June 30,
1933
A.
B.
C.
D.
E.
F.
Permits to manufacture, bonded warehouses and free warehouses
Permits, wholesale druggists
Permits to transfer
Permits to import and use
..
Permits to import and sell
Permits to export alcohol only to places other than Canada, Mexico, West Indies,
and other nearby islands
G. Permits to export alcohol to Canada, Mexico, West Indies, and other nearby
islands and other liquors to any destination '.
H. Permits to use intoxicating liquors in the manufacture of preparations unfit for
beverage use and for experimental purposes
I. Permits to use and sell...
J. Permits for physicians to prescribe and use..K. Permits to manufacture vinegar and procure intoxicating liquor for conversion into
same
L. Permits to operate dealcoholizing plants
N. Permits to procure medicated alcohol in quantities exceeding 1 pint
P. Permits to receive and possess for storage in bond and sell from concentration
Q. Permits, hospitals
--R. Permits to produce mash for the purpose of producing yeast, after which residue
is to be destroyed
S. Permits to procure wine for ritualistic purposes
T. Permits to dentists, veterinarians, optometrists, osteopaths, chiropractors, chiropodists, and spineologists to use alcohol, and to dentists to administer liquor..
U. Permits to manufacture fermented liquor for sale
V. Permits to manufacture 3.2 percent fruit juice
Special permits, cases not covered by above classes
To operate industrial alcohol plants
To operate industrial alcohol bonded warehouses
To operate denaturing plants
To bonded dealers in specially denatured alcohol
To manufacturers to use specially denatured alcohol.i
Ta.\-free alcohol
Total-
196, 666
While basic permits are issued by the various field offices, all formulas involving the use of any tax-paid intoxicating liquor are examined in this division, and recommendation is made to the supervisors of permits regarding the issuance of permits authorizing the
procurement and use of these licjuors in the preparation of the articles
designated. The character of the formulas examined is greatly
varied, but the larger portion consists of these general classifications:
Medicinal, culinary, and sirups in which intoxicating liquors are incorporated. The recommendation regarding the manufacture of
these products involves also the examination of labels under which
they are to be distributed and'the related advertising matter to insure compliance with the existing regulations interpreting title I I
of the act.
I n all cases where authority is granted for the importation of wine,
whether for medicinal or sacramental use, the specific requests, supported by satisfactory evidence, are passed upon in the Technical
Division. The monthly reports of receipt and distribution of these
wines are audited.
I n order to insure uniform control over preparations in which taxpaid intoxicating liquors are used it has been deemed- necessary to
centralize all inquiries of a technical nature, and this duty is assigned
the nonbeverage section, together with general inquiries relating to
procedure, policy, and special processes.
REPORT OF THE SECRETARY OF THE TREASURY
99
During the past fiscal year 143,356 samples were examined in the
field laboratories, approximately 18,000 less than were examined
during 1932. The field laboratories performed an increased amount
of check analyses for the field officers. These check analyses are^to
determine whether products manufactured by permittees conform
to the formulas approved in Washington, and enable the field laboratories to furnish testimony, if necessary, in permit revocation proceedings or criminal prosecutions. This procedure relieved the
Washington laboratory of that phase of the work and reduced the
expenditures for travel by chemists attending revocation or court
proceedings at points outside of Washington.
The Washington laboratory examined 12,627 samples during the
past fiscal year, which is approximately 3,500 samples less than were
examined during 1932. These samples consisted principally of preparations which were .submitted by permittees or prospective permittees for approval. The formulas for all preparations and processes
using pure or denatured alcohol are submitted to the Technical Division for review and approval before permits are issued by the
supervisor for the withdrawal of alcohol. The policy of exercising
extreme care in approving preparations manufactured with specially
denatured alcohol ha.s reduced to a minimum the illegal distillation
of alcoholic preparations for the purpose of obtaining potable alcohol for illegal purposes. Preparations which are susceptible of yielding potable alcohol by simple distillation or manipulation are disapproved and the addition of bona fide essential oils or ingredients
that cannot be eliminated by simple distillation or manipulation are
required. The use of calol ethatate, a denaturant for ethyl acetate,
developed by the Technical Division over three years ago, has effectually prevented the diversion of ethyl acetate for illegal purposes.
The'laboratory continued to carry on the following research work:
Developing medicaments for bay rum, rubbing-alcohol compounds,
and similar preparations to prevent their use for beverage purposes;
further strengthening the specially denatured alcohol formulas to
safeguard the alcohol from diversion and to provide legitimate
industry with denatured alcohol better adapted to its needs; and
developing improved or more efficient denaturants for completely
denatured alcohol to prevent its diversion for beverage purposes.
Completely denatured alcohol is sold without a permit to the public
and must be well protected against diversion if proper protection is
to be afforded to the reveihue anticipated from beverage spirits in the
event of the repeal of the eighteenth amendment.
Review of production data
The policy of limiting the production of industrial alcohol to the
actual needs of legitimate industry, initiated January 1, 1928, was
followed during the fiscal year 1933 and continued to be .successful.
Each industrial alcohol plant was allotted a fixed quota of the
total alcohol to be produced with a provision that only 40 percent
of the total quota for the year be produced during the first 6 months
of the calendar year, provided legitimate industries did not require
an Excess of that quantity. Very few companies manufactured their
100
REPORT OF THE SECRETARY OF THE TREASURY
full quota of alcohol during the year, with the exception of those
which produced alcohol as a by-product.
The following statement compares the production and withdrawals
of alcohol, denatured alcohol, other distilled spirits, and wines during
the fiscal years 1932 and 1933, together with related information.
Production and withdrawals of alcohol, denatured alcohol, other distilled spirits,
and wines during the fiscal years 1932 and 1.933
1932
Alcohol p r o d u c e d (proof gallons)
- . . 146,950,912. 76
Alcohol w i t h d r a w n , tax p a i d (proof gallons)
6,149, 767. 42
T o t a l alcohol w i t h d r a w n tax free (proof gallons)
135, 554,158.07
Alcohol w i t h d r a w n tax free for d e n a t u r a t i o n (proof
132, 578, 234. 75
gallons).—
C o m p l e t e l y d e n a t u r e d alcohol p r o d u c e d (wine gallons) - 34, 298, 235. 54
Specially d e n a t u r e d alcohol p r o d u c e d (wine gallons)
44,031, 281.80
Cereal beverage p l a n t s operated
164
86, 741, 698
Cereal beverages p r o d u c e d (gallons)
Breweries operated
,
Beer p r o d u c e d (gallons)
Distilled spirits other t h a n alcohol w i t h d r a w n tax p a i d
(tax gallons)
.998,957. 2
R u m p r o d u c e d for d e n a t u r a t i o n a n d exportation (tax
gallons)
-.
1, 059,068. 2
Taxes collected on wines
$186,563. 29
Wineries a n d wine storerooms operated
--.
319
W i n e p r o d u c e d (gallons)
6, 210,463. 71
1933
Increase (-H) or
115, 609, 754. 29
5, 018, 007. 49
106, 532,071. 67
-31,341,158.47
-1,131,769.93
- 2 9 , 0 2 2 , 086. 4
(-)
-28,824,994
103, 753, 240. 75
-7,774,004.67
26, 524, 230.87
- 8 , 955,165.89
35,076,115. 91
-6
158
- 4 6 , 642, 755
39,098,843
-1-323
323
303, 732, 360.25 +303.732,350.26
1,100, 319.1
4-101,361.9
1, 273,818. 7
• $289,575.99
305
18, 755, 661. 66
-f 103, 012. 70
+$22,063.93
-14
+ 1 3 , 646,197.95
The decrease in production of alcohol during the year is attributed to the business depression in those industries using alcohol
as a raw material and to the Bureau's policy of limiting production
to actual needs of industry. While there was a decrease in the
quantity of both completely and specially denatured alcohol produced during the entire year, there was approximately a 30 percent
increase in the quantity of specially denatured alcohol produced and
withdrawn for use during the months of May, June, and July of this
year over the corresponding months of last year. The specially denatured alcohol is used directly or indirectly in the manufacture of
thousands of articles of commerce. The increase during these months
reflects a substantially larger production of these commodities.
The manufacture of synthetic ethyl alcohol from ethylene gas is
now a recognized source of industrial alcohol. Over 11,000,000
proof gallons .were produced by this method during the year.
Seven distilleries were operated and produced 4,910,015.4 taxable
gallons of medicinal whisky, an increase of 3,198,986.9 gallons over
the production during the previous year.
At present there are 20 concentration warehouses, containing
15,435,469.3 taxable gallons of distilled spirits, original gauge, and 8
distillery and 2 general bonded warehouses, not designated, as concentration warehouses, containing 5,281,226 taxable gallons of distilled spirits,
Twenty-two fruit distilleries were operated during the year in the
production of brandy, wine spirits, and high-proof fruit spirits,
producing 1,586,384.3 taxable gallons of such spirits, of which 599,207.8 taxable gallons of brandy were produced for medicinal and
general nonbeverage purposes and 987,176.5 taxable gallons of
brandy, wine spirite, and high-proof fruit spirits were producecl for
REPORT OF THE SECRETARY OF THE TREASURY
101
the fortification of wines and for nonbeverage purposes authorized
under the Tariff Act of 1930. This latter amount is an increase of .
456,242.7 taxable gallons over the production for similar purposes
during the previous year.
During the year there was an increased prociuction of 13,545,198
gallons of wine over the previous year. This increase was due in
part to the absence of a market for grajpes during the 1932 vintage
season, necessitating the establishing of new wineries in order to
salvage grape crops, and in p)art to the establishing of premises for
the production of wine containing not over 3.2 percent of alcohol
by weight, authorized for beverage purposes by the act of March 22,
1933. The use of this product as distilling material in the manufacture of brandy also increased materially during the year.
Administration
Each of the 12 administrative districts was examined one or more
times during the past fiscal year to determine whether the organization, personnel, and procedure were functioning in accordance
with Bureau instructions. Many improvements in operation were
made and economies were effected. The program of coordinating
ideas which might improve administrative procedure in the field was
continued. The Field Office Inspection Manual used by the field
inspection staff in standardizing procedure in the various^ divisions
of each district or branch office was further improved and brought
up to date.
Shortly after the passage of the act legalizing the manufacture
for sale of fermented liquors containing not more than 3.2 percent
of alcohol by weight, it became evident that the problem of supervising tax payments at breweries was exceedingly serious on account
of the lack of men for assignment to such duty. As a consequence,
districts containing large numbers of breweries were visited and
plans worked out whereby the existing force of plant and permit
inspectors could be used to cover all breweries. The field inspection
staff is still working upon this problem in order to continue effective
control over tax payments of breweries despite the rapid increase
in this type of permittee. I t is now investigating the possibility
of using meters so. that a minimum amount of time can be spent by
an inspector at a brewery.
During the year, work was completed on the series of permit inspection manuals describing the technical operations of production
plants and proper methods of inspection for the instruction of
permit inspectors in the field. The manual pertaining to breweries,
previously known as " cereal beverage plants ", was published a year
ago. The three other manuals relating to industrial alcohol, whisky
and rum, and wine and brandy were completed, and distributed
to the field.
The Law Division, at the head of which is the Chief Counsel, performs the legal work of the Bureau, coordinates the field legal work,
and advises the field legal offices. The enactment of the act of
March 22, 1933, which authorized the manufacture for sale of fermented liquors containing not more than 3.2 percent of alcohol by
weight, and of the act of March 31, 1933, liberalizing the prescribing
of medicinal liquors, increased the duties of this division.
102
REPORT OF THE SECRETARY OF THE TREASURY
BUREAU OF INTERNAL REVENUE
General
Internal revenue receipts.—Receipts from internal revenue taxes
during the fiscal years 1932 and 1933 were as follows:
Summary of internal revenue receipts for the fiscal years 9312 and 1933
[On basis of r e p o r t s of collections, see p. 276.1
1932
Sources
Increase ( + ) or
decrease (—)
1933
I n c o m e taxes:
Corporation!
Individual
$629, 566.115. 55
427,190. 681. 99
$394, 217. 783.93
352, 673, 620.18
—$235, 348,331. 62
- 7 4 , 616,961.81
Total
1.056, 756, 697. 54
746, 791,404.11
—309,965, 293. 43
47,422,313. 00
398, 578, 618. 66
54,449, 096. 40
490, 773. 26
17,066. 70
14,477.18
34, 309, 723.85
402, 739,059. 26
435.456.937. 68
629, 788. 84
5, 506. 52
6,805. 05
-13,112,689.16
+4,160,440. 69
+381,007,841.28
+39,016. 58
-11,661.18
—7,672.13
500,972,345.10
873, 047,820.19
+372,075.475.09
1, 557, 729,042. 64
1,619,839,224.30
+62,110,181. 66
Miscellaneous internal r e v e n u e :
E s t a t e s a n d gifts
Tobacco m a n u f a c t u r e s
O t h e r miscellaneous taxes 2 . . .
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 laws
Collected t h r o u g h c u s t o m s offices
Miscellaneous receipts
Total..
-.1.
G r a n d total
1 Includes income tax on Alaska railroads (act ofJuly 18,1914) amounting to $7,614.31 for 1932 and $4,262.03
or 1933.
3 Includes delinquent taxes collected under repealed laws amounting to $79,026.51 for 1932 and $44,612.64
or 1933.
I n this summary tax receipts are classified according to the administrative organization for the audit of returns—i.e., the Income
Tax Unit, the Estate Tax Division, the Tobacco Division, and the
Sales Tax Division. A statement of collections by taxes in detail
appears in table 8, page 317.
Refunds.—In the foregoing statement of receipts no deductions
have been made on account of refunds, which during the fiscal year
1933 were paid from the several appropriations as follows:
Refunding t a x e s illegally collected, 1931 and prior years
Refunding t a x e s illegally collected, 1932 and prior years-*
Refunding t a x e s illegally collected, 1933 a n d p r i o r y e a r s
Total
I
:
$6, 673, 172. 49
: — 24, 604, 582. 70
20, 207, 090. 73
5 1 , 484, 845. 92
I n addition to the above amount, there were certain repayments
as provided under specific appropriations which were not refunds of
taxes erroneously paid under our present internal revenue laws. The
redemption of stamps represents the return to the Government of
stamps purchased by the taxpayer in excess of his requirements. The
stamps so redeemed during the fiscal year, including interest, totaled
$4,037,250.81. Repayments under the appropriation act " Ref unding legacy taxes, act of March 30, 1928", totaling $10,000, relate to
claims under repealed tax laws, the interpretation of which has been
changed by court decision.
REPORT or THE SECRETARY OP THE TREASTJRY
103
Number of claims, amount refunded, and interest alloived on each class of tax
during the fiscal year 1933
Appropriation and class of tax
Claims
"Refunding taxes illegally collected",|for the fiscal year 1931
and prior years, 1932 and prior years, and 1933 and prior years:
Income taxes
Miscellaneous internal revenue:
Capital stock.--...
Estate and gift
Sales
Spirits and narcotics
Tobacco
Miscellaneous
Total.—
-.
Repayments (hot refunds of taxes erroneously collected):
Redemption of stamps:
Tobacco..Spirits and narcotics
Miscellaneous
Total
Interest
allowed
Amoiint
refunded i
127. Oil
$43.007, 221. 41
$10,379,441.26
22
2.788
1,940
188
17
1,017
45.846.15
7. 637. 535. 09
658.489. 79
7,377. 62
820.83
127. 555.03
11, 806.58
874, 647.40
179, 061. 68
1,349.32
10.85
15, 591.95
132,983
51,484,845.92
11,461,899.04
170
21, 047
125. 39
486.361.06
22,197
-
696, 750. 95
3, 663. 30
3,336,836.56
4.037. 250.81
486.486. 45
Refunding legacy taxes, act of Mar. 30,1928
10.000.00
1 Including interest.
If the tax refunds during the year on account of erroneous or illegal collections for 1933 and prior years, amounting to $51,484,845.92, were deducted from the gross collections of $1,619,839,224.30,
the net collections for the fiscal year would be $1,568,354,378.38. The
gross collections, however, are used for comparative purposes in this
report.
Additional assessments.—The additional assessments resulting
from office audits and field investigations, which amounted to $357,581,305.19, were as follows:
Additional assessments made during the fiscal year 1933, by class of tax
Class of tax
Income taxes
Miscellaneous internal revenue:
Estate
Tobacco
Gift.. _.
Sales (excise)
Miscellaneous
.
Amount
- __ - - -
_
•
1 $305,146,463. 53
..
...-
35, 361,898. 58
54,831. 88
3, 626, 914. 37
2,199,467. 63
11,191,729. 20
Total
2 52,434,841. 66
Grand total
357, 581, 305.19
1 Includes for income taxes $279,525,606.53 from the Income Tax Unit and $25,620,857 from the Accounts
and Collections Unit. The assessments of the Income Tax Unit include $109,895,996.67 made under the
jeopardy provisions of sees. 279 and 280 of the Revenue Act of 1926 and sec. 273 of the Revenue Acts of 1928
and 1932.
2 Includes for miscellaneous internal revenue $43,324,188.66 from the Miscellaneous Tax Unit and $9,110,653
from the Accounts and Collections Unit.
Cost of administration.—The amount expended and obligated in
administering the internal revenue tax law^s for the fiscal year 1933
was $30,031,722.98. This does not include the amount expended for
refunding taxes illegally or erroneously collected, which is in no
sense an administrative expense. The aggregate receipts of internal
104
REPORT OF THE SECRETARY OF THE TREASURY
revenue were $1,619,839,224.30, Avhich makes the cost of operation
$1.85 for each $100 collected, as compared with $2.17 for the fiscal
year 1932.
Income Tax Unit
The Income Tax Unit has charge of the auditing and closing of
all income tax returns except certain returns of small incomes for
which the auditing problems are not difficult. The latter are settled
.in the collectors' offices under the administration of the Accounts
and Collections Unit. For its work, the Income Tax Unit has an
organization of auditors in Washington and a field force throughout
the country.
Returns audited and closed.—The number of returns audited and
closed by the Income Tax Unit during the fiscal year 1933 is summarized in the following: table:
Summary of work of the Income Tax Unit for the fiscal years 1932 and 1983
Number
1932
364,700
Returns received during year:
Reopened and new
Original
.
.
.
112, 972
2, 080,146
2, 360,305
--
. .
-
Total closed
Returns not closed during year:
On hand for audit in Washington and in the field at end of year
Awaiting action of taxpayer after mailing final notice of deficiency (60-day
letter)
.
Involved in appeals to Board on final 60-day notice of deficiency mailed
during year *
_
.
-
85, 628
3,136
9,657
98, 421
1,596
45,986
1,967, 582
2,460, 056
Total
Jeopardy assessments.Certificates of overassessment
No change
-
132, 936
148, 515
2,122
79, 025
2, 230,394
Returns closed during year: 2
Additional assessments, except jeopardy:
Before final notice of deficiency
After final notice of deficiency: 3
Agreement
Default
2,447,889
4,941
10, 638
..
2,193,118
2, 725, 005
.
Total to be disposed of
Total not closed
254, 771
131,795
2, 228, 610
Returns on hand in Washington and in the field at beginning of year •.. -'
Total
1933
2,113, 584
254, 771
325, 734
2, 397
2,836
7,781
6, 735
264,949
334,305
1 This total does not include returns with respect to which final notices of deficiency (60-day letters) were
mailed prior to the beginning of the year.
2 Excludes returns closed through decisions of Board of Tax Appeals.
3 Includes some returns with respect to which final notices of deflciency (60-day letters) were mailed prior
to the beginning of the year.
^ These figures do not agree with the number of returns with respect to which appeals were taken during
the year since many of such appeals were from determinations set forth in iflnal notices of deficiency mailed
prior to the beginning of the year. The number of the latter returns with respect to which appeals were
taken was 8,575 for 1932 and 6.598 for 1933.
REPORT OF THE SECRETARY OF THE TREASURY
105
At the beginning of the fiscal year 1933 there were 254,771 returns
on hand in the unit. During the year the unit received 2,193,118
returns. Of the total received, 2,080,146 were original returns filed
covering the taxable years 1931 and 1932 and 112,972 were reopened
and new returns for the taxable years prior to 1931.
The total number of returns before the unit for consideration
during the fiscal year was 2,447,889. The unit closed 2,113,584 returns without an appeal having been taken to the Board of Tax Appeals. (Jeopardy assessments on 1,595 of these returns can be appealed.) I n addition, there were also closed during the year 6,613
returns after action by the Board of Tax Appeals on appeals pending, making a total number of 2,120,197 returns closed. The total
included 1,659,418 individual and partnership and 460,779 corporation returns.
Additional revenue.—The total additional revenue made available for collection (exclusive of jeopardy assessments) was $169,629,609.96, as compared with $218,521,218.58 the previous fiscal year, a
decrease of $48,891,608.62. The field forces of the Income Tax Unit
secured agreements to the immediate assessment and collection of
$21,361,130.31, while $148,268,479.65 was assessed after consideration
in Washington.
The additional revenues are classified in the following table to
show the amounts involved as additional tax, penalty, and interest,
and also the pro.cedure involved in reaching a settlement with the
taxpayers.
Additional revenue made available for collection during the fiscal years 1932
and 1933, classified according to the tax, interest, and penalty, and the agreement procedure involved
1932
Amount
Tax
Interest
Penalty
.
- - .
-
- - $173,809, 724. 07
36,150, 696. 87
1, 687, 848. 30
Total
-.
Rejected claims for a b a t e m e n t a n d credit
Total additional revenue
P r o c e d u r e involved i n s e t t l e m e n t :
M i m e o g r a p h 3552 1
Regular procedure:
A g r e e m e n t s executed b y t a x p a y e r w i t h o u t
60-dav letters
A g r e e m e n t s executed b y t a x p a y e r subseq u e n t t o 60-day letters
A p p e a l s n o t filed w i t h i n 60-day period
Action of B o a r d of T a x A p p e a l s
Total.-
1933
Percent
Amount
Percent
79.5 $134,914, 736. 48
31, 232, 819. 66
16.5
2,003, 206. 42
.8
79.5
18.4
1.2
211, 648, 269. 24
6, 872,949. 34
96.8
3.2
168,150, 762. 56
1,478,847.40
99.1
.9
218, 521, 218. 58
100.0
169, 629, 609. 96
100.0
32, 364, 500. 22
15.3
21, 361,130. 31
12.7
74,870, 038. 36
35.4
39, 754,168.16
23.7
17, 077, 637.17
28, 017, 041. 78
59, 319, 051. 71
8.1
13.2
28.0
10, 653, 592.10
27, 751, 240. 03
68, 630, 631. 96
6.3
16.5
40.8
211, 648, 269. 24
100.0
168,150, 762. 66
100.0
1 The effect of Mimeograph 3652 is to shorten the interest period when the additional tax is agreed to by
taxpayer and field force. The above figures cover assessments made during periods June 1,1931, to May 31,
1932, and June 1, 1932, to May 31, 1933.
106
REPORT OF THE SECRETARY OF THE TREASURY
I n addition to the amount of revenue thus made available, additional taxes were also assessed under the jeopardy provisions of the
several revenue acts, as follows:
Additional revenue assessed under the jeopardy provisions of revenue acts
during the fiscal years 1932 and 1933 ^
1932
..
.
$23,468,811.50
15.167.409.93
.-
'".
G r a n d total
.
.
.
$78.177.841. 35
11. 783.456.63
38, 626. 221.43
7.352,963. 52
4, 994, 206.89
U n d e r b a n k r u p t c y a n d dissolution procedure
R e t u r n s believed to b e f r a u d u l e n t l y rendered
T o t a l assessed .
Interest
Penalties
1933
89,961, 297.98
16,806,103. 31
3,128, 595. 28
50,973,391.84
109,895,996. 57
1 The amounts shown in this table may or may not represent collectible taxes, since the majority of
jeopardy assessments are appealed to the Board of Tax Appeals.
Firial notices of deficiency (60-day letters).—During the year
17,772 final notices of deficiency (60-day letters) were mailed by the
Income Tax Unit, as compared with 22,456 for the previous fiscal
period.
Petitions were filed with the Board of Tax Appeals involving
33 percent of the returns with respect to which 60-day letters had
been issued. This compares with 34 percent during the fiscal year
1932.
The following table shows the number of tax years involved in
petitions filed with the Board of Tax Appeals during the fiscal years
1930 to 1933, inclusive:
Number of tax yeuj^s involved in petitions filed with the Board of Taw Appeals
during the fiscal years 1930 to 1933, by tax years
T a x year
1917
1918
1919
1920
1921
1922
1923-1924-1925
1930
16
47
67
99
67
79
159
679.
1,094
1931
30
38
60
127
86
105
174
452
617
1932
18
28
28
86
29
82
66
108
161
1933
9
35
32
64
37
35
37
52
65
T a x year
1926
1927 _
1928
1929 1930
1931
1932
1933
Total
1930
1931
1932
2,054
1, 233
211
5
1,288
3,.164
5,643
378
5
1
246
849
1,493
5,107
269
4
1
113
175
298
1,827
3,676
236
6
1
5,810
12,158
8,575
6, 598
1933
Claims and overassessments.—The following table shows the number of refund claims adjusted and the certificates of overassessment
issued, together with the amounts of overassessments involved,
during the fiscal years 1932 and 1933:
107
REPORT OF THE SECRETARY OP THE TREASURY
Refund claims adjusted and overassessments determined during the fiscal years
1932 and 1933
1932
•
1933
71,545
.
T o t a l t o b e adjusted
.-
Allowed i n full or i n n a r t
Rejected
T o t a l adjusted
P e n d i n g a t e n d of year
Number
24.046
39,326
63.372
27.147
13, 791
47, 499
.
Number
23,879
47,666
31,529
15, 970
Claims:
P e n d i n g a t beginning of year
Filed d u r i n g y e a r
40. 938
24, 046
22.434
52,379
30,157
Amount
$111,520,656.49
24,932,127.16
64, 386,193.50
Amount
$108,614,453. 21
18,877,869.82
32,627, 780.15
.
Certificates of overassessment issued w h e n n o claim h a d been filed. .
A m o u n t of overassessments settled b y Abatement
Credit
Refund
190,838,877.15
17, 726, 680. 71
G r a n d total
160,120,103.18
10,379,441.26
208, 565. 557.86
Total
Interest
170,499, 644. 44
NOTE.—The amount involved in claims filed during the year was $229,134,005.48 as compared with
$265,479,501.06 the preceding year. Of the claims (including claims made in other years) adjusted during
the year, the amounts rejected totaled $170,934,417.94 as compared with $418,268,438.95 the preceding
year.
There were also allowed during the year 8,233 collectors' claims,
of which 7,059 recommended abatements or credits and 1,174 recommended refunds. A collector's claim usually lists a number of items
in favor of different taxpayers, and those settled during the year
covered 12,227 items for abatement or credit and 51,382 for refund.
Returns on hand.—A comparative table of returns for all tax
years on hand at the close of each of the past 4 fiscal years follows:
Returns on \ a n d m the Income Tax Unit on June SO, 1930 to 19S3, J)y tax years
Tax year
1917
1918
1919.
1920
1921„
1922.
1923.
1924
1925.
1930
147
222
270
367
305
466
754
1,828
2, 656
1931
142
180
174
298
249
276
423
735
1,001
1932
150
207
251
275
261
307
373
517
677
1933
293
248
267
240
239
245
315
536
1,028
T a x year
1926
1927
1928
1929.
1930 .
1931
1932
Total.
1930
1931
1932
1933
5,814
18,529
166.800
1 23,835
1,630
5,061
10,172
237.868
1106,491
1,101
3,713
4,380
10,496
209,921
1 22,142
1,265
2,939
2,632
5,236
9,929
208,111
' 92, 211
221,893
364,700
254,771
326, 734
1 Figures are incomplete, since the preliminary work against the returns for the year just previous to the
end of fiscal year cannot be completed within that fiscal year.
Audit in W^ashingion.—The following table presents an analysis of
the returns, originaland reopened, pending, in the several divisions
and sections of the Washington office.
108
REPORT OF THE SECRETARY OF THE TREASURY
Original and reopened returns under consideration in Washington, June 30,
1933, by tax years
A u d i t R e v i e w Division
Tax year
Individual
returns
OrigiRenal , opened
164
150
159
111
105
1917
1918
1919
1920
1921
. .
. .
...1....
Total
19291930...
1931
Consohdated
returns
Special
Adjustment
Section
Origi- R e OrigiReOrigi- R e Renal opened nal opened nal opened opened
'....'.'.'.
7
8
7
9
5
T o tal
OrigiReopened
nal
i'
4
4
2
45
39
33
41
39
10
11
15
14
13
32
22
37
44
59
4
4
4
2
258
230
251
219
221
689
Total
1922
1923
1924.
1925
1926.
1927
1928
Corporation
returns
Valuation
Division
4
4
5
16
38
36
14
197
63
194
14
1,179
75
104
236
668
741
2,205
1,396
5
9
11
10
19
59
114
11
15
49
55
73
98
125
37
42
54
65
109
159
230
91
11
108
17
27 • 111
138
23
202
34
196
34
354
68
11
16
66
67
87
135
196
219
280
439
904
1,105
2,653
2,162
-.
2
2
4
7
-6
7
17
26
67
6,425
16
227
426
696
68
214
1.200
567
7,762
631
2,996
7,734
2,206
1,669
362
52
504
1.679
322
418
95
281
566
1,686
319
266
33
67
596
1,431
163
182
8
601
614
352
1,031
4,661
12, 329
3, 501
3,148
850
11,361
4.237
2,136
835
2, 431
617
2,094
343
1, 467
18, 021
7,499
G r a n d t o t a l . . 11, 428
10. 351
2,151
1.098
2,871
1,510
2,162
620
2,861
18, 602
16. 440
Total
Audit in the field.—On June 30, 1933, there were 230,119 returns
for 1931 and prior years pending for verification in the offices of the
38 field divisions of the Income Tax Unit, compared with 179,718
returns for 1930 and prior years on hand June 30, 1932.
Changes in tax liability were recommended by the field forces in
132,396 returns, or 28.47 percent of the 464,938 returns disposed of by
the field during the year. On 104,844 returns, or 79.15 percent of
those changed, taxpayers agreed with revenue agents' conclusions.
The total additional tax recommended by revenue agents during the
fiscal year was $209,560,777.80, compared with $275,942,496.80 the
preceding fiscal year.
Special Advisory Committee
The Special Advisory Committee was organized to consider cases
pending before the Bureau, the Board of Tax Appeals, or the courts
for the purpose of attempting to reach settlement without litigation.
I n those cases in which settlement is reached the final responsibility
rests with the committee subject to the approval of the Commissioner.
The work of the committee over a period of approximately 6 years
has demonstrated that the disposition of most problems arising out
of tax disputes is and should be a matter of administration, rather
than of litigation.
109
REPORT OF THE SECRETARY OF THE TREASTJRY
Number of oases released by the Special Advisory Committee during the
fiscal year 1933 and amounts of proposed and redetermined deficiencies
A p p e a l s filed w i t h 60-day letters (final
notices of deficiency) Miscellaneous cases
Board
Number
of cases
.
.
Number
of cases
Number
of tax
years
Number
of cases
10,398
O n h a n d J u l y 1, 1932
^Received d u r i n g year:
60-day appeal
filed
All others
Number
of tax
years
206
96
295
Number
of tax
years
T o t a l t o b e a c c o u n t e d for
Released d u r i n g year:
B y action of c o m m i t t e e :
B y agreement
N o appeal
filed
.
.
_ ..
C h a n g e s r e c o m m e n d e d a n d agreem e n t n o t v e t filed
N o change ( r e c o m m e n d e d for defense)
116
385
7,673
643
690
277
360
17, 564
..
13,199
353,
6,803
21,157
759
896
373
645
4,101
4,935
180
52
191
62
259
298
25
42
10
14
3,852
4, 566
1
1
60
72
7,978
9,542
233
244
329
384
1,924
2,396
353
37
388
43
14
23
Total
1,924
2,396
390
431
14
23
T o t a l released d u r i n g year
9,902
11,938
623
675
343
407
7,652
9,219
136
221
30
238
Total
N o action b y c o m m i t t e e :
60-day a p p e a l filed
All others
O n h a n d J u n e 30,1933
.
..
Appeals
A m o u n t s of proposed a n d r e d e t e r m i n e d deficiencies in cases released b y
committee:
Cases r e c o m m e n d e d for s e t t l e m e n t :
Deficiency proposed
Deficiency r e c o m p u t e d
$76,132,637.66
25.899,466. 55
$1,134, 395.82
414,491.00
49,233,171.01
Decrease in proposed deficiency '.
Deficiency originally proposed in all cases h a n d l e d i
125, 726, 961.8
Deficiency r e c o m p u t e d in cases r e c o m m e n d e d for s e t t l e m e n t
Deficiency r e c o m m e n d e d for defense
Increased deficiency r e c o m m e n d e d
Total-
60-day letters
719,904.82
1,138,873. 77
25,899,466. 55
50, 694, 324. 32
9, 231, 393. 21
--
2 414,491.00
4, 477.95
85, 725,184. 08
418,968. 96
1 Refers to total releases, excluding t h e i t e m " N o action b y c o m m i t t e e . "
2 Includes entire asserted deficiency in m a n y nonsettled cases w h e r e no appeal w a s filed w i t h b o a r d .
Miscellaneous Tax Unit
The Miscellaneous Tax Unit is charged with the administration of
all taxes other than income taxes. The unit is composed of three divisions, namely. Estate Tax Division, Sales Tax Division, Tobacco
Division, and an Appeals and Review Section, which is attached to
the office of the deputy commissioner in charge. A field force under
internal revenue agents in charge throughout the country investigates
estate and gift tax returns. The personnel of the Sales Tax Division
was increased considerably, due to the additional work in administering the new excise taxes imposed by the Revenue Act of 1932. There
were slight increases in the personnel of the Estate Tax and Tobacco
Divisions. The increase in the Estate Tax Division is due to the
additional work resulting from the gift tax imposed by the abovementioned act.
no
REPORT OF THE SECRETARY OF THE TREASURY
Estccte Tax Division.—Estate tax collections amounted to $29,693,061.89 as compared, with $47,422,313 for 1932. As in other recent
years, the collection of a large amount of tax was postponed because
of the fact that numerous taxpayers availed themselves of the pirivilege provided by law to extend the time for payment of taxes due
in 1933 or to file appeals with the Board of Tax Appeals. Gift tax
collections resulting from taxes imposed by the Revenue Acts of 1924
and 1932 amounted to $4,616,661.96.
^
. ^
The administrative work involved in investigating and auditing
returns is summarized below:
•
0
Summary of investigation and audit of estate tax and gift tax returns for
the fiscal years 1932 and 1933
Estate tax
1933
Returns in field:
On hand at beginning of year
Received for investigation...
2,916
8,183
1,397
329
2,118
1,967
1, 068
•
7,443
8,769
5,623
8, 504
1, 710
_.-.
16,212
.10,689
14, 027
9,440
1,710
, .4
5,523
4,587
4.53
1, 674
139
2,137
2,127
1, 988
2,276
2,178
:
Major reports submitted by field force
On hand at end of year
.....
.—
--.
Closed (assessment made)
On hand at end of year..-
2,118
7, 632
9,750
7,783
. Total to be disposed of
Returns in bureau:.
• On hand at beginning of year
Received.Total to be disposed of
Gift
tax
19331
-...
..:
...:.._..:
Protest letters of taxpayers as a result of tax determiried by audit:
On hand at beginning of year
.
Received
Total to be disposed of
139
Disposed of by Estate Tax Division
On hand at end of year
1, 706 „
....
.
Final and conclusive agreements (sec. 606 of the Revenue Act of 1928)
Onhand at beginning of year
1.......1.....
Cases received for agreements
.
.
Totalto be disposed of
Closed.,
248
370
216
618
402
602.
314
216
309
On hand at end of year
1 R e t u r n s of tax levied b y R e v e n u e Act of 1932 n o t due u n t i l M a r . 15, 1933.
Cases adjudicated by the Board of Tax Appeals. ------
Deficiency tax was assessed in estate tax cases in the sum of $35,361,898.58. This amount includes an assessment of $20,044,527 with
interest of $3,594,871 made in one case to protect the interests of the
Government as the taxpayer ha4 failed to furnish the evidence necessary to obtain credit for payment of State estate, inheritance,
legacy, or succession taxes prior to the running of the statute of
limitations for assessment of the tax. More than $17,000,000 of this
special assessment has been abated as the requisite data were subsequently filed. There was also assessed as deficiency tax in gift tax
cases the sum of $3,626,914.37, all of which applied to gifts taxed
under the provisions of the Revenue Act of 1924.
111
REPORT OF THE SECRETARY OF THE TREASURY
Estate tax and gift tax refunds amounted to $6,762,887.69 (exclusive of interest) while taxes were abated in the sum of $86,175,399.06.
This latter action resulted almost entirely from the allowance of
credit for payment of State estate, inheritance, legacy, or succession taxes, assessed either at the time that the return was filed or at
a later date to protect the interests of the Government as the requisite
data had not been filed at the end of the period for assessment of the
tax. A summary of refund and abatement claims follows:
Estate tax and gift tax claims on hand, received, and disposed of during the
fiscal year 1933
Gift tax claims
Estate tax claims
Abatement
Refund
Number
Claims filed:
On hand July 1,1932.
Received during year.
Total to be disposed of
Allowed
-Rejected
Total disposed of..
On hand June 30,
1933
No claims filed, overassessments allowed...
Interest allowed .
Additional 2 percent interest i
Total amount allowed,
including interest
Amount
Number
325 $6, 355,909. 56
1,595
9, 747, 592. 05
1,920
1,417
284
1,701
Amount
Refund
Number
Amount Num- Amount
ber
17
$128.805.23
779 65. 236,822. 83
$1,766.11
13, 563. 51
16,103, 501. 61
796 55, 365, 628. 06
6, 621, 245.19 ~789~ 55, 360,806. 68
3.977,454.92
141.93
1
9. 698. 700.11
790 66, 350,947. 61
16,329. 62
2,981.91
3, 693. 31
6, 676. 22
219
6, 504,801. 50
6
662
1,138,635. 59
707,899. 64
624
30,823,614.43
126. 00
632.67
7, 633, 625. 27 1,413
14, 680. 55
8,654 40
86,174,420.01
3,909.82
2
$979.05
2
979.05
170. 34
165,944.95
705
2,784
Abatement
1 As provided by the act of Mar. 3,1933.
Sales Tax Division.—Total collections of taxes under the administration of the Sales Tax Division amounted to $435,456,937.68 for
the year, compared with $54,449,096.40 for 1932. These are shown
by specific taxes in the table appearing on page 112. The increase of
$381,007,841.28 in collections is due to the additional taxes imposed
by the Revenue Act of 1932 and the act of March 22, 1933.
_
The following table summarizes the work on Sales Tax Division
claims:
Claims received and disposed of during the fiscal years 1932 and 1933
1932
On hand at beginning of year. _
Received or reopened
—.
Total to be disposed of
Adjusted
On hand at end of year--Claims allowed.
Interest mcluded in refunds
14820—33
.
.
.
.
. - . . _
-..
..
1933
Number
1,440
10,392
11.832
8,649
3,283
Number
3,283
39,407
42,690
33,809
8,881
Amount
$11,861,829.94
686,368.76
Amount
$4,856,797.72
694,285.98
112
REPORT OF THE SECRETARY OF THE TREASURY
There were 13 sales tax credit cases, totaling $10,241.36, on hand
at the beginning of the year; 18,944 cases, amounting to $2,481,054,
were received; 10,026 cases, aggregating $563,697.42, were disposed
of, leaving on hand at the end of the year 9,041 cases, amounting to
$1,927,597.94.
A total of $399,194,746.92, representing 1,444,965 items, was approved by the Commissioner on miscellaneous assessment lists, which
relate to assessments of all internal revenue taxes, except those administered by the Income Tax Unit. These lists include all assessments, original and additional, on the miscellaneous internal revenue taxes which are not collected by the sale of stamps and the
additional assessments on the latter group of taxes. There were
included in the lists $43,324,188.66, representing 44,025 additional
assessments resulting from office audit and field investigations, and
interest totaling $6,418,871.40.
There were received and examined during the year 1,371,652
returns filed by taxpayers in connection with their liability, for
excise taxes.
There were received during the year 105 delinquent capital stocktax returns filed under the Revenue Act of 1924, involving $1,673.50,
all of which were examined and closed. The tax imposed by this
act.was repealed, effective July 1, 1926.
Miscellaneous taxes collected during the fiscal years 1932 and 1933
1932
:..-.
Total .
.
$16, 034, 765. 59
33.188.494. 94
4. 206. 697. 74
3,908.354. 20
+$6,836, 216. 02
+16,492, 365. 08
+ 3 247 278 10
- 4 7 8 , 4 7 6 30
32, 240,819. 57
67. 338, 202. 47
+ 2 6 , 097,382. 90
1. 347,190. 45
- 3 9 7 , 546. 33
8,837. 00
15. 611. 97
+ 6 , 674. 97
1,763,573.78
Total
Oleomargarine s t a m p a n d special t a x e s _ A d u l t e r a t e d a n d process or r e n o v a t e d b u t t e r ,
cheese, a n d mixed flour--..
Increase ( + ) or
decrease ( - )
1, 744,736. 78
D o c u m e n t a r y s t a m p s , including p l a y i n g cards:
B o n d s of i n d e b t e d n e s s , . c a p i t a l stock issues, etc
C a p i t a l stock sales or transfers
. Sales of p r o d u c e (future delivery)
P l a y i n g cards
1933
$9,198, 539. 57
17, 696,129. 86
959,319. 64
4, 386,830. 50
Source
1,362,702.42
—390 871.36
filled
.
M a n u f a c t u r e r ' s excise taxes (title I V , R e v e n u e A c t of
1932
Transfer of oil b y p i p e line
Electrical energy
T e l e g r a p h , telephone, cable, a n d radio messages, etc . . .
Leased wires, etc. (telegraph a n d telephone)
Safe-deposit b o x e s . . .
Checks
219,188, 686. 92 +219,188,686. 92
7, 467, 297. 50
+7,467,297 50
28,562, 739. 33 + 2 8 562 739 33
13.734,173. 58 + 1 3 , 734,173. 58
• 830,582.59
-1-830, 582. 59
2,366, 040. 83
+ 2 , 365, 040 83
38,456,493. 49 + 3 8 , 456 493 49
310, 605,014. 24 +310, 605 014 24
TotalAdmissions
D u e s a n d i n i t i a t i o n fees
•.. .
Total...
Pistols a n d r e v o l v e r s . _ . . Distilled spirits, etc
Narcotics
Y a c h t s a n d boats
D e l i n q u e n t u n d e r repealed laws
Total
T o t a l miscellaneous taxes
..1
1..
1,858, 605. 97
9, 204, 587. 04
:
-
15, 520, 612. 30
6, 679, 260. 96
+13,661,906 33
- 2 , 525, 326. 09
11, 063,193. 01
22,199, 773. 25
+11,136, 580. 24
87, 358.40
8.703.963. 27
521,162. 86
1,180. 00
79, 025. 51
35, 388.89
43,174, 316. 92
457, 067. 63
239, 859. 22
44, 612. 64
—51 969 61
+34,470, 353.65
—64. 095 23
+238,679. 22
—34, 412.87
43,951, 245. 30
+ 3 4 , 568,555. 26
9.392, 690. 04
64, 450, 276. 40
435, 456, 937. 68 +381.006.661. 28
113
REPORT OF THE SECRETARY OP THE TREAStJRY
A small amount of tax liability incurred in connection with sales,
tobacco, capital stock, estate, gift, spirits, narcotics, and miscellaneous stamp and special taxes is compromised with the taxpayer. The
offers in compromise received and disposed of during the year and
the amounts involved are summarized in the following table:
Offers in compromise received and disposed of during the fiscal years 1932
and 1933
1932
Number
1933
Number
Amount
Amount
3,346
8,002
$391, 290.61
399.835.06
1,532
17,194
$116,277. 73
*689,054.41
11,347
791.125. 66
18, 726
805, 332.14
9,189
279
347
495, 277. 41
131, 221. 41
48, 349.11
7,761
715
362
327, 629. 89
52,259.70
34,154. 60
T o t a l disposed of
9,815
674,847. 93
8,828
414,044.19
O n h a n d at e n d of year
1,532
116, 277. 73
9,898
391, 287. 95
O n h a n d a t beginning of year
Received d u r i n g year
•
..
.
T o t a l to b e disposed of
Accepted
Rejected.
Withdrawn
.
.
.
Toiacco Division.—Collections from tobacco taxes amounted to
$402,739,059.25 for the year, an increase of $4,160,440.69, or 1.04
percent, compared with the previous year. The collections from
taxes on the various tobacco manufactures for the last two fiscal
years are shown in the following table:
Tobacco taxes collected during fiscal years 1932 and 1933
Increase (+) or decrease (—)
Source
1933
Percent
Small cigarettes.
Manufactured tobacco
Large cigars
Snuff
•
Cigarette papers and tubes
Small cigars..
Large cigarettes
Leaf tobacco sold
Total..
$317, 633, 080. 02
58,030,156. 75
14, 207, 679. 50
6,846, 301. 69
1. 700, 502. 85
226, 508. 98
31, 659. 71
2,730.06
398,578,618.56
328,418,413. 58 +$10,885, 333. 56
-2,579,814.76
55,450,340.99
-2,902,683.59
11, 304,995.91
-441, 302. 00
6,404,999. 69
-742, 357. 51
958,145. 34
173,730.47
-52, 778. 51
-10,392.13
21, 267. 58
+4, 435. 63
7,166. 69
+3.43
-4.45
-20. 43
-6.45
-43. 65
-23. 30
-32.82
+162. 47
+4,160.. 440. 69,
+1.04
402, 739, 059. 25
Appeals and Review Seotion.—The Appeals and Review Section
holds hearings in cases arising under the various tax laws administered by the Miscellaneous Tax Unit, renders on request from the
heads of divisions opinions on questions arising in connection with
the administration of such tax laws, and reviews the action taken
by the divisions on all claims for refund or abatement and cases
resulting in certificates of overassessment allowed for amounts in
excess of $500. The majority of the hearings are held in connection
with estate taxes. During the year the Appeals and Review Section
held 902 hearings, prepared 447 formal opinions on cases in which
hearings had been held or on which formal opinion had been requested by the heads of divisions, and reviewed 747 claims for refund
114
REPORT OF THE SECRETARY OF THE TREASURY
and abatement and 1,559 estate and gift tax cases resulting in certificates of overassessment. There were 109 memoranda to the Conimissioner recommending certain changes in 60-day letters routed
through this section for approval.
There were 112 cases on hand at the close of the year, of which
number 42 were held for hearings, 17 awaited further evidence from
taxpayers, 6 were held.awaiting supplemental reports from the field,
7 awaited reports from the Securities Section, Valuation Division, of
the Bureau, and 40 were under consideration.
Accounts and Collections Unit
The Accounts and Collections Unit, which is the central administrative organization for the 64 collection districts, is divided into
three divisions—the Collection Accounting Division; the Collectors'
Personnel, Equipment, and Space Division; and the Disbursement
Accounting Division.
Collection Accounting Division.—The Collection Accounting Division establishes accounting methods for use in collectors' offices and
the procedure for the intensive audit of the smaller individual income tax returns; audits collectors' revenue accounts current and
collectors' special deposit accounts current for offers in compromise,
surplus proceeds in distraint sales, and sums offered for the purchase
of real estate; issues internal revenue stamps; and compiles statistics
for officials of the Treasury Department and the public. The activities
of the field force of supervisors of accounts and collections are controlled and directed by this division under the general supervision
of the deputy commissioner.
There were filed in collectors' offices during the year 7,288,080 tax
returns compared with 5,069,594 for the previous year, an increase of
2,218,486. Of the total tax returns filed in 1933, there were 5,166,091
income tax returns compared with 4,528,335 filed during the previous
year, an increase of 637,756.
There were audited and closed in collectors' offices during the year
approximately 1,800,000 income tax returns of individuals on Form
1040-A which'showed small incoine, and 4,327,762 information returns
were verified. I n addition, collectors' offices completed the audit of
the 16,495 individual income tax returns on Form 1040 ^ for the year
1930 which remained on hand at the close of the previous fiscal year.
I n connection with.this audit work 27,610 income tax returns were
investigated.
A total of 8,415,413,120 stamps, valued at $565,354,578.51, was
issued to collectors of internal revenue and the Postmaster General,
compared with 8,103,030,260 stamps, valued at $441,150,316.28, issued
during the year 1932. Stamps returned by collectors and by the
Postmaster General amounted to $5,698,164198, compared with
$16,200,288.40 for 1932.
l i t has been the practice to charge collectors -with the duty of examining 1040 returns
involving gross incomes of no more than a certain sum (recently $25,000). In view of
the additional burden placed upon the collectors by the Revenue Act of 1932, they have
been relieved, until further notice, of examining any 1040 returns relating to years
subsequent to 1930, and such work reverts to the revenue agents.
REPORT OF THE SECRETARY OF THE TREASURY
115
After the appropriate administrative procedure, collectors of interiial revenue transmitted to the Bureau, or otherwise disposed of,
110,519 claimis as compared with 105,427 during 1932, an increase of
5,092. The number of claims on hand at the close of the fisca.1 year
1933 was' 2,396 compared with 1,037 at the close, of the previous fiscal
year.
During the year field deputy collectors made 277,655 revenue-producing investigations in connection with the verification of tax returns, the discovery of delinquent taxpayers, and warrants for
distraint. The total amount of tax involved in these investigations
was $34,731,510, including $24,044,986 collected and $10,686,524
reported for assessment. The amounts involved for the various
types of work were:
•
Additional taxes collected and reported for assessment by collectors' field
.'•••'•
forces during the fiscal year 1933
Collected
Verification of tax returns
Delinquent taxpayers....
Warrants for distraint
Total.-
..-.^...
Reported .
for
assessment •
$1,457.612
5,186,675
17,400,799
$3,913,198
6,773,326
24.044.986
10,686, 624
'. There were 47,239 warrants for distraint served, by deputy collectors during the year, and on June 30, 1933, there were 27,434
warrants in the hands of the field forces for collection as compared
with 21,056 on June 30, 1932.
|
The supervisors of accounts and collections submitted 120 reports
covering their examinations of the accounts of the various collectors' offices compared with 117 reports submitted during 1932.
With the exception of one district, every colle(ttor 's office was
examined at least once and most of them twice durmg the year.
Collectors^ Personnel., Equipment., and Space Division,.—The Collectors' Personnel, Equipment, and Space Division is charged with
the consideration and granting of allowances to colllection districts
covering the employment of personnel and miscellalneous operating
expenses and the keeping of adequate records thereof, The division
passes upon collectors' requisitions for nonexpendatj)Le supplies, mechanical equipment,; and office furniture, and projcures space for
collectors' offices and branch offices.
disbursement Accounting Division.—The Disbursement Accounting Division is charged with the duty of keeping the internal.
revenue appropriation accoimts and expenditures an^ is responsible
d
for the administrative examination required by law| of the accounts
of 64 collectors of internal revenue and 38 internal revenue agents
in charge of divisions, including internal revenue I salary accounts
of the collector of customs at San Juan, P.R.
The division administratively examined and recorded 1,236
monthly accounts of collectors of internal revenue and internal
revenue agents in charge, including internal, revenue salary payments made by the collector of customs, San Juaii P.R., together
116
REPORT OF THE SECRETARY OF THE TREASURY
with 46,152 supporting vouchers, in addition to which 2,733 expense
vouchers of employees and 7,527 vouchers covering passenger and
freight transportation and miscellaneous expenses were audited and
passed to the disbursing clerk of the Treasury Department and
General Accounting Office for payment.
Office of the General Counsel
The activities of the several divisions of the office of the General
Counsel are shown under their respective titles.
Civil Division.—The Civil Division in cooperation with, and at
the request of, the Department of Justice and the various United
States attorneys assists the latter in handling all civil internal
revenue cases arising in the Federal district courts, the United
States Court of Claims, and the Supreme Court of the District of
Columbia, together with a limited number of cases originating in
State courts. The division also assists in the preparation of briefs
and arguments in the Circuit Courts of Appeals, and prepares drafts
of briefs in support of and in opposition to petitions for certiorari
in the Supreme Court of the United States.
The division's major activities during the fiscal year are shown
in the following tables:
Civil cases received and disposed of dwHng the fiscai year 1933^
Pending
J u l y 1,
1932
Cases
I n court
F o r suit b y t h e U n i t e d States
Lien cases in court
2,963
185
968
Total
4,116
Received
during
year
Closed
during
year
617215
876
1,708
Pending
J u l y 1,
1933
715
118
772
2 2,865
282
1,072
1,605
4,219
1 Excludes bankruptcy, receivership, insolvency, compromise, and liquor cases.
2 Excludes 70 cases in which suit was instituted by the United States during the year.
Civil cases p&)vdvng in courts July 1, 1932 and 1933^
July 1,
1933
Courts
District courts
Circuit courts of appeals
Court of Claims
Supreme Court
State courts and miscellaneous
Pending payment of judgment claims
Total
'.
...I
I
.^..
.
-
I
..'.
2,009 I
115 |
1,909
116
^
-.^...
-
!
.__
1 Excludes bankruptcy, receivership, insolvency, compromise, and liquor cases.
Offers in compromise of pending suits received during the year
numbered 55. Compromise offers disposed of, including those pending at the beginning of the fiscal year, numbered 46, of which 27
were accepted and 19 were rejected. The total amount of taxes
sought to be recovered in cases finally compromised was $1,619,954.11
and the sum of $695,197.71 was secured.
117
REPORT OF THE SECRETARY OF THE TREASURY
The number of cases tried and decided during the fiscal year is
shown in the following table. I t will be observed that the number
of decisions exceeds the number of cases tried. This discrepancy is
due to the fact that a case may be tried in one year but not decided
until a subsequent year.
Tax cases tried and decided by the Federal courts during the fiscal year 1.933
Cases decided
Cases
tried
Court
•
Partly
for Government
Against
and
For Gov- Governpartly
ernment
ment
agamst
Government
Total
196
66
65
15
Total
146
63
53
17
65
30
23
6
. 15
5
3
226
98
79
23
342
District courts
Circuit courts of appeals
Court of Claims
Supreme Court
279
124
23
426
The work of the division for the .fiscal year 1933, in bankruptcy
and receivership cases, is summarized as follows:
Bankruptcy and receivership cases closed during the fiscal year 1933
Number
Cases
Pending July 1, 1932 .
Received during year
Total to be disposed of
Closed during year
Pending June 30, 1933..
1,869
1,285
..
•
.
3,154
980
2,174
I n the 980 cases closed relating to bankruptcy and receivership,
claims were filed in the amount of $8,770,728.94 and the sum of
$1,561,780.25 was collected.
Interpretative Division.—The work of this division during the
fiscal year 1933 was considerably amplified by the necessity of completing, as far as possible, the series of regulations made necessary
by the passage of the Revenue Act of 1932, and of preparing the
regulations dealing with the enforcement of the Agricultural Adjustment Act of May 12, 1933.
Because of the new or increased taxes imposed by recent revenue
laws—the Revenue Act of 1932, the Nonintoxicating Liquor Act of
March 22, 1933, the Agricultural Adjustment Act of May 12, 1933,
and the National Industrial Recovery Act of June 16, 1933—this
division also had an unusually large amount of interpretative work
during the year.
Review Division.—This division reviews cases involving refunds.,
credits, and abatements of internal-revenue taxes; prepares public
decisions in accordance with Treasury Decision 4264 in all cases
where the overassessments exceed $20,000; prepares reports to the
118
REPORT OF THE SECRETARY OF THE TREASURY
Joint Committee on Internal Revenue Taxation in cases involving
credits and/or refunds in excess.of $75,000, as required by section
710 of the Revenue Act of 1928; and also participates in conferences
and negotiations in other bureau agencies involving proposed overpayments.
There were 1,195 overassessment cases disposed of during the year,
including certificates allowing reductions in tax aggregating $145,959,641.67. The adjustments made by this division in 90 of these
cases totaled $2,741,980.86. Some of the principles involved in these
adjustments also affected the disposition of other cases pending elsewhere in the Bureau. Public decisions were promulgated in 932
cases, and in 58 cases reports were submitted to the Joint Committee.
Appeals Division.—(5ases filed by taxpayers with the Board of
Tax Appeals for the redetermination of proposed deficiencies in
income, profits, estate, and gift taxes, are in the immediate charge
of the Appeals Division. Since the organization of the board, appeals have been taken from approximately one third (by number)
of all deficiencies proposed by the Commissioner in final deficiency
notices (60-day letters). During this fiscal year 6,997 such appeals
were filed with the board. A t the close of the year 18,080 cases,
involving proposed deficiencies aggregating $772,476,433.84, were
undetermined before the board and on appeal from. boa,rd decisions.
Of all cases disposed of during the fiscal years 1932 and 1933, 68.18
percent were closed by agreed settlements.
Cases filed with and closed before the Board of Tax Appeals during the fiscal
years 1932 and 1933"^
1932
Number
•
•...
Total to be disposed of
Total.Pending at close of year
Number
Amount
.
.
21.233 $706,142,422.99
. 7,618 184. 281, 626. 75
20,469
6,997
$707, 265,709. 56
229. 620, 213. 68
28,861 890,423,949. 74
Pending at beginning of year
Filed and reopened during year
Josed during year:
By dismissal, etc
By decision on merits
Bv asreed settlement
Amount
1933
26,466
936. 885.923. 24
1,122
1,537
6,727
1,532
1.143
5,707
8,382
183,168,240.18
8.386
164,409,489.40
20,469
707, 266, 709. 56
18,080
772,476,433. 84
1 Thefiguresin this table include a large amount of duplicate deficiency proposals and assessments made
in order to protect the interest of the Government in the case of transfers of property and corporation subsidiaries.
Penal Division,—The Penal Division, in cooperation with the
Department of Justice and the various United Sjtates attorneys,
passes upon criminal internal revenue cases; prepares opinions on
liability for percentage penalties for fraud, negligence, or delinquency, and on acceptance or rejection of oners in compromise of
tax cases in which such questions are involved. The Division also
prepares opinions interpreting or construing percentage penalty and
criminal statutes, and opinions on all questions of law involved in
a case where there is also a question of percientage penalty or crime.
The Division also passes upon questions as t o whether cases that have
REPORT OF THE SECRETARY OF THE TREASURY
119
been closed by agreement under section 606 of the Revenue Act of
1928, and similar provisions of the other revenue acts, should be
reopened because of " f r a u d or malfeasance, or misrepresentation
of a material fact", and informers' reward claims under section 3463
of the Revised Statutes.
The following table shows the work of the Division during the
last two fiscar years:
Cases received and disposed of by the Penal Division during the fiscal years
1932 and 1933
1932
Cases
1933
.
.
i
. .
1.154
1,552
933
1.444
...
2.706
1,773
2,377
1, 254
933
Pending at beginning of year
Received during year
1,123
,
Total to be disposed of
Dispelled of
-.. ..
. . . .
Pending at end of year
Administrative Z>^m5^c>?^J—The activities of the Administrative
Division include the review of offers in compromise and the holding
of conferences on difficult and complicated or protested cases. The
division is charged with the supervision of the personnel, library,
manuscripts, mail, and records; and devises and inaugurates methods
of procedure, assembles and reviews efficiency ratings, interviews applicants, and performs other varied and miscellaneous duties pertaining to the work of the General Counsel's office.
The Compromise Section of the Administrative Division passes
upon compromise offers of income and miscellaneous taxes, except
criminal or fraud cases, and recommends to the Commissioner acceptance or rejection of interest and penalty cases prepared in the
Income and Miscellaneous Tax Units. The volume of work of this
section is summarized in the following table:
Cases received and disposed of by the Compromise Seotion during the fiscal
years 1932 and 1933
. Gases
Pending at beginning of year
Received during year
Total to be disposed of...
Closed during year
Pending at end of year..
.
1932
1933
1,307
12,633
1,232
13,121
13,940
12, 708
14, 353
12, 521
1,232
1,832
There ^vere 1,870 cases closed involving ins,olvent taxpayers.
Offers in compromise were accepted in 753 cases in the sum of
$4,942,031.79 for assessments aggregating $15,398,548.88; in 1,051
cases offers in compromise were rejected. > Sixty-six cases were disposed of by transfer or otherwise, There were. 518 cases closed involving claims against estates, assignments,, and miscellaneous cases.
Claims were filed in the aggregate amount of $2,139,842.11, and the
sum of $718,161.69 was collected.
120
REPORT OF THE SECRETARY OF THE TREASURY
MINT BUREAU
Institutions of the Mint Service '
During the fiscal year 1933, 10 Mint Service institutions were in
operation: Coinage mints at Philadelphia, San Francesco, and Denver; an assay office at New York City, which mak^- la^-ge sales of
fine gold bars;,mints at New Orleans and Carson.^ ilv iMiducted as
assay offices; and assay offices at Boise, Helena, Statue, and Salt
Lake City. The six last-named institutions are, in effect, bullionpurchasing agencies for the large institutions and also serve the
public by making assays of ores and bullion. Electrolytic refineries
are operated at the New York, Denver, and San Francisco
institutions.
The assay offices at Boise, Helena, and Salt Lake City and the mint
at Carson City were closed at the end of the fiscal year, no appropriation having been provided for their support. These institutions were
established ^between 1863 and 1874, except the one at Salt Lake City,
which was established in 1908. With present improved transportation facilities, the remaining bullion-receiving institutions of the Government provide adequate facilities for the prompt handling of either
newly mined bullion or that reclaimed from industry.
Coinage
Coinage executed by the mints during the fiscal year 1933 totaled
38,076,100 pieces, of which 32,154,300 were domestic, consisting principally of 1-cent coins, and 5,921,800 were foreign coins, principally
silver, made at the Philadelphia Mint for Panama, Honduras, and
Cuba. The total value of the domestic coinage was $27,861,420, of
which $26,450,000 was gold, $1,158,200 silver quarter dollars of the
Washington bicentennial design, and $253,220 bronze 1-cent pieces.
During 1932 coinage executed totaled 36,333,816 pieces, of which
26,801,500 were domestic coins with a value of $111,999,580 and
9,532,316 were foreign coins.
Bullion deposits
Bullion deposits again greatly increased in number over the prior
year, the 1933 total being 73,238 as compared with 54,105 in 1932
and 36,098 in 1931—more than a 100 percent increase during the
two years. The many small parcels of newly mined gold from placer
miners and those of secondary materials returned from industry to
monetary use continued to be material factors.
Gold and silver operations
Gold acquired by the Government at the mint service institutions
during the fiscal year 1933 totaled $465,109,665.22; United States gold
coin received by the mints for recoinage amounted to $1,637,139.39;
transfers of gold between mint offices totaled $10,365,655.35; the aggregate amount of gold- received by the mint service institutions, including transfers, during the fiscal year 1933 was $477,112,459.96,
which compares with $427,695,309.11 during the prior year.
REPORT OF THE SECRETARY OF THE TREASURY
121
Receipts of purchased silver during the fiscal year totaled 1,306,915.11 fine ounces, the average cost of which was 27.52+ cents per
ounce, the total cost being $359,713.62. Silver received in exchange
for bars bearing the Goviernment stamp totaled 622,163.49 fine
ounces; United States silver coin received for recoinage totaled
5,580,855.07 fine ounces, the recoinage value being $7,715,023.79; silver
deposited in trust by other governments totaled 1,218,116.39 fine
ounces; and transfers between mint service offices totaled 104,777.23
fine ounces, making the aggregate quantity of silver, including transfers, received by the mint service offices during the fiscal year 8,832,827.29 fine ounces, as compared with 11,562,350.28 ounces during the
prior year.
The New York market price of silver during the fiscal year averaged $0.28714; the lowest price was $0.245625 on December 29, 1932;
and the highest price $0.375625 on April 24, 1933.
Refineries
The refineries at the San Francisco and Denver mints produced
during the year under review 2,236,943 fine ounces (80.1 tons) of
electrolytically refined gold, which compares with' 1,602,238 fine
ounces (54.9 tons) in the prior year; and 872,249 fine ounces (29.9
tons) electrolytically refined silver, which compares with 1,855,387
fine ounces (63.6 tons) in the prior year. The electrolytic refinery
at the New York assay office remained closed.
The aggregate stock of gold and silver in unrefined bullion on hand
at the several institutions increased during the past year by about
165 tons to 830 tons, as compared with the prior year's increase of
136 tons.
Gold and silver in the United States
Stock of coin and monetary bullion.—On J u n e 30, 1933, the estimated stock of domestic coin in the United States was $2,807,487,340,
of which $1,842,099,589 was gold; $540,007,398, standard silver dollars; $298,634,122, subsidiary silver coin; and $126,746,231, minor
coin.
The stock of gold bullion in the mints, assay offices, and Federal
Reserve banks on the same date was valued at $2,475,454,755, an
increase during the year of $350,687,392; the stock of silver bullion
in the mints and assay offices was 27,756,897 fine ounces, an increase
of 6,035,674 fine ounces.
Production of gold and silver.—^Domestic gold production during
the calendar year 1932 was $50,626,000, as compared with $49,527,200
in 1931. The output was about 50 percent of that for the record
year 1915, when the total was $101,035,700.
Silver of domestic production during 1932 totaled 23,980,773 ounces,
valued at $6,762,578. This compares with 30,932,050 ounces, valued
at $8,970,294, for 1931, and with the record production of 74,961,075
fine ounces, valued at $37,397,300, for 1915.
Industrial consumption of gold amd silver.—Gold consumption in
the industrial arts during the calendar year 1932 was estimated at
$20,105,102. The return from industrial use exceeded the total used
by industry by $6,489,667. This was a reversal of the usual situation.
1^2
REPORT OF THE SECRETARY OF THE TREASURY
Silver used in the arts was estimated at 24,257,967 fine ounces, of
which 14,461,011 fine ounces were new material.
As compared with the prior year, silver consumption was about
9,400,000 ounces less and gold consumption about $9,000,000 less.
Net import and export of domestic gold coin.—Th.^ net import of
domestic gold coin during the fiscal year 1933, according to statistics compiled by the Bureau of Foreign and Domestic Commerce;
was $1,343,538;'during the prior fiscal.year there was net import of
$32,675,722. During the 19 fiscal years 1915-1933. since the opening
of the World War, there has been a net export of $774,867,260.
Appropriations^ expenses.^ and income
v
Appropriations available for the mint service during the fiscal year
1933 totaled $1,387,870, and reimbursements to appropriations for
services rendered amounted to $71,584.44, making a total of $1,459,454.44.
Expenses amounted to $1,208,354.70, of which $1,207,598.35 was
chargeable to appropriations and $756.35 chargeable to incpme.
The income realized by the Treasury from the mint service aggregated $1,664,861.06, of which $867,569.94 was seigniorage. The
seigniorage on subsidiary silver coin was $696,475.63, and on bronze
coin, $171,094.3L
The number and value of deposits, transfers, gross income, and
expenses for the fiscal year 1933 and the number of.employees on
June 30,1933, at each institution are shown in the following table:
Deposits of gold and silver, income, expenses, cmd employees, "by institutions,
fiscal year 1938
Institution
Numberof
deposits
of gold
. and
silver
Philadelphia.-....San Francisco.
Denver.....
...
New York
New Orleans
...
Carson C i t y . - . . . . . Boise.
..
Helena.......
..
Seattle.-^..
Salt Lake C i t y . . - . .
18,128.
20,803
7,358
18, 378
1,519
,1.000
999
796
.2,935
209
-
T o t a l . . . . - . . - . 72,125
Bureau of the Mint.
'
Grand total... 72,125
iPrior fiscal year..... 52,071
Number of Coinage value
mint
of gold and
service silver received *
transfers
'
Gross Income 2
Gross ex. pense'
Employees,
June
30, •
,1933
173 $14,888,811.84 $833,387.46 $480,563.19
841 105,359,471.95 ^ 162,816.67
206,666.06
232,091.47
98 18,637.277.05
167,341.52
420,093.39
267,658.42
336,858,995.91
2,337.45
7,650.74
1,012,166.42
1,950.41 . 6,712.24
233,919.75
4,209.28
7,476.63
446,029. 24
6,843.12:
. 6,952.13
250,947.08
i' 9,990,564.47
22,814.16
6,477^ 98
3,889.80
60,919.97
i, 920.92
1,113 487,639; 103.68 1,670,128.04. 1,175,624.87
.38,096.81
+494,603.17
; i-38.'096.81^
V113 487,639,103. 68' 1,670,128. 04 1,213.621.68
-F466,606.36
-:^-538
1,653,867.73^ -541,210.44'
, 'm
2,034
438,155; 634;; 70' 1,012,657.29
1 Includes iriteirlnsti tution transactions amounting to $10,610,600.32.
2 Includes InterlnstItution transactions amounting to- $6j26di98i .
Excess of
income (+)
or of expense
+$352,824.26. r
23i
r , "90
-43,749. 48
- +64,749.95 . : • • . ; 7 1
109
+162,634.97
^ 5 , 313. 29
3
' -3,761.83' 3
-3,267.35
•' -109.01: ••.•.,,: 3
— 17,336.17
-1,968.88
625
REPORT OF THE SECRETARY OF THE TREASURY
123
BUREAU OF NARCOTIGS
Enforcement activities
The Bureau of Narcotics continued the policy of directing major
enforcement effort against the larger sources of supply of illicit narcotic drugs and the channels through which such drugs are distributed, as well as exercising control over the legitimate manufacture and distribution of drugs for medical purposes.
On account of the reduction in the supply of illicit narcotics drug
peddlers and addicts continued their attempts to tap the legitimate
medical-supply channels. The Bureau has not neglected this phase
of enforcement, but the nature of the work requires, and the Bureau
continues its efforts to obtain, the cooperation of the State authorities in such matters as the forging of prescriptions, which cannot conveniently be dealt with under the Federal law.
The Bureau availed itself of the cooperation of enforcement officers of other countries and of the Bureau of Customs in preventing
the unlawful importation of narcotics into the United States. It
solicited the cooperation of State and municipal agencies in detecting and punishing unlawful intrastate sales and transfers of narcotics, and in many cases received helpful cooperation. But, in the
matter of obtaining the suspension or revocation of the licenses of
practitioners and pharmacists who were guilty of narcotic irregularities, the Bureau was able to obtain only a reasonable degree of
cooperation in a few States.
The final draft of the uniform State narcotic law, evolved with the
assistance of representatives of the Bureau and designed to supplement and assist in Federal narcotic law enforcement, was approved
by the Conference of Commissioners on Uniform State Laws on October 8, 1932, and by the American Bar Association on October 12,
1932. Copies of this law were distributed to interested public-spirited citizens and to the governments of the several States with the
urgent recommendation that the proposed measure be enacted into
law. An educational campaign was also instituted to arouse public
interest in this measure. To date, the law has been adopted with
little or no amendment in four States—Florida, Nevada, New Jersey, and New York.
The Bureau continued to limit importations of crude opium and
coca leaves to those quantities necessary to supply medical and scientific needs, and in this work continued to receive the cooperation of
the Division of Mental Hygiene of the Public Health Service which
has afforded technical advice on this ahd other narcoti(?-law enforcement problems. Exports of narcotic drugs and preparations have
been authorized only upon a showing of medical need therefor in the
country of destination and shipm^
transit frbm one foreign
country through the United States to another foreign country have
been subjected to similar limitations.
~
124
REPORT OF THE SECRETARY OF THE TREASURY
The following table shows, the number of cases of violation, by
registered and nonregistered persons, of the narcotic laws and the
cases disposed of during the year:
Violations of the narcotic laws and the cases disposed of during the fiscal
year 1933
Under narcotic laws
other than the act
of Jan. 17, 1914
Cases
Registered
persons
Pending July 1, 1932...
Reported during 1933
'.
_..
..
_
-
- .
5,475
30
130
9
191
561
..L
-..-
Pending June 30, 1933
9
• 21
1,357
Total to be disposed of..
Total disposed of
1, 645'
3,930
2,681
102
5
1,452
18
891
4,240
18
466
1,235
12
476
882
...
Convicted
Acquitted
Compromised i
Dropped--
Under
the act of
Jan.17
1914
Nonregistered
persons
1 Includes 16 cases involving tax liabiity which were closed on payment of taxes and penalties.
Fines imposed during the year for violations of the narcotic
laws amounted to $119,335.95. There were 181 cases compromised,
resulting in payment into the Treasury of $18,294.
Extent and trend of narcotic traffic
On June 30, 1933, there were 323,192 registrations under the
Harrison Narcotic Law, as amended, 226 as importers and manufacturers, 1,467 as wholesale dealers, 51,744 as retail dealers, 146,632
as practitioners, and 123,123 as dealers, in and manufacturers of
untaxed narcotic preparations, the latter number including registrants not. required to pay occupational tax in this special classification by reason pf paying another occupational tax under the act.
During the year 112,654.375 pounds of opium were imported as
compared with'^importations of 145,458.33 pounds during the previous
year, or a decrease of 32,803.955 pounds. Coca leaves were imported
for medicinal purposes only and amounted to 131,512.325 pounds as
compared with importations of 223,388.70 pounds during the previous year, or a decrease of 91,876.375 pounds.
Exports of narcotic drugs of all kinds amounted to 4,402 ounces
in 1932 and 1,871 ounces in 1933, or a decrease of 2,531 ounces. The
drugs exported during 1933 involved 38,006 taxable ounces of
products.
The net quantity of pure drugs of all kinds sold to domestic, purchasers by manufacturers amounted to 338,759 ounces as compared
with sales of 350,932 ounces of such drugs during the previous year.
PERSONNEL CLASSIFICATION OFFICER
During the fiscal year there were 147 appeals from classification
allocations to be disposed of, 65 of these having been carried over
125
REPORT OF THE SECRETARY OF THE TREASURY
from the previous year. The personnel classification officer approved
18 appeals, disapproved 33, and canceled 3, leaving 93 to be carried forward to the next year. I n addition to work in connection
with the investigation of appeals, 1,448 classification sheets were
handled by the personnel classification officer.
As of May 15, 1933, 8,741 employees were rated as to efficiency,
the average rating for the entire Department being 88.26 per cent.
PUBLIC DEBT SERVICE
Division of Loans and Currency
This division is the active agent of the Secretary for the issue of
all public debt obligations of the United States and for conducting
transactions in such obligations after issue. I t is also responsible
for the issue of bonds or other obligations of Puerto Rico and the
Philippine Islands, for which the Treasury Department acts as
fiscal agent. The division undertakes. the safe-keeping of public
debt and insular loan securities for certain Government offices. I t
also counts and delivers to the Destruction Committee United States
currency canceled as unfit and mutilated paper (spoilage etc.) received from the Division of Paper Custody and the Bureau of Engraving and Printing.
Issue and retirement of securities.-^The following is a summary of
the issues and retirements of securities conducted through this division during the fiscal year. Complete details of all transactions
in public debt securities are presented in formal statements elsewhere ih the report:
Issues, retirements, and transactions in stock of United States securities during
the fiscal year 1933
[Par value]
Registered
Stock shipments to Federal Reserve banks:
For exchange transactions
Allotment for original issue
Original issues by the division
Issues on exchange
Total issued and shipped.
2 $541, 967, 760. 00
1,145, 802, 860. 00
1,687,770,620.00
Nonregistered
Total
$4,453, 668,350. 00 $4, 453, 668, 350.00
1 14.932.889,800. 00 14,932,889,800. 00
12, 320, 560. 00
554, 288, 320.00
57,425,260. 00 1, 203, 228,110. 00
19,466,303.960.00
21,144,074, 580. 00
RETIREMENTS
Retired on exchange
^
Cleared for redemption
Retired on other accounts (i.e., claims, credit,
and exchange authorization retirements)
Total retired..
590,116,260.00
2 616, 823, 270. 00
613, 111, 850. 00
1,411,849. 75
303, 292, 476. 00
5, 555. 00
1.410. 232, 005. 00
614. 529, 264. 75
1, 203, 228,110. 00
518, 235,119. 76
303, 298, 030.00
2, 024, 761, 259. 76
STOCK ACTIVITIES
Received from Bureau of Engraving and Print1. 538,914,960. 00
mg.
Canceled and delivered to Register of Treasury:
Securities
326,429, 610. 00
' Detached matured coupons (9,758,779 pieces).
21. 330. 602, 220. 00 22,869. 517.180.00
701, 581, 660. 00
339,840, 018. 55
1. 028, Oil, 270.00
339,840,018.55
1 Includes Treasury bills available for either original issue or exchange, amounting to $6,201,156,000.
2 Includes special 1-day certificates of indebtedness amounting to $222,000,000.
126
REPORT OF THE SECRETARY OF THE TREASURY
Individual registered accounts.—-In connection with registered
public debt issues, individual, accounts are maintained and interest is
paid periodically in the form of checks. The accounts opeuw on
June 30, 193Sr, were as follows:
Number
of accounts
Interest-bearing loans:
Pre-war loans
Liberty and Treasury loans
. Treasury notes and certificates of Indebtedness...
Principal
26.051 $786,340,020
853,931 2,592,383,35,0
323.176.000
14
879.996
.4,669
3,701,899.370
764.860
884,565
Total interest-bearing loans...
Matured loans (Liberty, Victory, and postal sayings)
Total open accounts-..^
•-...-
3.702,664,220
There were 93,370 individual accounts closed for registered Liberty
bonds. Victory notes, and Treasury bonds, and 33,557 accounts were
decreased, representing the retirement of securities amounting to
$443,630,800 par value. I n connection with the same loans, 78,295
new accounts amounting t o $690,177,100 principal were opened.
Thirty-nine thousand three hundred and twenty-two changes of
address for the mailing of inter,est checks were made on the registered
accounts during the year. ,
Interest on registered Liberty and Treasury bonds was paid on due
dates in the form of 1,726,227 checks, amounting to $98,529,275.15.
On registered securities of the pre-war loans 57,840 checks for
$16,309,059.75 were issued and there was certified to the Treasurer
interest payable amounting to $11,897,128.54 on registered Treasury
notes and certificates of indebtedness. There were received from.the
Bureau of Engraving and Printing 1,999,300 checks as stock, and
there were canceled and delivered to the Destruction Committee stock
consisting of 147,488 checks.
v .
CTa^m5.—Claims for relief on account of lost, stolen, destroyed, and
mutilated securities handled by the division during the fiscal year
were as follows:
Number
of claims
Received
i..
...
Settled b y Reissue or redemption of securities
• Recovery of securities..'
Disallowance of claims
Other disposition i
Total settled--.
-
,.' 3,059
.._......
...
•-,.
.•.•..:.............
.
.....^... . 1 . . ' . .
.....
-
.....
Number
of secu- Par amount
rities
of securities
(pieces).
......
.'
1,817
661
146
155
2,669 "
.8.918; $l.-839.510.67
5; 070
1,124
,1,792
668
786,309.67
407,165. do
18,625. 00
3,340.00
8.654
1,216,329.67
1 War Savings cases sent to Surrenders Section for settlement because of question of ownership.
127
REPORT OF THE SECRETARY OF THE TREASURY
Safe-keeping of securities.—^At the beginning bf the year there
were se(iurities amounting to'$362,996,250 in safe-keeping for various
Government offices, against which formal audited receipts were outstanding. Throughout the year securities amounting to $578,408,500
were received for safe-keeping and receipts therefor issued, and securities amounting to $564,526,500 were delivered from safe-keeping
upon the surrender of outstanding receipts, leaving a balance oi
securities amounting to $376,878,250 in safe-keeping June 30, 1933.
MutUated paper and redeemed currency,—Mutilated paper verified
and delivered to the Destruction Committee consisted of 17,077,162
sheets and coupons, of which 16,455,124 sheets and coupons were
received from the Bureau of Engraving and Printing, and 622,038
sheets from the Division of Paper Custody.
.Redeemed currency, unfit for circulation, counted and delivered to
the Destruction Committee during the year amounted to 554,060,675
pieces, representing $925,341,997.31, detailed as follows:
Number of pieces and amount of redeemed currency delivered to the Destruc,. ••:".'• .
tion Committee during the fiscal year 1933
Old series
'
'
Currency
United States notes
Silver certificates. . Gold certificates-,.
Treasury notes
-..
Fractional currency.;.
Numberof
pieces
^ :.Total.-^----:-:-..:
'
...
.:..•.
Number of
pieces. -
...
'.
1,567,552
4,185,577
2,539,085
2,950
8,107
$6, 378.804.00
56,826,346
4.984.614.00 1 481,645,568
68, 262,130.00
7.285,500
18, 500.00
1,855. 31
--..l-'^..
8, 303,271
78,635,903. 31
-i-V
'L
Face value
New series
-
'645,757,404
1- Slight excess of pieces is due to redemption of exact half notes at half value.
•
Face value
$241, 518,996
481. 642.018
123, 545,080
846.706.094
...
Publicity.—The division maintains a mailing list, in addition to its
list of holders of registered securities, for the purpose of placing new
piiblic debt offerings, notices of redemption, and such mattei:s before
tlie public. Approximately 106,515 printed circulars were distributed
to the public during the year.
Register of the Treasury
The Register of the Treasury conducts the final audit and has
custody of all retired Federal securities, including interest coupons.
The Register renders monthly certification to the Comptroller General of all public debt securities redeemed by the Treasurer, of the
United States and establishes credits due the Federal Reserve banks
and the Division of Loans and Currency for securities forwarded
by them on account of exchanges, replacements, transfers of registration, etc.
During the fiscal year 1933, 30,667,607 security documents, aggregating $19,871,675,903, were retired in the Register's Office. The
following comparative statement sets forth, by class of security, the
14820—33-
-10
128
REPORT OF THE SECRETARY OF THE TREASURY
total number of docuinents, together with the face value thereof,
which were received, examined, and filed during the fiscal year 1933:
Securities retired during the fiscal year 1933
Bearer
Registered
Security
Number
of pieces
Amount
Number
of pieces
Amount
Redeemed
281,
42,
175,
17,269,
Total
$27, 530. 00
1, 469, 600. 00
42, 833, 800. 00
605, 069, 350. 00
2, 716, 788, 860. 00
2, 719, 362, 000. 00
249, 557. 23
556, 008, 799. 48
17, 853, 563
P r e - w a r loans
L i b e r t y loans
...-Treasury bonds
T r e a s u r y notes
Certificates o f i n d e b t e d n e s s
T r e a s u r y bills
T r e a s u r y (war) savings securities.
I n t e r e s t coupons
6,641, 799,486. 71
14,
-
6,070
1,893
$1, 988, 920. 00
449, 750. 00
117
397
47,946,000. 00
464,900,000.00
',192
219,119. 62
16,6
615, 603, 789. 62
R e t i r e d on a c c o u n t of exchanges for other securities, etc.
Pre-war l o a n s . :
L i b e r t y loans
—
Treasury bonds
T r e a s u r y notes—
First 3 H percent L i b e r t y loan i n t e r i m
certificates
Certificates o f i n d e b t e d n e s s
T r e a s u r y bills
Securities n o t affecting p u b l i c debt, insular possessions l o a n s . .
Total.-
--
:
6,154
532, 463
209,898
181, 076
$5,430. 700. 00
896, 470,050. 00
1,144,702,050. 00
2, 419, 344, 300. 00
16
119, 681
10,899
1, 550. 00
1, 604, 262,000. 00
685, 713,000.00
1, 060, 641
6, 665, 367, 650. 00
27,283
174, 340
29,182
2
$174,155, 560. 00
239, 357,150. 00
203,823, 900. 00
170, 000. 00
271, 500, 000.00
454, 000. 00
4, 369, 500. 00
232,944
893, 376,110. 00
U n i s s u e d stock retired
Pre-war loans
Liberty loans-Treasury b o n d s - - .
T r e a s u r y notes
Certificates o f i n d e b t e d n e s s .
T r e a s u r y bills
I n t e r e s t coupons
Securities n o t affecting p u b l i c d e b t , insular possessions loans
Total.
367
37
59
73, 421
475, 016
55,017
10, 572,839
$116,860.00
151,800. 00
2, 700,000. 00
107,968, 500. 00
1, 322,165, 650. 00
2,995,609,000. 00
410, 487, 446. 89
6,296
320, 200
210
337
1,063,000. 00
11,176, 756
4,839,199, 266. 89
327, 044
326, 429, 610. 00
$1,430, 260. 00
323, 325, 500. 00
610,850. 00
C)
Recapitulation
P r e - w a r loans
Liberty loans.
-Treasury bondsTreasury notes.F i r s t 31^ percent L i b e r t y loan i n t e r i m
certificates
Certificates on i n d e b t e d n e s s
T r e a s u r y bills
_-. T r e a s u r y (war) savings securities..
_.
I n t e r e s t coupons
Securities n o t affecting p u b l i c d e b t , insular possessions loans
Total
1 No value.
, 6,815
546,938
.210,882
323, 302
$5, 576, 090. 00
897, 081,460. 00
1,190, 235,850. 00
3,132, 382,150. 00
16
876,176
108, 272
176, 731
27,842, 364
38, 649
496, 433
29, 392
119
1, 550. 00
5, 643,206, 500. 00
6, 300, 684,000.00
249, 557. 23
966, 496,'246. 37
$177, 574, 740. 00
563,132, 400. 00
204, 434, 750. 00
48,116, 000. 00
736, 400,000. 00
2i9,'ii9."62
464
454,000. 00
2,462
5, 432, 500. 00
30, 090,950
18,136,366, 393. 60
576, 657
1, 735, 309, 509. 62
REPORT OF THE SECRETARY OF THE TREASURY
129
During the year the Register's Office answered inquiries received
from various agencies of the Federal Government and the public
involving over 100,000 items. This work was facilitated by the
maintenance of numerical ledgers, in which are recorded by code
the source and various transactions connected with each bearer security received in the Register's Office.
Division of Public Debt Accoimts and Audit
This Division maintains administrative control accounts for all
official transactions in the public debt conducted by the various
Treasury offices and the Federal Reserve banks as fiscal agents of
the United States, and also for'transactions involving paper used
for printing public debt securities. United States currency, stamps,
etc., and other miscellaneous securities and documents in the Bui;eau
of Engraving and Printing. Numerous administrative audit functions are performed in connection with the foregoing. The Division
also maintains control accounts for various classes of unissued currency in reserve stocks of the Treasurer of the United States and
the Comptroller of the Currency, and conducts administrative examinations and physical audits of such unissued stocks of currency
and of cash balances in custody and collateral securities held in trust
in the offices of the Treasurer of the United States.
During the year 133 physical audits were conducted, involving
securities, currency, paper, interest checks, etc., amounting to about
$53,000,000,000 in face value and over 100,000,000 in number of
pieces.
The Division determined and certified credits to the cumulative
sinking fund and amounts in the sinking fund available for expenditure from time to time, interest on all classes of public debt securities
which became due and payable on their respective interest-payment
dates, and the amount of each form of public debt securities and
unpaid interest outstanding each month. I t prepared estimates of
interest to become payable on public debt securities in future fiscal
years and expenditures to be made on account of retirements for
the sinking fund and other special accounts, and prepared statements showing the accountability of Federal Reserve banks for
public debt securities for the use of Federal Reserve Board examiners
in their periodical examinations of those banks. Numerous data
pertaining to public debt transactions for various interested offices
and individuals were also compiled.
130
REPORT OF THE SECRETARY OF THE TREASURY
Division of Paper Custody
A summary of the operations of the Division of Paper Custody
during the fiscal year 1933 is presented in the following tables:
Receipts and issues of distinctive and nondistinctive paper during the fiscal
year 1933
On hand
July 1,1932
Kind
Distinctive paper for United States currency, Federal
Reserve notes, Federal Reserve bank notes, and
national bank currency, new series, 12 subjects
Bank note paper, experimental
United States bond paper
._
Parchment, artificial parchment, and parchment deed
paper
Miscellaneous paper
Philippine Islands, distinctive paper for Philippine
currency
Philippine Islands, postal card..
Receipts
On hand
June 30,1933
Sheets
90,771,341
2,395
1,721,116
Sheets
14,085,692
9,995
3,920.676
122,854
1,713,451
158,779
1,698,134
207,007
1,912.213
1,138,401
852, 560
17,288
285.841
4.901
25,163, 528 90,484, 409 95,221, 612
Total.
Sheets
Sheets
18,922,025 85.935.008
9,995
2.395
4,069,491 1,672.300
Issues
20. 426,325
242,932
22,189
Federal Reserve notes, new series, and Federal Reserve hank notes, series 1929,
received and issued during the fiscal year 1933
[000 omitted]
Federal Reserve notes, new series
Federal Reserve bank notes
series 19291
Federal Reserve bank
On hand
July 1,1932 Received
$312,320
Boston
•.
519,980
New York
328.000
Philadelphia
....
352,140
Cleveland
-..•.
263,900
Richmond
--..
235,000
Atlanta
. 247.660
Chicago .;
141,280
St..Louis... - 62,140
Minneapolis -.
140,120
Kansas City
165,780
Dallas
........
172,420
San Francisco-.........Total
:...^ .
2,940,740
Issued
On hand
June30,1933 Received
Issued
On hand
June 30,
1933
$293,880
427,320
274,800
289, 560
170,180
74.940
1,140.840
177,960
140.700
174. 720
69,840
266,400
$279,920
611,260
153,000
261, 560
188,720
107,300
713,240
182,260
100,740
145,280
67,040
236.220
$326,280
336,040
449,800
380.140
' 245.360
202.640
676. 260
136.980
102.100
169,660
168,580
202,600
$36,840
140,040
28,200
87,600
66.400
31,140
91,740
26,100
47,680
44,760
31,380
69,160
$22,080
94,640
8,360
34.680
16,360
7,600
62.120
4.560
6,300
7,920
13,660
43,160
$14,760
45,400
19,840
62,920
60.040
23,640
29,620
21,640
42,280
36,840
17,820
16.000
3. 501,140
3,046,640
3.396,340
689.940
319, ZiO
370,600
' None on hand July 1,1932.
Destruction Committee
The.folio wing table summarizes the number of pieces and the face
amount of securities received from the various offices and destroyed
fay the Destruction Committee during the fiscal year 1933:
131
KEPjORT OF THE SECRETARY OF T H E TREASXJRT
Face value
Pieces 1
Division of Loans and Currency and
Treasurer Of the United States:
New series:
United States notes..
Silver certificates
...Gold certificates
'..
Old series:
United States notes..Silver certificates
Gold certificates
Treasury notes..
Fractional notes .
Total......
66,686,306
481, 286,768
7,299,268
bib, 272,332
1, 567, 552
4,185,577
2, 539,085
2,950
8,107
-.
...
$240,921,096. 00
481,283, 218.00
123,748,280.00
8,303, 271
'^M'^ O'l'' 'iO'l 00
5,378,804.00
4,984,614.00
68,262,130.00
18,500.00
1,856.31
924,588,497.31
553,575.603
..........
Cbmptrollef of the Currency and
national bank agents:
New series:,
'. National bank notes (5 percent account)
...
National bank notes (retired)...1
...1
' '
Unissued vault stock.
39,838,174
Old series:
' '.
National bank notes (5 percent account) _
National bank notes (retked)......,_....,.......:
Federal Reserve banik notes
(retired)
315,131, 625.00
.
4,426,525
1, 277,773
45, 642,472
37,476,950.00
14,797,920.00
?fi7 AOR A^^t n n
891,950
12,067,030.00
. 484,187
.6,317,180.00
107,163
1,483,300
190,106.00
47,026,772
Total
Comptroller .of the Currency and
Federal Reserve bank agents:
Federal Reserve notes (new
series)
-Federal Reserve notes (old
series)-- ' . . '
7c RQK on'? ^1
90,163,451
93,460,018
Internal Revenue Bureau:
Miscellaneous starhps-• from
' S t a m p Division--.--...
..
•' Miscellaneous stamps from To- . bacco Division.-1-...L.-..---.
• Refund, miscellaneous stamps^
'- -.^Tax ,Unit.L.
...^........^...
385,970,811.00
66,421,890.00
.
OIQ 714 Rfi*? nn
662,042.92
104,360.61
«
87,650
"
"
Cl
440,419,960.00
:
699,670.00
139,914
11,698
,370,190
KfiQ
38,767,845.68
623,868
:
ARA
169,142,160.87
'•6,'7i6,069 ,
.6,948,389
68,490.00 726,916,170.98
, ..,.
1 o a a r\(\A -177
AO
201
Division of Loans. and . Currency,
fsecuritv section) interest checks
-147,488
701.157.471
Grand t o t a i r . - . . . . . - l - — . . . . . .
1 All currency under the head of "Pieces" Is expressed as whole notes.
f\(\
6,698,164.98
Register of the Treasury:
• Iriterest coupons, unissued. - . : . .
' • Interest coupons, unissued Fed''. i eral Reserve bank-_...i
J.i..
Coupon bonds and notes. Federal Reserve (unissued).-.1.-^ ?
Nonregistered '^yar savings
stamps, redeemed-.
Registered war savings stamps,
redeemed-Farm loan bonds and coupons..
Public Debt Service, photostats
COA O I O
862,292.675.00
.
3,29'6,667
•to
•
'
•
-
-
^
•
' .
•
3,'6bl. 742/619.26
132
REPORT OF THE SECRETARY OF THE TREASURY
Coupons
Sheets
Division of Loans and Currency
(Bureau of Engraving and Printing spoilage):
2,224,9111.^
6, 296, 643320%o8O
Postage stamps
Internal revenue stamps
1,592,41510^^04
Bonds . and certificates of indebtedness
_
240,1951/12
Customs and miscellaneous
stamns
1.591,05753^00
138,853
12,084,077i6o^/,6oo
Postal savings certificates
Void coupons
Division of Loans and Currency
(Division of Paper Custody)
622,038
622,038
bond paper
4, 371, 050
4, 371. 050
..12, 706,115160^^600
Grand total
PUBLIC HEALTH SERVICE
Division of Sanita/ry Reports and Statistics
Reports to the Public Health Service from the health departments
of 27 States indicate a death rate of 10.8 per 1,000 population for
the calendar year 1932—the lowest rate ever recorded—as compared
with the previous low rate of 11 per 1,000 in 1931. The death rate
for infants under 1 year of age for 26 States was 58 per 1,000
live births—also the lowest rate ever recorded by the Public Health
Service.
Information on the prevalence of diseases in the United States
and foreign countries was made available to health officers and other
sanitarians. The weekly Public Health Reports, reduced in size,
was issued regularly. The number of publications of the Service was
reduced, but an enort has been made to supply as much essential
basic data as possible. Copies of publications distributed during
the fiscal year 1933 numbered 130,802, as compared with 350,391
during 1932. Exhibits were prepared for display at the Century
of Progress at Chicago, at the Third International Congress on
Eugenics, and at other scientific meetings.
Division of Foreign and Insular Quarantine and Im/migration
QuarcMine transactions.—During the fiscal year 14,096 vessels and
1,837,797 persons from foreign ports were inspected by quarantine
officers, as shown in the following table:
Inspections by quarantine officers during the fiscal year 1933
Inspections at—
Stations in continental United States..
Insular stations
Foreign ports, prior to embarkation
Total.
.
.
.
.
Vessels
Passengers
Seamen
10.935
2,982
179
555,726
133.446
69,301
862, 536
222 218
4,570
14,096
758,473
1, 079. 324
REPORT OF THE SECRETARY OF THE TREASURY
133
I n addition, 4,186 airplanes arrived at airports of entry in the
TJnited States from foreign ports, requiring quarantine inspection.
These planes carried 25,767 persons, 20,396 of whom were examined
by medical officers of the Public Health Service prior to entry.
Of the passengers who embarked at European ports, 13,515 were
vaccinated and 5,887 were deloused under the surveillance of medical officers of the Public Health Service, and 12,928 pieces of baggage were disinfected.
A total of 1,758 vessels was fumigated, and 6,088 dead rats were
found following fumigation, of which number 3,589 were examined
for plague infection.
There was no importation into the United States or its dependencies
of aiiy quarantinable disease. Effective measures stopped at quarantine the few cases arriving here.
Regulations relating to the importation of parrots were revised to
include all birds of the parrot family, and now require that commercial importation of such birds be accompanied by a certificate
from the sanitary authority at the place of origin. As a result of
the strict enforcement of these regulations, only one shipment of
birds received in the United States was found to be infected with
psittacosis.
On March 3., 1933, the President rescinded Executive Order No.
5143, restricting the transportation to the United States of passengers
from certain ports in the Orient on account of epidemics of cerebrospinal meningitis.
^
The Government of the United States, through the State Department, signified its willingness to sign the International Sanitary
Convention for Air Navigation adopted by the Permanent Committee
of the International Office of Public Hygiene at its April-May 1932
session, with reservations similar to those made in ratifying the International Sanitary Convention of Paris (1926). Representatives of
many of the 12 countries already signatory to the convention have
informally indicated that there would be no objection on the part of
their respective governments, and it is believed that the convention
will soon be ratified by this Government.
Medical examination of aliens.—There were 398,574 alien passengers and 805,028 alien seamen examined by medical officers at the
various ports of entry. Of this number 13,942 passengers and 991
seamen were certified as being afflicted with some mental or physical
defect.
I n previous years third-class aliens were brought to Ellis Island
for medical examination, but since August 19, 1932, in accordance
with an order issued by the Commissioner of Immigration at Ellis
Island, they have been given medical inspection on board the vessels. Results under the new system indicate that the efficiency is
approximately only 40 percent of that attained under the old system.
Examination of prospective immigrants abroad.—There were
26,543 applicants for immigration visas examined by medical officers
in American consulates in foreign countries. Of this number 17,107
were examined in Europe and 9,436 were examined in the Western
Hemisphere. Of the total number examined in foreign countries, 549 were reported as being afflicted with one or more of
the defects or diseases requiring mandatory exclusion, and 5,065
were reported as afflicted with a disease or condition which was
134
REPORT OF THE SECRETARY OF THE TREASURY
likely to affect their ability to earn a living. Only 4 were certified subsequently upon arrival at a United States port as being
afflicted with a defect or disease requiring mandatory deportation.
The marked decjrease in the number of applications for immigration visas abroad permitted a material reduction in the personnel
engaged in the medical examination of immigrants abroad.
Division of Domestic Quarantine
I n cooperation with State health authorities the Public Health
Service inspected and controlled 95 percent of the 2,214 sources of
drinking water used by railroads and bus lines, 97 percent of the
253 sources used by vessels, and 97 percent of the 116 sources used
by airplanes. Municipal health authorities have cooperated by collecting and examining approximately 5,000 samples of drinking
water taken from common carriers.
Sixty-one percent of the vessels engaged in interstate commerce
were issued certificates showing that their drinking and culinary
water systems complied with the regulations; and 19 percent were
issued temporary certificates pending inspection.- A continued reduction in typhoid fever cases on vessels under the jurisdiction of
the Interstate Quarantine Regulations is noted, and in no instances
could the cases be traced to drinking-water supplies.
Surveys of the effi,ciency of State control over the sanitation of the
shellfish industry have continued, with inspections of growing areas
and shellfish establishments. Approval w^as given 1,301 State
certificates issued during the year.
c'An office of stream sanitation was established during the year to
assist in the correlation of data and to advise the States as to methods of procedure where the problems are interstate in character.
. Services rendered other branches of the Government, such as the
Bureau of Indian Affairs, the National P a r k Service, and the Forest
Service, required about a quarter of the time of the engineers, and
included surveys, demonstrations, review of plans, and designing
of water, sewage, and garbage devices. Assistance was rendered the
Lighthouse Service in developing small and effective water-treatrrient systems applicable to tenders and lightships on the Great
Lakes.
Studies of the health problems of rural areas and cooperation
with the States in demonstrating the value of organized public
health service were continued. Five hundred and eighty-one counties were maintaining effective health organizations. Financial and
technical assistance was rendered by the Public Health Service to
172 of these local units in 28 States. Trachoma eradication in certain endemic areas in Georgia, Tennessee, Kentucky, and Missouri
was continued in cooperation with the State health authorities. Examinations were given 18,646 persons; more than 1,900 new cases
of trachoma were discovered; 7,900 treatments were given in field
clinics and dispensaries; and 777 cases were admitted to the two
hospitals.
Cooperation with the State authorities in the eradication of rodent
plague in California was continued. No human case was reported
during the year, although rodent plague was reported in ground
squirrels in San Benito County.
°
REPORT OF THE SECRETARY OF THE TREASURY
135
Division of Scientific Research
Cancer research continued as a major research activity. Studies
are being undertaken in an effort to furnish a rational baisis for the
chemical treatment of cancer.
Laboratory studies of rheumatic heart disease, begun during the
last fiscal year, include a search for a suitable experimental animal,
tests of the streptococcal hypothesis, and epidemiological studies of
the prevalence of the disease in Washington.
At the leprosy investigation station at Honolulu, Hawaii, clinical
studies were undertaken in an effort to improve and devise new
methods of treatment.
,
I n connection with studies of malaria control, experiments have
demonstrated that a 10-day interval of paris green dusting almost
completely controls the incidence of Anopheles quadrimaculatus.^
wheii applied on a county-wide basis in the manner developed during
the study, and that a 21-day interval between applications was
insufficient in the average climate of the Mississippi Valley.
Laboratory studies of pellagra have been principally concerned
with the determination of the probable pellagra-preventive value of
various foods by tests in the dog, correlated with the human tests.
Plague studies in the Hawaiian Islands were continued. I n the
two plague regions in the islands the disease is endemic among field,
rats; therefore the intensive distribution of poison appears to be
the only measure which will reduce the number of rodents to a
point where plague may be adequately controlled. A new species
of flea, identified for the first time during the year, is evidently the
plague-transmitting agent responsible for the endemic type of rural
infection found in the Hawaiian Islands.
Psittacosis has been, found to be endemic in the parrakeet-breeding
aviaries of California, and in October 1932 a laboratory for psittacosis research was established in Pasadena. Thirty-seven cases of
human psittacosis with nine deaths were reported in the United
States during the year.
The Public Health Service prepared 205,000 cubic centimeters of
vaccine for the prevention of Rocky Mountain spotted fever for the
season of 1933, as compared with 153,000 cubic centimeters for 1932.
The entire net output for 1933 has been distributed. Officers of the
Public Health Service have been the first to establish the identity
of the so-called " Sao Paulo typhus " of Brazil with Rocky Mountain
spotted fever.
Child hygiene investigations included studies in vision, hearing,
physical status, growth, and development in school children, the
mental status of children of various types of birth, dental caries in
relation to diet and climate, a comparison of dental decay among
Negro and white children of the same locality, and maternal, fetal,
and neonatal mortality among the Indians.
A survey by the Public Health Service shows that there are close
to 200 known areas in the United States located in 22 States where
mottled enamel is found. Laboratory studies are being conducted
on the subject.
136
REPORT OF THE SECRETARY OF THE TREASURY
Investigations on industrial dermatoses were made during the
year in the rubber, tanning, cigar-making, cotton-milling, sirupmanufacturing, and rayon industries, and a study of the effects of
the dusts of coal mining on the health of workers in the h a r d coal
fields of Pennsylvania was begun during the year.
Investigations in milk sanitation included studies of the bactericidal treatment of milk containers and equipment, studies on pas-,
teurization and the transmission of milk-borne diseases, specifications
for effective pasteurization machinery, and studies to determine the
proper treatment of udders prior to milking.
Studies of public health methods were pursued with the dual pur,pose of determining the effectiveness and econoni}^ of public health
procedures in relation to the needs of the people and of informing
local health departments.
I t is believed that the economic depression has had an effect on
health which is not shown in mortality statistics. I n an attempt to
measure sickness among the unemployed population the Public
Health Service undertook a canvass of about 1,000 families in 10
representative localities in the United States. Preliminary data
seem to indicate higher sickness rates among the lower economic
classes, particularly in the case of the more serious illnesses. I t also
appears t h a t families moderately comfortable in 1929 but unemployed and reduced in income for the subsequent 2 to 3 years had
more sickness than those only recently unemployed.
Studies are being undertaken of lapses in the efficiency of the activated sludge process at the Stream Pollution Investigations Station.
A survey of the rodent situation and a collection of rat parasites
were undertaken at Savannah, Ga., and a study of typhus control
measures was begun at Dothan and Enterprise, Ala.
The grouping of hemolytic streptococci from a great variety of
disease sources, from many parts of the world, according to sensitiveness to three races of bacteriophage, gives promise of results
which may be useful in tracing the source of epidemics.
Laboratory observations show that animals previously immunized
to one disease were more resistant to later infection with entirel}^
unrelated diseases than were nonimmunized animals.
Studies to develop a practical method for the manufacture of a
scarlet fever prophylactic (toxoid), in progress for several years,
have been completed. By this method sufficient toxoid may be given
in three doses to induce immunity in over 80 percent of those tested,
ordinarily with only a slight reaction following the injections.
Experimental production of meningitis in animals was carried out
chiefly with the object of improving the present method of testing
therapeutic sera.
The rate of hydrolysis' and the disintegration products pf the
phosphoric and phosphorous ester under certain conditions in vitro
have been studied in relation to their pharmacologic action. Sugar
researches, besides yielding data of value in the study of the physiological chemistry of sugars, have also led to the development of improved methods for the preparation of these sugars and the isolation
of a number of new sugar derivatives.
REPORT OF THE SECRETARY OF THE TREASURY
137
Division of Marine Hospitals and Relief
The marine hospitals were filled to capacity until shortly after
the enactment of the act of March 20, 1933, when the Administrator
of Veterans' Affairs discontinued admitting his patients to these
institutions. Expenditures were reduced proportionately as the
expendable reimbursement for their maintenance ceased. The number of merchant seamen and other old-line beneficiaries applying for
treatment has increased. The appropriation for this service has
been.reduced from $5,600,000 to $4,320,000, requiring further economies and a reduction in personnel.
The daily average of patients in hospital was 4,830; 1,202 deaths
occurred.' The daily average number of out-patient treatments was
2,862. The average per diem cost of care in marine hospitals, including salaries, food, equipment, supplies, fuel, and upkeep was reduced
from $3.77 in 1932 to $3.34 in 1933. The amount of relief reflects
chiefly the requirements of American merchant seamen and the
growth of the merchant marine.
Division of Venereal Diseases '
Studies at the venereal disease research laboratory at Stapleton,
N. Y., include a continuation of the experimental resurvey in the field
of personal prophylaxis in syphilis. Work has also been conducted
to explain the peculiarities of various phenomena of experimental
syphilis on the basis of a life cycle of the Spirocheta pallida. A
clinical study of the late effects of untreated syphilis in the Negro
was undertaken in cooperation with the Tuskegee Institute for the
principal purpose of obtaining a measure for evaluating treatment
of similxir racial groups. Clinical studies conducted in cooperation
with five of the leading venereal disease clinics of the country, and,
with the financial assistance of a large philanthropic foundation,
comprise a thorough consideration of the subject of latent syphilis
and a detailed report on the toxic effects following the clinical use
of the arsenical drugs. Studies pertaining to syphilis in pregnancy
and syphilis of the central nervous system have been started.
One prevalence survey was made during the year. Analysis of the
resurveys made during the preceding year shows a general increase
in the number of early cases of syphilis and acute cases of gonorrhea
seeking treatment.
The Public Health Service is providing, to a continuously increasing number of institutions caring for the insane, a satisfactory strain
for the induction of malaria in the treatment of syphilis of the central nervous system. The practicability of the employment of the
quartan strain of malaria in inducing malaria in Negro patients has
been well established.
Reports of the prevalence of the venereal diseases have been received from 47 States and local officials cooperating with the Public
Health Service.
The publication of the monthly abstract journal Venereal Disease
Information constitutes the chief informative activity in relationship
with practicing physicians.
138
REPORT OF THE SECRETARY OF THE TREASURY
The Public Health Service clinic at Hot Springs, Ark., is the sole
project participating in the program against the interstate spread of
the venereal diseases. Two thousand eight hundred, and eighty-three
cases infected with the venereal diseases received treatment at this
clinic during the year; approximiately two thirds of these were frbm
States other than Arkansas.
Division of Mental Hygiene
: ,
The Division of Mental Hygiene continued the special studies of
the nature of narcotic drug addiction at the United States Penitentiary Annex, F o r t Leavenworth, Kans. Collection. of data concerning the medico-social aspects of drug addiction was c()ntinued,
as well as special studies with reference to the legal distribution of
narcotic drugs incident to determining the medicinal and scientific
needs.
The foundations for the first United States Narcotic Farm, Lexington, Ky., were completed, and construction of the superstructure
was begun on March 25, 1933. Title to the site for the second institution located at Forth Worth, Tex., was acquired on^May 26, 1933.
The supervision and furnishing of medical and psychiatric serv-;
ices in Federal penal and correctional institutions under the control
of the Department of Justice were continued. The work was expanded to embrace five additional institutions.during the year, viz:
The United States Penitentiary, Lewisburg, Pa.; the United States
Detention Headquarters, New York City; the United States Detention Farm, Milan, Mich.; the.United States. Southwestern Reforiiia-:
tory. El Reno, Okla.; and the Hospital for Defective Delinquents,
Springfield, Mo.
Division of Personnel and Accounts
Personnel.—The withdrawal from'marine hospitals of the beneficiaries of the Veterans' Administration caused a considerable loss
of income to the Public Health. Service. This loss, together with the
greatly reduced appropriations, made it necessary to dismiss more
than a thousand emplo3^ees, reduce the compensation of the remaining
force, close a number of stations, and curtail scientific research'work.
On July 1^ 1933, the regular commissioned corps of the Public
Health Service consisted of 371 commissioned offiqers,, of, Avhich
number 30 were on waiting orders. The reserve officers on-active
duty numbered 30. Other personnel of the service totaled 4,911,> not
including 4,640 collaborating and assistant' cpllaborating epidemiologists who served at nominal compensation and who were for the
most part officers or employees of State and local health organizations.
Financial statements.—Following is a statement of appropriations and expenditures for the fiscal year 1933:
REPORT OF THE SECRETARY OP THE TREASURY
Appropriated
Appropriation title
$340. 000.00
1. 730, 000.00
389,984. 00
1,100, 000. 00
Salaries, Office of Surgeon General
Pay, etc., commissioned officers and pharmacists..
Pay of acting assistant surgeons
Pay of other employees
Freight, transportation, etc
Maintenance, National Institute of Health
Books
Pay of personnel and maintenance of hospitals
Quarantine service
Preventing the spread of epidemic diseases
Field investigations of public health
Interstate quarantine service
Studies of rural sanitation:
Control of biologic products..-..--.
Expenses:
Division of Venereal Diseases
Division of Mental Hygiene....
._-.
Educational exhibits
Total
1—
-
38, 000. 00
48,000.00
500.00
1 6,786. 570. 50
420.000. 00
350. 000. 00
400.000. 00
39. 214. 00
300. 000. 00
46,000.00
139
Expended
$298.910.11
1,482,064.12
318,126. 74
906.738.79
35.204.76
41,945.77
487.80 .
6,173, 206. 09
331.902. 26
271,900.95
359,848. 60
29,825.14
252,149.44
40,098. 35
90,000.00
48, 215.00
1,600.00
-
78,638.96
42, 048^24
1,414. 34
. . . 2 12,127,983.50
10, 663, 509.46
1 Includes $1,106,570.50 reimbursement for care and treatment of beneficiaries of the Veterans'
Administration;
2 Statement does not include expenditure of $4,812.42 from National Institute of Health conditional
gift trust fund.
Expenditures from allotments of funds from other bureaus and
offices for direct expenditure during the fiscal year 1933 were- as
follows:
Appropriation title
Veterans' Administration: Salaries and Expenses-.
.
District of Columbia: Mosquito Control in District of Columbia
Department of Justice: Medical and Hospital Service. Penal Institutions..
Total.-
-
-
-
Allotted
Expended
$1,124,294.20 $1,124,294.20
5. 600. 00
3,195.95
340. 560. 00
297,689.73
1.470.464.20
1,425,079.88
The revenues derived from operations of the Public Health Service during the fiscal year 1933 and covered into the Treasury as
miscellaneous receipts are as follows:
Source of revenue
General fund receij^ts:
Quarantine charges.-.
Hospitalization charges and expenses.. - -.
Sale of subsistence
.
Laundry service
^
--.
Sale of occupational therapy products
Sale of obsolete, condemned, and unserviceable equipment
Rents
Reimbursement for Government property lost or damaged...
...
Commissions on telephone pay stations installed in Service building.
Sale of refuse, garbage, and other by-products
Sale of livestock and livestock products
..-Other revenues
^..^......
Total
Trust fund receipts: Effects of deceased patients
Grand total
.-
$211,759.63
19,537. 99
12,057.73
33.00
334. 21
1,479.30
1,933. 00
'477.39
1,476. 91
904.49
397. 73
618. 22
251,008. 60
1.777.62
252, 786. 22
140
REPORT OF THE SECRETARY OF THE TREASURY
SECRET SERVICE DIVISION
During the fiscal year 1933, 3,003 persons were arrested by agents
of the Service, or by their direction, on charges involying counterfeiting of the obligations and coins of the United States- and forgery,
as well as miscellaneous offenses against the Federal statutes relating
to the Treasury. Department. Of this number, 1,539 were note
counterfeiters and note passers, 74 were note raisers and passers of
altered currency, 956 were coin counterfeiters and coin passers, 340
were check forgers, 11 were apprehended for negotiating stolen or
forged bonds, 33 were held for fraudulent negotiation of adjusted
service certificates, and 50 arrests were made for miscellaneous
offenses.
The division detected 11 new counterfeit-note issues, photomechanical productions which warranted distribution of descriptive
warning circulars, and approximately 100 unidentified notes of varying types and denominations which circulated in different sections
of the country for short periods, some being hand-drawn and photographic specimens of extremely crude workmanship.
Counterfeit notes aggregating $921,499 were seized during the
year by operatives of the Service. These included $14,220 of altered
notes, of which $5,290 were made and passed in foreign countries,
and $185 of fractional currency. Counterfeit coins totaling $72,818
were confiscated.
Of the counterfeit notes seized during the year, a total of $349,127
was used in evidence against the makers and passers, while altered
notes, aggregating $2,865 were likewise used in evidence in the prosecution of note raisers and passers.
I n connection with investigations and arrests, operatives captured or seized 409 plates, 613 film and giass negatives for printing
counterfeit obligations and securities, together with 60 lithograph
stones and 2 rubber plates; 487% plaster moulds, 39V2 metal moulds,
and 41^^ steel dies for counterfeiting coins, together with a large
quantity of miscellaneous materials and paraphernalia.
Of the total number of persons arrested during the year, 1,563
w^ere convicted and sentenced, 162 were acquitted, 739 are awaiting
action of the courts, while others were variously disposed of.
Agents conducted investigations of 1,406 check cases, 95 bond cases,
and 8 war saving stamp cases. I n check case investigations, $4,439
Avas received in restitution and transmitted to the Department.
The Veterans' Administration forwarded to the service for investigation 191 cases involving violation of the World War Adjusted
Compensation Act and 302 reports in this connection were submitted
to the administration. Inquiries in 166 cases by the General Supply
Committee for information concerning prospective bidders on Government supplies were received and 137 reports were forwarded to
the committee at the conclusion of investigations. Three requests
were received from the F a r m Loan Board for investigation of
offenses against the F a r m Loan Act and as many reports were made
to the Board.
REPORT OF THE SECRETARY OF THE TREASURY
141
OFFICE OF THE SUPERVISING ARCHITECT
During the fiscal year 1933 the Office of the Supervising Architect
continued its work on the program of public building construction
authorized by the so-called Keyes-Elliott Act, approved May 25,
1926, and the several amendatory acts of Congress enlarging the
program thereby initiated. This work constituted the major function
of the office duruig the year, but in addition the office performed its
other usual functions, including the inspection, maintenance, and
repair of public buildings throughout the country, totaliag 1,658 on
June 30, 1933.
Under the several public building acts the total general authorizations covering the regular building program to June 30,1933, amounted
to $702,296,794, including both buildings and sites. The following
table gives these authorizations in detail:
Total general authorizations for all buildings, extensions, etc., up to June 30,1933, including all
land authorizations outside of the District of Columbia and certain ones in the District of
Columbia, also $69,000,000 expected to be realized from the sale of property now owned by
the Government
:..
$649,000,000
Authorization for purchase of triangle site in the District of Columbia...
40,000,000
Authorizations prior to May 25, 1926...
13,296,794
Total general authorizations to June 30, 1933
_
702,296,794
Under the Emergency Relief and Construction Act of 1932,
approved July 21, 1932, an additional $100,000,000 was authorized
and appropriated for public building projects to be selected by the
Secretary of the Treasury and the Postmaster General from House
Document 788, Seventy-first Congress, third session. Pursuant to
the provisions of this act, 410 projects with limits of cost aggregating
$85,865,900 were specifically authorized up to March 4, 1933. Contracts were made with outside architects for the preparation of
worldng drawings, etc., for 110 of these projects. Subsequent to
that time, however, $92,875,200 was transferred to the emergency
conservation fund in compliance with the act of March 31, 1933.
In addition to this amount, it was necessary to transfer $308,241.65
to certain office appropriations, such transfer being permitted by the
act approved June 30, 1932. This left only $6,816,558.35 available
for the purposes for which the original appropriation was made. Of
this amount, $6,611,520.55 was obligated for more than one hundred
sites, etc., up to June 30, 1933, leaving an unobligated balance of
$205,037.80. These obligations were liquidated up to that time to the
extent of $2,849,432.21. The amount to be subsequently liquidated
is therefore $3,762,088.34.
The following table shows the status of work under the emergency
relief program as of June 30, 1933:
Status of work under the relief program
Bids in, on market, or in the specification stage, 39 projects
Drawing stage:
Supervising Architect, 62 projects..
Private architects, 107 projects
Land owned, ready for drawings, 1 project
Site selected, title not yet vested, 27 projects.
Sites advertised for, examined, and awaiting selection, 175 projects
Held for amended legislation, 1 project
Total..
:.
Limit of cost
$3,993.000
6.183,000
51,799,000
65,000
3,748,500
19,987,400
90,000
85,865,900
142
REPORT OF THE SECRETARY OF THE TREASURY
Due to the transfer of funds above mentioned, no contracts for
construction work have been awarded under this program.
Regular public building program
Under the regular program, that is, under the previously mentioned
general authorizations aggregating $702,296,794, Congress has specifically authorized 817 buUding projects and made specific appropriations for land in the District of Columbia involving a total limit of
cost of $494,642,437.
Specific authorizations of projects.—The following tabulation classifies the specific authorizations as of June 30, 1933, and indicates the
limits of cost in each group.
Number and amounts of specific authorizations for buildings and land, and appropriations for land purchases up to June 30, 1933, under the regular public building
program and prior authorization
Number
of.
projects
Authorizations for specific projects. Including all land site authorizations, outside of the District of Columbia up to June 30,1933
Authorizations for specific projects, including certain, but not all. land site
authorizations, in the District of Columbia, up to June 30, 1933
Total specific authorizations exclusive of certain land site appropriations
Inthe District of Columbia to June 30,1933
Specific appropriations for certain additional land sites in the District of Columbia
Total specific authorizations and appropriations for buildings and land
sites to June 30, 1933
Amount
796 1 $364,992,936.10
21 1 100,969,501. 21
817
(2)
465.962,437. 31
28, 680,000. 00
494, 642,437.31
1 Reduced below amounts shown in the 1932 report due to provisign of sec. 320 of Public 212, 72d Cong.
2 Since sites in the District of Columbia are purchased in small parcels, it is not feasible to indicate the
number of sites purchased.
Status of work.—The following tabulation indicates the status of
work under these specific authorizations of projects on June 30, 1933:
Completed, 375 projects
Under contract (in whole or in part), 360 projects
Bids in, on market, or in specification stage, 63 projects
Drawing stage:
Supervising Architect, 3 projects
Private architects, 7 projects
Sites selected, title not vested, 2 projects
Sites advertised for, examined, and awaiting selection, 1 project
Held for amended legislation or other reasons, 12 projects
Sites purchased in the District of Columbia...
Balance available for sites in the District of Columbia
Total..
Limit of cost
$131,490,821.78
311,188,857.93
14,875,936.60
179,180.00
2,203,150.00
442,500.00
337,600.00
6,244,491.00
28,419,770.16
260,229.84
494,642,437.31
Contracts.—The following tabulations show, in summarized form,
the value of contracts awarded, both for land and construction,
under the specific public building authorizations previously referred to:
Contracts awarded up to June 30,1932:
Outside the District of Columbia:
Under regular program authorization
Under prior authorization
In the District of Columbia:
Under regular program authorization
Under prior authorization
$233,199,214.97
12,161,001.48
73,859,953.13
430,712.00
Total
319,660,88L 68
Obligations for triangle site in District of Columbia, assumed up to June 30,1932...... 27,622,622.76
Total contracts awarded and land obligations assumed to June 30,1932
347,173,404.33
143
REPORT OF THE SECRETARY OF THE TREASURY
Contracts awarded during the fiscal year 1933:
Outside the District of C'olumbia:
Buildings under regular program authorization....
Land under regular program authorization.--...
Land under prior authorization
In the District of Columbia:
Under regular program authorization
Under prior authorization—
-
.....-
-
-
$65.423,134.89
2.657,423.23
136.280.53
9.905.385. 25
461.264.78
Total----.——-.——...
--.
Obligations for triangle site in District of Columbia, assumed during the fiscal year
1933-..........—
.-.
-.--
78, 683,488.68
897,247.41
. Total contracts awarded and' land obligations assumed during the. fiscal year
1933
—-..
J
,—79,480.736.09
Contracts awarded to June 30, 1933:
Outside the District of Columbia
. . 313,577,065.10
In the District of Columbia
.
—
.- 84, 657,315.16
Total
—
-----
398,234,370.26
Obligations for triangle site in District of Columbia, assumed up to June 30, 1933
.
'
28,419.770.16
Total contracts awarded and land obligations assumed up to June 30, 1933— 426.654,140.42
Balance specifically authorized but yet to be placed under contract—
Balance specifically appropriated but yet to be obligated for purchase of sites in Dis^ trict of Columbia—.—
Total amount unobligated for land and buildings
67,728.067.05
260,229.84
67.988.296.89
Among the contracts awarded during the fiscal year 1933 were the
the following large projects: /
Amount
Albany, N.Y., post office
...'$1,291,000
Chicago, 111., appraisers'stores.
....
579,000
Cincinnati, Ohio, post office—-.-....... 1.720,500
Columbus, Ohio, post office
• 1,279.000
Fort Worth, Tex., courthouse
603, 000
Greensboro, N . C , post office..---....—
669,000
Jackson, Miss., post office
' 534,000
Jacksonville, Fla., courthouse
1,198,562
Lexington, Ky., narcotic farm
2,186.912
Minneapolis, Minn., post office.-.
2,118,900
Nashville, Tenn.i post office..
• 918,000
Newark, N.J., post office
..-.
2,868.000
New York, N.Y., courthouse
5,996,000
Norfolk, Va., post office
Philadelphia, Pa.:
Customhouse
Post office
Rochester, N.Y., post officeSpringfield, Mo., hospital
St. Louis, Mo., courthouse
St. Paul, Minn., post oflice
Trenton, N.J., post office.Washington, D . C :
Archives..
Central heating plant
Amount
$1,034,000
-
.-.
2,674,000
4,440,000
805,923
1,710,000
2,623,277
1,846,600
749,506
6,284,000
1,489,900
Expenditures and outstanding contract obligations.—Of the $494,642,437.31 specifically authorized as of June 30, 1933, $426,654,140.42
in the aggregate was obligated to that date. Expenditures have
been made under these obligations to the amount of $330,065,672.54,
including expenditures for the fiscal year 1933 amounting to $100,653,972.88. Expenditures in 1933 included $77,383,702.32 for the
country at large and $23,270,270.56 for the District of Columbia.
Sites.—The situation with respect to land purchases may be summarized as follows:
Status of sites as of June SO, 1933
Outside,the District of Columbia:
Expenditures to June 30, 1932.
Expenditures during the fiscal year 1933...
Total expenditures
Total expenditures and obligations..In- the District of Columbia:
Expenditures to June 30, 1932
Expenditures during the fiscal year 1933
Grand total
14820—33
-
-
Value of accepted proposals.-....-.
Total expenditures..
--
Amount
$74,473,172.09
3,492,020.94
77,966,193.03
-..-
-
-
929,960.07
78,896,163.10
32,614,484.65
922,268.41
33,536,743.06
112,431,896.16
-11
144
REPQRT OF jTHE SECRET.AR;y, OF .TI^E TJlEASUjRY
Annual appropria^
The 1933 appropriations for operating force, operating supplies,
repairs and preservation, mechanical equipment, furniture and furniture^ repairs, and vaults and safes aggregated $17,261,500. The
OfRce;:df "the Supervising. Architect has charge of 1,606 courthouses,
post offices, customhouses, etc., and 52 quarantine stations and
marine hospitals, making a total of 1,658 buildings throughout the
couhtryy-to wliich hew buildings and extensions are added every
year.'- The expenditures under these appropriations increase accordingly' and practically the entire apjiippriations have been' expended.
"^'
-'" '
/Total expenditures
. Total expenditures for all purposes for the Office of the Supervising
Architect during this fiscal year 1933, together with outstanding contract liabilities ahd remaining; unencumbered balances of appropriations, are shown in the following table:
Expenditures from J u l y 1, 1932, to J u n e SO, 1933, contract liabilities charged against
appropriations, and unencumbered balances
Expenditures
Statutory r o l L . L - . . . ^
Sites a n d a d d i t i o n a l l a n d . . . . .
..i^
C o n s t r u c t i o n of n e w buildings . . I
E x t e n s i o n t o buildings
....
Miscellaneous special i t e m s
Unallotted appropriation (lump s u m ) - i r . . l . ; ; i i - - J
R e m o d e l i n g a n d enlarging p u b l i c b u i l d i n g s . . . . . . . .
L a n d s a n d other p r o p e r t y of t h e U n i t e d States
R e p a i r s a n d preservation of p u b l i c b u i l d i n g s
M e c h a n i c a l e q u i p m e n t for p u b l i c b u i l d i n g s . 1
V a u l t s ' a n d safes^for p u b h c buildings
F u r n i t u r e a n d repairs of s a m e for p u b l i c b u i l d i n g s .
Operating "supplies for p u b l i c buildings
l.i..
G e n e r a l expenses for p u b l i c b u i l d i n g s .
R e n t of t e m p o r a r y q u a r t e r s
-"-.-Outside professional services
L...
i
Operating force for p u b l i c buildings
Total.
$618.215.78
7,389.450. 35
91. 212, 659. 03
6,983, 835. 64
13,009. 71
276, 063.41
8 25
656. 131.67
506. 260 99
189, 083. 95
1, 447, 085. 63
3,131, 283 40
2,858. 480. 68
'1,155. 753. 41
2.^929. 481.15
9. 223, 832. 61
128, 490, 635. 66
C o n t r a c t lia;'
bilitiescharged
against appro-.
, ,priatioh
Unencumr
;bered bal-.
ainces, J u n e
;':3o,^i933;;„i
$13, 590, 664. 24
94,473, 637.05
6,826,943. 51
7,428. 08
1 $145,547. 68
608,827.53
2, 519,208.16
1, 437,652. 23
91,102. 33
41,366, 721. 34
31, 275. 09
846 71
165,986 05 • 2 491^156,11
118. 763 08
3148,896.16
79. 356.36
64. 678. 69
394,042 99
403.460 81
625, 731 "24
* 286.876. 55
25, 414 03
5 392,898.43
465.838 15
103, 391 82
3,837, 254 07 8 1, 658.758. 64
1,136, 562 29
58,161.16
120, 338,047. 77
61,109,031.81
1 Includes $10,000 reserve, 1932, $10,000, 1933.
2 I n c l u d e s $50,000 reserve, 1932.
3Jncludes $10,000 reserve,a933. ,
< Includes $20,000 reserve, 1932.
«Includes,$8,000 reserve, 1932; $10,000, 1933.
6 Deficiency.
'The following table shows the total expenditures to June 30, 1933,
for air purposes for buildings under the ' control of the Treasury
Department: '
,
'
'
REPORT OF THE SECRETARY OF THE TREASURY
145
Classification of public buildings under the control of the Treasury Department hy
titles, showing expenditures in each class to June 30, 1933, prepared pursuant to
act approved June 6) 1900 (31 Stat. 692)
' i
• - ^^ "
^
^ : , •
Construction
T o t a l expendi-'
E x t e n s i o n s , alterations, a n d A n n u a l repairs -tures, J u n e 30,,
special i t e m s
1933
P o s t office^ courthouse, c u s t o m h o u s e
buildings, >etc
i.
'.
$161,628, 583.89. $32,260, 963. 52 420.686,016.40
C o u r t h o u s e buildings
3, 341, 385.32
574, 226. 72
592, 586. 92
C u s t o m h o u s e buildings J
. . 24,106, 698. 64
3,483,404.95'
2, 789,188. 75
M a r i n e hospital buildings
12, 564, 215. 46
4, 769,951. 90
3.945.836. 54
Post-office buildings
_. 148,899, 360.95
9, 768, 720.97
12,715,017.15
Q u a r a n t i n e station buildings
2, 425, 328.06
1,816,104. 46
3, 524,440. 66
Miscellaneous buildings
6, 370,196.96
102,693,033.97
5, 393, 390. 36
Total.
446,657,618.89
58, 675,986.47
48,914,947.18
O u t s t a n d i n g liabilities charge^
able a g a i n s t ' a p p r o p r i a t i o n s
^^ ', . *
Cost of sites
Sites
P o s t office, courthouse, c u s t o m h o u s e
buildings, etc
C o u r t h o u s e buildings
C u s t o m h o u s e buildings
M a r i n e hospital buildings °
Po'st-office buildings
Q u a r a n t i n e s t a t i o n biiildings
Miscellaneous buildings
Unallotted appropriation (lump sum)
Total
-
''
•
$46,759, 286. 39
4, 581,474. 69
3,886,922. 33
889,238.97
66,499.417.10
328,837. 60
56,243,810. 62
179,188,987. 70
$221.027. 82
9,360.00
$204,475, 663.81
4,608,198.' 96
' 30, 379,192. 34
21, 280,003.90
171; 383,099.07
7,765,873.18
114.456.621.28
654,248,562. 64
Unencumbered
balance of^ a p propriations
Buildings
1,800,899.00
$24.376, 627.87
8, 501,106. 47
16.460. 27
1.783.294.66
33,471, 509. 29
12,425. 26
33,148. 684.82
$1,537,869.16
21.000. 34
10, 254.90
131.366.98
496.968.13
5.069.98
2. 364, 271. 76
41, 366, 721. 34
13, 590, 664. 24
101.308.008. 64
46,923,511. 69
11,559,377.42
K
DIVISION OF SUPPLY
The' Division of Supply is the central procuring or ^ purchasing
agency of the- Treasury Department, and as such does the purchasing
for all local and field activities, with the exception of piirchases
frqm appropriations for the Bureau of Engraving- and Printing
(exerapted by law), the Coast Guard, and, to some extent, the
Bureau of the Mint. The division is charged also with" certain
duties closely related to purchasing, such as accounting for funds
appropriated or allotted to it; supervision,over printing and bindings for the Treasury Department and engraving, w o r k ; b y the
Bureau of Engraving and Printing for all departments;,and,;estSblishments, unless money, bonds, or stamps' are involved; control oyer
newspaper and periodical advertising for the department; routing
q:6 all freight^, express^ a n d parcel^ ppst.shipments;,^and w;arehousing
an(i/,distribiltioH ofrSjbatipnery and^miscellanequs.supplies,, including
blank books and forms, to Washington and field oifices of the,Treasj
ury Department. The appropriations to the Department for purchases of stationery, and for printing and binding are under the
administrative control of the division.
146
REPORT OF THE SECRETARY OF THE TREASURY
Expenditures from various appropriations
The total cost of purchases made by the Division of Supply
during each of the past four fiscal years from specified appropriations from which allotments w^ere made to the division to cover
expenditures made by it, and also purchases chargeable to appropriations from which no allotments were made, are shown in the
following table:
Expenditures by Division of Supply for the fiscal years 1930 to 1933, by
appropriations
Bureaus and offices, and titles of appropriations
1930
Chief .Clerk and Superintendent:
Contingent expenses. Treasury Department
Library
$130,767. 06
993. 75
$165, 024. 58
927. 71
$146,303. 68
890.07
$117,082.88
860.20
131,760.81
165,962. 29
146,193. 75
117,943.08
Total-
1931
1932
Division of Supply:
Stationery, Treasury Department
397,242.19
436,810.16
402,206. 97
Printing and binding. Treasury Depart•1 802,883. 72 1 704, 612. 00 1 714,482. 32
ment
Postage, Treasury Department
999. 96
(2)
(2)
General Supply Committee, salaries and ex133,110. 00
11,074. 99
penses
-.—
166,396. 78
1, 372,803. 83 1,262,215. 75 1,122, 799. 50
Total-
1933
314,809.40
556,857.70
(2)
8,872. 59
880, 539. 69
Division of Bookkeeping and Warrants, contingent expenses, public moneys
1,849.14
3,941. 35
5, 220. 57
227. 32
Bureau of Customs, collecting the revenue from
customs..
598,229. 68
463,165. 84
470,105.91
304,127.92
Public Health Service:
Pay of personnel and maintenance of hospitals
1,980.768.61 2,163,695. 32 2,538,513. 72
347,868.12
239,179.88
Quarantine service
--.
318, 214.44
502. 74
1,427. 52
,759. 76
Interstate quarantine service
Maintenance of:
Hygienic Laboratory
34,115.92
37, 606. 90
32,159. 77
National Institute.of Health
78.369.38
Field investigations-.
'
57,979. 07
20,937.79
60,864. 00
Preventing the spread of epidemic diseases44,186.84
35, 597. 34
Expenses, Division of Venereal Diseases—
6.183. 32
4,710. 52
3,937. 09
19, 461.86
19,663.41
18,099.98
Control of biologic products
490.60
500.17
Books
494.66
Studies of rural sanitation.
23.45
72.75
Educational exhibits
1,736.13
1, 296. 37
Narcotic farms
4,358.75
2, 748. 24
Expenses, Division of Mental Hygiene
Mosquito control in District of Columbia-.
636.53
1,337.39
Department of Justice transfers to Public
Health Service:
Medical and hospital services, penal
1,706.83
institutions
26,482. 07
U.S. Penitentiary, Atlanta, Ga
14,620.68
U.S. Penitentiary, Atlanta, Ga.. build34,15t). 12
ings and equipment, 1931 and 1932.....
U.S. Penitentiary, Leavenworth, Kans.
41, 111. 13
30,009.68
U.S. Penitentiary, McNeil Island,
32,016. 58
Wash
7,710. 72
Prison Camps
"i,"235."72
6.639.85
Federal jails
U.S. Industrial Reformatory, Chilli12, 059.18
cothe, Ohio
3,467.11
Federal Industrial Institute for Wo9,124. 23
men, maintenance
11.910. 62
U.S.
Penitentiary,
Leavenworth,
Kans., machinery and equipment
27,063.78
Total-
2,414, 561. 77 2, 779,943. 74 3,132.285.03
1,774,637.33
176,892. 59
1, 203.99
32,410. 33
52,708.10
48,950.52
4,702.93
18,881.38
493. 51
188.86.
383.65
790. 65
102.40
86,593.68
2,198,839.81
1 Includes receipts from sales of customs forms (reimbursed to the appropriation) and certain expenditures
for printing and binding from appropriations other than printing and binding.
2 Included with contingent expenses, Treasury Department.
147
EEPORT OF THE SECRETARY OP THE TREASURY
Expenditures by Division of Supply for the fiscal years 1930 to 1933, by
appropriations—Continued
Bureaus and offices, and titles of appropriations
Supervising Architect (account public buildings):
Repairs and-preservation . .
Mechanical equipment
Vaults and safes
• General expenses
...
Furniture and repairs
Operating supplies..
.
.
.
Total
Public Debt Service:
Expenses of loans (act Sept. 24, 1917, as
• amended and extended)—
Public Debt Service
274,423. 27
144,612.10
2,876,839.40
240,022.46
156, 528. 72
1933
$95,171. 63
111,717.21
136, 000. 09
95.801. 33
1, 618,329. 33
1,031.300.23
2.988, 319. 82
110, 324. 09
8, 728.34
8,303.12
52, 220. 72
1,913.66
16,577.68
is, 959. 44
46,464. 33
20,312. 24
1, 668. 63
17,079. 67
1, 529. 50
16,804.40
2. 701. 53
24,505.27
18,491. 24
-
Total appropriations and allotments
Purchases from appropriations from which no
allotments were made 3
Grand total
1932
$123.796.17
$111,615.06 $117,656.04
116,102.97
99,428. 72
120,336. 75
93,424. 59
145, 540. 53
91, 569. 72
66,949. 34
167,281.89
131, 244. 81
860,967. 47
966,127. 02 1, 296,136. 47
1,068, 265.90 1,042. 678.42 1, 023,749. 69
2, 316, 225. 33 2,448,694.73
Bureau of Internal Revenue, collecting the internal revenue
Bureau of. Prohibition, enforcement of narcotic
and national prohibition acts
Bureau of Narcotics, salaries and expenses
Bureau of Industrial Alcohol, salaries and expenses .—
Total
1931
1930
-
18. 748.30
18,333.90
27,206.80
7,272,857.17
7,463,864.62
7,983. 489.46
6,656,143.89
213,788.89
92,265.39.
7,486,646. 06 7,546,130.01
122, 741. 60
103, 248. 09
8,106,230.95.
6,759,391. 98
3 Appropriation accounting by bureaus and offices for which purchases were made.
The foregoing expenditures involved the preparation of specifications, the solicitation of quotations, the writing of purchase orders,
and the examination and audit of vouchers for payment through
the Disbursing Clerk of the Treasury Department. The purchase
orders in 1933 required the preparation of 9,365 sets of specifications and the circulation of 80,942 invitations to dealers to submit
quotations, as compared with 9,800 sets of specifications in 1932.
Stationery supplies
The appropriations, reimbursements, and expenditures for articles
of stationery for the past four years are summarized in the following
table:
Appropriations, reimbursements, and expenditures for stationery for the fiscal
years 1930 to 1933, inclusive
1932
1930
Appropriations
Reimbursements
-
Available credits
Total expenditures
.
Balance.
1931
1933
$426.000.00
11,431.15
$404,200.00
13,107. 00
436,431.15
435.810.15
417, 307. 00
402, 206. 97
421, 280.05
397, 242.19
359, 247 90
324,067. 30
621.00
15,100. 03
24,037.86
35,190. 60
$404, 200. 00 $350,000. 00
17,080. 05
9, 247. 90
148
REPORT OF THE SECRETARY OF THE t'REXSUHY
..^.rPrvrvtmg amd:Mnding\,,.', / yu
The appropriation for printing arid binding for the fiscal year
1933 was $670,000, but, due to the provisions of the E(ionomy Act, a
restriction was placed" on printing and binding by the Bureau of
the Budget which permitted an expenditure oi only $608,000. Of
this .amount $582,651.23 was expended, which include(i .$32,358.28 expended from funds other than, the printing and binding'appropriation, made by Congre^.s, thus; leaving a balance of $119,707.05 from
the original appropriation of $670,000.
'
.. ' ,
Expenditures for printing and binding, by bureaus, ofiices, and
services, for each of the last four fiscal years are shown in the
following table: .
. ,,
'
Apprppriations, expenditures, and reimbursements for printing and binding for
u;. :,:
ihefiscalyears 1930 to 1933'
SUMMARY
•V.
.''-••.
I
1930
f v
193P
1932 >
• 1933 '
Appropriation, printing and binding, Treasury
15,000.00 2 $693,900. 00
$693,900. 00 $670,000 00
Department
,, ,42,586.14 ,. • 33,0fl9. 69
R e i m b u r s e m e n t s from sales of c u s t o m s forms
22, 788.1.5
34.. 194. ,38,. .., , •64,558.51 "'•;,"^2'358.'28
E x p e n d e d from other a p p r o p r i a t i o n s . . . .
— . 61, 611.12
• Total available...
Total expenditures
•-;,, B a l a n c e
_•.'
'.
. • 809,197.26, : 76i;i44.07 :. •781,246. 6 6 ' ' •702,.358.28
802,883. 72
778,6(51.-62 • .582,661.23
738, 656. 69
. ^ . . . . . : . . . . . J : . - . . . . . . . . . . . . . { . . . . . •.r^.6.3i3,;54; .,.-'2i2;487.'38 '
EXPENDITURES
':2';p86.b4.
,119,707.06
FROM APPROPRIATIONS FOR. P R I N T I N G AND BINDING, BY
BUREAUS, OFFICES, AND DIVISIONS
Secretary, U n d e r Secretary, a n d A s s i s t a n t Secreta^;ies^L.iJ.tL^..j;.'-iL.^j.LLL.-i.. —.-^.^^,—..^-.^, ,ri$11.472.45. ,..-$11,603,35 5 . $10.(669. :91 .
$8,101.93
A p p o i n t m e n t s Division
ll..'. ,
1,5^9.68:
'2f4!86
•
218.99
1,275.68
. i l l ; 530. 20 J , '26,645'.,00': ,;'j 14,;082.00i- , 18j459.t86';
Bbokkeepiiig a n d W a r r a n t s D i v i s i o n . . t^.^.. i . . . . '4
, 3,623.92
B u r e a u p f . E h g r a y d n g a n d P r i n t i n g . , . . . . — . , . . . . , . ^.^ 1^891.55 . . .,6,623.07
6,161.90
19.371.90'
B u r e a u of I h d i i s t r i a l Alcohol 3._._._ _ _ i . ! . ! — — i l i
'
''23,737.68
'•28,''227: 89'
B u r e a u of' Niar cotics 3 >.:!'_ _ 1 . . . ^ : . . i u . . . , . L-. J-t-^ . . . , . ? . . . . , - . J . . .,•: 7,J03.8ir :•;«';A 840. 26 •
:4,..,213.,21
B u r e a u of P r o h i b i t i o n 3
_
'
.
• 76.107. 76
4, 829. 39
Chief C l e r k a n d S u p e r i n t e n d e n t
1,531.08
1,690.23 ^••-' 1' ^^522.'41*,,
37,971.49
37,839.95
18.895. 26
Coast G u a r d
_
35, 634. 42.
1, 282.11
543. 93
70. 47
Commissioner of A c c o u n t s a n d D e p o s i t s . . . • . . — . . . ; ^ 2 3 . 5 3 . V
23, 494. 48
32,168. 64
C o m p t r o l l e r of t h e C u r r e n c y
26, 709. 69
26, 618. 08
C u s t o d i a n s of p u b l i c b u i l d i n g s
."...
1, 592.19
1,061.89
1,709. 38
1, 589. 23
. ; ,48,045.10,
27,844.421
CustOm§^^:^....,j,i—v.-..,-i:;L_K-i.^.--.=^H—•—-^^
27,213. 36 , .,, 3,4, 703. 62
'
4l0.57
' 758.43
599.27
D i s b u r s i n g clerk
'...'...
i-.'^
i " " ' 454. 46 ,
DtvisiOhlof S u p p l y - -*^- - s^ilL ^-—•jJi -:L*. . ' 1 J . 1 : . . . . ^ - A - v«i;J10;,014.<65J ! ^5 i2,,162.^27j ; •,',; :, 7,980.i86: :;^ ^W.f46c
38,037.62
57, 370.16
General ^S.upply C o r n m i t t e e .
, . . . . . . . . - . . . ^ . . ;;. 30,967.56;:
"38, 546.'96.
Go veVnment' Actuary-^.'.. .•: A j i l l i l . . . > .1.1''. t l i J j :^'-'^ •lV6i4.^27'.
' • 1 ^ 6 6 7 . 9 8 ' ° - ' Ii'i,962.^351( ^ ;^Si330.63J
225,831. 63;
Internal Revenue- — -i
..^......i..J.-.'.^.^..^. ',.,246,533.00 , ^236„949. 06,
248, 537. 83,
•5,*458i21
' •6,678.73^
• '7,216.94
M m t f i - - : . - . . i - : . . : i . . - : - , - • . : : : : — — • : — . ^ ^7,733.48
Natidhaljtbank >depositariesi. ^i.t:u - w.. 1 J L^ i ^•:^.^^. -- ,1,'982. 5 3 . • \ J a , 9 9 0 . 5 5 ; ' • -'.1,868; 45 , - 1,3717^138,
±6, 542. 74
15, 080. 94
12,637.85
Public Debt Service....
-11,9^3.15
Public Health
94, 517.11
91,734: 28: • .^-.48,'809ri7f
101, 084.19
653.88
484.19
Secret Service
535.26
493.14
. 6,900.17 .
Supervising Architect
6,956.18
5, 318. 33
'
5,938^80
11,733 36
9,807. 97
T r e a s u r e r of t h e U n i t e d "^States
'
11,472.23
^12, 524 83
67,869.98
70,882.01
68,440. 70
M iscellaneous
67, 500. 05
Total
7,«
-
'
1
.
708,686.46
/
For footnotes, see p*. 149.'
^
. . *
.
, t '
)'
67i;412.62
691,214. 96
560, 292.95
REPORT OF THE SECRETARY OF THE TREASURY
149
Appropriations, expenditures, and reimbursements for pi'inting and binding for
the fiscal'years 1930 to i953-^--Continuecl
;, :;/
.R.EIMBURSEDAND< E X P E N D E D FROM OTHER APP,ROPRIATIONS
I^H'/Zr"^^^^^^^^^
1930
, ^^
1932
1933 ' •
A dvances, to • Agricultural. Adjustment Administratioh-(transferred to "Internal RevenuiB, ad-;
' .$6,m57
ministratiye.expenses),"act of May 12,1933.,....
Bureau of Engraving and"Pfihtihg.........'. 1. J . . •"""$2,"806;^85" •'""'"'$3 f3."72' ""'$S;"420!^92. >292.87
't.
48.10 , •, 50; 10,
Collecting the r^yenue.from c u s t o m s - . . . . . . . L . . . . - , ,428. 30
846'. 14
1,602.03 ;'''""373f6&
Contingent expenses, national cmrency...
.-.
: 4,597.38'
Customs Service, blank forms *.._
i i J, „ 42,(586.14, r 33, .049. 69 :- 22,-788.15
Enforcement of'Narcotic.and Natioiial ProhibitibiiActs.... — - -----------.l-.-l
. - . . — . : . - ' ' '3/448.43'
Expenses,.national banking emergency,; act- of
Mar. 9, i933
'
•-- - .
'"' '2,179. 31
Expenses of loans (act Sept. 24, 1917, as amended
i; 75^13'
and extended)
i; i285. 02
1, 646. 04
828. 42
194. 84
248. 05
Expenses, settlement of war claims, act of 1928 -.
91.28
Federal > Farm'{Loan Bureau (miscellaneous, exHi 881. 04'
6,904.72
i5,3l3:69 '
penses)
• . - . . . : . - . . . l . . - . —. ' ,9;8i9;28
262. 69
German special deposit account
' "
*
In.solvent national bank fimd
. _ .
3,941. 83
13, 281.92
1, 599. 66
1, 668. 97
Mixed Claims Commission
^
18, 055. 77
13, 095. 86
12, 826. 88
11, 940. 49
National bank examiners
National Bank Redemption Agency
2, 808. 99
1, 800.14
9, 048. 82
13, 074. 66
Salaries and expenses, Bureau, of Industrial
2, 719. 44
235. 44
Alcohol
Total-
94,197.26
67, 244. 07
87, 346. 66
32, 358. 28
J, Figures subject tb'slight variations, due to necessary delays in receiving bills from the Public Printer for
certain items until pending work is completed after the close of each fiscalyear: ' . ' ' ' - •
/ * .»
<
2 Origiiial appropriation was $715,000; transfer of $21,100 was made to Department of Justice ($19,000 for
prohibition, $l,600.f6r Court of Custonas and Patent Appeals, $500 for Customs Court), leaving an available
balance of $693,900.'
' -•
-^;
< •• ./ . . ,
>
3.0n'July 1, 1930,.activities relating to prohibition enforcement were transferred to the Department of
Justice; and the Bureau of Industrial Alcohol ahd'Bureau-of Narcotics were organized in the'Treasury
Department.
< Reimbursed,to printing and binding appropriation.
Department advertising
; Authorizations to publish:, ad^
were issued to 3,480 newspapers and periodicals" in tlie Sscal year 1933, compared with'3.^77^4
in 1S|32, a, decrease:;of 294;'while expenditures thiis auth6ri:^ed; in-'
cre^ased from $39,lt4.65 in 1932 to $41,863.42 in 1933 • an increase
of $2,688.77. ^
:;. ;;^
;.•,-'.::', •
- . • ":';•" . •^^•;^'.
'
Engraving work
...
A total of 7l,9i8;243 certificiates, checks, commissionsj..drafts,
liquor, permits, transportation requests, and Avarrants was approved =
by this ofiice for execution by the Bureau of Engraving.and Print'-,
ing for the., several •departmen^^
establishments of the GoveriiT
ment ciuring the fiscal year; 1§33, compared with 68,423,775 in tlic'
preceding year;
•.?:*•
;«: -;
^ ."* ' . /
TREASXJRER QF THE UNITED STATES
,;
/
Total ordinary receipts from all sources, exclusive of postal revenues, and expenditures chargeable against ordinary receipts are
shown for the fiscal years 1932 and 1933 in the following table j classified according to fund accounts. The figures used in this table
and throughout this section of the report (pp. 149 to 152, inclusive)
are on the basis of daily Treasury statements, revised. (For explanation of fund accounts, see p. 276; and for explanation of bases, see
p. 275.)
150
REPORT OF THE SECRETARY OF THE TREASURY
1932
General fund:
Ordinary receipts, exdusive of postal revenues
Cash expenditures chargeable against ordinary receipts-.
1933
$1,974.861,178. 67 $2. 019, 761, 067. 84
4, 806. 175,978. 01 3, 802. 852, 565. 77
Deficit-
2,831,314,799. 34
Surplus.
Deficit--
1, 783,091,497. 93
29, 013,784. 89
72,029,079.46
Special funds:
Receipts-.--..
Expenditures.
63,895,396. 48
60,932,496.24
43,015,294. 57
Trust funds:
Receipts
Expenditures-
2,962,900.24
114, 217,935.45
119,688,200.60
160, 597, 596.76
163,255,858. 66
5, 470,265.15
2, 658, 261. 90
2,118,092,899.01
4,997,893,258.07
2, 244, 254, 061. 08
4, 027,040,920. 67
2,879,800,359.06
1,782,786.859.69
Deficit.
General, special, and trust funds combined:
Receipts--.
Expenditures-_
Deficit-
The receipts and expenditures on account of the principal of the
public debt during the fiscal year 1933 were as follows:
Receipts
Issue'
Treasury bills
Certificates ofindebtedness..Certificates of indebtedness (adjusted service certificate fund series)
Treasury notes (foreign service retirement fund series)..
Treasury notes (civil service retirement fund series)
.
<
Treasury notes (Canal Zone retirement fund.series)
Treasury notes..
Treasury bonds..
War savings securities.
Treasury savings seourities
First Liberty bonds.
Second Liberty bonds
Third Liberty bonds
Fourth,Liberty bonds
...—.........
Victory notes
Postal savings bonds
-...
Other debt items
National bank notes and Federal Reserve banknotes
Deposits for retirement of national bank notes (act ofJuly 14,1890)_.
Total.-
Expenditures
$3.061.895.000.00 $2,719,362. 000.00
2,330, 327, 500. 00 2.938. 788.
860. 00
229,900, 000. 00
242,900, 000. 00
655,000. 00
142, 000. 00
74,300,000.00
47,800, 000. 00
197,000. 00
4. 000. 00
3,887,641,800.00
605.069, 350.00
42.833. 800. 00
33. 051. 00
2,381.08
176, 993.00
1.700.00
654. 360.00
1,095, 750.00
5,300.00
162, 250. 00
18,380,020.00
1,914,560. 00
103, 745. 31
44,382, 726. 00
"93,"884,"i22.'50'
.—
9,697,082,823. 68
6,646,420,425. 31
The public debt retirements chargeable against ordinary receipts,
included in the above public debt expenditures, are as follows:
Cumulative sinking f u n d . — .
Foreign repayments
Received from foreign governments under debt settlements
Franchise t a x receipts
Forfeitures, gifts, etc
Total
-
-
_
.
-
$425, 660, 800
30, 977, 000
2, 909, 650
—
2,036,750
2 1 , 100
— ^ -
461, 604, 800
The obligations of the Reconstruction Finance Corporation purchased during the year amounted to $1,230,000,000. Total checks
paid by the Corporation were $2,320,521,845.50, and the repayments
to the Corporation on loans, etc., were $1,052,614,153.02, making the
net expenditures for the year $1,267,907,692.48.
The gold holdings of the Treasury were increased during the fiscal
year 1933 due mainly to the Executive orders of the President dated
April 5 and 20, 1933, prohibiting the hoarding and export of gold.
REPORT OF THE SECRETARY OF THE TREASURY
151
Total gold imports for the year were $398,978,810 and total exports
were $135,392,798, making net imports $263,586,012, as reported by
the Department of Commerce.
The gold holdings of the Treasury on June 30, 1932 and 1933, are
shown in the following table:
Account
June 30,1932
For redemption of gold certificates outstanding
—
Gold fund. Federal Reserve Board
Gold reserve
Gold in general fund (including amount held
for the redemption of Federal Reserve notes)
Total
Increase (+) or
decrease (—)
June 30,1933
$1. 230,717.109.00
1,771, 485, 595.89
166,039,088.03
$1,490,698,969.00
1, 235, 736.771.68
166,039,088.03
76,085,850.10
-$259,981,860.00
+635.748.824.31
76.971. 218.59
-114. 631. 61
3, 234, 213, Oil. 51
2.958.560,678. 71
-f 275,662, 332.8
. Public moneys on deposit in designated Government depositaries
on June 30, 1933, exclusive of items in transit on that date, amounted
to $904,341,587.36 and were distributed as follows:
Federal Reserve banks and branches
.
Special depositary banks (war loan deposit a c c o u n t s ) . :
General depositary banks (exclusive of foreign)
Limited depositary banks (exclusive of foreign)
Foreign depositary banks (general and limited)
Treasury of the Philippine Islands
Total
.—
^-
^
.
.
$35, 587 ,765. 37
836,515,161.69
14,100,400.60
15,224,296.38
2,146,563.16
767, 400. 16
_ .904, 341, 587. 36
Interest at the rate of one half of 1 percent per a;nnum accrued
on balances held by general and limited depositary banks, including
foreign, in the amount of $131,253.56 and on balances in special
depositary banks arising from the sales of Treasury bonds, notes,
and certificates of indebtedness in the amount of $1,910,237,775 making a total of $2,041,491.33.
Pursuant to the provisions of section 11 (b) of the Banking Act of
1933, interest ceased to accrue after June 14, 1933, on balances held
by special depositary banks and after June 30, 1933, on balances in
general and limited depositary banks. -Additional collections on
account of interest accrued on balances held by restricted special,
general, and limited depositary banks will be made upon settlement
of the indebtedness of such restricted banks to the Government.
United States paper currency (gold certificates, silver certificates,
and IJnited States notes) shipped during 1933 froria the Treasury in
Washington to Treasury offices. Federal Reserve banks and branches,
and others aniounted to*$798,651,071^ as compared with $1,227,811,885
in the previous year.
United States paper currency, issued during the fiscal year 1933
amounted to $831,992,000; and the redemptions of such currency,
including Treasury notes of 1890, amounted to $939,578,642, leaving
$2,577,363j046 outstariding at the end of the year.
The proceeds of currency counted into the Treasurer's cash by
the NationalBank Redemption Agency amounted to $451,168,865.22,
of which $372,992,745.50 was in national bank notes, $676,810 in
Federal Reserve bank notes, $77,359,515 in Federal Reserve notes,
^ and $139,794.72 in United States currency.
Canceled Federal Reserve notes amounting to $833,409,000, were
, received, from Federal Reserve banks and branches for credit of
Federal Eeserve agents.
152
REPORT OF THE SECRETARY O F ' THE TIlEABtftiY
During tihe year the Treasurer's office authorize and directed shipments or transfers of gold bars and of current gold, silver, and ^^^^
coins to or from the Treasury, the mints, the assay office in New'Yprk,
: and, the Federal ./Reserve banks and branches for 'rise iii public disbursements an(i for special.purposes in an aggregate amourit of $160,958,042.99. Shipments and transfers of uncurrerit and liglitweigiit
coins to the mints from the Treasury in Washingtori and from the
Federal Reserve banks and branches were authonied in the amount
of,$12,771,484.99.'' .•\: ..,, ,:,.„.V.'. •„,; ,,'•.••/';:':'..!" ' / W [''':''„.
, , Goyernment, and other securities Held in custody on Jiine 30, 1933,
amounted to $16,S3l,891,§05,whjereas the amount held on June 30,
1932, was $15,052,690,273, an increase during 1933 of $1,779,^01,632.
Of this increase $185,906,640 was pledged to secure national bahk
circulation, $2^323.,673 to secure.public deposits in^ depositary banks,
.$300,562^179 to secure postal savings funds in depositary banks, and
$1,2905409,740 was Held for special trust •accounts. .
'
The number of pieces of public debt obligations examined, verifi^^
and redeemed during the fiscal year 1933 was 600,181, whereas during
the previous year the number was 501,051.
Checks in payment of interest on the registered obligations of the
United States verified and paid during the fiscal year 1933 numbered
1,741,394 and amounted to $113,771,868.69. Interest coupons detached
from United States obligations examined, verified, and paid during the fiscal year 1933 numbered 17,269,54.9 and amounted to
$556,008,944.32.
Checks issued during the fiscal year 1933 by the Treasurer of the
United States in payment of interest on the registered obligations of
the insular governments numbered 6,410 and amounted to $1,214,527.50. Coupons from obUgations of the insular governments paid
during the fiscal year numbered 145,832 and amounted to $3,4275292.50.
Funds were advanced to United States disbursing officers by accountable warrants issued in an aggregate amount of $3,083,871,744.47. iWarranits aggregating' $8,564,796^185.41 were also issued
covering public debt principal and interest payments by the Treasurer. Treasurer's checks aggregating $75,619,487.17 were issued on
settlement warrants in payment of claims settled by the Comptroller
General. Drafts were purchased in payment of claims settled in
foreign currencies by the Comptroller General and for other depaitments and bureaus of the Government at a total cost of $111,798.65.
Checks drawn on the Treasurer of the United States by Government disbursing officers and paid during the fiscal year 1933 numbered 39,816,394, an increase of 1,885,018 checks as compared with
the previous fiscal year. Balances to the credit of disbursing officers
and Government agencies in 3,215 accounts on June 30, 1933,
amounted to $320,227,466.71, a decrease of $44,995,243.86 from the
total of such balances in 3,151 accounts on June 30, 1932.
WAR FINANCE CORPORATION
(In Uquidation)
The liquidation of the War Finance Corporation, which began on
January 1, 1925, was continued during the year. By the act approved March 1, 1929, the liquidation of the corporation's assets
REPORT OF THE SECRETARY OF THE TREASURY
153
remaining at the close of April 4, 1929, and the winding up of the
affairs of the corporation thereafter were transferred to the Secretary
of the Treasury.
'Only $10,000 of/the corporation's original capital of $500,000,000
is outstanding, $499,990,000 of capital stock having been canceled
and retired at par. I n addition, the corporation has paid into the
Treasury $64,531,271.70 on account of earnings.
The amount advanced by the corporation for all purposes, from its
creation, not including such part of new applications' as' represent
proceeds used to retire other advances, was $690,431,100, of which
$688,444,885 has been repaid. The amount carried on the corporation's books on October 15, 1933, was $163,368.48, of which $150,000
represented war loans and $13,368.48 agricultural and livestock
loans (including expense advances of $375). During the year ended
October 15, 1933, no expense advances w^ere made. - The repayinents
during this period aggregated $21,198.33, of which $718.33 applied
on account of the corporation's agricultural and livestock loans and
$20,480 on account of war loans.
•
'
EXHIBITS
155
<<-
.,»..-
iV
i^i
THE PUBLIC DEBT
Issues of Treasury bonds, Treasury notes, and certificates of indebtedness
Exhibit 1
Offering of Treasury notes, series B-1936 (2% percent), and certificates of
indebtedness, sei%es TD-1933 {% percent)
On December 7, 1932, the Treasury offered for subscription Treasury notes
and Treasury certificates of indebtedness as described in the following circulars. In the related press release it was stated that about $600,000,000 of
Treasury notes and about $100,000,000 in interest payments on the public debt
became due and payable on December 15, 1932.
[Department Circular No. 471]
The Secretary of the Treasury offers for subscription, at par and accrued
interest, through the Federal Reserve banks, $350,000,000, or thereabouts, 2%
percent Treasury notes of series B-1936, of an issue of gold notes of the United
States authorized by the act of Congress approved September 24, 1917, as
amended.
DESCEIPTION
OF
NOTES
The notes will be dated December 1'5, 1932, and will bear interest from that
date at the rate of 2% percent per .annum, payable semiannually on June 15
and December 15 in each year. They will mature December 15, 1936, and
will not be subject to call for redemption prior to maturity.
The principal and interest of the notes will be payable in United States gold
coin of the present standard of value. .
Bearer notes with interest coupons attached will be issued in denominations
of $100, $500, $1,000, $5,000, $10,000, and $100,000. The notes will not be issued
in registered form.
The notes shall be exempt, both as to principal and interest, from all taxation (except estate or inheritance taxes) 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.
The notes will be accepted at par, during such time and under such rules
and regulations as shall be prescrib'ed or approved by the Secretary of the
Treasury, in payment of income and profits taxes payable at the maturity of
the notes.
The notes will be acceptable to secure deposits of public moneys, but will
not bear the circulation privilege.
APPLICATION AND ALLOTMENT
Applications will be received at the Federal Reserve banks.
Subscriptions for which payment is to be tendered in Treasury notes of
series 1932, maturing December 15, 1932, will be given preferred allotment up
to not less than $210,000,000.
The Secretary of the Treasury reserves the right to reject any subscription,
in whole or in part, and to allot less than the amount of notes 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
tor smaller amounts, 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 shall be final. Allotment notices will he sent out promptly upon allotment, and the basis of the
allotment will be publicly announced.
157
158
REPORT OF THE SECRETARY OF THE TREASURY
PAYMENT
Payment at par and accrued interest for notes allotted must be made on or
before December 15, 1932, or on later allotment. Any qualified depositary will
be permitted to make payment by credit for notes 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 notes of series 1932, maturing December 15, 1932, will be accepted
at par in payment for any notes of the series now offered which shall be subscribed for and allotted, with an adjustment of the interest accrued, if any,
on the notes so paid for.
GENERAL PROVISIONS
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. After allotment and upon
payment Federal Reserve banks may issue interim receipts pending delivery
of the definitive notes.
OGDEN L . MILLS,
Secretary of the Treasury.
TREASURY DEPARTMENT, December 7, 1932.
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, at the market price, notes of the above issue after the
subscriptions) close, or notesi of any outstanding issue, you should apply to your own bank,
or, if it cannot obtain them for you, to the Federal Reserve bank of your district, which
will then endeavor to fill your order in the market.
[Department Circular No. 472]
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, $250,000,000, or thereabouts,
Treasury certificates of indebtedness of series TD-1933.
DESCRIPTION OF CERTIFICATES
The certificates of this series will be dated December 15, 1932, and will bear
interest from that date at the rate of three quarters of 1 percent per annum,
payable semiannually. They will be payable on December 15, 1933.
The principal and interest of the certificates will be payable in United States
gold coin of the present standard of value.
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 on June 15, 1933, and Decemher 15, 1933.
The certificates of this series shall be exempt, both as to principal and interest,
from all taxation (except estate and inheritance taxes) 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.
The certificates of this series will be accepted at par, 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 win be acceptable to secure deposits of public
moneys, but will not bear the circulation privilege.
A P P L I C A T I O N AND A I X O T M E N T
Application will be received at the Federal Reserve banks.
; Subscriptions for which payment is to be tendered in Treasury notes of series
1932, maturing December 15, 1932, wiU be given preferred allotment up to not
less than $150,000,000.
The Secretary of the Treasury reserves the right to reject any subscription,
in whole or in part, and to aUot less than the amount of certificates applied for
and to close the subscriptions at any time without notice; the Secretary of the
REPORT OF THE SECRETARY OF THE TREASURY
159
Treasury also reserves the right to make allotment in full upon applications
for smaller amounts, 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 shall be final. Allotment
notices will be sent out promptly upon allotment, and the basis of the allotment
will be publicly announced.
PAYMENT
Payment at par and accrued interest for certificates allotted must be made
on or before December 15, 1932, or on later allotment. 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 notes of series 1932, maturing December 15, 1932, will be accepted at
par in payment of any certificates of the series now offered which shall be
subscribed for and allotted, with an adjustment of the interest accrued, if any,
on the certificates so paid for.
GENERAL PROVISIONS
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. After allotment and upon payment
Federal Reserve banks may issue interim receipts pending delivery of the
definitive certificates.
OGDEN L . MILLS,
Secretary of the Treasury.
TREASURY DEPABTMENT, December 7, 1932.
(For letter to the investor, see Department Circular No. 471, p. 158.)
Exhibit 2
SubsGi^iptions and allotments, Treasury notes, series 3-1936, a/nd certificates of
indebtedness, series TD-1933 {from press releases, December 8, 12, and 16,
1932, revised^)
•
•
'
.
•
.
Secretary Mills announced that the subscription books for the current offering of 4-year, 2% percent Treasury notes, series B-1936, maturing December
15, 1936, and 1-year, % percent Treasury certificates of indebtedness, series
TD-1933, maturing December 15, 1933, closed at the close of business December
7,1932.
TREASURY NOTES, SERIES B-193 6
Heports received from the Federal Reserve banks show that for the offering
of Treasury notes of series B-1936, which was for $350,000,000, or thereabouts,
total subscriptions aggregated $6,677,140,500. Of these subscriptions, $344,030,500 represents exchange subscriptions, in payment for which Treasury notes
of series 1932, maturing December 15, 1932, were tendered. Such exchange
subscriptions were allotted 62 percent. Allotments on cash subscriptions for
the Treasury notes of series B-1936 were made as follows: Subscriptions in
amounts not exceeding $1,000 were allotted 10 percent but not less than $100
on any one subscription; subscriptions in amounts over $1,000 but not exceeding $10,000 were allotted 5 percent, but not less than $100 on any one subscription ; and subscriptions in amounts over $10,000 were allotted 2^/4 percent,
but not less than $500 on any one subscription.
TREASURY CERTIFICATES OF INDEBTEDNESS, SERIES TD-1933
For the offering of Treasury certificates of indebtedness of series TD-1933,
which was for $250,000,000, or thereabouts, total subscriptions aggregated
$4,128,931,000. Of these subscriptions, $191,617,000 represents exchange subscriptions, in payment for which Treasury notes of series 1932, maturing
1 Revised Dec. 28, 1932.
14820—33-
-12
REPOilT OF THE SECRETARY OF THE TREASURY
m
December 15, 1932, were ^ tendered. Such exchange subscriptions were allotted
79 percent. Allotments dn cash subscriptions for certificates of series .TD-1933
were made as follows: Subscriptions in amounts not exceeding $1,000 were
allotted 50 percent, but not less, than $500 on any one subscription; subscriptions in amounts over $1,000 but not exceeding $10,000 were allotted 10 percent,
but not less than $500 oh any one subscription; subscriptions in amounts
over $10,000 but not exceeding $100,000 were allotted 4 percent, but hot less
than $1,000 on any one subscription; subscriptions in amounts over $100,0()0
but not exceeding $1,000,000 were: allotted, 3 percent, but, not less than $4,0(j,0
on any one subscription; and subscriptions in amounts over $1,000,000 were
allotted 2 percent, but not less than $30,000'on .any one subscription.
Subscriptions and allotments for the two issues were divided among the
several Federal Reserve districts and the Treasury as follows:
Federal Reserye district
Total cash
subscriptions
received
Total exchange subscriptions
received r
Total subscriFjtions re' "ceived
Total s.ubscriptiphs
£ill6tt6d^^
Treasury notes, series B-1936
Boston
:
New York--J.
Philadelphia-.
Cleveland—...
Richmond
Atlanta
.
Chicago—----.
St. Louis—...
Minneapolis..
Kansas City-.
Dallas
San Francisco.
Treasury
..
$384, 361, 000
3,162, 071,900
564, 038, 200
364, 975,600
143, 379.600
330, 162,600
426, 834, 800
716,
. 84, 300
18, 658,600
639,400
' 57,
141, 515,800
664, 741,800
1, 014, 500
$396, 260,900
3, 356, 383,600
569, 019,300
376, 071,300
150, 639, 000
332, 976,600
486, 439, 800
.92, 928,000
20, '584,400
63, 863.800
143, 118,500
687, 828,800
2, 026. 500
$16, 433, 200
191,792,900
21,85,0,000
16,180,900
8,037,000
10,076,400
47,625,100
. 7,174,200
1,670,100
5,204,500
5,389,700
29,448,700
650.500
6, 333,110, 000
Total--.
$11, 899,900
193, 311,700
14, 981,100
11, 096,700
7, 259,400
2, 814.100
60, 605,000
8, 211.700
1, 925,800
6, 224,400
1, 602, 700
23, 087,000
1, 012,000
344, 030. 500
6, 677,110, 500
' 360,533.200
Certificates Of i n d e b t e d n e s s , series TD-1933
$389. 785,500
1,891, 887,000
300, 639,000
203, 486,000
. 84. 276,000
162, 410,000
319, 404,000
40, 912,000
11. 800,600
51, 168, 500
78, 412, 000
402, 142, 500
1, 001,000
$2, 383, 500
143, 654,000
2,187, 000
1, 000, 500
1, 376,000
77,000
32, 689, 000
964,500
457, 500
265, 000
2,000
6,506,000
.55,000
$392, 169,000
2,035, 541,000
302, 826,000
204, 486, 600
85, 662, 000
162, 487,000
352, 093,000
41, 876,600
12, 258,000
51, 423, 600
414,000
648,500
056,000'
1,
3,937,314,000
191,617,000'
4,128,931; 000
-'254, 364; 500
Offering of Treasury notes, series A-1938 (2% percent)-i
• r,
Boston
New York
Philadelphia.-.
Cleveland
Richmond
Atlanta
Chicago.-.St. Loiiis.
Minneapolis...
Kansas C i t y . . .
Dallas.
...
San Francisco..
Treasury.. . . . J .
Total-
$13, 542,000
157,202,500
8,876,000
6,876, 500
3,999,000
7,301, 000
34, 333. 500
• 1,909,000
757.000
1.504.000
5,151,000
•43,840,000
74,000
> Includes $213,092,600 allotted on exxhange subscriptions.
'-' Includes $151;336.000 allotted on exchange subscriptions:
Exhibit 3
On January 23, 1933, the Treasury offered for subscription Treasury notes
as described in the following circular.; I n the related press release it-was
stated that about $145,000,000 of. Treasury: certificates and about; $13,000„0O0
in iriterest payments on the public debt became due and payable on February—1,
1933.
•.-.,. .p:.,-'.is :,':2 '^::, ^-r
—
-•
:C
:
:
V •.
[ D e p a r t m e n t Circular N o . 477]
".-:,
•
;; ^ ; : : : ; V:..
The Secretary of the Treasury offers for subscription, at par and accrued
interest, through the Federal Reserve banks, $250,000,000,. or thereabouts, 2%
REPORT OF THE SECRETARY OF THE TREASURY
161
percent Treasury notes of series A-1938, of an issue of gold notes of the United
States authorized by the act of . Congress approved September 24, 1917, as
aiiiended. •
• .
;.
,
D E S C R I P T I O N OF NOTE'S
The riotes Will be dated Febi:uary 1, 1933, and will bear interest from that
date at the rate of 2% percent per annum, payable semiannually, on August 1,
1933,., and thereafter on February 1 and'August'1 in each year." They will
in'ature February 1, 1938, arid will not be subject to callfor redemption prior to
'maturity:^' ';^ .';* ' *
'•"•• •
-^ -• %
.• : - ,,, ., . , .
^
^ The notes will not be acceptable in pajmient of taxes. '^ * *
A P P L I C A T I O N AND ALLOTMENT
•
Applications will be received at the Federal Reserve banks.
Subscriptiohs for which payment is to be tendered in 3% percent Treasury
certificates of indebtedness of series A-19,33, maturing February 1, 1933, will
be given preferred allotment up to not less than $75,000,000. * * *
:
'
PAYMENT
Payment a.t par and accrued interest for notes allotted must be made on or
before February 1, 1933, or on latei^ allotment. Any qualified depositary will
be permitted to make payment by credit for notes allotted to it for itself arid
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 A-1933, maturing February 1,
1933, will be accepted at par in payment for any notes of the series now offered
which shall be subscribed for and allotted, with an adjustment of the interest
accrued, if any, on the notes so paid for. * * *
OGDEN L . MILLS,
Secretary of the Treasu/ry.
' TREASURY DEPARTMENT,
Office of the Secretary,
.. . ..' . January 23, 1933.
(For letter to the investor, see Exhibit 1, Department Circular No. 471, p. 158.)
Exhibit 4
Sul)scriptions and allotments, Treasury notes, series A-1938 {from, press releases,
January 24 and 27 and February 3, 1933)
Secretary Mills'announced that the subscription books for the current offering
of'S-year, 2% percent Treasury notes of series A-1938, maturing February ,1,
1938, closed at the. close :pf business January 23, 1933.
Reports received from the Federal Reserve banks show that for the offering
of notes, which was for $250,000,00(), or thereabouts, total .subscriptions aggregated $7,802,843,600. Of these subscriptions,'$123,920,90C^,reipre
subscriptions, in payment for which Treasury certificates of indebtedness maturing February 1 were tendered. Such exchange subscriptions were allotted 62
percent. Allotments on cash subscriptions were made as follows: Subscriptions
in amounts not exceeding $1,000 were: allotted 20' percent, but not less than
$100 on any one subscription; subscriptions in amounts over $1,000 but not
exceeding $10,000' were allotted 10 percent, but not less than $200 on any one
subscription; subscriptions in amounts over $10,000 but not exceeding $100,000
were allotted 6 percehf, but not less than $1;000 on any one subscription; subscriptions in amounts over $100,000 but not exceeding $1,000,000 were allotted
3 percent, but not less than $6,000 on any one subscription; and subscriptions
in aniduhts over $l,000'yOOO were allotted 2 percent, but, not less than $30,000
on any one subscription.
Attention was called to the fact that the large oversubscription for recent
Treasury offerings was not to be regarded as an indication that idle funds
^ Omitted portions are simila:r to corresponding sections of Department Circular No.
471, p. 157.)
162
REPORT OF T H E SECRETARY OF T H E TREASURY
were available in an amount even remotely approaching the total subscribed
for. This great volume of subscriptions was due in large measure to the fact
that many subscribers were deliberately applying for amounts far in excess
of their requirements, anticipating that under the Treasury's percentage allotment they would receive a reduced amount approximating their actual needs.
This practice of padding steadily increased until it reached such proportions
that the Department had to consider measures to deal with it in the interest
both of subscribers and of the Treasury.
Subscriptions and allotments for the Treasury notes of series A-1938 were
divided among the several Federal Reserve districts and the Treasury as follows:
Federal Reserve district
Total cash
subscriptions
received
Total exchange sub- Total subscriptions received
scriptions
received
Boston
.'..
New York.-..
Philadelphia..
Cleveland
Richmond
Atlanta
--.
Chicago
.
St. Louis ^^..
Minneapolis-Kansas City..
Dallas
San Francisco:
Treasury
$576,281,700
3.894.975.000
728.204. 600
494,418,000
132,180, 600
433.662,000
568,336,000
112,913, 500
34,258, 200
62,421,100
132.800.400
507,451,100
1,030,500
$4,532,000
104.304.900
733.500
1,230.000
1,734. 500
238, 500
4,854,500
290, 600
1,008, 500
501,000
78,000
4,315,000
100.000
$580,813, 700
3.999.279,900
728.938,100
495,648.000
133.915,100
433,890, 500
573.190.500
113.204,000
35,266,700
62,922.100
132,878,400
511,766,100
1,130. 500
Total...
7,678,922,700
123,920,900
7,802,843,600
Total subscriptions
allotted
$22.302,100
160. 572, 600
17, 362,000
12, 735,600
5,860,100
13,283,400
19. 582. 500
3,604,500
1,735,700
1,976,400
3,701,400
14,705.300
95,100
I 277,516,600
1 Includes $76,852,000 allotted on exchange subscriptions.
Exhibit 5
Offering of certificates of vndebtedness, series TAG-1933 {4 percent) and series
TD2-193S {JM percent)
On March 12, 1933, the Treasury offered for subscription two series of Treasury certificates of indebtedness as described in the following circular. In the
related press release it was stated that about $695,000,000 of Treasury certificates and about $59,000,000 in interest payments on the public debt became due
and payable on March 15, 1933.
[Department Circular No. 481]
The Secretary df 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, $800,000,000, or thereabouts,
Treasury certificates of indebtedness, in two series. The amount of each series
to be issued will be in the proportion that the total subscriptions for that
series bears to the total subscriptions received for both series. The aggregate anapunt of the two series to be issued will be $800,000,000, or thereabouts.
DESCRIPTION OF CERTIFICATES
The certificates of series TAG-1933 will be dated March 15, 1933, and will
bear iriterest from that date at the rate of 4 percent per annum, payable on an
annual basis. They will be payable on August 15, 1933.
The certificates of series TD2-1933 wUl be dated March 15, 1933, and wiU
bear interest from that date at the rate of 4^/4 percent per annum, payable on
a semiannual basis. They will be payable on December 15, 1933.
The principal and interest of the certificates will be payable in United
States gold coin of the present standard of value.
Bearer certificates will be issued in denominations of $500, $1,000, $5,000,
$10,000, and $100,000. The certificates of series TAG-1933 will have one interest
coupbn attached, payable August 15, 1933, and the certificates of series TD2
REPORT OF THE SECRETARY OF THE TREASURY
163
1933, will have two interest coupons attached, payable to June 15, 1933, and
December 15, 1933.* * * *
The certificates will be acceptable to secure deposits of public moneys.
APPLICATION AND ALLOTMENT
Applications will be received at the Federal Reserve banks.
Subscriptions for which payment is to be tendered in 3% percent Treasury
certificates of indebtedness of series TM-1933 and 2 percent United States
Treasury certificates, first series, both maturing March 15, 1933, will be given
preferred allotment. * * *
PAYMENT
Payment at par and accrued interest for certificates allotted must be made
on or before March 15, 1933; or on later allotment. 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 TM-1933 and United
States Treasury certificates, first series, both maturing March 15, 1933, will
be accepted at par in payment for any certificates of the series now offered
which shall be subscribed for and allotted, with an adjustment of the interest
accrued, if any, on the certificates so paid for. * *
W. H. WOODIN,
Secretary of the Treasury.
TBEASUBY DEPARTMENT, March 13, 1933.
Exhibit 6
Subscriptions and allotments, certificates of indebtedness, series TAG-1933 and
series TD2-1933 {from press releases, March IJf, 15, and 20, revised^)
Secretary Woodin announced that the subscription books for the current
offering of 5-month, 4 percent Treasury certificates of indebtedness, series
TAG-1933, maturing August 15, 1933, and 9-month, 4i/4 percent Treasury certificates of indebtedness, series TD2-1933, maturing December 15, 1933, closed at
the close of business March 13, 1933. The amount of the combined offering
was $800,000,000, or thereabouts.
Due to the bank holiday it was not possible to announce this offering until
March 12, 3 days before the date when payment for the new certificates would
have to be made; and in order to have payment made on March 15 it was
necessary to close the subscription books on March 13 and fix the basis of allotment upon subscriptions. The books were so closed, subject to the acceptance
for allotment of subscriptions placed in the mails not later than 9 p.m.,
March 13.
The percentage of allotment on cash subscriptions was thus fixed on the evening of March 13 on the basis of subscriptions then received by the banks, without information as to the amount of the subscriptions later placed in the mail.
The allotment on subscriptions made on March 13, on the basis of telegraphic
reports received from Federal Reserve banks up to the close of business on that
day, indicated total accepted subscriptions of $870,000,000. The amounts required to be allotted on subscriptions later placed in the mail brought the total
amount of subscriptions accepted, including exchange subscriptions, up to
$942,417,000.
Total subscriptions for the two issues aggregated $1,831,815,600, of which
over $568,401,400 represents exchange subscriptions in payment for which
Treasury certificates maturing March. 15, 1933, were tendered.
TBEASUBY OEBTTFTOATES OF INDEBTEDNESS, SEE6IES TAG-1933
For the offering of 4 percent Treasury certificates of indebtedness of series
TAG-1933 total subscriptions aggregated $913,593,600. Of these subscriptions,
1 Omitted portions are similar to corresponding sections of• Department Circular No.
472, p. 158.
2 Revised Mar. 3X and Apr. 5, 1933.
164
REPORT OF THE SECRETARY OF T H E TREASURY
$297,924,100 represents exchange subscriptions, in payment for which Treasury
certificates maturing March 15, 19^33, were tendered. .Such excMnge ;sUbs,cr^^^
tions were allotted in full. Allotments on cash subscriptions for the'Ti^esistiry
certificates of indebtedness of-series ;TAG-1933: were made as follows: Subscriptions in amounts not exceeding $10,000 were allotted in full; subscriptions
•in amounts over $10,000 were allotted 26: percent, but not less than $10,pOp on
any one subscription.-' »
. .:
..
/•/..>;
^
.
TREASURY CERTIFIOATES OF I N D E I B T E 5 > N E ; S S , SERIES T I > 2 - 1 9 3 3
' -
.
'•• For the offering of 4^4 percent Treasury certificates of indebtedness of series
TD2-1933 total subscriptions aggregated $918,222,000. Of, these subscriptions,
$270,477,300 represents exchange subscriptions, in payment for which Treasury
certificates maturing March. 15,' 1933, were tendered. Such exchange subscriptions were allotted in full. Allotments on cash subscriptions for the Treasury
Certificates of indebtedness of series TD2-1933 were made as follows ^ Subscriptions in aimountsnot exceeding. $10,000. were allotted.in full; subscriptions in
amounts over $10,000' were allotted 28 percent, but not les0 than;r$10jCK)0on
any one subscription.: .„
^ >
<
Subscriptions and allotments for the two issues were divided among the
several Federal Reserve districts and the Treasury as follows:
F e d e r a l R e s e r v e district
Total
T o t a l cash '-change ex- sub
subscriptions scriptions re^received •,;
ceived '
Totalsubscriptions'
received
Total subscriptions
allotted
Certificates of i n d e b t e d n e s s , series TAG-1933'^
Boston..
New York....
Philadelphia..
Clieveland
Richmond
Atlanta
Chicago
St. Louis
Minneapolis..
Kansas C i t y . .
, Dallas...-.....
Skn Francisco.
Treasury...--.
,$22,677,000
336.315.000
25. 644,100
"19.205.000
9, 309,000
11,755,000
98,068, 500
' 6,734,500
20, 608,000
,16,049,900.
20, 549,000'
'28,773,500
40,000
$6,555,500
218.429.000
6,511.500
1,071. 500
1,127.000
1,031.000
49,993,000
• 1,114.000
1,190.000
.1,740,100,
564; 500
8; 597,000
$29,232, 500
654, 750,000
32,156,600
20; 276,500
10,436,000
12, 786,000
148,096, 500
7,848, 500
21, 698,000
.17,790,000.
21,113,500
37,370,500
, • 40,000
$12,811,000
309, 563,000
14,548.000
6,428.000
3.991,000
4,366,000 ,
76.966,000
3, 532. 500
6. 851.000
. 6. 293. 000
6,717,000
17,009; 500
: • : 24,000
Total...
615,628; 500
297,924,100
913,593,600
, 469,.089,000
Certificates of inciebtedness, series TD2-1933 v .
Boston...
New York..!.-.
•Philadelphia...
Cleveland......
Richmond
Atlanta........
Chicago..--.-..
St. L o u i s . :
:
Minneapolis.-.
Kansas, C i t y ^ . .
Dallas
.-..
Sah F r a n c i s c o . .
Treasury....--.
$21,847,500
381, 511; 500
37,033,500
' 24, 788, 500
8,702, OOO
12, 610,, 000
62, 754, 500
5,046,500
• '21,686; 000
8,556,200
23.462,500
•39,559,000
158,600
$8,962,500
204,179,000
7,972,-500
i, 698,000
•1,601,500
> li'207,000
: .29,479, 500.
1,943,000
744, 600
.; 2,952,800
2,959, 500
3,663,000
.:
114,600
. $30.810.000
"685.690,500
.45.006,000
29,486. 600
' 10,303,'600
13, 817,000
92, 263, 500,
6,988,500
'. 22/430;*500
.'11,609,000
26,422,000
43, 222, 000
.;
,273,000
$16,146,500
317^„269.600
20.990.500
12,34d,*500
• ' 4^852;500
5,058.000
. ,50,276.000
4.'666.'000
7,433,000
- 6.'316,.500
10.819.000
16,939,'500
:..
230.'500
..Total-'...
647, 715,200
270.477.300
.918,222,000
,473,328,000
Exhibit 7
, , . ' ; Offering of Treasury notes, series C 1936 {2% percent)
,,
.^.^,
On April 24, 1933, the Treasury offered for subscription Treasury notes'as
described in the following circular. In the related press release it was stated
RiEPC)RT OF THE SECRETARY OF THE ' TREASURY
165
that about $239,000,000, of .Treasury" certificates arid about $6,500,000 in interest
on the public debt became due and p^^
..
.
[Department Circular No. 4821
• ^
The Secretary of the Treasury offers for subscription, at par and accrued
interest, through the Federal Reserve banks, 2% percent Treasury notes
of series C-1936, of an issue of gold notes of the United States authorized
by the act of Congress approved Septemher 24, 1917, as amended. The amount
of the offering is $500,000,000, or thereabouts, with the right reserved to the
Secretary of the Treasury to iricrease the offering by ah amount suflBcient to
aUot ih fuU aU subscriptions up to $10,000.
DESCRIPTION OF NOTES .
The notes will be dated May 2. 1933, and will bear interest from that date
'at the rate of 2% percent per annum, payable on a semiannual basis, on
October 15^ 1933, and thereafter on April 15 and October 15 in each year.
They will mature April 15, 1936, and will not be subject to call for .redemption
prior to maturity.
.
The principal and Interest of the notes wiU be payable in United States gold
coin of the present standard of value.
Bearer notes with, interest coupons attached will be issued in denominations
bf $100, $500, $1,000, $5,000, $10,000, and $100,000. The notes will not be issued
in. registered form.
. . . .
''The notes shall be exempt, both as to principal and interest, from all taxation (except estate or inheritance taxes) 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.
The notes will^be accepted at par 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 notes.
The notes will be acceptable to secure deppsits of public moneys, but will
not bear the circulation privilege. '
•'':'['
'.
.
" A P P L I C A T I O N ^AND ALLOTMENT
;
A.pplications will be received at the Federal Reserve banks and branches and
at the Treasury Departriient, Washington. Banking institutions generally will
handle applications for subscribers; but only the Federal Reserve banks and
the Treasury, Department are authorized to act as official agencies. Banking
institutions which have been licensed to resume their normal banking functions
are permitted to handle subscriptions in the usual manner. Unlicensed banking
institutions are authorized to accept applications for subscribers and to hold
in segregated accounts funds tendered in payment pending transmittal to a
Federal Reserve bank or branch,
" : Subscriptions for amounts up to $10,000, and subscriptions for which-payment is to be" tendered in Treasury certificates of indebtedness of series B-1933,
. m t o r i n g May "2,/1933,'Will/be aUptte^^
;
' The Secretary of the Treasury reserves the right to reject any subscription,
in wfrole or in; part, and, to allot less than the amount of notes applied for and
/to close'the books as to any or all subscriptions at any time without notice; the
Seci:etary of the Treasury also reserves the right to make allotment in full upon
applibationsi for smallPr amounts, to make reduced allotments upon, or- to reject,
applications: for larger amounts, arid to make classified allotments and allotments upon^a.graduated scale; .and;his-action in these respects shaU be final.
Airptment notices will be sent out promptly upon allotment, and the basis of
the allotment will be publicly announced.
^PAYMENT
Payment at par and accrued interest for notes allotted must be made on or
before May 2, 1933, ov on,later allotment. Any qualified depositary will be
permitted to make payment by ci'edi't for'notes aiibtted to it for itself and its
castomers 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 df indebtedhess of series B-i933, maturing May 2, 1933, wiUbe
166
REPORT OF T H E SECRETARY OF T H E TREASURY
accepted at par in payment for any notes which shall be subscribed for and
allotted, with an adjustment of the interest accrued, if any, on the notes so paid
for. Subscriptions, unless made by an incorporated bank or trust company,
or by a responsible and recognized dealer in Government securities, must be
accompanied by payment of 10 percent of the amount of notes applied for,
provided, however, that cash subscriptions may be accompanied by payment
in full.
»
GENERAL
PROVISIONS
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. After allotment and upon payment
Federal Reserve banks may issue interim receipts pending delivery of the
definitive notes.
W.
H.
WOODIN,
Secreta/ry of the Treasury.
TBEASUEY D E P A B T M E N T ,
Apnl 24, 1933.
Exhibit 8
Subscriptions and allotments, Treasury notes, series C-1936 {from press releases,
April 26, 28, and 29, am,d May 4, 1933)
Secretairy Woodin announced that the subscription bopks for the currerit
offering of 3-year, 2% percent Treasury notes of series G-1936, maturing April
15, 1936, closed at the close of business April 25, except for tlie receipt of subscriptions for amounts of $10,000 or less, for which the time was extended to
the close of business AprU 27, 1933.
,
Reports received from the Federal Reserve banks show that for the offering
of notes, which was for $500,000,000, or thereabouts, total subscriptions aggregated $1,202,043,500. Of these subscriptions, $143,643,000 represents exchange
St^ubscriptions, in payment for which Treasury certificates of indebtedness maturing May 2, 1933, were tendered. As previously announced, such exchange
subscriptions, as well as cash subscriptions in amounts of $10,000 or less, were
allotted in full. Allotments on cash subscriptions exceeding $10,000 were made
as follows: Subscriptions in amounts over $10,000 but not exceeding $100,000
were allotted 80 percent, but not less than $10,000 on any one subscription; subscriptions in amounts over $100,000 but not exceeding $1,000,000 were allotted
.50 percent, but not less than $80,000 on any one subscription; and subscriptions
in amounts over $1,000,000 were allotted 35 percent, but not less than $500,000
on any one subscription.
Subscriptions and allotments were divided among the several Federal Reserve
districts and the Treasury as follows:
Federal Reserve district
Total cash
subscriptions
received..
Boston.
New Y o r k . . . ,
Philadelphia.Cleveland
Richmond
Atlanta
Chicago
St. Louis
Minneapolis..
Kansas C i t y . .
Dallas-..^
.
San Francisco.
Treasury
$34,265,600
665,978,700
46, 781.500
34,805,900
20,126. 300
26.498. 700
70.917, 700
10, 228,900
6,162,100
7.175.000
14.823.200
220,629, 300
17, 600
Total...
1,058,400,600
Total exchange subscriptions
received
$1,616,000
92. 695,000
2,163,500
1,169, 500
45,000
3,187,000
32, 571,000
617, 500
732,000
' 2,283,500
641, 600
6,016, 500
106,000
143,643,000
Total subscriptions received
$35, 871,600
658,573,700
• 48; 945,000
35,976,400
20,171, 300
29, 685,700
103,488, 700
10,746,400
6,894.100
^9.458,500
^ 15,464,700
226.645,800
122,600
1,202,043,500
Total subscriptions
allotted.
$19,096,100
310,398, 300
23,834, 800
17,204,300
10,477, 300
16,029,000
63,713, 700
6 656,100
,
3, 812,100
-'6,^677,500
• .8,437,600
.85,'959, 800
122,600
.572,419^200
REPORT OF THE SECRETARY OF THE TREASURY
167
Exhibit 9
Offering of Treasury notes, series B-1938 (2% percent), and certificates of
indebtedness, series TM-1934 {% percent)
•
Oa June 7, 1933, the Treasury offered for subscription Treasury notes and
Treasury certificates of indebtedness as described in the following circulars. In
the related press release it was stated that about $374,000,000 of Treasury
certificates and about $104,000,000 in interest payments on the public debt
became due and payable on June 15, 1933.
[Department Circular No. 488]
The Secretary of the Treasury offers for subscription, at par and accrued
interest, through the Federal Reserve banks, under the authority of the act
approved September 24, 1917, as amended, Treasury notes of series B-1938.
The amount of the offering is $500,000,000, or thereabouts, with the right
reserved to the Secretary of the Treasury to increase the offering by an
amount suflicient to allot in full all subscriptions for amounts up to and
including $10,000.
DESCRIPTION OF NOTES
The notes will be dated June 15, 1933, and will bear interest from that date
at the rate of 2% percent per annum, payable semiannually on December 15,
1933, and thereafter on June 15 and December 15 in each year. They will
mature June 15, 1938, and will not be subject to call for redemption prior to
maturity.
Bearer notes with interest coupons attached will be issued in denominations
of $100, $500, $1,000, $5,000, $10,000, and $100,000. The nptes wUl not be
issued in registered form.* • * •
A P P L I C A T I O N AND
ALLOTMENT
* * * Cash subscriptions for amounts up to and including $10,000, arid
subscriptions for which payment is to be tendered in Treasury certificates of
indebtedness of Series TJ-1933, maturing June 15, 1933, will be allotted in
full. * * «
PAYMENT .
Payment at par and accrued interest for notes allotted must be inade on. or
before June 15, 1933, or on later allotment. Any qualified depositary will.be
permitted to make payment by credit for notes 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^1933, maturing June 15, 1933, will
be accepted at par in payment for any notes which shall be subscribed fpr
and allotted, with an adjustment of the interest accrued, if any, on the notes so
paid for. Applications, unless made by an incorporated bank or trust company, or by a responsible and recognized dealer in Government securities, must
be accompanied by payment in full or by payment of 10 percent of the amount
of notes applied for. The forfeiture of the 10 percent payment may be declared
hT the Secretary of the Treasury if payment in full is not completed ori the
prescribed date in the case of subscriptions allotted. * * *
W. H. WOODIN,
Secretary of the Treasury.
TREASURY DEPARTMENT, Jt^^e
7, J?P55.
[Department Circular No. 489]
The Secretary of the Treasury offers for subscription, at par and accrued
interest, through the Federal Reserve banks, under the authority of the act
approved September 24, 1917, as amended, Treasury certificates of indebtedness
^ Omitted portions are similar to corresponding sections of Department Circular No.
482, p. 165.
1-68
REPORT OF THE SECRETARY OF THi: TREASURY
of series TM-1934. The amount of the offering is $400,000,000, or thereabouts,
with the right reserved to the Secretary Pf the Treasury to increase the offering
by an amount sufficent to allot in full all subscriptions for amounts^up to
and^ncluding $10,000^,..: - "'. \" :\/ / , "'..'', ". ^^ • [^ . ,",'_ ;
'^^ " '
; ,,'1 ' \] ' ;'' '"^'\ "''' _
DESCRIPTION OF CERTli?ICATES
,
-
The Certificates "win ;b^ dated, June 15, 1933, arid.: will bear interest f^
^^
that date at thie rate of three fourths Pf 1 percent iper annurQ;payabfe
;£L
semiannual basis. They will be payable on March 15, 1934.
'
' "^ ''
Bearer Pertificates will be issued in denominations of $500, $1,000, $5,000,
$10,()00, and $100,000. The certificates will have two interest coupons attached,
payable on September 15, 1933, and March 15, 1934.
• ' '
The certificates shall be exempt, both as to principal and interest, from all
taxation (except estate and inheritance taxes) 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.
The certificates will be accepted at par during such time and under such
riiles arid regulations as shairbe prescribed or approved by' the' Secretary^^^
of the Treasury in payment of income and* profits taxes payable a t the •maturity
of the certificates.
.-^^
The certificates will be acceptable to secure deposits of public moneys, but
wiir riot bear the circulation privilege.
"•
APPLICATION A N I ) ' ALLOTMENT
•
"
"
''
Applications will be received at the Federal Reserve banks and branches and
at the Treasury Department, Washingtori. Banking institutions generally will
handle appUcatioris for subscribers, but only the Federal Reserve banks arid
the Treasury Department are authorized to act as official agencies. ' Banking
institutipris which have been licensed to resume their rio'rmall'harikirig'functipns'
are permitted to handle subscriptions in tiie usual rnanner. Unlicensed bankihg >
institutions are authorized to accept''applications for "subscribers k'nd to hold
in segregated accounts funds tendered in payment pending transmittal to a
Federal Reserve bank or branch.
- -^
^
Cash subscriptions for amounts up to and including $10,000, and subscriptions
for which payment is to be tendered in" Treasury certificates of indebtedness
of series TJ-1933, maturing June 15, 1933; win be allotted in fuU.
•The Secretary of the Treasury reseVves the right to reject ariy subscription;'"
in whole or in part, and to allot less than the amount of certificates applied
fpr and to close the books as to any or all subscriptions at any time withput
notice'; the Secretai'y of the Treasuri^ alsP reserves -the right to make allPtment
in full Uj^Ph applicatloris for smaller amouhts, to make reduced aliotments
upori, or to reject, applications for larger ampunts, and to make classified
allotments arid allotments upon a graduated scale; and • his action in these
respects shall be final. Allotment notices will be sent out promptly upph
allptment, a n d t h e basis pf the allotment will be publicly announced. •
::
/.
^'
' •
. '
'
^
"'
• "/'"^PAYMENT
•
•''
;
"'
"'
• \];.]
' ,•" \ / ^ ^
Payment at par and accrued interest for certificates allotted must be riiade on
or before June 15,, 1933, or on later allotment. Any qualified depositary will
be permitted to make payriient by" credit for certificates allotted to^ it for itself
and its customers up to any aniount for which it shall be qualified in excess
of e;S:istin'g deposits, when so notified by the Federal Reserve bank'of, iis
district.' Treasury .certificates of indebtedriess\of -series TJ-1933,' matiii^ih^^^^^^^
Jiiiie .15, 1933,, will be accepted at l^iv iri ipayment for any certificates whicH;
shaii be subscribed fpr and allotted, with ari 'adjustment of the interest accrued,'
if ariy, on the certificates so paid for. Apprications,unl^^^
corporated bank or trust company, or by" a responsible and recognized dealer
in Governmerit securities, must .b,e accompa:nied by ^paynient' in full or . by
payment of 10 percent of the amount of .certificates applied for.. The forfeiture
o f t h e 10-percenJ: payment may be declared by the Secretary of the Treasury
ijf. payment in full is not cbinpletedV^pn"^the; prespnbe^ date \in the case Pf
subscriptions allotted. . .'' ^'^ .r-. .-r-r-i-''^:Z'', V .
. ' f
R E I ^ O R T ' O F T K E ^tJCtiETAllt 6 F l^HE TREASURY
. . .
169
GENERAL PROVISIONS
As'fiscal ageiits of tlie United States, Federal Reserve banks are' authprized
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 Reserye banks^ pf the respective districts. After allotment and upon
payment Federal Reserve bWks may issue Interiria receipts pending delivery ot
tlie definitive certificates.
^ ^
"
?•
.W;..-.
,•,
,.'...,..^
;.
.\..
, ' " '
'
:'.''•'•"'"•
TREASURY DEPARTMENT,
. „
,'
. ;•
. ...
''']
, •w . , H .
WboDiN,
.'• • ;'""
Secretary of the Treasury:
,
June 7„ 1933.
Exhibit 10
Subscriptions and allotments, Treasury, notes, series B-1938, and certificates of
Andebtedriess;. series TM-1934 (from, p^^.ess releases, June. 8,, 9, 10, and 16, 1933,
revised"^)
f :
Secretary Woodin announced that the subscription books for the current
offering of 5-year, 2% percent Treasury notes of series B-1938, maturing June
15, 1938, and 9-month, % percent certificates of indebtedness of series TM-1934,
maturing March 15, 1934, closed at the close of business June 7, 1933, except
for ithe. receipt of cash and exchange subscriptions for amounts of $10,000 or
lesSj for which the time was extended to the clpse of business June 8, 1933.
The. amount of; tlie offering of Treasury notes was $500.,000,000, or thereabouts, and the amount ofothe offering.of the Trea.sury certificates of indebtedness was $400,000,0()0,, or thereabouts, with the right reserved by the Secretary
of the Treasury tp increase, the. offering by an. amount sufficient to allot in full
all subscriptions up to, and including ,$10,000.
TREASURY
NOTES,
SERIES
B-1938
Reports ireceived frpm the Federal,.Reserve banks show that for the. pftering
of 2% percent Treasury notes of .series.B-1938, tptal subscriptions aggregated
$3,306,415,900. -Of these subscriptions^ $178,998,000 represents exchange subscr:iptipns, in payment for which Treasury certificates maturing June. 15, .1933,
were tendered. , As previously .announced, such .exchange subscriptions, as well
as cash subscriptions in amounts up tO;<<and including $1.0,000, were allotted in
full. Allotments on cash subscriptions exceeding. $10,000 were made a s follows: Subscriptions in amounts pver $10,000. but not exceeding $100,600 were
allotted 45 percent, but not less than $10,000 on any. one subscription; subscriptions; in amounts over $100,000 but noti exceeding $1„000,000 were allotted
20 percent, but;not less than $45,000 on any,,pne subscription;: subscriptions in
amounts over $1,000,000 but not exceeding $25,000,000 were allotted 10 percent,
but not less than $200,000 on any one subscription; and subscriptions in amounts
over $25,000,000 were allotted 5 percent, but not less than $2,500,000 on any
o^e ,.subscription,,, ,,, ,•..•;:;,.
.;•••.••; •. •. •. ^•:•;• .- •
^
„ . .• :-,h
• ; v,...„., ...-.^
V . t
,
TREASURY' CERTIFI
".
^ For the oiffieriiig of,%' percent'Treasury certificates of series TM-1934,, total
subscriptions. a^grega!|:ed $2,353,184,000. : Of these sul:^scrft)tipns,. $l52,6t3,bob
rej)resents, excbange subscriptions,., in. iDayment for which. Treasury Gertificates 'maturing, June , 15, 1933, - were, tendered. Such; exchange" subscriptions, as well as cash subscription^ j n amounts up to and including $10,OOQ,
were allotted in full. Allotmentson cash subscriptipns'exceeding $10,600. were
made, as follows,:, Subscriptions in anipunts over ,$10,,0PO, but ^riot exceeding
$iOO,660 were allotted 70 perceiitr.but'lipt less than $10,000 on any one subscription.; subscriptiohs in anaounts oyer $100,000 but not exceeding $1,000,000
were allotted ,35 percent, but not less than $70,000 on' any one subscription;
subscriptiohs. in amounts over $1,000,600' btit not exceeding;: ^25,G0O,006 ' were
allotted 10 percent, but not less than $350,000 on any one 'subscri])'ti6n; arid
1 Revised J u n e 30, 1933.
170
REPORT
OP THE SECRETARY OF THE TREASURY
subscriptions in amounts over $25,000,000 were allotted 8 percent, but not less
than $2,500,000 on any one subscription.
Subscriptions and allotments for the two issues were divided among the
several Federal Reserve districts and the Treasury as follows:
Federal Reserve district
Total
Total subscripexchange
subscriptions tions received
received
Total cash
subscriptions
received
Total subscriptions
allotted
Treasury notes, series B-1938
Boston
New York
Philadelphia..
Cleveland
Richmond
Atlanta
_.
Chicago
St. Louis
Minneapolis..
Kansas City..
Dallas
San Francisco.
Treasury
Total...
$238,122,300
1,373,662,200
298,162,100
172,624.900
76,374.700
181, 360, 600
407,227, 300
69,863, 700
26,177. 000
66,192,800
SO, 053.900
148,149,100
637,400
$15,018, 500
99,568,000
4,853, 600
2. 088, 000
1. 556.000
4,010.000
34,231, 600
4,312, 600
691, 500
3,861,000
2,999, 000
5. 282. 500
3,127,397,900
178.998,000
626. 000
$263, 140, 800
1,473. 130, 200
303, 005, 600
174, 732,900
77, 930, 700
185. 370,500
441. 458,800
74. 176, 200
25, 868, 500
60, 063,800
83, 052,900
153, 431,600
1, 063, 400
$57. 712. 500
270.991. 700
44. 410, 500
28, 748,100
15.912,300
29,911,300
88,006,200
17,395, 700
8,399, 000
16, 516.100
17.764. 200
27.422, 600
721,600
3, 306.415.900
623,911,800
Certificates of indebtedness, series TM-1934
Boston
New York
Philadelphia.-.
Cleveland
Richmond...-.
Atlanta
Chicago
St. Louis
Minneapolis...
Kansas City...
Dallas
San Francisco..
Treasury
Total.
$187,646. 000
1,292.480. 500
133,623, 500
104.946,000
79. 174, 500
85.685,000
178.590. 500
31,718. 600
24,404. 600
21,235.000
39,588. 500
21,418. 500
$909, 000
$188, 555, 000
120, 377,000 1,412,857,500
136,623,600
3,000,000
106, 235,000
289.000
80,194,600
1,020, 000
85. 694. 000
9.000
202. 540,000
23, 949, 500
31,893, 500
175, 000
24, 522, 500
118, 000
23, 589,000
2. 354.000
39,863.500
276.000
21,534.000
116. 600
82,000
82. 000
$30,985,000
271, 868, 500
26, 286. 600
16,057, 000
13,161, 500
14,312, 500
48, 738, 500
6. 713,000
7,361,000
8, 326, 500
10, 749. 000
6.458,000
82, 000
2, 200.511.000
152, 673, 000 2, 363,184, 000
460,099,000
Exhibit 11
Offering of Treasu/ry bonds of 1941 (5i/4 percent) and Treasury notes, series
B-1935 {1% pe7x&nt)
On July 30, 1933, Secretary of the Treasury Woodin issued the following
statement:
"Tomorrow morning the Treasury Department will announce its August
financing. The announcement will include an offering of about $500,000,000 of
bonds for public subscription as well as a smaller amount of short-term
obligations.
"These are the first bonds, as distinguished from short-term securities, to be
issued by the Government since 1931. The issue is not a very large one, but it is
an important one. It marks a further step in placing Government finance on
a broader and more stable base. It gives the public generally a wider opportunity to participate in the Government's recovery program.
" The President in his address over the radio last Monday night made it clear
that the success of the Government's plans depends upon the fullest possible
cooperation from all the people. It is a source of satisfaction that the improvement in banking and financial conditions and the greater assurance as to the
future now make it possible for the Government to issue a security which will
be attractive. to individual investors as well as to financial institutions. The
coming issue will be made available in denominations as low as $50 so that
people with limited amounts to invest, as weU as large investors, may buy them.
The amount of the issue, the rate of interest, and the maturity, which will be
REPORT OF THE SECRETARY OF THE TREASURY .
171
announced from the Treasury Department tomorrow, will make the bonds
attractive investments.
"Congress and the administrative departments have made remarkable headway in reducing ordinary expenses which have been brought within current revenues. New sources of revenue have been provided for interest on and repayments of funds borrowed for emergency purposes. These emergency expenditures are essentially of a constructive character, and are being administered
with a view to promoting a maximum of improvement in employment and in
economic conditions generally. A considerable part of the funds so expended
will eventually return to the Treasury.
" I am confident that tomorrow's offering of bonds will be recognized by individual and corporate investors, large and small, as tangible evidence of improved
economic conditions and as an opportunity for investment.
" The subscription books will be opened tomorrow and may be closed at any
time. Applications for bonds cf the new issue should be made promptly.
Banking institutions generally will be in a position to inform purchasers as to
how to proceed."
On July 31, 1933, the Treasury offered for subscription the bonds and notes,
which are described in the following circulars. In a press release of the same
date it was stated that about $470,000,000 of Treasury certificates and about
$9,400,000 in interest payments on the public debt became due and payable on
August 15. 1933.
[Department Circular No. 490]
The Secretary of the Treasury invites subscriptions, at par and accrued
interest, from the people of the United States, for 3^4 percent Treasury bonds
of 1941, of an issue of bonds of the United States authorized by the act of
Congress approved September 24, 1917, as amended. The amount of the
offering is $500,000,000, or thereabouts, with the right reserved to the Secretary
pf the Treasury to increase the offering by an amount sufficient to accept all
subscriptions for which 11^4 percent Treasury certificates of indebtedness, series
TS-1933, are tendered in payment.
DESCRIPTION OF BONDS
The bonds will be dated August 15, 1933, and will bear interest from that
date at the rate of 31^4 percent per annum, payable on a semiannual basis on
February 1 and August 1 in each year. They will mature August 1, 1941, and
will not be subject to call for redemption prior to maturity.
Bearer bonds with interest coupons attached will be issued in denominations
of $50, $100, $500, $1,000, $5,000, $10,000, and $100,000. Bonds registered as to
principal and interest will be issued in denominations of $50, $100, $500, $1,000,
$5,000, $10,000, $50,000, and $100,000. Provision wiU be made for the interchange of bonds of different denominations and of coupon and registered bonds
and for the transfer of registered bonds, without charge by the United States,
under rules and regulations prescribed by the Secretary of the Treasury.
The bonds shall be exempt, both as to principal and interest, fom all taxation now or hereafter imposed by the United States, any State, or any of the
possessions of the United States, or by any local taxing authority, except (a)
estate or inheritance taxes, and {b) graduated additional income taxes, commonly known as surtaxes, and excess-profits and war-profits taxes, now pr
hereafter imposed by the United States, upon the income or profits of individuals, partnerships, associations, or corporations. The interest on an amount
of bonds authorized by said act approved September 24, 1917, as amended, the
principal of which does not exceed $5,000, owned by any individual, partnership, association, or corporation, shall be exempt' from the taxes provided for
in clause (&) above.
:
The bonds will be acceptable to secure deposits of public moneys, and will
bear the circulation privilege as provided in the act approved July 22, 1932, as
amended. They will not be entitled to any privilege of conversion.
The bonds will be subject to the general regulations of the Treasury Department, now or hereafter issued, governing United States bonds.
A P P L I C A T I O N AND A L L O T M E N T
'
Applications will be received at the Federal Reserve banks and branches and
at the Treasury Department, Washington. Banking institutions generally will
handle applications for subscribers, but only the Federal Reserve banks and the
172
REPORT OF THE SECli:eTARY OF THE TREASURY
Treasury Department are authorized to act as official agencies. Banking institutions, which have been licensed to resume their normal banking functions
are perinitted to handle subscriptions in the usual inanner. Unlicensed banking institutions are authorized to'accept applications for subscribers a.rid tP hold
in segregated accounts funds tendered ih payment'pendirig transmittal tO;a
Federal Reserve bank or branch.
•
.
Cash subscriptions for ampunts up to and including $10,000 wiir be allotted
in .full; subscriptions for which i)a;yment is to be tendered in Treasury c^^
^^^
tificates of Iridebtedness of series TAG-193B, maturing August 15; 1933> ^witf be
given preferred allotment; and subscriptions for which payment is to be tendered
in Treasury certificates of indebtediiess of series TS-1933, riaaturirig'September
15, 1933, will be allotted in full. All cash subscriptions for amounts over
$10,000 will be allotted on an equal percentage hasis.
,;The Secretary of the Treasury reserves the right tp reject any subscription,
in whole or in part, and to allot less than the amount of borids applied for
and to close the books as to any or all subscriptions at any time without nPtice;
the Secretary of the'Treasury also reserves the right to make'allotment in full
upon appUcatioris for smaller amourits, to inake • reduced allotinerits :ui3oh • or
to reject, applications for larger amounts', 'arid'to make classified kllotirients
and allotments upon a graduated scale; and his action in these respects shall
be final. Allotment notices will be sPnt Put promptly upon allotment, and the
basis of, the allotment will be publicly announced.
• .'
"
./
•
:'
^PAYMENT
;
_ .,'".,/
,
• •
"^'
' ^ •
••':'••."
Payment at par and accrued interest for bonds allotted' must be made on Or
before August 15, 1933, or on later allotment, i^ny qualifiisd dei)ositary wil^^
be permitted tp mal^e payment.by credit for bonds allptted to it for itself and
its custoniers up to any amount for whicii it shall be qualified iiv
existing deposit, when so notified by the Federal Reserve bant'of!its distr^
Treasury certificates of indebtedness of seiies TAG-1933, ma^^
19!33, will be accepted at par in payment for any borids wiiich' shall be sub*^
scribed for and allotted, with an adjustment of the interest accrued, if any,
on the bonds so paid fpr. Treasury certificates of iridebtedness^bf series TS1933, maturing September 15, 1933 (with coupon dated Sept. 15, 1933, attached"),
will be accepted at par in payment for kny bond's which shall be subscribed
for^ and allptted, witli an adjustment of accrued interest as of August 15, 1933.
Applications, unless riiade by an incorpprated bank or trust company or by
a responsible and recognized dealer in Gpvernment securities, must-'W'^^a
cpmpanied by payment in full pr by payment of 10 percent of the ainount of
bonds applied for. The forfeiture of the lO-percent payment may be declared
by the Secretary of the Treasury.if payment in full is not completed on the
prescribed date in the case of-subscriptions allotted.
•
GENERAL PROVISIONS
.
.,
•
'
As fiscal agents of the United States, Federal Reserve banks are authonzed
and requested to receive. subscriptions and .to make allotments ou the. basiS;
and up to the amounts. indicated by the Secretary of the Treasury to the
Federal Reserve banks of the respective districts., After allotment and jiip'on
payment Federal Reserve banks may, issue, interim receipts pending delivery,
of the definitive bonds.
: \
;
. ^^^ ; - i
V,
, Any; further information which may be desired as: to the .issue of .Treasiiry
bondS' under the provisions of this; circular may .be obtained-upon; appliGation^
to a Federal :Reserve bank, or branch, or to the T^reasury Department, .S?V-ash-;
ington. . T h e Secretary of the Treasury may at any time, or fi'pm time to time,
prescribe supplemental or amendatory rules and regulations governing the
offering.
DEAN ACHESON,
Acting Secretary of the Treasury.
TREASURY DEPARTMENT, July 31, 1933.
[Department Circular No. 491]
: ,.
;
,^ -
The Secretary of the Treasury offers for subscription, at par and accrued
interest, through the Federal Reserve banks, under the authority of the act
approved September 24, 1917, as amended. Treasury notes of series '6-1935:
The amount of the offering is $350,000,000, or thereabouts.
' '
REPORT OF THE SECRETARY OF THE TREASURY
,
,
DESCRIPTION
OF
173
NOTES
viThe nptes will be dated August 15, 1933, and will bear interest from that
date at the rate of 1% percent per annuna, payable on a semiannual basis on
February 1 and August 1 in each year. .,
They will mature August 1, 1935, and will not be subject to call, for redemption^ prior, to maturity.
.,,j; .
Bearer notes with interest coupons attached will be issued in denominations
of $100, $500, $1,000, $5,000, $10,000, and $100,000. The notes will not be issued
in registered form.^. * .1'; *',: "
\ ,
The notes will, not be acceptable in payment pf taxes. * ,* *
APPLICATION
AND
ALLOTMENT
* .'^,; '^ Cash subscriptions) fpr ampunts up tP and including $10,000 will be
allptted in.fuU. Subscriptiohs for which payment is to be tendered, in Treasury
certificates of indebtedness of series TAG-1933, maturing August 15, 1933, will be
giyen,;Preferre^d,\allotment. All cash subscriptions for amounts over $10,000
y(^U!,^be.allotted on an "equa^
* * *
•-:.^ ••:•:"'
T.-
- . . • • / ^ • " •'
', . . .
, . ' P 4 Y M B N T \ ,
V\;'
Payment at par and accrued interest for nPtes allotted must be made on or
before August 15, 1933, or on later allotment. Any qualified depositary will be
permitted to make payment by credit for notes allotted to it for itself and its
customers,up to any amount for which it shall be qualified in excess of existing
deposits, when soi notified by the iF^ederal .Reserve 'bank of its district. Treasury
certificates M indebtedness of series TAG:1933, maturing. August 15, 1933, will
be acQei)ted at par inpayirieht & r any.,notes which shall be subscribed for and
allotted,' with an adjustment of the Iriterest accrued, if any, on the notes so
paid for, Applications, unless" made by an incprporated bank or trust company, or. by a responsible and recognized dealer in Governnient securities, must
be ^accompanied by payment in Ifnil or by payment of 10 percent of the amount
Pf i o t e s applied fori The forfeiture. of the 10 percent payment may be declared by the Secretary of the Treasury if payihent in full is not completed
on,tbe prescribed date in the case of subscrlptibris allotted. * * *
<:;:vt:,: • ^; • •:. . ' - ^ , - , ' ^ \
;^,; ,,
, , ./
,.,./.,-;.•; ' • • - . :
.:
, :
^
, -
,'':
DEIAN'ACHESON,,,,
Aciii^g Secretary of the Treasury, ,
HTREASUBY DEPARTMENT, .//^^^
Exhibit 12
Subscriptions and allotments, Treasury bonds of 1941 and Treasury notes;, serines
B-1935 {from press releases; August 1, 3, 5, 7, and 1.5, 1933, revised^)
' Acting Secretary Acheson announced that the subscription books for the currerit offeririg of-2-year,l% percent Treasury notes of series B-1935, maturing
August 1, 1935, closed at the close of business July 31; 1933.
' T h e subscription books for the offering of 8-year, 31^: percent Treasury bonds
0^ 1941, maturing August 1, 1941, also closed at the close of business July 31,
1933, for cash subscriptions for amounts over $10,000. The time was extended
to-the,close of business August 2, 1933, for cash subscriptions for amounts up
tP and including $10,000 and for subscriptions for which payment was tendered
in'Treasury'certificates of indebtedness maturing August 15, 1933; and to the
close^ of business August 4, 1933, for subscriptions for which* payriient. was
tendered in Treasury certificates of indebtedness maturing September 15, 1933.
^
^
-
TKEASUBY BOUNDS OF
1941
Reports received from the Federal Reserve banks show that for the offering
of 31/4 percent Treasury bonds of 1941 total subscriptions aggregated $3,224,379,150. The offering was for $500,000,000, or thereabouts, with the right
reserved to the Secretary of the Treasury to increase the offering by an amount
1 Omitted portions. are similai: to corresponding sections of Department Circular No,
482, P...165. ;....•
, .
2 Revised Sept. 7, 1933. ,
^
174
REPORT OF T H E SECRETARY OF T H E TREASURY
suflScient to allot in full all subscriptions for which payment was tendered in
1% percent Treasury certificates of indebtedness of series TS-1933, maturing
September 15, 1933. A total of $231,057,500 of such, subscriptions was received.
As previously announced, cash subscriptions in amounts up to and including
$10,000, were allotted in full; and cash subscriptions in amounts over $10,000
were allotted 12^2 percent, but not less than $10,000 on any one subscription.
Exchange, subscriptions in amouhts up to and including $10,000, in payment
for which Treasury certificates maturing August 15, 1933, were tendered were
allotted in l u l l ; and exchange subscriptions in amounts over $10,000 were
allotted 50'percent, but riot less than $10,000 on any one subscription.
-
-'
TREASURY NOTEIS, SERIES B-l935 -
For the offering of 1% percent Treasury notes of series B-1935, which was
for $350,000,000, or thereabouts, total subscriptions aggregated $1,577,189,300.
Of these subscriptions, $181,364,000 represents exchange subscriptions in payment for which Treasury certificates niaturing August 15, 1933, were tendered.
Exchange subscriptions in amounts up t6 and including $10,000 were allotted
in full; and exchange subscriptions in amounts Pver $10,000 were allotted 623/^
percent, but not less than $10,000 on any orie subscription. As previously announced, cash subscriptions in amounts up to and including $10,000 were
allotted in full; and cash subscriptiPns in amounts over $10,000 were allotted
16% percent, but not less than $10,000 on any one subscription.
Subscriptions and allotments for the two issues were divided among the
several Federal Reserve districts and the Treasury as follows:
Total cash subscriptions
received
Federal Reserve district
Exchange
subscrip-.
tions
received
(August
certificates)
, Exchange
subscriptions
received
(September
certificates)
Total subscriptions
allotted
- Total subscriptions
received
Treasury bonds of 1941
Boston
NewYork
Philadelphia. ^
Cleveland
Richmond-.
Atlanta
Chicago _ _.
St. Louis
Minneapolis.
Kansas City
Dallas
San Francisco
Treasury.:,.....
...'
.
.
...I.
;.
.
'^-..l.........
l.li : 2. 748'..372; 650
Total
•:• - r , r '
$166,543,400
$6,212,000 , $2,805,600
164,789,500
1,139,920,000 179,016.600
1,953,500
632,500
269,239,000
2.901.600
2.984,000
179.984,350
1,828,500
643,000
78,598; 160'
4,146,600
148. 555,450 , 2. 255,600
28,695; 000 * 37,615,000
^
'
281,300,350
1,504,000
3,932,000
118.491,750
1,509,500
1,364,600
30.744,900
9,304,000
3.862,600
52.085,450
1,427,000
3,435,600
76, 050.950
8,388, 500
4.781.000
205,438. 250
, 167,000
, li 420, 650. : . 53,500
^ -
:
.
•'
M
$77,550,000
728,'742,900
y 105,515,700
Philfldfilnhia
53. 650, 600
Cleveland...-.
...,'...-...
59,222,000
83,883,000
Atlanta
111,856,500
Chicago.-_.::..'.;..
.1..1.
. 39,145,100,
St. Louis...-..^'.i.^L.........
' 3,465,500
Minneapolis. . ^ . . . . . . ^ ' . . . . . . .
10,600,000
40,895,100
Dallas
81,299,000
San Francisco
•
Total
-
244,949.000
231,057.500
$175,560,900
1,483,726,000
271,825,000
185.869.850
81,069.660
154,956,460
347,410,350
123,927,750
33.618,900
65. 261,950
80, 913,450
218,607,750
1, 641,160
3/224.379,160
.••••„. Treasury notes, series B-1935 .
$2; 909,500
• 128,506,500
- 3; 287,000
,
101. 500
• 2,016.000
• - ' 248,000
41,201,600
42,500
,738,000
1,364,500
721,000
238.000
1,395,825,300 '181,364,000
: . _ l . . -
•.-
$80.459, 500
857.249.400
108,802.700
. 53, 752.000
61.238,000
84,131,000
153.058,000
• 39,187.600
4,203, 500
11.964,500
41,616.100
81,637,000
1,677,189,300
$39,739. 550
423,710,450
44,463,450
36,975, 500
18,909,300
. 35,329,600
107,646, 750
28.426,760
12,075, 560
24,225,400
21, 338,700
41. 687, 750
624,350
1 835,043,100
.
$16,145,100
202,947,300
19,921,700
9,416,900
11,293,700
14,414,200
46,666,700
7,621,300
1,967,300
3,185,500
7,495,300
13,891,000
2 353,865,000
^'Includes the following allotments ori exchange subscriptiohs: $124,842,000 for August certificates and
$231,057,500 for September certificates..
.
.
2Includes $113,532,200allotted on exchangesubscriptionSi,August certificates.
Exhibit 13
Offervng of certificates of indebtedness, series TJ-1934 {Y^ percent)
On September 8, 1933, the Treasury offered for subscription Treasury certificates of indebtedness as described in the following circular. In the related
REPORT OF THE SECRETARY OF T H E TREASURY
175
press release it was stated that about $220,000,000 of Treasury certificates and
about $45,000,000 in interest payments on the public debt became due and
payable on September 15, 1933.
[Department Circular No. 498]
The Secretary of the Treasury offers for subscription, at par and accrued
interest, through the.Federal Reserve banks, under the authority of the act
approved September 24, 1917, as amended. Treasury certificates of indebtedness of series TJ-1934 in exchange for Treasury certificates of indebtedness
of series TS-1933, maturing September 15, 1933. The amount of the offering
is limited to the amount of Treasury certificates of indebtedness of series
TS-1933, maturing September 15, 1933, tendered and accepted.
DESCRIPTION OF CERTIFICATES
The certificates will be dated September 15, 1933, and will bear interest
from that date at the rate of one quarter of 1 percent per annum, payable
on a semiannual basis. They will be payable on June 15, 1934.
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 on December 15, 1933, and June 15, 1934.^ = * . *
^
APPLICATION AND ALLOTMENT
Applications will be received at the Federal Reserve banks and branches
and at the Treasury Department, Washington. Banking institutions generally
will handle applications for subscribers, but only the Federal Reserve banks
and the Treasury Department are authorized to act as oflflcial agencies. * * *
PAYMENT
Payment at par and accrued interest for certificates allotted must be made
on or before September 15, 1933, or on later allotment, and may be made
only in 1% percent Treasury certificates of indebtedness of series TS-1933,
maturing September 15, 1933, .which will be accepted at par. * * *
DEAN
ACHESON,
Acting Secreta^^y of the Treaswry.
TREASURY DEPARTMENT, September 8,
1933.
Exhibit 14
Subscriptions and aUotments, certifioates of indebtedness, series TJ-1934 {from
press releases, September 14 and 15, 1933)
The subscription books for the current offering of 9-month, ^4 percent certificates of indebtedness of series .TJ-1934, maturing June 15, 1934, closed at the
close of business September 13, 1933. These certificates were offered in exchange for Treasury certificates of indebtedness of series TS-1933, maturing
September 15, 1933, and the amount of the offering was limited to the amount
of such maturing certificates tendered and accepted.
Reports received from the Federal Reserve banks show that subscriptions
for this offering totaled $174,905,500. The subscriptions were allotted in full.
Subscriptions and allotments were divided among the several Federal Reserve
districts as follows:
Boston
$1, 908, 500 St. Louis
$357, 000
New York
139, 978, 000 Minneapolis
_
550,000
Philadelphia
396, 000 Kansas City
•
148,000
Cleveland
725, 000 Dallas
13, 500
Richmond
5, 000 San Fl-ancisco—
1, 748, 000
Atlanta
L
149, 000
Chicago
-:
28, 927, 500
Total
174, 905, 500
^ Omitted portions are similar to corresponding sections of Department Circular No.
489, p. 167.
14820—33-
-13
176
REPORT OF THE SECRETARY OF THE TREASURY
Exhibit 15
Partial redemption of fourth .Liberty Loan bonds before maturity and offering of
Treasury bonds of 1943-45 {4yk-3}i percent)
On October 12, 1933, Secretary of the Treasury Woodin issued a statement
which follows in part:
, *'The Secretary of the Treasury today announced that approximately one
third of the outstanding fourth Liberty Loan 4}^ percent bonds of 1933-38 are
called for redemption on April 15, 1934. At the same time it was announced
that an issue of 10-12 year Treasury bonds, dated October 15,, 1933, and bearing interest at the rate of 4M percent per annum from that date to October 15,
1934, and thereafter at the rate of Z% percent per annum, will be offered for
subscription on October 16, and for a few days thereafter. The new bonds will
be offered in exchange at par for any bonds of the fourth 4)4 Liberty Loan issue,
whether called or uncalled, and in the approximate amount of $500,000,000, for
cash at 101^. * * *
**The fourth Liberty Loan 4}4 percent bonds were originally issued in the
amount of about $6,965,000,000 and were dated October 24, 1918. Since that
time about $696,000,000 of these bonds have been retired, leaving about $6,268,000,000 outstanding. * * * The bonds called for redemption aggregate
about $1,900,000,000.
**The current offering affords to the present holders of. Fourth 434's, which
must be retired on or before October 15, 1938, an opportunity to exchange their
bonds for a new long-term issue, callable in 1943 and maturing in 1945, which
will bear the same rate of interest as the bonds they now hold, until October 15,
1934, and a rate of 3J4 percent thereafter. At the same time cash subscribers
are offered an investment at a price which will yield a return in line with current
yields on similar Government obligations. The offering should prove attractive
both to present holders of Fourth 4t}i percent Liberty bonds and to individuals
and corporations with funds to invest.
" The present bond issue will provide the Treasury with about $500,000,000
of cash funds to meet current needs. The primary importance of the operation
lies, however, in.the fact that it constitutes the commencement of the refunding
of more than six and a quarter billions of bonds which, unless previously called,
would mature in 1938, when $900,000,000 of Treasury notes also mature. The
exchange of the new bonds for a substantial portion of the outstanding 4J4 percent
Liberty bonds will not only affect a material reduction in the annual interest
charge' on the public debt, but will improve the structure of the debt by reducing
.the volume of near-term maturities.
* This financing is an important and constructive step in the Government's
*
program and an essential contribution to the sound process of recovery. While
there continues to be a disparity between the unusually low level of short-term
open market rates and the level of rates on funds for long-term investriaent,
improvement has been apparent in the market for long-term Government
obligations. The present offering of Treasury bonds and the conditions which
warrant it, mark progress toward a greater availability of funds for long-term
uses. * :* **'
Texts of the official circulars foUow:
[Department Chrcular No. 501]
Partial redemption of fourth Liberty Loan bonds bef ore maturity
TREASURY DEPARTMENT,
OFFICE OF THE SECRETARY,
.Washington, October 12, 1933.
To Holders of fourth Liberty Loan 4}^ Percent Bonds of 1933-38, and Others
Concerned:
I. NOTICE OF CALL FOR PARTIAL REDEMPTION OF FOURTH LIBERTY LOAN 4}i
PERCENT BONDS OP 1933-38 (FOURTH 4j4's) BEFORE MATURITY
1. Pursuant to the provision for redemption contained in the bonds and in
Treasury Department Circular No. 121, dated September 28, 1918, under which
the bonds were originally issued, all outstanding Fourth Liberty Loan 4>^ percent
bonds of 1933-38, hereinafter referred to as Fourth 4}i's, bearing the serial numbers
which have been determined by lot in the manner prescribed by the Secretary
"of the Treasury, are called for redemption on April 15, 1934, as follows:
REPORT OF THE SECRETARY OF THE TREASURY
177
All outstanding permanent coupon bonds bearing serial numbers the final digit
of which is 9, 0, or 1, such serial numbers being prefixed by a corresponding distinguishing letter J, K, or A, respectively;
All outstanding temporary coupon bonds bearing serial numbers the final digit
. of which is 9, 0, or 1; and
All outstanding registered bonds bearing serial nuinbers the final digit of which
is 9, 0, or 1.
2. Interest on all such outstariding Fourth 4J;4's so called for redemption will
cease on said redemption date, April 15, 1934.
\ 3. Fourth 4)4's bearing serial numbers (and prefix letters) other than those
designated are not included in pr affected by this call for partial redemption.
II.
TRANSACTIONS IN CALLED AND UNCALLED BONDS
1. Pursuant to such call for partial redemption, effective this date, the outstanding Fourth 4>i's are divided into two separate and distinct classes: Called
bonds, and uncalled bonds, and hereafter the Treasury Department, and the
Federal Reserve banks as fiscal agents of the United States, will observe this
division between called and uncalled bonds in all transactions affecting Fourth
4J4's iricluding exchanges of denominations, exchanges of coupon bonds for
registered bonds, exchanges of registered bonds for coupon bonds, and transfers
of registered bonds. Hereafter, only bonds bearing distinguishing serial numbers or letters falling within the class ''uncalled bonds" will be isisued upon
exchange or transfer of uncalled bonds, and only bonds bearing distinguishing
serial numbers orMetters falling within the class "called bonds" will be issued
upon exchange or transfer of called bonds. Exchanges or transfers as between
called bonds and uncalled bonds will not be permitted. Deripminational exchanges of coupon bonds within the class ''called for redemption on April 15,
1934", will terminate on that date. Transfers and exchanges of registered.bonds
falling within the class "called for redemption ori April 15, 1934", will terminate
oh March 15, 1934, the date of closing the transfer books.
2. In accordance with the provisions of Treasury Departnient Circular No. 121,
dated September 28, 1918, the provisions of Treasury Department Circular
No. 300, dated July 31, 1923, 'prescribing regulations with respect to United
States bonds and notes, aire modified accordingly with respect to transactions in
Fourth 4>^'s.
III.
OPTIONAL EXCHANGE OFFERING
.
1. Holders of Fourth 4J4's will be offered the privilege, for a limited period
.beginning on October 16, 1933, of exchanging all or part of their bonds (whether
called or uncalled) at par, for a new issue of 10-12 year Treasury bonds, dated
October 15,'1933, and bearing interest from that date at the rate of 4J4 percent
per annum until October 15, 1934, and thereafter at the rate of 3>i percent per
annum. The new bonds will mature on October 15, 1945, but may be called
for redemption, in whole or in part, at par and accrued interest, on and after
October 15, 1943, on 4 months' notice.
: 2. The optional exchange offering is fuUy set forth in Treasury Department
Circular No. 502, dated Oetober 12, 1933. As the privilege of exchanging Fourth
4}4's for the new Treasury bonds will be accorded for a limited period only, and
may be terminated at any time without notice, holders of Fourth 4}4's who desire
to take advantage of this offering should act promptly, following the instructions
given in Treasury Department Circular No. 502.
IV.
RULES AND REGULATIONS GOVERNING REDEMPTION
Pursuant to the call for partial redemption, as set forth in section I of this
circular, the following rules and regulations are hereby prescribed to govern the
surrender of Fourth 4}4's called for redemption on April 15,. 1934:.
1. Payment of called bonds on April 16, 1934-—Holders of any outstanding
Fourth 4}.^'s included in the call for partial redemption on April 15, 1934, will be
entitled to have their bonds redeemed and paid at par on April 15, 1934, with
interest in full tp that date. After April 15, 1934, interest will not accrue, on any
bonds included in the call for partial redemption.
2. Presentation and surrender of coupon bonds.—Any Fourth 4}4's in coupon
form, which are included in the call for partial redemption, should be presented
and surrendered to any Federal Reserve bank or branch, or to the Treasurer
of the United States, Washington, D . C , for redemption on April 15, 1934.
(Note: If to be presented for exchange under Treasury Department Circular No.
602, follow instructions given in that circular.) The bonds must be delivered at
the expense and risk of the holder, and should be accompanied by appropriate
178 -
REPORT OF. THE. SECRETABY J O c THE- TREASURY :
'F:
:
written advice (see form P.D. 1363 attached hereto). Facilities for transportation of bonds by registered mail insured may be arranged between incorporated
banks and trust companies and the Federal Reserve banks, and holders may
take advantage of such arrangements, when available, utilizing such incorporiated
banks and trust companies as their agents. Incorporated banks and trust com- .
panics are not agents of the United States under this circular. Checksin payment of principal will be delivered to the address given in the form of advice
accompanying the bonds surrendered.
— , .,
3. Coupons dated April 15, 1934, which become payable on that date, should,
be detached from any Fourth 4}l's included in the call for partial redemption
before such bonds are presented for redemption on April 15, 1934, and suck
coupons should be collected in regular course when due. All coupons pertaining
to such bonds bearing dates subsequent to April 15, 1934, must be attached to
any such bonds when presented for redemption, provided, however, if any such
coupons are missing from bonds so presented for redemption the bonds nevertheless will be redeemed, but the full face amount of any such missing coupons
will be deducted from the payment to be made on account of such redemption,'
and any amounts so deducted will be held in the Treasury to provide for adjustments or refunds on account of such missing coupons as may subsequently be
presented.
4. The final coupon attached to temporary coupon bonds became due on
October 15, 1920. The holders of any such bonds which are included in the call
for partial redemption on April 15, 1934, will receive all past-due interest irom,
October 15, 1920, when the bonds are redeemed pursuant to such call. •• -^ .5. Presentation and surrender of registered bonds.—Aiiy Fourth 4}4's in .registered
form, which are included in the call for partial redemption, must be assigned by
the registered payees or assigns thereof, or by their duly constituted represent,
tatives, to "The Secretary of the Treasury for redemption" in accordance with'
the general regulations of the Treasury Department governing assignments, and
should thereafter be presented and surrendered to any Federal Reserve bank or
branch, or to the Division of Loans and Currencyj Treasury Department, Washington, D . C , for redemption on April 15, 1934. (Note: If to be presented for
exchange under Treasury Department Circular No. 502, follow instructions:given"
in that circular.) The bonds must be delivered at the expense and risk of holders,
and should be accompanied by appropriate written advice (see,form P.D. 1364
attached hereto).
,
'^
6. If the registered holder of record, or an assignee holding .under proper
assignment from the registered holder of record, or a duly boristituted representative of such registered holder or assignee, desires that payment of the
principal be made to him, the bonds should be assigned to " T h e ^Secretary of,'
the Treasury for redemption." In case it is desired to have payment of the.
registered bonds made to someone other than the registered holder.of record,.,
without intermediate assignment, the bonds may be assigned to "The Secretarj^.
of the Treasury for redemption for account of
"
and in such case the name and address of the payee for whose account the redemption is to be made must be inserted. Assignments in this form mustb.e,
completed before acknowledgment and not left in blank.
' ^
7. Assignment in blank, or other assignment having similar effect, will be
recognized, but in that event payment will be made to the person surrendering
the bond for redemption, since under such assignment the bond becomes in
effect payable to bearer. Assignments in blank or assignments having similar
effect should be avoided, if possible, in order not to lose the protection afforded
by registration. In all cases checks in payment of principal will be delivered to
the address given in the form of advice accompanying the bonds surrendered.
8. Final interest due on April 15, 1934, on any Fourth 4J4's in registered form,
which are included in the call for partial redemption and presented for redemption on April 15, 1934, will be paid by checks issued in regular course in the same
manner as if no part of the loan had been called for redemption.. - • , : . r ; « ;..
V. TIME OF PRESENTATION OP FOURTH 4J4'S FOR REDEMPTION'
•
"
^
^ =
^
1. In order to facilitate the redemption of Fourth 4>l's included in the call for
partial redemption on April 15, 1934, any such bonds may be presented and surrendered in the manner herein prescribed in advance of that date but not bef pre
February 15, 1934. Such early presentation by holders, on and after February
15, 1934, and well in advance of April 15, 1934, will insure prompt payment of
principal when due. This is particularly important with respect to registered
bonds, for payment cannot be made until registration shall have been discharged
at the Treasury Department.
REPORT^.:OF: THE.: SECRETARY:'OFa TH-EI: TREASURY:£
2. I t will expedite redemption if borids included in t h e call -for: p a r t i a l r e - '
demption are presented t o Federal Reserve b a n k s o r b r a n c h e s , a n d n o t direct to.
t h e Treasury D e p a r t m e n t .
:
' .
. •,,.
3. As herein provided, coupons d u e April ,15, 1934, s h o u l d ' b e detached.from
a n y p e r m a n e n t coupon bonds included in t h e call for p a r t i a l redemption when
such bonds are presented for redemption o n t h a t date, such coupons to be collected,
when d u e ; a n d final i n t e r e s t due on a n y registered b o n d s included in t h e call for
p a r t i a l redemption will be paid by. check issued in.regular;course-. Accordingly^
early presentation of bonds will n o t affect: the. p a y m e n t of: final interest d u e oh
April 15,1934.
:
.:
" .
. , : . , , .
VI.
F U R T H E R INFORMATION
.
^'
.
,
,
' f
, J
. .
! ' "
^
Any further information which m a y be desired regarding t h e p a r t i a l redemption
of F o u r t h 4K's under this circular m a y be obtained from a n y Federal Reserve
bank or branch, or from t h e Treasury D e p a r t m e n t , ; / W a s h i n g t , o n , . &
copies of t h e Treasury D e p a r t m e n t ' s .regulations, governing, assigninents m a y also
be obtained^ T h e Secretary of t h e . T r e a s u r y c m a y at,, any time, or from time t o
time, provide supplemental or arnendatory, rules-and. regulations governing t h e
m a t t e r s covered by this circular.
„ .- ^
:., :
.
.. - .;
W. H .
...
-V
WOODIN,
. • Secretary of the Treasury.
IMPORTANT NOTE.—Fourth 4K's called for redemption,on April 15, 1934, should be presented well in
advance of that date but not before Februar-y 15, -1934, and the instructions given in this circular should be
followed. If Fourth 4H's are to be presented for .exchange under the Treasury Department Circular No. 502,
the instructions given in that circular should be followed., Information concerning the partial redemption
of Fourth 4^4'son April 15,1934, and information concerriing the optional exchange offering may be obtained
from the officers of banks and trust companies generally. * As those banks and trust companies may offer
their facilities in the matter of arranging redemption or exchange, it is suggested that holders, of Fourth 4}4's
consult their own bank or trust company.
.
FOR COUPON BONDS
[Form P D 1363. For registered bonds use Form P D 1364]
F O R M O F ADVICE TO ACCOMPANY C A L L E D F O U R T H L I B E R T Y L O A N 4}^ P E R C E N T ,
B O N D S ( F O U R T H 4>^'S) I N C O U P O N F O R M P R E S E N T E D F O R R E D E M P T I O N ,
To t h e F E D E R A L R E S E R V E B A N K
OF__________!_,
or
,
'.
, ,
,,..,..•.
.." ^ •
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 , PFas/imgfiow,Z)..(7.;
",
'
.
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 . 5 0 1 , d a t e d
October 12,1933, t h e undersigned p r e s e n t s and surrenders, herewith for redemption.
on April 15, 1934, $
, face a m o u n t of fourth • Liberty Loan bonds in
coupon form, with c o u p o n - d u e October 15, 1934, a n d all s u b s e q u e n t coupons,
a t t a c h e d , as follows:
Number of
bonds
Denomination
Serial numbers of bonds
Face amount •
-$50
100
600
1,000
5,000
10. ooo:
100,000
$ _ — _ l . . . . ^ . : . . L . . :
Total...
' - $ . : _ .
••
'
•
.
^
•
.
•
•
.
•
•
:•
• • . ; •
•
.
•
'
•
•
'
<
r
•
•
:
•
•
'
.
„
• .
,
and requests t h a t r e m i t t a n c e covering.payment therefor be forwarded t o t h e under^
signed a t t h e address indicated below.
.. ^ i
. . ,..
',
Sig;riature____-_--__-_-'_-_l-____
•
; Nalme (please print)__:_____•____
V
Address in f u l l i _ _ - i : - J _ _ _ l _ _ - - _ -
180
REPORT OF THE SECRETARY OF THE TREASURY
FOR REGISTERED BONDS
,,
[Form PD 1364. For coupon bonds use form PD 1363]
FORM OF ADVICE TO ACCOMPANY CALLED FOURTH LIBERTY LOAN 4 K PERCENT
BONDS (FOURTH 4J4'S) IN REGISTERED FORM PRESENTED FOR REDEMPTION
To the FEDERAL RESERVE BANK OF
,
or
TREASURY DEPARTMENT, DIVISION OF LOANS AND CURRENCY,
Washington, D . C :
„ Pursuant to the provisions of Treasury Department Circular No.. 501, dated
October 12, 1933, the undersigned presents and surrenders herewith for redemption oh April 15, 1934, $_
, face amount of fourth Liberty Loan
bonds in registered form, inscribed in the name of
and duly assigned to "The Secretary of the Treasury for redemption", as follows:
Numberof
bonds
.
Denomination
Face amount
Serial numbers of bonds
$
$50
100
600
1,000
5,000
10,000
60,000
100,000
._
$
Total...
and requests that remittance covering pay merit therefor be forwarded to the
undersigned at the address indicated below.
Signature
Name (please print)
Address in full
.
pate: ----_
,
-
.-
[Department Circular No. 602]
Treasury bonds of 1943-45 offered for cash and in exchange for fourth Liberty Loan
bonds
TREASURY DEPARTMENT,
OFFICE OF THE SECRETARY,
Washington, October 12, 1933.
The Secretary of trie Treasury invites subscriptions, from the people of tbe
United States, for a series of Treasury bonds of 1943-45, of an issue of bonds of
the United States authorized by the act of Congress approved September 24,
1917, as amended.
Cash subscriptions are invited at 101H, which includes accrued interest from
October 15 to November 1, 1933. The books.for the cash subscriptions will open
on October 16, 1933, and may be closed without notice within a few days thereafter.. Delivery of new bonds on allotted cash subscriptions will not be made
before November 1, 1933, at which time payment must be made. The amount
of the issue for cash will be $500,000,000, or thereabouts.
Exchange subscriptions, in payment of which only fourth Liberty Loan 4J4 percent bonds of 1933-38 (hereinafter referred to as Fourth 4J4.'s), whether or not
called for redemption, rnay be tendered, .are invited, at par. The books for
exchange subscriptions will open on October 16, 1933, and will remain open for
a limited period, but inay be closed at any time without notice. The amount of
the issue upon exchange subscriptions will be limited to the amount of Fourth
4J4,'s tendered and accepted.
DESCRIPTION OF BONDS
. . . .
.. :
The bonds will be dated October 15, 1933, and will bear interest from that date
at the rate of 4}^ percent per'annum to October 15, 1934, and thereafter at the
fate of S}i percent per annum until the principal amount becomes payable.
REPORT OF THE SECRETARY OF THE TREASURY
181
Interest will be payable semiannually on April 15 and October 15 in each year.
The bonds will mature October 15, 1945, but may be redeemed at the option of
the United States on and after October 15, 1943, in whole or in part, at par. and
accrued interest, on any interest day or days, on 4 months' notice of redemption given in such manner as the Secretary of the Treasury shall prescribe. In
case of partial redemption the bonds to be redeemed will be determined by such
method as may be prescribed by the Secretary of the' Treasury. On the date of
redemption designated in any such notice interest on the bonds called for redemption shall cease.
Bearer bonds with interest coupons attached and bonds registered as to principal and interest will be issued in denominations of $50, $100, $500, $1,000",
$5,000, $10,000, and $100,000. Provision will be made for the interchange of
borids of different denominations and of coupon and registered bonds and for
the transfer of registered bonds under rules and regulations prescribed by the
Secretary of the Treasury.
The bonds shall be exempt, both as to principal and interest, from all taxation
now or hereafter imposed by the United States, any State, or any of the possessions' of the United States, or by any local taxing authority, except (a) estate or
inheritance taxes, and (b) graduated additional income taxes, commonly known
as surtaxes, and excess profits and war profits taxes, now or hereafter imposed
by the United States, upon the income or profits of individuals, partnerships,
associations, or corporations. The interest on an amount of bonds authorized
by said act approved September 24, 1917, as amended, the principal of which
.does not exceed $5,000, owned by any individual, partnership, association, or
corporation, shall be exempt from the taxes provided for in clause (b) above. .
The bonds will be acceptable to secure deposits of public moneys, and will
bear the circulation privilege only to the extent provided in the act approved
July 22, 1932, as ainended. They will not be entitled to any privilege of
conversion.
The bonds will be subject to the general regul,ations of the Treasury Department, now or hereafter issued, governing United States bonds.
APPLICATION AND ALLOTMENT
Applications will be received at the Federal Reserve banks, fiscal agents of
the United States, and at branches thereof, and at the Treasury Department,
Washington. Banking institutions generally wiU handle applications for subscribers, but only the Federal Reserve banks and the Treasury Department
are authorized to act as official agencies.
The Secretary of the Treasury reserves the right to reject any subscription,
in whole or in part, and to allot less than the amount of bonds applied for and
to close the books as to any or all 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, 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 shall
be final. Allotment notices wiir be sent out promptly upon allotment, and the
basis of the allotment will be publicly announced.
Cash subscriptions.—TsLyment at 10IK (which includes accrued interest from
Oct. 15 to Nov. 1, 1933) for any bonds allotted on cash subscriptions, must be
made on or before November 1, 1933. Any qualified depositary will be permitted to .make payment by credit for bonds allotted (on cash subscriptions)
to it for itself and its customers, up to any amount for which it may be qualified
in excess of existing deposits, when so notified by the Federal Reserve bank of
its district. Applications, unless made by an incorporated bank or trust company, or by a responsible and recognized dealer in Government securities, must
be accompanied by payment of 10 percent of the amount of cbonds applied for.
The forfeiture of the 10 percent payment may be declared by the Secretary of
the Treasury if payment in full for bonds allotted is not completed on the prescribed date.
\-^. Exchange subscriptions.—Payment for bonds allotted on exchange subscriptions may be made only in Fourth 4}^'s, which will be accepted at par as of
October 15, 1933, without payment of accrued interest. Both called and
uncalled Fourth 4}^'s are acceptable for such payment. Payment for bonds
subscribed for (through surrender of Fourth 4J4's) must be made when the
182
REPORT OF THE SECRETARY OF THE TREASURY
exchange subscription is tendered. If any exchange subscription is rejected,
in whole or in part, any bonds which may have been tendered and not accepted
will be returned to the subscriber.
•
; •.•
SURRENDER OF BONDS ON EXCHANGE SUBSCRIPTIONS
Surrender of coupon bonds.—Fourth 4}4's in coupon form tendered in exchange
for Treasury bonds issued hereunder, should be presented .and surrendei'ed to a
Federal Reserve bank or to the Treasurer of the United States, and must accompany the application. Bonds must be delivered at the'expense and risk of the
holder. Facilities for transportation of bonds by registered mail insured iriay be
arranged between incorporated banks and trust companies and the Federal Reserve
banks and holders may take advantage of such arrangements when available,
utilizing such incorporated banks and trust companies as their agents. Incorporated banks and trust companies are npt agents of the United States Under .this
circular. Coupons dated April 15, 1934, and all coupons bearing dates subsequent
thereto, must be attached to permanent coupon bonds when presented. v- :;
Surrender of registered bonds.—'Foxxiih. 4>{'s in registered form,tendered in exchange for Treasury bonds issued hereunder, should be assigned by the registered
payee or assigns thereof to "The Secretary of the Treasury for exchange", in
accordance with the general regulations of the Treasury Department governing
assignments, and thereafter should be presented and surrendered to a Federal
Reserve bank, or to the Treasury Department, Division of Loans and Currency,
Washington. The bonds inust be delivered at the expense and,risk of the holder.
GENERAL PROVISIONS
•
As fiscal agents of the United States, Federal Reserve banks are aiithPrized
and,requested to receive subscriptions and to make allotments on the basis ahd
up to the amounts indicated by the Secretary of the Treasury to trie Federal
Reserve banks of the respective districts. After allotment arid upon payment
Federal Reserve banks may issue interim receipts pending'delivery of the definitive bonds.
\
•
' ^
' '
' , •
Any further information which may be desired as to the issue of Treasury borids
under the provisions of this circular may be obtained ' upPn application to a
Federal Reserve bank or branch or to the Treasury Department, Washington.
The Secretary of the Treasury may at any time or froin time to time, prescribe
supplemental or amendatory rules and regulations governing the offering andlthe
exchanges of Fourth 4 J4's hereunder.
"
:
^,^,
• ,.• ,. „ >
W. H. WOODIN,
'.
Secretary of the Treasury.
' NOTE.—Fourth 4K's bearing serial numbers ending with the digit 9,-0, or 1, are called for redeniption
April 15,1934. In the case of permanent coupon bonds the serial numbers of the called bonds, are prefixed
by the letter J, K, or A, respectively. For details regarding the partial call of Fourth„4H's see'Treasury
Department Circular No. 501, copies of which may be obtained from any Federal Resei:ve bank or branch
or from the Treasury Department. Washington.
.;',.
, ,.
Exhibit 16
Gash subscriptions and allotments, Treasury bonds of 1943-45 {from press
releases, October 18, 21, 2:6, and November..2 and 8, 193S) '^^^^, .
V
Secretary of the Treasury Wpodin announced that the subscriptlori bppks^for
the current offering of 10-12-year Treasury bonds of 1943-45, diie October; 15,
1945, closed at the dose of business October 17 for the. receipt,^ of ca$h 'subscriptions. It was stated that the books would remain open until further notice
for the receipt of exchange subscriptions in payment of which fourth riiberty
Loan 41A percent bonds of 1933-38 were tendered.
^
^ /
'
', , The total amount of cash subscriptions received for the Treasury bonds Was
$1,989,024,200, and the total amount allotted was $500,421,650. Allotments on
cash subscriptions were made as follows: Subscriptions in ariapunts up to arid
including $1,000 were allotted in full, and subscriptions in amounts over $1,0()0
were allotted 25 percent, but not less than $1,000 on any one subscriptiph. '
Cash subscriptions and allotments were divided among the several Federal
Reserve districts and the Treasury as follows:
EEPORT OF T H E SECRETAHY OF T H E TREASURY
183
Total cash
subscriptions
received
Total cash
subscriptions
allotted
^Federal Reserve
district
Total cash
subscriptiohs
received
Total cash
subscriptions
allotted
Federal Reserve
district
0
Boston
_
$281,976,700
New York
869, 949,000
Philadelphia......:. /
115,109.650
,104,919,650
Cleveland..........
53,382,300
Richmond
A tliSrifn
• •94,479,650
Chicago.^.::..-—;.. .,; 176, 694,950
St. Louis..^..—...- ,, 38,070,160
$70, 724, 300 Minneapolis..
217,928,800 Kansas City
.29,036. 300 Dallas .
' 26, 554,150 San Francisco
13,607,850 Treasury
23,713,800
Total
44,668,900
9,839, 550
-
$20,464, 500
22, 533, 450
32,169,000
179, 210.100
65,100
1,989,024,200
$5. 217,850
' 5, 914, 250
8,137, 750
45, 050,150
28, 000
500, 421, 660
On. October 26.11 was announced that over $650,000,000 in fourth Liberty
Loan bonds: had be;en tendered in exchange for Treasury bonds, and on
November.2,a further announcement stated that over $800,000,000 in Liberty
bonds had been tendered in exchange.
. . . .
Issues of Treasury bills
o'->'"•:• 'I -".•''•'.^oV,.:"' : '
.
Exhibit 17 •
Inviting tenders for Treasury bills dated November 9, 1932, and maturing Februr
ainj 8, 1933 {press release, November 2, 1932)
, The .Secretai'y. of the Treasury gives notice that tenders are invited for
Treasury bills to the amount of $75,000,(J0O, or thereabouts. They will be
91-day bills; and.will be sold on a discount basis tp the highest bidders. Tenders „will be received at the Federal Reserve banks, or the branches thereof, up
to 2 p.m., eastern standard time, November 4,1932. Tenders will not be received
at the Treasury Department, Washington.
>' The Treasury bills will be dated November 9, 1932, and will mature on February 8, 1933, and pn the maturity date the face amount will be payable without
interest. They will be issued in bearer form only, and in amounts or denominations of $1,000, $10,000, $100,000, $500,000, and $1,000,000 (maturity value).
. I t is urged, that tpnders be made on the printed forms and forwarded in
the special envelopes which will be supplied by the Federal Reserve banks or
branches upon application therefor.
No tender for an amount less than $1,000 will be considered. Each tender
must be in multiples of $1,000. The price offered must be expressed on the
basis of 100, .with.not more than three decimal places, e.g., 99.125. Fractions
miigt.iibt be Tised.
Tenders will be-accepted withput cash deposit from incorporated banks and
trust companies and from responsible and recognized dealers in investment securities. Tenders from others must be accompanied by a deposit of 10 percent
of the face amount of Treasury bills applied for, unless the tenders are accompanied by an express guaranty of payment by an incorporated bank or trust
company.
Immediately after the closing hour for receipt of tenders on November 4, 1932,
alt tenders received at the Federal Reserve banks or branches thereof up to
the closing'hour win be Ppened and public announcement of the acceptable
prices will follow as soon as possible thereafter, probably on the following
riioiching. The Secretary of the Treasury expressly reserves the right to reject
any or all tenders or parts of tenders, and to allot less than the amount applied
. for, and his action in aiiy such respect shall be final. Those submitting tenders
,wilL be advised oi' the acceptance or rejection thereof. Payment at the price
offered for Treasury bills allotted must be made at the Federal Reserve banks
in cash or other immediately available funds on NPvember 9, 1932.
The Treasury bills will be exempt, as to principal and interest, and any gain
from the sale or other disposition thereof will also be exempt, from all taxa, tipUj except estate and inheritance taxes. No loss from the sale or other dispositipri^pf the Treasury bills shall be allowed as a deduction, cr ptherwise
recognized, for the purposes of'.any tax now or hereafter imposed by the United
States or any of its possessions.
184
REPORT OF THE SECRETARY OF THE TREASURY
Treasury Department Circular No. 418, as amended, and this notice prescribe
the terms of the Treasury bills and govern the conditions of their issue. Copies
of the circular may be obtained from any Federal Reserve bank or branch
thereof.
.
Exhibit 18
Acceptance of tenders for Treasury bills dated November 9, 1932, and maturing
February 8, 1933 {press release, Novemiber 5, 1932)
Acting Secretary of the Treasury Ballantine announced today that the tenders
for $75,000,000, or thereabouts, of 91-day Treasury bills, dated November 9,
1932, and maturing February 8, 1933, which were offered on November 2, were
opened at the Federal Reserve banks on November 4.
The totar amount applied for was $229,939,000. The highest bid made was
99.962, equivalent to an interest rate of about 0.15 percent on an annual basis.
The lowest bid accepted was 99.941, equivalent to an interest rate of about 0.23
percent on an annual basis. Only part of the amount bid for at the latter
. price was accepted. The total amount of bids accepted was $75,056,000. The
average price of Treasury bills to be issued is 99.945. The average rate on a
bank discount basis is about 0.22 percent.
Exhibit 19
Press releases pertaining to Treasury bill issues subsequent to November 9,
1932, were similar in form to the foregoing and are, therefore, not here reproduced. The essential details regarding each issue are summarized in the
following table:
Summary of information contained in press releases issued in connection with
Treaswy bills offered from Nov. 9, 1932, to Oct. 25, 1933
Bids accepted
Date of issue
1932
Nov. 9 Nov. 16...
Nov. 23...
Nov. 30...
Dec. 28...
Date of maturity
1933
Feb. 8
Feb. 15
Feb. 23-....
Mar. 1 - - . .
Mar. 29-.-.
Days to Total amount
applied for
matur
(in thourity
sands)
$229,939
311,766
270,688
-302,630
319,718
Highest
Low
EquivaEquivaPrice
Price
lent
lent
(per hun- rate ^
(per hun- r a t e '
dred)
(percent) dred)
(percent)
$99.962
99.952
99. 962
99.975
• 99.981
0.150
.190
.149
.099
.075
$99,941
99.944
99.957
99.963
99.976
0.233
.222
.168
.146
.095
1933
Jan. 1 1 : . . . . . . - . . - . - Apr. 12
91
229.845
.061
99.939
.241
99.987
Jan. 18.
Apr. 19....
91
339.567 2 99.962
.150
99.935
.257
.150
99.935
Jan.25..—
Apr. 26
...91
427,740
99.958
• .166
99.950
.198
Feb. 8 . . . . . . . . . . . . . . May 10
91
234,790
99.975
.099
99.950
.198
Feb. 15
- May 17
91
281,122
99.975
.099
99.938
.246
Feb. 2 3 . . .
May 24..
90
123.929
99.960
.160
99.850
.600
99,960
Mar.l.....
— . May 31-.
91
254,283
99.936
.253
99.688
1.234
M a r . 6 - . . - . . - . — . June7-...
93.94.101 899.688
98.775
4.742
8 99.688
1.208
98. 775
Mar. 2 2 . . June 21
91
386,906
99.626
2.002
99. 626
1.480
99.494
Mar. 2 9 . . . . . .
June 2 8 . . - : . . . . . .
91
318,206
99.670
i:306
99.624
1.8
99. 670
i: 306
Apn6.........
July 6:
-..
91
383.656
99.750
.989
99.630
1.464
99. 750
...989
99. 630
Apr. 12.
July 1 2 . . . . .
91
404.325 < 99.826
.688
99.800
.791
.688
99.800
Apr. 19
July 19.
91
348.316
99.866
.534
99.900
. .396
99. 866
Apr..26..
July 26
91
290.184 5 99.881
.471
99.867
.626
.471
99.867
May 3.
Aug. 2
91
224,691
'
.618
99.900 • .396
99.869
May 10
1
Aug.9
91
225,173
.510
99.900 ' .396
99.871
' Bank discount rate.
•
•
s Except for 1 bid for $25,000 at an average price of $99,981, equivalent to an interest rate of 0.075 percent.
8 Except for several small bids aggregating $48,000 at prices averaging $99,776, equivalent to an interest
rate of 0.867 percent.
< Except for 1 bid for $300,000 at an average price of $99,947, equivalent to an Interest rate of 0.210 percent.
«Except for 1 bid for $20,000 at an average price of $99,924, equivalent to an interest rate of 0.301 percent.
185
EEPORT OF THE SECRETARY OF THE TREASURY
Summary of information! contained in press releases issued in connection with
Treasury bills offered from Nov. 9, 1932, to Oct. 25, i5>55—Cohtinued
B i d s accepted
D a t e of issue
D a t e of m a t u r i t y
Days to Total amount]
maturapplied for
ity
(in t h o u s a n d s )
Price
(per hun-l
dred)
1933
M a y 17
M a y 24
M a y 31
June 7 . . . . . .
June 21—^..
J u n e 28
Julys
J u l y 12
July 1 9 . . . . .
J u l y 26
A u g . 2Aug.9
A u g . 16
A u g . 23
A u g . 30
Sept. 6
S e p t . 20
S e p t . 27
1933
Aug. 16-..
Aug. 23—
Aug. 3 0 . . .
Sept. 6 - - . .
Sept. 20...
Sept. 27...
Oct. 4
Oct. 1 1 - . . .
Oct. 1 8 - . . .
Oct. 2 5 . . . .
Nov. 1....
Nov. 8....
Nov. 15...
Nov. 22...
Nov. 29...
Dec. 6
D e c . 20-...
D e c . 27..-.
Oct.
Oct.
Oct.
Oct.
Jan.
Jan.
Jan.
Jan.
4
11
18
25
EquivaEquivaPrice
lent
lent
(per hun-l r a t e !
ratei
dred)
(percent)
(percent)
254,685 8 $99.899
221,667
99.901
407. 553
99.937
197.947
99.949
240. 273
99.955
209.956
99.950
242,687
99.940
220.281
99.937
228,835
99.950
259,858
99.925
201,409
7 99.925
263. 679
99.940
281,341
99.940
266,370
99.962
403.192
99.966
272,935
99.977
256.720
196,624
1934
3
10--..
17..-.
24
247.660
136, 598
190,218
168,678
Lowest
Highest
0.400
.392
.249
.202
.178
.198
.237
.249
.198
.297
.297
.237
.237
.190
.135
.091
.079
.079
0.467
.435
.336
.289
.306
.320
.309
.407
.431
.396
.360
.328
.285
. 226
.146
.135
.115
.111
.079
.079
.083
99.979
99.975
$99.882
99.890
99.915
99.927
99.923
99.919
99.922
99.897
99.891
99.900
99.909
99.917
99.928
99.943
99.963
99.966
99.971
99.972
99.965
99.967
.138
.131
.146
.249
6 E x c e p t for 1 b i d for $2,000 a t a n average price of $99,937, e q u i v a l e n t t o a n Interest r a t e of 0.249 p e r c e n t .
7 E x c e p t for 1 b i d for $50,000 a t a n average price of $99,940, e q u i v a l e n t t o a n interest r a t e of 0.237 p e r c e n t .
8 E x c e p t for 1 b i d for $5,000 a t a n average price of $99,990, e q u i v a l e n t t o a n interest r a t e of 0.040 p e r c e n t .
Summary of information contained in press releases issued in connection with
Treasury bills offered from Nov. 9, 1932, to Oct. 25, 1933
Bids accepted
Average
Date of
closing
Date of press releases
Date of Issue
Amount (in
thousands)
Price (per
hundred)
Equivalent
rate»(percent)
1932
1932
Nov. 9
Nov. 16 .
Nov. 23
Nov. 30
Dec. 28
$75,066
75,480
60,000
100,000
100,039
$99.945
99.948
99.957
99.966
99.978
0.217
.206
.168
.134
.085
1933
Jan. 11
Jan. 18
Jan. 26
Feb. 8
Feb. 15
.
Feb. 23
Mar. 1
Mar. 6
Mar. 22
Mar. 29
Apr. 5 - . . . .
75,090
75,032
80.020
75,228
75,202
60,074
100, 613
75, 216
100. 669
100.168
100.096
99.948
99.941
99.954
99.955
99.942
.99.864
99.750
98.900
99.537
99. 566
99.669
.204
.235
.182
.177
.228
.646
.990
_4. 269
L830
L717
1.351
.
-..
' B a n k discount r a t e .
Nov. 2 and 6.
Nov. 10 and 15
Nov. 17 and 22
Nov. 23 and 29
Dec. 20 and 24
1932
Nov. 4.
Nov. 14.
Nov. 21
Nov. 28.
Dec. 23.
_
..-
1933
Jan 5 and 10
..
Jan. 12 and 17
Jan. 18 and 24
Feb. 2 and 7
Feb. 8 and 11 .
Feb. 16 and 21
Feb. 23 and 28..
Mar. 1 and 4
Mar. 16 and 21
Mar. 23 and 28
Mar. 30 and Apr. 4
.
- .
.
1933
Jan. 9.
Jan. 16.
Jan. 23.
Feb. 6.
Feb. 10.
Feb. 20.
Feb. 27.
Mar. 3.
Mar. 20.
Mar. 27.
Apr. 3.
186
REPORT OF THE SE(3RETARY'OF THE TREASURY
Sunimdfy of information c'dritaiiied [in press'releases issued in connection with
" ^ -TreasuryfiMs;offereidfrom N^^
1932, to Oct. 25, JfP55—Continued
Bids accepted
Average
D a t e of issue
D a t e of
closing
D a t e of press releases
A m o u n t (in
thousands)
1933
A p r . .12-.::?.
Apr. 19-...
Apr. 26---.
May 3
M a y 10-:^
M a y 17--,.
M a y 24-.J.
; May31-.:
June 7
J u n e 21
J u n e 28
July 5
July 12...;
July 1 9 . . . .
July 26..:.
Aug. 2 . . . . .
Aug. ,9---..
A u g . 16--1.
Aug. 2 3 - - .
Aug. 3 0 - . .
Sept. 6
Sept.20....
Sept. 2 7 . . . .
Oct. 4
Oct. 1 1 . . . .
Oct. 1 8 . . . :
Oct. 2 5 . . . J
< $75, 733.
75,188
80, 295
60, 655
76,067
75, 442
60,078
100,352
75, 529
100, 361
75, 697
100,010
75, 453
75,172
80,122
60,096
,2 75,143
• 75,100
60,200
100, 296
' 75,039
100, 015
75,082
100,050'
76,020
3 75,523
80,034
q v lent
Price (per E a tu i^ a(per,
r e
h u n d r e d ) ' cent) '
,,$99.806
99.876'
99.870
99. 877
,99.878
: 99. 8S7
99.893
99.919
99.932
99:939
99. 931
99. 929
99. 909
99. 901
: 99.906
^
99.. 913
99; 919.:
99: 933
99. 945.
99. 965
99. 971
99.973
99.976
99.974
99.971
99.968
99.957.
• 1 Bank discount rate.
0. 766
.•490
.614
.488
.481
.448
.422
.321
.271
.243
.273
.282
.359
.392
.373
.345,
.319
.263
.218
. 137
.116
.106
.097
.102
.117
...127
,.169
1933
Apr..6andll
A p r . 13 a n d 18
A p r . 20 a n d 26
A p r . 28 a n d M a y 2 .
M a y 4 and 9 . . .
M a y H a n d 16
M a y 18 a n d 2 3 - . - • . .
M a y 24 a n d 2 7 - . . . .
June 1 and 6
J u n e 16 a n d 20
J u n e 22 a n d 27
J u n e 28 a n d J u l y 1.
J u l y 6 a n d 11..
J u l y 13 a n d 18
J u l y 20 a n d , 2 5 . . - . . J u l y 27 a n d A u g . 1.
Aug. 3 and 8
-.
A u g . 10 a n d 15
A u g . 17 a n d 22
A u g . 24 a n d 29
A u g . 30 a n d Sept. 2
Sept. 14 a n d 1 9 - - : .
Sept. 21 a n d 2 6 . . . . .
Sept. 28 a n d Oct. 3 .
Oct. 6 a n d 10 -—- —
Oct. 12 a n d 1 7 . . — Oct. 19 a n d 24-_
2 Revised. A u g . 9, 1933.
A p r . 10.
A p r . 17.
A p r . 24.
M a y 1.
M a y 8.
M a y 15."
M a y 22.
M a y 26.
J u n e 5.
J u n e 19.
J u n e 26.
J u n e 30.
J u l y 10.
J u l y 17.
J u l y 24.
J u l y 31.
A u g . 7.
A u g . 14:
A u g . 21.
A u g . 28.
Sept. i .
Sept. 18.
Sept. 25.
Oct. 2.
Oct. 9.
Oct. 16.
Oct. 23.
3 R e v i s e d Oct. 18, 1933.
Sinking fund
Exhibit 20
Legislation authorizing additional appropriations for the cumulative sinking fiond
SECTION 8 0 8 OF TECH EMERGENCY R E L I E F AND CONSTRUCTION ACT OF 1 9 3 2
•'
" N O : 3 0 2 , 7 2 D VONG., APPROVED' J U L Y 2 1 , 1 9 3 2 )
(PUBLIC
SEC 308. For each fiscalyear beginning with the fiscal year 1934, there is
authorized to be appropriated, for'the purposes of the sinking fund provided
in section 6 of the Victory Liberty Loan Act, as amended, in addition to amounts
otherwise appropriated, an amount equal to 2i/^ per centum of the aggregate
amount Pf the expenditures made^ but of appropriations made or authorized
in this title, on or after the date of the enactment of this act and on or before t^he last da;^ of the fiscal year for which the appropriation is made.
SECTION 2 r o OF T H E NATTOJNAL-INDUSTRIAL EECOVERY ACT ( P U B L I C NO. 6 7 , 7 3 D CONG.,
_ • ; - ' • - • • - - ; '
' - ]'•'"•[
' A P P R O V E D J U N E 16, 1933)
'
SEC. 210. (a) The Secretary
the Treasury is authorized to borrow, from
"time to ;tiriae,'under tli^^
Liberty Bond Act," as amended, such amounts
as .jma^,^'be nec¥ssa
riieet
the expenditures authorized by this act, hr to
refurfd any obligatibns previpiLslyissued'.urider this section, and to issue therefor borids,' riotes,' certifica^
Treasury bills of the United
• S t a t e s ; -
"\
'"'•";'
'"-'
"•^•"•••'-^"^
•:>.-.-•••:
\-
:
••
-
•
•
.
•
.
.;,
.
;^ (b)f For each-fi'scar-ye^^^^^
with'the fiscal year 1934 there is hereby
apprripriated, 'in addition" to a'nd a s ' part^ of, the cuniurative sinking fund
REPORT OF THE SECRETARY OF THE TREASURY
187
provided by section 6, of the Victory Liberty Loan Act, as amended, out of
any:money in the Treasury not otherwise appropriated, for the purpose of
such fund, an amount equal to 2% per centum of the aggregate amount of the
expenditures made out of appropriations made or authorized under this act
as determined by the Secretary of the Treasury.
MONEY AND BANKING
Exhibit 21
[Public No. 1, 73d Cong., H.R. 1491]
An-Act to provide relief in the existing national emergency in banking, and for
/: J "..;'.'
other purposes
. ' B e i t enacted by the Senate and House of Representatives of the United
States of America in Congress assembled, That the Congress hereby d'eclares
that a serious emergency exists and that it is imperatively necessary speedily
tp put into effect remedies of uniform national application.
•' / .
TITLE I
: SECTION 1. The actions, regulations, rules, licenses, orders and proclamations
heretofore or hereafter taken, promulgated, made, or issued by the President of
the-United States or the Secretary of the Treasury since March 4, 1933, pursUa,ht tb the authority, conferred by subdivision (b) of section 5 of the Act of
OctPber 6, 1917, as. amended, are hereby approved and confirmed.
. SEC. 2. Subdivision (b) cf- section 5 of the Act of October 6, 1917 (40 Stat.
L.. 411), as amended, is hereby amended to read as follows:
j " ( b ) During time of war or during any other period of national emergency
declared by the President, the President may, through any agency that he
jiiay designate, or otherwise, investigate, regulate, or prohibit, under such rules
and regulations as he may prescribe, by means of licenses or otherwise, any
transactions in foreign exchange, transfers of credit between or payments by
banking institutions as defined by the President, and export, hoarding, melting,
or earmarking of gold or silver coin or bullion or currency, by any person within
the United States or any place subject to the jurisdiction thereof; and the
President may require any person engaged in any transaction referred to in
this subdivision to furnish under oath, complete information relative thereto,
including the production of any books of account, contracts, letters or other
papers,nn connection therewith in the custody or control of such person, either
before or after such transaction is completed. Whoever willfully violates any
ofthe provisions of this subdivision or of any license, order, rule or regulation
issued thereunder, shall, upon conviction, be fined not more than $10,000, or, if
a natural person, may be imprisoned for not more than ten years, or both;
and any officer,-director, or agent of.any corporation who knowingly participates
• in such violation may. be punished by a like fine, imprisonment, or botih. As
, used, in this subdivision the term ' person' means an individual, partnership,
; association, or corporation."
SEC. 3. Sectipn 11 of the.Federal Reserve Act is amended by adding at the
end thereof the following new subsection:
"(n) .Whenever in the judgment of the Secretary of the Treasury such action
is necessary to protect the currency system of the United States, the Secretary
/Of the Treasury, in his discretion, may require any or all individuals, partnerships, associations, and corporations to pay and deliver to the Treasurer of
the United States any or all gold coin; gold bullion, and gold certificates owned
.by such individuals, partnerships, associations, and corporations. Upon re-ceipt: of such gpld, coin, gold bullion, or gold certificates, the Secretary of the
Treasury, shall pay therefor an equivalent amount of any other fPrm of coin
or currency coined or issued under the laws of the United States. The Secreztary of the Treasury shall pay all costs of the transportation of such gold
bullion, gold certificates, coin, or currency, including the cost of insurance,
protection, and such -other incidental costs as may be reasonably necessary.
Anyvindiyidual, partnership, association, or corporation failing to comply with
any requirement of the Secretary of the Treasury made under this subsection
188
REPORT GF THE SECRETARY OF THE TREASURY
shall be subject to a penalty equal to twice the value of the gold or gold certificates in respect of which such failure occurred, and such penalty may be
collected by the Secretary of the Treasury by suit or otherwise."
«EC. 4. In order to provide for the safer and more effective operation of the
national banking system and the.Federal Reserve System, to preserve for the
people the full benefits of the currency provided for by the Congress through,
the national banking system and the Federal Reserve System, and to relieve
interstate commerce of the burdens and obstructions resulting frpm the receipt on an unsound or unsafe basis of deposits subject to withdrawal by check,
during such emergency period as the President of the United States by proclar
matioh may prescribe, no member bank of the Federal Reserve System shall
transact any banking business except to such exteint and subject to such regulations, limitations, and restrictions as may be prescribed by the Secretary of
the Treasury,, with the approval of the President. Any individual, partnership,
corporation, or association, or any director, officer, or employee thereof, violating,
any of the provisions of this section shail be deemed guilty of a misdemeanor
and, upon conviction thereof, shall he fined not more than $10,000 or, if a
natural person, may, in addition to such fine, be imprisoned for a term not exceeding ten years. Each day that any such violation continues shall be deemed
a separate offense.
TITLE II
SEC, 201. This title may be cited as the ." Bank Conservation Act."
SEC. 202. As used in this title, the term " bank" means (1) any national
banking association, and (2) any bank or trust company located in the District
of Columbia and operating under the supervision of the Comptroller of the
Currency; and the term " State" means any State, Territory, or possession,
of the Uhited States, and the Canal Zone.
: SEO. 203. Whenever he shall deem it necessary in order to conserve the
assets of any bank for the benefit of the depositors and other creditors thereof,
the Comptroller of the Currency may appoint a conservator for such bank and
require of him such bond and security as the Comptroller > of the Currency
deems proper. The conservator, under the direction of the Comptroller, shall
take possession of the books, records,, and assets of every description of such
bank, and take such action as may be necessary to conserve the assets o:^:
such bank pending further disposition of its business as provided by law.
Such conservator shall have all the rights, powers, and privileges now possessed
by or hereafter given receivers of insolvent national banks and shall be subject
to the obligations and penalties, not inconsistent with the provisions of this
title, to which receiyers are now or may hereafter become subject. During
the time that such conservator remains in possession of such bank, the rights
of all parties with respect thereto shall,, subject to the other provisions pf this
title, be the same as if a receiver had b^en appointed therefor. All expenses
of any such conservatorship shall be paid out of the assets of such bank and
shall be a lien thereon which shall,be prior to any other lien provided by this
Act or otherwise. The conservator shall receive as salary an amount no
greater than that paid to employees of the Federal Grovernment for similar
services.
• SEC. 204. The Comptroller of the Currency shall cause to be made such examinations of the affairs of such bank as shall be necessary to inform him as.
to the financial condition of such bank, and the examiner shall make a report
thereon to the Comptroller of the Currency at the earliest practicable date.
SEC. 205. If the Comptroller of the Currency becomes satisfied that it may
safely be done and that it would be in the publip interest, he may, in his discretion, terminate the conservatorship and permit such bank to resume the transaction of its business subject to such terms, conditions, restrictions.and limitations as he may prescribe.
'
.
SEC. 206. While such bank is in the hands of the conservator appointed by
the Comptroller of the Currency, the Comptrdller ,may require the conservator
to set aside and make available for withdrawal by depositors and payment to
other creditors, on a ratable basis, such amounts as in the opinion of the Comptroller may safely be used for this purpose; and the Comptroller may, in his
discretion, permit the Conservator to receive deposits, but deposits received while
the bank is in the hands of the conservator shall not be subject to ariy limitation
as to payment or withdrawal, and such deposits shall be segregated and shall
not be used to liquidate ariy iodebtedness of such ban]? existing at the time that
REPORT OF THE SECRETARY OF THE TREASURY
189
a conservator was appointed for it, or any subsequent indebtedhess incurred
for the purpose of liquidating any indebtedness of such bank existing at the
time such conservator was appointed.' Such deposits received while the bank is
in the hands of the conservator shall be kept on hand in cash, invested in the
direct obligations of the United States, or deposited with a Federal reserve
bank. The Federal reserve banks are hereby authorized to open and maintain
separate deposit accounts for such purpose, or for the purpose of receiving deposits from State officials in charge of State banks under similar circumstances.
SEC. 207. In any reorganization of any national banking association under a
plan of a kind which, under existing law, requires the consent, as the case may
be, (a) of depositors and other creditors or (b) of stockholders or (c) of both
depositors and other creditors and stockholders, such reorganization shall become
effective only (1) when the Comptroller pf the Currency shall be satisfied that
the plan of reorganization is fair and equitable as to all depositors, other creditors and stockholders and is in the public interest and shall have approved
the plan subject to such conditions, restrictions and limitations as he may prescribe and (2) when, after reasonable notice of such reorganization, as the
case may require, (A) depositors and other creditors of such bank representing
at least 75 per cent in amount of its. total deposits and other liabilities as shown
by the books of trie national banking association or (B) stockholders owning at
least two-thirds of its outstanding capital stock as shown by the books of the
national banking association or (C) both depositors and other creditors representing at least 75 per cent in amount of the total deposits and other liabilities
and stockholders owning at least two-thirds of its outstanding capital stock as
shown by the books of the national banking association, shall have consented
in writing to the plan of reorganization: Provided, however, That claims of
depositors or other creditors which will be satisfied in full under the provisions
of the plan of reorganization shall not be included among the total deposits
and other liabilities of the national banking association in determining the 75
per cent therePf as above provided. When such reorganizatipn becomes effective,
all books, records, and assets of the national banking association shallbe disposed of in accordance with the provisions of the plan and the affairs of the
national banking association shall be conducted by its board of directors in the
naariner provided by the plan and under the conditioris, restrictions and limitations which may have been prescribed by the Comptroller of the Currency,
In any reorganization which shall have been approved and shall have become
effective as provided herein, all depositors and other creditors and stockholders
of such national bariking association, whether or not they shall have consented^
to such plan of reorganization, shall be fully and in all respects subject to and"
bound by its provisions, and claims of all depositors and other creditors shall
be treated as if they had consented to such plan of reorganization.
SEO. 208. After fifteen days after the affairs of a bank shallhave been turned
back to its board of directors by the conservator, either with or without a
reorganization as provided in section 207 hereof, the provisions of section 206
of this title with respect to the segregation of deposits received while it is in
the hands of the conservator and with respect to the use of such deposits to
liquidate the indebtedness of such bank shall ho longer be effective: Provided,
That before the conservator shall turn back the affairs of the bank to its board
of directors he shall cause to be published in a newspaper published in the city,
tPwn or county in which such bank is located, and if no newspaper is published
in such city, town or county, in a newspaper to be selected by the Comptroller
of the Currency published in the State in which the bank is located, a notice in
fprm approved by the Comptroller, stating the date on which the affairs of the
bank will be returned to its board of directors and that the said provisions of
section 206 will not be effective after fifteen days after such date; and on the
date of the publicatipn of such notice the conservator shall immediately send
to every person who is a depositor in such bank under section .206 a copy of
such notice by registered mail addressed to the last known address of such
person as shown by the records of the bank, and the conservator shall send
similar notice in like manner to every person making deposit in such bank
under section 206 after the date of such newspaper publication and before the
time when the affairs of the bank are returned to its directors.
SEC 209. Conservators appointed pursuant to the provisions of this title shall
be subject to the provisions of and to the penalties prescribed by section 5209
of the Revised Statutes (U. S. C, Title 12, sec. 592) ; and sections 112, 113, 114,
115, 116 and 117 of the Criminal Code of the United States (U: S. C, Title 18,
REPORT: OF T H E SECRETARY OF T H E TREASURY
sees. 202, 203, 204, 205, 206 and ^7)., in so far as applicable, are extended to
apply to contracts, agreements, proceedings, dealings, claims and controversies
;b:y;or with;any such conservator or the Comptroller"of the Currency under the
provisions of this title.
. . .
; : SEC. .210. .Nothing in this title shall be :construed to impair in any manner
any powers of the President, the' Secretary of the Treasury, the.Comptroller of
the:Currency, or the Federal Reserve Board. .
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1 SEC.-211. The Comptroller; of the Currency is hereby autliorized and empowered; with the approval of,the Secretary of the Treasury, to prescribe such
rules and regulations as he-may deem* necessary in order'to carry out the
prpyisipns ofthis titlCc Whoever violates any rule or regulation made pursuant to this section shallbe deemed guilty of a misdemeanpr and, upon conviction
.thereof, shall be fined not more than $5,000;; or imprisoned not more than one
year,^or both.
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•.^;TITLE.TII,-, ^
. ... • 1, SEC; 301. Notwithstanding any other provision of.law, any national banking
association may, with the approval of the.Comptroller of the Currency and by
vote of shareholders owning a majority of the stock of such association, upon
not less than fiye days' notice, given by registered mail pursuant to action
taken by its board of directors, issue preferred stock in such amount and with
such par value as shall, be. approved by said Comptroller, and make- such
amendments to its articles of association as may-be necessary for this purpose;
but, in the case of: any newly organized -national banking-association which
has not: yet issued, common stock, ..the requirementt of notice to and vote of
sharehplders shall.not apply. No issuenof preferred: stock shall be valid until
the par value of all stock so issued shall be paid. in.
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SEC. 302. (a): The holders of such preferred stock shall be entitled to cumulative ^ dividends at a rate not exceeding,:6^per centum per annum, but shall not
be. held individually responsible as such holders- for- any debts, contracts, or
engagements, of such association and shall not be liable for assessrrients to
restore impairments in the capital of such association as now provided by law
with reference tp holders of .comnaon stocki', Notwithstandinga any other provisipn of law,, the.holders of such preferred stock shall have such voting rights,
and such stock, shall be subject to retirement in such manner and on such terms
and .conditions,- as may be,provided in the articles of association with the
approyal of the.Comptroller.of the Currency.
. :
, (b). No/dividends shall be rdeclared, or paid on common, stock until the
" cumulatiye dividends^on:the preferred-stock shall havebeen paid in. full; and,
ifvthe-asspciation :is placed in voluntary liquidation or a conservator or a
receiver is.appointed therefor, no payments shall be made to the holders of
the comnaon stock until.the holders of the preferred stock shall have been paid
in full the par value of such stock plus all accumulated dividends.
SEC 303. The term. " common stock" as used in this title means stock of
national banking associations other than preferred stock issued under the
provisions of this title. . The term " capital",, as used in prpvisions of law
relatirig to the capital of national baripng'associatioiis shall mean the amount
of unimpaired Commpn stPck plus tlie: araount pf .preferred. stpck outstandirig
and iinimpaired; and the tern^ " capital stpcl? ", as used in sectipn 12 of the
Act qf March 14, 1900, shall riaPan Pnly the amburit of corrimbh stock outstanding.
• 'SEC.' 304. if iii^ the bp^^
bf the .Secretary ^bf'the„ Treasury any riational
banking associatfbribr any State bank ^q^
is in need .of furids
for'ca.pital purposes either in cpriri.ectibn with the Prgaiiization or reorganizatibri of such association. State bank or trust coriipariy or otherwise, he may,
with the apprpval of the President, request the Rep.onstructipn Finance Corporation to subscribe for preferred stock in such association. State bank or trust
company, or to make loans secured by such stock as collateral, and the Reconstruction Finance Corporation may comply with such request. The Reconstruction Finance Corporation may, with the^ approval of the Secretary of the
Treasury, and under such rules and regulations as he may prescribe, sell in
the open m.arket or ptherwise the whole or any part, of the preferred stPck of
any natipnal.banking asspciation, State.bank or trust cpmpany. acquired by the
Corporation pursuant to this section. The amount of notes, bonds, debentures,
and otlier such obligations which the Reconstruction Finance Corporation is
authorized, and empowered, to issue and to have outstanding at any one time
under existing law is liereby increased, by an amount sufficient to carry out
the provisions of this section.
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REPORT OF THE SECRETARY OF THE TREASURY
191
• , . •:••:•. •; '..•y TiTBB IV''':: ;-•'/' •'^-:" •-'^^•• -•••^- '^.^^ -::"-'-. ; v^
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SEC. 401. The sixth paragraph pf sectibn 18 of the Federal Reserve Act is
amended to read as follows:
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"Upon, the deposit with the Treasurer bf the UnitedlStates .(a) of any direct
obligations of the United States, or (b) of any notes, drafts, bills.of exchange,
or bankers' acceptances acquired under the provisions^of this Act,-any: Federal
Reserve bank making such; deposit in.the manner prescribed :by the Secretary of
the.Treasury shall be entitled to receive from the Comptroller of the Currency
circulating notes in blank, duly registered and countersigned. ; When such circulating, notes are issued agairist the security of obligations bf the Uinted States,
the amount of such circulating notes shall be equal to' the face value of the
direct obligations of the United States^ so deposited «as- security; and, when
issued against the security of notes, drafts, bills of exchange, and' bankers'
acceptances acquired under the provisions of this Act, the amount thereof shall
be equal to not more than 90 percent of the estimated value of such notes, drafts,
bills of exchange, and bankers' acceptances sP deposited- as security-; Such notes
shall be the obligations of the Federal Reserve bank procuring the same, shall
be in form prescribed by the Secretary of the Treasury, shall be receivable at
par in all parts of the United States for the samepurposesJasare national bank
notes, and shall be redeemable in lav^ful money of-the United States on present
tation at the United States Treasury or a t the *:bank of issue. The Secretary of
the Treasury is authorized and empowered :;to prescribe regulations governing
the issuance^ redeniption, replacement,'retirement, and ^destruction of such circula ttag notes and the release and substitu tiori of security .therefor. Such circulating notes shall be subject to. the' same tax^ as is provided by law for the
circulating notes of national banks secured ibyr 2-percent bonds of the United
States. No such circulating, notes shall be! issued mnder this paragraph after
the President has declared^ by proclahiation that the emergency: recognized by
the President by proclamation of 'March 6, 1933,rhas terminated, unless such
circulating notes are secured by. deposits of bondsuof the United States hearing
the circulation privilege. When required to do so by the Secretary of the
Treasury, each Federal Reserve agent shall act as agentof the Treasurer of the
United States or of the Comptroller lof the -Currency^ Priboth, for the performance of any of the functions which the Treasurer or the* Comptrolleir may^be
called upon to perform in carrying out the provisions bf this paragraph;"-Appropriations available for distinctive paper and printing United States currency or
national bank currency are hereby made available for the production of the
circulating notes of Federal Reserve banks herein provided; but the United
States shall be reimbursed by the. Federal Reserve bank-to which' such notes are
issued for all expenses necessarily incurred in connection with the procuririgpf
such nptes and all other expenses incidental to 4heir issueV redemption, replacement, retirement, and destruction."
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SEC. 501. There is hereby appropriated, ^^q^
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not otherwise appropriated, the sum qf $2,000,Q0p, wM shall^ be available, for
expenditure, under the direction of the President and'in his discretion, for any
purpose in connection with the carrying oiit of this Act. . ".^
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SEC 502. The right to alter, amend, or repeal this, Act! is hereby expressly
reserved. If any provision of this Act, or the application thereof to any person
or circumstances, is held invalid, the remainder of the Act, arid the application
of such provision tp other persbns or circumstances/,, shail ript^^^^^^
thereby. '" ':
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Approved March 9th, 1933.
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Exhibit 22
Title I I I of the act of May 12, 1933 {Public No. 10,>'73d Gong.y—Financiay-<ind
Exercising power conf erred by Section 8 of Article I of 4he Constitution: To
coi/n money and to regulate the value thereoj"^
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"
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SEC 43. Whenever the President finds, upPn investigatiPh, that-(T) the
for^gn commerce of the United States is adversely affected by reason of the
depreciation in the value of the currency of any other government or gbverh14820—38-^
14
192
REPORT OF THE SECRETARY OF THE TREASURY
ments in relation to the present standard value of gold, or (2) action under this
section is necessary in order to regulate and maintain the parity of currency
issues of the United States, or (3) an economic emergency requires an expansion of credit, or (4) an expansion of credit is necessary to secure by international agreement a stabilization at proper levels of the currencies of various
governments, the President is authorized, in his discretion-^
(a) To direct the Secretary of the Treasury to enter into agreements with
the several Federal Reserve banks and with the Federal Reserve Board whereby
the Federal Reserve Boara will, and it is hereby authorized to, notwithstanding
any provisions of law or rules and regulations to the contrary, permit such
reserve banks to agree that they will, (1) conduct, pursuant to existing law,
throughout specified periods, open market operations in obligations of the
United States Government or corporations in which the United States is the
majority stockholder, and (2) purchase directly and hold in portfolio for an
agreed period or periods of time Treasury bills or other, obligations of the
United States Government in an aggregate sum of $3,000i,00O,00O in addition
to those they may then hold, unless prior to the termiriation of such period
or periods the. Secretary shall consent to their sale. No suspension of reserve
requirements of the Federal Reserve banks, under the terms of section 11(c)
of the Federal Reserve Act, necessitated by" reason of operations under this
section, shall require the imposition of the graduated tax upon any deficiency
in reserves as provided in said section 11(c). Nor shall it require any automatic increase in the rates of interest or discount charged by any Federal
Reserve bank, as otherwise specified in. that section. The Federal Reserve
Board, with the approval of the Secretary of the Treasury, may require the
Federal Reserve banks to take such action as may be necessary, in the judgment of the Board and of the Secretary of the Treasury, to prevent undue
credit expansion.
(b) If the Secretary, when directed by the President, is unable to secure
the assent of the several Federal Reserve banks and the Federal Reserve
Board to the agreements authorized in this section, or if operations under
the above provisions prove to be inadequate to meet the purposes of this
section, or if for any other reason additional measures are required in the
judgment of the President to meet such purposes, then the President is
authorized—
' (1) To direct the Secretary of the Treasury to cause to be issued in such
amount or amounts as he may from time to time order, United States notes,
as provided in the Act entitled "An act to authorize the issue of United States
notes and for the redemption of funding thereof and for funding the floating
debt of the United States", approved February 25, 1862, and Acts supplementary thereto and amendatory thereof, in the same size and of similar color
to the Federal Reserve notes heretofore issued and in denominations of $1, $5,
$10, $20, $50, $100, $500, $1,000, and $10,000; but notes issued under this subsection shall be issued only for the purpose of meeting maturing Federal obligations to repay sums borrowed by the United States and for purchasing United
States bonds and other interest-bearing obligations of the United States: I'rovided, That when any such notes are used for such purpose the bond or other
obligatiqn so acquired or taken up shall be retired and canceled. Such notes
shall be issued at such times and in such amounts as the President may approve
but the aggregate amount of such notes outstanding at any time shall.not exceed
$3,000,000,000. There is hereby appropriated, out of any money in the Treasury
not otherwise appropriated, an amount sufficient to enable the Secretary of
the Treasury to retire and cancel 4 per centum annually of such outstanding
notes, and the Secretary of the Treasury is hereby directed to retire and cancel
annually 4 per centum of such outstanding notes. Such notes and all other
coins and currencies heretofore or hereafter coined or issued by or under
the authority of the United States shall be legal tender for all debts public and
private.
(2) By proclamation to fix the weight of the gold dollar in grains nine tenths
fine and also to fix the weight of the silver dollar in grains nine tenths fine at a
definite fixed ratio in relation to the gold dollar at such amounts as he finds
necessary from his investigation to stabilize domestic prices or to protect the
foreign commerce against the adverse effect of depreciated foreign currencies,
and to provide for the unlihaited coinage of such gold and silver at the ratio
so fixed, or in case the Government of the United States enters into an agreement with any government or governments under the terms of which the ratio
between the value of gold and other currency issued by the United States and
REPORT OF THE SECRETARY OF THE TREASURY
193
by any such government or governments is established, the President may fix
the weight of the gold dollar in accordance with the ratio so agreed upon, and
such gold dollar, the weight of which is so fixed, shall be the standard unit of
value, and all forms of money issued or coined by the United States shall be
maintained at a parity with this standard and it shall be the duty of the Secretary of the Treasury to maintain such parity, but in no event shall the weight
of the gold dollar be fixed so as to reduce its present weight by more than 50
per centum.
SEC 44. The Secretary of the Treasury, with the approval of the President,
is hereby authorized to make and promulgate rules and regulations covering
any action taken or to be taken by the President under subsection (a) or (b)
of section 43.
SEC 45. (a) The President is authorized, for a period of 6 months from
the date of the passage of this Act, to accept silver in payment of the whole
or any part of the principal or interest now due, or to become due within 6
months after such date, from any foreign government or governments on
account of any indebtedness to the United States, such silver to be accepted
at not to exceed the price of 50 cents an ounce in United States currency.
The aggregate value of the silver accepted under this section shall not exceed
$200,000,000.
(b) The silver bullion accepted and received under the provisions of this
section shall be subject to the requirements of existing law and the regulations
of the mint service governing the methods of determining the amount of pure
silver contained, and the amount of the charges or deductions, if any, to be
made; but such silver bullion shall not be counted as part of the silver bullion
authorized or required to be purchased and coined under the provisions of
existing law.
(c) The silver accepted and received under the provisions of this section
shall be deposited in the Treasury of the United States, to "be held, used, and
disposed of as in this section provided.
(d) The Secretary of the Treasury shall cause silver certificates to be issued
in such denominations as he deems advisable to the total number of dollars
for which such silver was accepted in payment of debts. Such silver ceri;ificates
shall be used by the Treasurer of the United States in payment of any obligations of the United States.
(e) The silver so accepted and received under this section shall be coined
into standard silver dollars and subsidiary coins sufficient, in the opinion of
the Secretary of the Treasury, to meet any demands for redemption of
such silver certificates issued under the provisions of this section, and such
coins shall be retained in the Treasury for the payment of such certificates
on demand. The silver so accepted and received under this section, except
so much thereof as is coined under the provisions of this section, shall be held
in the Treasury for the sole purpose of aiding in maintaining the parity of
such certificates as provided in existing law. Any such certificates or reissued
certificates, when presented at the Treasury, shall be redeemed in standard
silver dollars, or in subsidiary silver coin, at the option of the holder bf the
certificates: Provided, That, in the redemption of such silver certificates issued
under this section, not to exceed one third of the coin required for such
redemption may in the judgment of the Secretary of the Treasury be made in
subsidiary coins, the balance to be made in standard silver dollars.
(f) When any silver certificates issued under the provisions of this section;
are redeemed or received into the Treasury from any source whatsoever, and
belong to the United States, they shall not be retired, canceled, or destroyed,
but shall be reissued and paid out again and kept in circulation; but nothing
herein shall prevent the cancelation and destruction of mutilated certificates
and the issue of other certificates of like denomination in their stead, as
provided by law.
(g) The Secretary of the Treasury is authorized to make rules and regulations for carrying put the provisions of this section.
SEC 46. Section 19 of the Federal Reserve Act, as amended, is amended
by inserting immediately after paragraph (c) thereof the following new
paragraph:
" Notwithstanding the foregoing provisions of this section, the Federal
Reserve Board, upon the affirmative vote of not less than five of its members
and with the approval of the President, may declare that an emergency exists
by reason of credit expansion, and may by regulation during such emergency
increase or decrease from time to time, in its discretion, the reserve balances
required to be maintained against either demand or time deposits."
^ '%&4:
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' ]REPt)R;T" OF THE SECRETARY OF ^THE TREAS:URY
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••'Exhibit-23
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. .:[Public;Resolutipn N0..IO, TSd Gong., H.J.Res. 192]
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' J (Milt R e s o l u t i o n i to< a s s u r e u n i f o r m v a l u e ito t h e c o i n s . and^^. c u r r e n c i e s [of t h e
n r •[•.::]•''::-K: : y - . . ., , • • •_, ••..-y. U n i t e d S t a t e s . ,
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Whereas;the holding of pr dealing in gold affect the public, interest, and are
' .i therefore subject to proper regulation and restrictibn; and
-Whereas the existing emergency „has disclosed that prqyisiPns, of obligations
^ which, purport to give the, obligee a, riglit to require payhient in gqld,'pr a
particular kind of .coin or currency of the United States, or ih an ainqunt in'
•' mbney of the United States .measured .thereby, obstruct the power of the
"'<<• Congress to regulate the value .pf the money of the Uriited States, and'are
. inconsistent with the declared policy pf the Congress to maihtain at all times
the equal power of every dollar, coined or issued by the United States, in' the
markets iaud in the payment of debts. Now, therefore, be it .
.' Resolved by the Senate and House^of Representatives of the pkited Stafes
r'op:America in Congress ass,embled, Tha,t (a)..every,provision contained in'^or
made with >respect to.any pbligat.ipn, which pui^ports to, give the oblige^^ a ri^ht
^'to:requirp,ypayment in gold oiv a pai:ticuiar kind of coin .or currency, 'or'in an
- .amount i n . money of tlie United States vmeasured thereby, is dejciared to\ ,be
.mgainst pub.Hc policy; and no suG.h provision shalL be contained in or made with
respect to any» obligation,.hereafter incurred' .Every' obiigatipn,,'heretofore;^
"hereafter incurred, whether or not any. such.provision is contaihed,therein;or
. ihade with respect theretp, shall be displiarged upon paymentj dollar for dpllar,
.in; any-coin or currency, which at the „time of payment is legal tender fpr public
'-and'priyate debts. Any; jsuch prpvis.ion . contained in.. any law authorizing
r-obligations to: be; issuedv by or .under authority of the. United,States,, is hereby
repealed, b u t t h e repeal of any such provision shall not invalidate.'any otlier
;-provisipn or authority contained in such law.
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; -i(ib), As .used in this, resolution, .the; term "obligation" means an Pbligaton
(including'.every, obligation of and. tp the United States/ excepting currency)
.payable in'money of.the United iStates; and the term "coin qr currency" means
o-coin (or currency of the United States, including Fiederal Reserve notes and
- GirGulating:notesf>of Federal; Reserve banks and natiorial bariking associations.
.; SEC. 2.- The,last.sentence of,paragrapb, ,(1) of subsection (b) of sectipn 43 of
^the Act. entitled "An,Act to relieve the existing national econoiiiicemei^^^
increasing agricultural, purchasing power, to raise revenue fbr extraordinary
expenses: incurred by reason of such emergency, to, provide emergency relief
-with respect to agricultural indebtedness, to p.rovide for-the orderly liquidation
pf; joint stock-land banks, and for other purposes ", apprbyed May 12, 19^33, is
amended to;;read as follows:
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,7 ."All;,coins..and currencies of the XJnited' State.s (including Federal' Reserve
efnotesoand circulating notes of Federal,Reserve banks and national banlang
ifassoMatipns) heretefpre or hereafter cbihed or issued*, shall be iegai tender for
/all .debts,:public and private, public .charges, taxes, duties, and dues, .except.that
:gold coins, -when, below the standard weight and. limit of toleraiice provided
by law for the single piece, shall be legal tender only at,valuation in prblpq.rtm^^
,.to,their,actiiial.-w:eight.". ,.;,,..,. ,., :,, ..-.,,,''•••-i •-•••• ^ '•'••"•'".".",,•'''•. ""..',;„„,', Z'^,""
Approved June 5, 1933.
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Exhibit 24
Proclamations and Executive orders issued by the President in connection.loith
the banking emergency
,. " ... .
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PROCLAMATION, MABCH 6,
1933
Whereas there have been heavyA and unwarranted withdrawals of gold and
currency from our banking institutions for the purpose of hoarding; and
':r Whereas::continuous:.and ihcreasingly extensive speculative activity abroad
vin foreign •exchange has. resulted^ in severe drains on the Nation's stocks of gold;
: > :Whereas these .conditions have created a national• emergency ; and
V
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R E P t o t OF THE SECRETARY OF THE-TREASURY
:195
Whereas it is in the best interests of all bank depositors that a period of
respite be provided with a view to preventing further hoarding of coin, bullion,
or currency or speculation in foreign (exchange and'permitting the application
of appropriate measures to protect the interests of our people; and
Whereas it is provided in section 5 (6) Pf the act of October 6, 1917^ (40 Stat.
L. 411) as amended, "That the Presiderit may investigate, regulate, or prohibit,
under such rules and regulations as he may prescribe, by means of licenses or
otherwise, any transactions in foreign exchange and the export, hoarding,' melting, prearmarkingsbf gold or:siiver coin or'bullibn or currency: :* * .f " j and
, Whereas it is prpyided in sectibri 16 bf the' said^^act'" that whoever .shall
willfully violate any of the i)rqvisibns of this act or of any license, rule, or
regulation issued thereunder,' and whoeVei: shall willfully violate, neglect, or
refuse to cPinply with' any order bf the President issued in compliance with the
provisions of, this act, shall, upcn cphvicfioh, be fined not more than $10,000,
or,. if a natural pefson,'*'impi:isoiied'' for ;ribt * more than teriv years, or
b o t h ; - ' * '
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Now, therefore, it, FranMiri D/Roosevelt, President of the Unlte.d> States of
America, in view of such national eriier'gehcy "arid by virtue of the authority
vested in me by said act arid" in oi^der tbpreverit the;export, hoarding;'or
earmarking pf gold Pr Silver cpiri or'bullibn or currericy, do hereby'proclaim,
order, direct and declare that"frbm'Mohday, the'sixth daypf March, to Thursday, the nintht day of March, niheteeri hundred' and thirty-three, -both dates
inclusive, there shall be main tairied arid'observed by alt bahkihg' institutions
and all branches thereqf located iri the Uriited States of America; including
the territories and insular possessions, a barik holiday, and that during said
period all banking transactioris^'shail' be suspended. ' During such holiday,
excepting as hereiriafter provided, nP such hanking institutiPn Pr branch shall
pay out, export, ;eai:mark, or perinit the withdrawal or transfeir in ariy,manner
or by any device whatsoever, bf any gbld or silver coin or bullion Prcuri^ency
or take any other action which might facilitate the hoarding thereof • nor shall
any such banking institution or branch pay but "deposits; make loans or discounts, deal in foreign: exchange, transfer credits'frorii''the Uhited/States to
any place abrpad, or transact any other baiikiiig husiriess whatsPevei'. ' :
During such holiday the Secretary of the Treasury, With the - approval
of the President and under such regulations as he may prescribe; is authorized
and empowered (a) to permit.any or all of such bariking institritiPris to perfbrm
any pr all of the usuaPbanking functions, (&) to direct, require or permit the issuance of clearing; house certificates Pr other' evidences of claims against
assets of banking institutions, and {d) to aiithPriize and direct the creation'in
such banking institutions of special trust, accounts for the >-receipt of hew
deposits which shall be subject to withdrawal pri dernand without^ any restriction or limitatioh and shall be kept separately in'cash or oh deposit in
Federal Reserve banks or invested in obligations of the United States.^
'
As used" in this order the term "banking: institritiohs''/shall include all
Federal Reserve banks, national banking assPciatibris, banks; trust companies,
savings banks, building arid loaha^ssociatioris,* credit uniprisj oi' other cbrpPra,tions, partnerships, assPbiatiohs or persons,'erigaLgedih the busiriess;of receiving
deppsits, making Ipans, disccunting business; pa^
Or' trarisacting ariy other
form of banking business.'
" '^
^ : . , v^
: v ' .
>; , i
In witness whereof, I have hereunto set my hand arid 'CausedHhe seal-of
the United States to be affixed.
'-'• ' -' ^ • '
;;A
Done in the city of Washington this Oth day of March, 1 a.m., in the year
of our Lord one thousand nine, hundred, and thirty-three, and of the Independence of the United States the one hundred and fifty-seventh.
:['SEAL]
FRANKLIN D . ROOSEVELT.
By the President:''^
';_'.... ^"'"'"
..••••:^vr^.^ ..••••,;••,,;.. •:_.,;., ^ . . y . ,,< ••-v.. --v
>•. •
CORDELL HULL,
Secretary of State.
"
'
.^
PROCLAMATION;
M A R C H ' 9 , - 1 9 3 3 -'
r"-'
"
: .^^"_;•^•'
Whereas, Pn March 6, 1933, I, Franklin :D. .Roosevelt, President,;pf the
IJnited States of Anierica, 'by proclamation declared- the .existence of a national
emergency and proclaimed a bank holiday extending from Monday the 6th day
of March to Thursday the 9.th day of March, T933, "both dates inclusive, ifl;"order
to prevent the export, hoarding or earmarking of gold or silver coin, or bullion
or currency, or speculation in foreign exchange; and
196
REPORT OF THE SECRETARY OF THE TREASURY
Whereas, urxder the act of March 9, 1933, all proclamations heretofore or
hereafter issued by the President pursuant to the authority conferred by sectipn
5 (b) of the act of October 6, 1917, as amended, are approved and confirmed;
and
'
Whereas, said national emergency still continues, and it is necessary to take
further measures extending beyond March 9, 1933, in order to accomplish such
purposes:
Now, therefore, I, Franklin D. Roosevelt, President of the United States of
America, in view of such continuing national emergency and by virtue of the
authority vested in me by section 5 (b) of the act of October 6, 1917 (40 Stat.
L. 411) as amended by the act of March 9, 1933, do hereby proclaim, order,
direct and declare that all the terms and provisions of said ProclamatiPn of
March 6, 1933, ahd the regulations and orders issued thereunder are hereby
continued in full force and effect until further proclamation by the President.
In witness whereof I have hereunto set my hand and have caused the seal
of the United States to be affixed.
Done in the District of Columbia, this 9th day of March, in the year of Our
Lord one thousand nine hundred and thirty-three, and of the Independence of
the United States the one hundred and fifty-seventh.
[SEAL]
F R A N K L I N D.
By the President:
^
RPOSEVELT.
CORDELL HULL,
Secretary of State.
EXECUTIVE ORDER, MARCH 10,
1933
By virtue of the authority vested in me by section 5 (b) of the act of October 6, 1917 (40 Stat. L. 411) as amended by the act of March 9, 1933, and by
section 4 of the said act of March 9, 1933, arid by virtue of all other authority
vested in me, I hereby issue the following Executive order.
The Secretary of the Treasury is authorized and empowered under such
regulatipns as he may prescribe to permit any member bank of the Federal
Reserve System and any other banking institution organized under the laws
of the United States, to perfbrm any or all of their usual banking functions,
except as otherwise prohibited.
The appropriate authority having immediate supervision of banking institutions in each State or any place ,subj ect to the jurisdiction of the United
States is authorized arid empowered under such regulations as such authority
may prescribe to permit any banking institution in such State or place, other
than banking institutions covered by the foregoing paragraph, tp perform any
qr all of their usual banking functions, except as ptherwise prohibited.
All banks which are members of the Federal Reserve System, desiring to
reopen for the performance of all usual and normal banking functions, except
as otherwise prohibited, shall apply for a license therefor to the Secretary of the
Treasury. Such application shall he filed immediately through the Federal
Reserve banks. The Federal Reserve bank shall then transmit such applications to the Secretary of the Treasury. Licenses will be issued by the Federal
Reserve bank upon approval of the Secretary of the Treasury. The Federal
Reserve banks are hereby designated as agents of the Secretary of the Treasury
for the receiving of application and the issuance of licenses in his behalf and
upon his.instructions.
Until further order, no individual, partnership, association, or corporation,
including any banking institution, shall export or otherwise remove or permit
to be withdrawn from the United States or any place subject to the jurisdiction
thereof any gold coin, gold bullion, or gold certificates, except in accordance
with regulations prescribed by or under license issued by the Secretary of
the Treasury.
No permission to any banking institution to perform any hanking functions
shall authorize such institution to pay out any gold coin, gold bullion, or gold
certificates except as authorized by the Secretary of the Treasury, nor to allow
withdrawal of any currency for hoarding, nor to engage in any transaction in
foreign exchange except such as may be undertaken for legitimate and normal
business requirements, for reasonable traveling and other personal requirements, and for the fulfillment of contracts entered into prior to March 6, 1933.
Every Federal Reserve bank is authorized and instructed to keep itself currently informed as to transactions in foreign exchange entered into or con
REPORT OF THE SECRETARY OF THE TREASURY
197
summated within its district and shall report to the Secretary of the Treasury
all transactions in foreign exchange which are prohibited.
FRANKLIN D . ROOSEVELT.
T H E WHITE HOUSE,
March 10, 1933.
EXECUTIVE ORDER, MARCH 18,
1933
By virtue of the authority vested in me by section 5 (b) of the act of October
6, 1917 (40 Stat. L. 411) as amended by the act of March 9, 1933, and by section
4 of the said act of March 9, 1933, and by virtue of all other authority vested
in me, I hereby issue the following Executive order.
Whenever the appropriate authority having immediate supervision of any
banking institution located in any State or place subject tp the jurisdiction
of the United States, which is a member of the Federal Reserve System and
which, has not been licensed by the Secretary of the Treasury to resume its
usual banking, functions, shall deem it necessary or advisable in order to
conserve the assets of such banking institution for the benefit of the depositors
or other creditors, such authority may, in accordance with the provisions of
the applicable laws of such State or place, appoint such appropriate official
as may be authorized under such laws to conserve the assets of such banking
institutions pending further dispositipn of its busiiiess as provided by such laws.
This order shall. not authorize any such member bank to reopen for the
performance of usual and normal functions until it shall have received a
license from the Secretary of the Treasury as provided in Executive order of
March 10, 1933.
FRANKLIN D . ROOSEVELT.
T H E WHITE HOUSE,
March 18, 1933.
BXECUIIVB OROERi, APRIL 5, 193'3,^ FORfilDDING THE HOARDING OF GOLD COIN, GOLD
BULLION, AND GOLD CERTIFICATES
By virtue of the authority vested in me by section 5 (b) of the act of
October 6, 1917, as amended by section 2 of the act of March 9, 1933, entitled
"An act to provide relief in the existing national emergency in banking, and
for other purposes", in which amendatory act Congress declared that a serious
emergency exists, I, Franklin D, Roosevelt, President of the United States of
America, do declare that said national emergency still continues to exist
and pursuant to said section do hereby prohibit the hoarding of gold coin,
gold bullion, and gold certificates within the continental United States by
individuals, partnerships, associations, and corporations and hereby prescribe
the following regulations for carrying out the purposes of this order:
SECTION 1. For the purposes of this regulation, the term "hoarding" means
the withdrawal and withholding of gold coin; gold bullion, or gold certificates
from the recognized and customary channels of trade. The term "person"
means any individual, partnership, association, or corporation.
SEC 2. All persons are hereby required to deliver on or before May 1, 1933,
to a: Federal Reserve bank or a branch or agency thereof or to any member
bank of the Federal Reserve System all gold coin, gold bullion, and gold
certificates now owned by them or coming into their ownership on or before
April 28, 1933, except the following:
{a) Such amount of gold as may be required for legitimate and customary
use in industry, profession, or art within a reasonable time, including gold prior
to refining and stocks of gold in reasonable amounts for the usual trade
requirements of owners mining and refining such gold.
{b) Gold coin and gold certificates in an amount not exceeding in the
aggregate $100 belonging to any one person; and gold coins having a recognized
special value to collectors of rare and unusual coins.
(c) Gold coin and bullion earmarked or held in trust for a recognized foreign
government or foreign central hank or the Bank for International Settlements.
1 Revoked by Executive order of Aug. 28, 1933.
198
REPORT OF THE SECRETARY OF THE TREASURY
!;;^'t^) .iQpld "coin
bullion licensed for' other proper •trarisactiohs >(nptr in^
yolvihU hpardin
including ^pld coin arid bullion imported for reexporfci or
lield'pend:irig abtibn oil a^^^^
;:
.
.,1
'' SEC. 3.' Until otherwise brdered any person becoming the owner of* any gold
cpin, gold bullion, or gold certificates after April 28; 1933, shall,'within'3 days
after receipt;^thereqf,'deliver ^^^^^ same; in the mahher prescribed in section 2;
unless,such gold coiri, gold bullion or gold certificates are held for anyuof the
purpq^es specified in par^^^
{a), {b); or (c) of section 2; or unless such
gpld coin orVgbldbullibh^^^^i^ held fpr> purposes specified in paragraph ((?) of
sectipn^ 2 and; the persPh hbldihg it is/ with i'espect to such gold coin or bullion,
4 llcehsee pt applicant for license pending actiPh thereon. ; .
r,
;' SEC. 4. Upon receipt'of gold coin, gold bullipri'pr gpld certificates delivered
to it in accbrdance with sections 2 bi* 3, the' Federal' Reserve bank or member
bank/will pay therefor an equivalent" amqunt of any other form of coin or
currericy coined or'is^^ under the Taws of the United States. - • >
^
; ;;i .,:
.. SEC.! 5. Member bariks shall' deliver all' gold coin,- gold bulliori; and gold • cerr
tificates qxvried ;or received" by them' (bther' than as exempted under the prp,vfsioris of sec. 2) to the' Federal Reserve banks of their respective districts
aud receive credit or payment trierefpr.
' -^
i' . .
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' ./SEC 6. Tbe Secretary bf the Treasury; put Pf "the sum made .available to the
President by section 50i^qf the act of March 9, 1933, will in all proper ca^es
pay the; reasonable costs bf/trarispbrtatibn of ^ gold cPin, gold^ bulUon;or -gie^ld
certificatbs^dd
to a member bank'or Federal Reserve bank in accordance
w!ith'sectiPns/2, '3, or 5 hereof,/ihcluding the-cost 0^^ insurance; protection," and
subh other iricide'ntai cbst| as'may 'be neceisary, upPn production of 1 satisfactory
(eyi deuce of .siich; costs. Vbticherfqrms; for this piirpose riiay be procured from
,F;ederar'Reserve.bariks^"'••'•'•/;^^
' •' -^ • "'^t;- - : ^u^;-,-'?:••,;., . r:\i'h ")-::.,.;':;
; .SEp. 7. In cases where thVde
of'gbld^ coin,; gold bullion," or gold ceirtifiqates; by ,the^
the time set forth iabove^ will involve
esjtraqrd^
hardship or diflaculty/ the Secretary of the Treasury may, in lais
disbretibn/exterid tbe titrie within'which such delivery must be made.* ApplicatiPn^ fpr such extensions must be riiade in writing under oath, addressed to.the
Secretary of the Treasury and filed with a Federal Reserve bank. Each applicatiPn must state the date to which the eitension is desired, the aniount and
location of the gold coin, gold bullion and gbld> certificates in respects of which
.^stiCli/'applicatioh is rnade/arid ^the facts showing extension to be necessary to
afvoM/exitfabrdinary hardsM
**
yr:; S^b. 8. The "Secretary qf tile Treasury is hereby authorized and empowered
to'issue .such further regulatiori's
he'mtay deem necessary to scarry out. ;the
ipiirposes of .tbis order and tP issue licenses thereunder, /f hrough such officers
Vri'a^encies/as be inay designate, iricluding licenses permitting the .Federal
i^eserye 'banks; and member bariks of the Federal Reserve System,;:in return
fbr/an equivalent airiPunt Pf other cbiri, currency/or Credit, to deliver, earmark,
or hold iri ttust gold coin^ a
bulliPn tb or for persons showing themeed for
th^ sarnie fbr any Pf the purposes specified in paragraphs (a.)v(c)., and i((i)
of section 2 of these regulations.
v.
,/ SEC/, 9. Whoever willfully 'violates any* prevision of this Executive order: or
of these regulations or of any rule,' feguiation," Or license issued thereunder
iriay/be! fined not more than $10,000, or, if a natural person, may be imprisoned
fpf not mpre than 10 yeairs, or both; arid any officer, director, or agentof iany
corpbfaitiPn-whpknPwingly participates in any such violation may be:; punished
by a like fine, imprisonment, or both." ; •«
.•'
v
v
;.
This^ order and these regulations may be modified or revoked at any time.
T H E WHITE HOUSE,
'
F R A N K L I N D.R00SEVE1.T.
^
^
,.,
Ap7i.l 5, 1933.
ElXECfrJTIVE ORDEH, APRIL 20, 1933, RELATING TO' FOREIGN EXQIHANGB AND^ THE
EARMARKING AND EXPORT OF GOLD COIN OR BULLION OR CURRENCY
By virtue of-the authority ivested in.me by section 5 Cb) of the. act of October
6; 1917va&iamended by section 2 of the act of March 9, 1933, entitled "An act to
provide relief in the existing national emergency in banking, and for . other
1 Revoked by Executive order of Aug. 28, 1933.
REPORT: OF T H E SECRETARY^. QF : T H E TREASJJRY
199
purposes," i n w h i c h - a m e n d a t o r y act Cpngress declared t h a t a. serious emergency
exists, I; F r a n k l i n D:^Roosevelt;/President.pf t h e United States.of America, do
declare t h a t said national emergency stiU- continues/to exist; a n d pursiia^
said section a n d by virtue of all o t h e r authority vested in. me, do ^^
^h
the^fbilowing Executive o r d e r :
^ ^ v-^./;. r
/ . / . . . / V.
: Ti Until further order, t h e - e a r m a r k i n g : for foreign accqunt /arid/'the/^expbi^t
•
pf 'gold coin, gold bullion;^ or .gold certificates from t h e linited States or ariy
place subject t o t h e jurisdiction thpreof a r e hereby prphibited, excep't/tha^^^^
Secretary ;of;.thei:Treasury, invhiSvdi^Gretipn.and. subject to. s
regulations a s
he riiay prescribe, m a y i s s u e ; licenses authorizing t h e ' expprt of gold cqiii a n d
bullion ( a ) e a r m a r k e d or held in t r u s t for a -recognized fqi;eigri gqverhirient or
foreigri c e n t r a l b a n k or tthe B a n k for I n t e r n a t i p n a l Settleinerits, (6) impqrted
f o r - r e e x p o r t ^or gold, in,; reasonable :ampunts for u s u a l trade.,reqto^^
of
refiners importing-gold bearing materials .under agreement tp expprt,gold, (c)
actually required f o r thp; fulfillment of any contract: entered into p r i o r ; t o ; t h ^
date of t h i s order, ;by a n applicant w h o in .obedience.to the,Ex:ecutiye ^ r d e r of
•April 5, 1933,-:has delivered gold coin, gold bullion, or gold ceriificates, a n d {d)
with t h e approval of t h e President, for transactions which h e m a y deem; necessary to promote t h e public interest.
. i^
;
^
, , . . / / / '
:'2.'Until further. order,, the Secretary of Jthe T r e a s u r y is authorized,'through
a n y :agency. t h a t h e m a y designate, t o investigate, regulate, or .prohibit,; urider
such rules- and regulations a s h e m a y prescribe,,by m e a n s of, licenses Or,btherwiseV"any;transactionsrin foreigu exchange, transfers of credit from a n ^ banki n g institution within t h e United States or any place subject t o t h e jurisdiction
theteof to a n y . foreign branch pr. pffice. of, such banking institiition or t o : ariy
foreign bank on bankerf a n d t h e export :.or -withdrawal of currericy frpm/tjie
United States or any place subject to t h e jurisdiction of t h e .Uniied ;States, by
any individual, partnership, association, or. qorppratipn within the, I J n i t e d S tates
or any place subject to t h e jurisdicUon thereof.;, and t h e Secreta^ ^f t h e
Treasury may require^ any • individual, partnership,. asspcia.tipn, qr cqrpbratiqn
eil^aged in a n y transaction referred to herein.-to furnish .uride;r ^path,/conii)iete
irif ormation! relative thereto, including t h e productiGn of any books: of /accqunt,
cPntracts/ letters, or other papprs, in connection therewith in t h e custqdy; or
control of such individual, partnership,,, association, or cbrporatipn either before
or after sUch transaction is completed. , ; ; ; . , '
,
;
. ; '
> 3. T h e provisions relating t o foreign, exchange transactions cpntained in t h e
Executive order of March 10, 1933, shall remain, in full force and, effect except
-as amended o r supplemented by this order and by regulations issued hereidnder.
"4. Applicants who have t gold., coin, gold,.bullion j rpr gpld certificates I n / t h e i r
possession, or who in obedience to t h e Executiye order of April 5,. 1933, have
delivered gold, coin, gold bullion; o r gpld certifica tes shall be entitled to licenses
a s provided i n section-8. .of said. Executive^ .ord,er . for .amourits / nqt exceeding
the equivalent of such; coin, bullipUj .or certificates held or. delivered/ T h e Secret a r y m a y i n h i s discretion issue or decline t o issue apiy i othei:. iicerises; u n d e r
said Executive order, which shall in^ all o t h e r / r e s p e c t s "remain i n ' full force
and effect.
\ ../;,//.,,^,^. '-.^oj-;' ^./ : -•.;".. "'^
" 5:'Whoever willfully; viol ates-any provision of t h i s Execiitive order pr pf a n y
ruie,5 regulation or license issued .thereunder m a y be fined, n o t mprethan/$I(),(K)Q^
•pr; if a - n a t u r a l person, m a y be irnprispned for n o t more t h a n i 6 , y e a r s , or b p t h ;
and a n y officer, director, or agent of.^any corporation .whp knowingly..participates
in-any such violation may be punished by a like fine, i m p r i s o n m e n t / o r bbth.,.,
This order m a y be modified or revoked' a t , a n y tirne.v, . - - ,
, ^ :/
.;
•''•''^••- '^•••' ' • ^-•.-••••'• ^ ^ . •^;' .•..••,• •:^" '".--.ui^ .•••,c...-?:•• .FRANKLIN,.D.-ROO'SEVEDTT/
v
T H E W H I T E HousE^:;
A p r i l 20, 1 9 3 3 .
,
,..r^ .
„
. . . ,,, ,
EXECUTIVE ORDEDR,, A U G U S T 2 8 , 1 9 8 3 , RELATING TO' T H B HOARDING, EXPORT, A N D
E A R M A R K I N G O F GOLD COIN, BULLION, OR CURRiENCY AND TO T R A N S A C T I O N S TN
'''"'FOREIGN/EXCHANGE
"'-'""^••'-•'•
•'•'-
•'
'•'••-
'•• "•.
••'.
: /•
.
•..:..->•'.
v^>^'J - . U , ^ .
By virtue of t h e a u t h o r i t y vested in m e by,section 5 (b) of t h e act of
October 6, 1917; a s amended by section 2 of t h e act of March 9^ 1933, entitled
' **Ari act t o provide relief in t h e existing national emergency i n banking; a n d
^ Amended by Executive order of Oct. 25, 1933.
200
REPORT OP THE SECRETARY OF THE TREASURY
for other purposes", I, Franklin D. Roosevelt, President of the United States
of America, do declare that a period of national emergency exists, and by virtue
of said authority and of all other authority vested in me, do hereby prescribe
the following provisions for the investigation and regulation of the hoarding,
earmarking, and export of gold coin, gold bullion, and gold certificates by any
person within the United States or any place subject to the jurisdiction thereof;
and for the investigation and regulation of transactions in foreign exchange
and transfers of credit and the export or withdrawal of currency from the
United States or any place subject to the jurisdiction thereof by any person
within the United States or any place subject to the jurisdiction thereof.SEC 2. Definitions.—As used in this order the term " person " means an individual, partnership, association, or corporation; and the term " t h e United
States" means the United States and any place subject to tlie jurisdiction
thereof.
SEO. 3. Returns.—^Within 15 days from the date of this order every person
in possession of and every person owning gold coin, gold bullion, or gold certificates shall make under oath and file as hereinafter provided a retum to
the Secretary of the Treasury containing true and complete information relative thereto, including the name and address of the person hiaking the return;
the kind and amount of such coin, bullion, or certificates held and the location
thereof; if held for another, the capacity-in which held and the person for
"Whom held, together with the post-office address of such person; and the nature
of the transaction requiring the holding of such coin, bullion, or certificates and
a statement explaining why such transaction cannot be carried out by the
use of currency other than gold certificates; provided that no returns are
required to be filed with respect to—
{a) Gold coin, gold bullion, and gold certificates in an amount not exceeding
ih the aggregate $100 belonging to any one person;
(&) Gold coin having a recognized special value to collectors of rare and
unusual coin;
(c) Gold coin, gold bullion, and gold certificates acquired or held under a
license heretofore granted by or under auth'ority of the Secretary 'of the
Treasury; and
(d) Gold coin, gold bullion, and gold certificates owned by Federal Reserve
banks.
Such return required to be made by an individual shall be filed with the collector of internal revenue for the collection district in which such individual
resides, or, if such individuar has no legal residence in the United States, then
with the collector of internal revenue at Baltimore, Md. Such return required
to be made by a partnership, association, or corporation shall be filed with
the collector of internal revenue of the collection district in which is located
the principal place of business or principal office or agency of such partnership,
association, cOr corporation, or, . if it has no principal place of business or
principal office or agency in the United States, then with the collector of
internal revenue at Baltimore, Md. Such return' required to be made by an
individual residing in Alaska shall be filed with the collector of internal revenue
at Seattle, Wash. Such return required to be made by a partnership, association, or corporation having its principal place of business or principal office
or agency in Alaska shall be filed with the collector of intemal revenue at
Seattle, Wash.
The Secretary of the Treasury may grant a reasonable extension of time for
filing a return, under such rules and regulations as he shall prescribe. No such
extension shall be for more than 45 days from the date of this Executive order.
An extension granted hereunder shall be deemed a license to hold for a period
ending 15 days after the expiration of the extension.
The returns required to be made and filed under this section shall constitute
public records; but they shall be open to public inspection only upon order of the
President and under rules and regulatipns prescribed by the Secretary of the
Treasury.
A return made and filed in accordance with this section by the owner of the
gold coin, gold bullion, and gold certificates described therein, or his duly
authorized agent, shall be deemed an application for the issuance under section
5 hereof of a license to hold such coin, bullion, and certificates.
SEO. 4. Acquisition of gold coin and gold bullion.—No person other than a
Federal Reserve bank shall after the date of this order acquire in the United
States any gold coin, gold bullion, or gold, certifica tes except under license therefor issued pursuant to this Executive order, provided that member hanks of the
REPORT OF THE SECRETARY OF THE TREASURY
201
Federal Reserve System may accept delivery of such coin, bullion, and certificates for surrender promptly to a Federal Reserve bank, and provided further
that persons requiring gold for use in the industry, profession, or art in which
they are regularly engaged may replenish their stocks of gpld up. to an aggregate
amount of $100, by acquisitions of.gold bullion held under licenses issued; under
section 5 (b), without necessity of obtaining a license for such acquisitions.
The Secretary of the Treasury, subjectto such further regulations as he may
prescribe, shall issue licenses authorizing the acquisition of—
{a) Gold coin or gold bullion which the Secretary is satisfied is required for
a necessary and lawful transaction for which currency other than gpld certificates cannot be used, by an applicant who establishes that since March 9, 1933,
he has surrendered an equal amount of gpld coin, gold bullion, or gold certificates to a banking institution in the continentaL United States or to the Treasurer of the United States;
(&) Gpld coin or gpld bullion which the Secretary is satisfied is required by
an applicant who holds a license to export such an amount of gold coin or gold
bullion issued under subdivisions (c) or ((Z) of section 6 hereof, and
(c) Gold bulliori which the Secretary, or such agency as he may designate, is
satisfied is required for legitimate and customary use in industry, profession, or
art by an applicant regularly engaged in such industry, profession, or art, or in
the business of furnishing gold therefor.
Licenses issued pursuant to this section shall authorize the holder to acquire
gold coin and gold bullion only, from the sources specified by the Secretary of the
Treasury in regulations issued hereunder.
SEC 5. Holding of gold coin, gold bullion, and gold certificates.—^After 30 days
from the date of this order no person shall hpld in his ppssession or retain any
interest, legal or equitable, in any gold coin, gold bullion, or gold certificates
situated in the United States and owned by any person subject to the jurisdiction
of the United States, except under license therefor issued pursuant to this
Executive order; provided, however, that licenses shall not be required in order
to hold in possession or retain an interest in gpld coin, gold bullion, or gold
certificates with respect to which a return need not be filed under section .3
hereof.
The Secretary of the Treasury, subject to such further regulations as he may
prescribe, shall issue licenses authorizing the holding of—
(a) Gold coin, gold bullion, and gold certificates, which the Secretary is
satisfied are required by the person owning the same for necessary and lawful
transactions for which currency, other than gpld certificates, cannot be used;
(&) Gold bullion which the Secretary, or such agehcy as he.may designate, is
satisfied is required for legitimate and customary use in industry, professipn,
or art by a person regularly-engaged in such industry, profession, or art or in the
business of furnishing gold therefor;
(c) Gold coin and gold bullion earmarked or held in trust since before April
20, 1933, for a recognized foreign government or foreign central'bank or the
Bank for International Settlements; and
{d) Gold coin and gold bullion imported for reexport or held pending action
upon application fpr export licenses.
SEC. 6. EarmarMng and export of gold coin and gold bullion.—-Atter the date
of this order.no person shall earmark or expprt any gold coin, gold bullion, or
gold certificates from the United States, except under license therefor issued by
the Secretary ofthe Treasury pursuant to the provisions of this order.
The Secretary of the Treasury,.in.liis discretion, and subject to such regulations as he may prescribe, may issue licenses authorizing-^
{a) The export pf gold coin or gold bullion earmarked or held in trust since
before April 20, 1933, for a recognized foreign government, foreigii central bank,
or the Bank for International Settlements;
(&) The,export,of gold, (i) imported for reexport, {ii) refined from goldbearing materials imported by the applicant imder an agreement to export
gold, or {Hi), in bullion containing not more than five ounces of gold per ton;
(c) The export of gold coin or gold bullion to the extent actually required, for
the fulfillment of a contract entered into by the applicant prior to April 20,
1933; but not in excess of the amount of the gold coin, gold bullion, and gold
certificates surrendered by the applicant on or after March 9, 1933, to a banking institution in the continental United States or to the Treasurer of the
United States; and
:
{d) The earmarking for foreign account and/or export of gold coin or gold
bullion, with the approval of the.President, for transactions which the Secretary
of the Treasury may deem necessary to promote the public interest.
202)5
REEORT^.lQF;: T H E - SECRETARYcrQP., T H E TREASOTIY; .
^ ^ G . l . United S t a t e s possessiQns^^Shipm^ents ^/iere|o.—The provisions of sections 3 and '5 'of this order s h a l l n o t apply to gold coin, gold bullion, or gold
certificates which a r e situated in the; Philippine Islands,. American Sarpoa,
Guam, Hawaii, P a n a m a Canal,Zone,; Buerio Rico, or t h e Virgin Islands, of t h e
United States, and a r e owned; by a persouv, not dpmiciled in t h e continental
United States. T h e provisions of section 4 shall not apply to acquisitions by
persons within the Philippine Islands, American Sampa, Giiani, Hawaii, P a n a m a
C a n a l Zone, P u e r t o : R i c o , rbr the Virgin. IslandS;,of t h e United States pf gold
coin or gold bulliori which has not been taken or sent thereto since April 5,
1933, f r o m t h e continental United States, o r any place subject tp, t h e jurisdiction
thereof.
. , .
S E C 8. Until f u r t h e r order, t h e .Secretary of t h e , T r e a s u r y is authprized,
t h r o u g h ' a n y agency t h a t he mayidesignate, to investigate, regulate, or prohibit,,
under such rules and regulations as he may, prescribe, by means of licenses or
otherwise, any t r a n s a c t i o n s in foreign exchange, transfers of credit from any
banking institution within the; United States t o , any foreign branch, or office
of such banking i n s t i t u t i o n or to any/foreign bank or banker, and t h e export or
w i t h d r a w a l of • currency from t h e United States, by any person within t h e
United S t a t e s ; and the Secretary of t h e . T r e a s u r y may require any person
engaged i n any transaction referred to herein to furnish under oath complete
information relative t h e r e t o , including t h e productionvof. any books pf account, contractsr letters, or other, papers,' in connection t h e r e w i t h in the custody
or coritrol of such person.either before or after such transaction is completed, ,
S E C 9. The Secretary of t h e T r e a s u r y is hereby authorized and empowered
to issue such regulations as h e may deem necessary to carry out t h e purposes
of this order, i Such regulations may provide for t h e detention in t h e United
States of any gold coin, gold bullion, or gold certificates sought to b e , t r a n s ported beyond the limits of the continental United States, pending an investigation to determine if such coin, bullion, or certificates a r e held or a r e t o be
acquired in-'.violation of t h e provisions of this Executive order. • Licenses and
permits granted in accordance with the provisions, of t h i s order and t h e regulations prescribed hereunder, may be issued through such officers or agencies as
the*Seeretai/y may desighate
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SEC' 10./Whoever willfuliy'^'v
any prpvisibn of t h i s Executive order or
of any license/ or der, itile, or regulatioh issued oi: prescribed hereunder, shall,
upon cbnyictibn, be %e^^
or, if a n a t u r a l person, may
be imprisqried" for n^^
or b o t h ; and any officer, director,
or a^erif of any coriDoration who knowingly participates in Such violatiori may
be punished by a .like fine, imprisonment, or both.
SEC/ ii:,/The .ExecuUve
Pf .^Aprir 5, 1933, forbidding trie hoarding of
gold; cpin,/ gqld bullipn, • and gold certificates, arid April 20, 1933, ^ relating to
foreigri excharige^ and thei earmarking and export Pf gold coin or bullion or
currericy, respectively, a r e hereby revoked. The revocation of such prior Executive orders .shall not affect any act done,^ or any right accruing or accrued,
or any suit qr,.prbceeding had or' cpmmerieed in any civil or criminal cause
prior to .said, .revocation, but a.11 liabilities under said Execiitive orders shall
continue,'and/iriay be. erifqr^
the;"same m a n u e r a s if said, revocation h a d
not beeii made. .This Executive order and any regulations or lipenses issued
hereunder rnay be ,riipdified o r revokqd, a t any time.^ ^;^ ^ ,
^,,:;^ ; ^'"»''•,-,-, .•:,-' ..{' / ^ , . ; / ] . ^ . / ^ ' ' / ? / .•.,.";•• '. A A N K L I N ; ' D . ' R O O S E V E L T . •
T H E WHI'TE/H"OUSE,,,,,'./, ,; , \ , " " , . ' ','.„. . .•,-'''. "',r,..: / / ' / ^ • •'
/ / ' ; . / ; / ^ ; % ^ ^ f 5 ^ , g s , jrS^^;./!:''/^....'/:._., •^:/.: ''•';/•.'.
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BXB^di;,Tlviii, pRDm^
i9as,V MtLAiiNG TO T H E S^LB AND ioxPORT OF GOLD
./; V^'/^.,/./;; ^''';; RE(boyEREip/!^
, .',
B Y virtrie of t h e a u t h b r i t y Vested in me by section 5 (b) of the a c t of
OctpbprO, .1917, as arnended^hy section 2 of t h e a c t of'March' 9, 1933, entitled
"An ;^ct t b p r b y i d e relief in the e x i s t i r i g h a t i b n a r e m e r g e n c y in banking and for
other purposes''^ I, F r a n k l i n 'D: RobseVelt; Presiderit of the U n i t e d / S t a t e s of
Anierica, do^ declare t h a t a period pf .national emergency exists, and by virtue of
s a i d ' a nth or ity and of a i r other authority vested iri hie, do hereby issue the
following. Executive o r ^ e r :
, ,y
' ;
"'•:'''
> • •
^ Revoked by Executive order of Oct. 25, 1933.
RE#oi*-%4^-^TSE^SE^RlTARYS0FaTaEXTREASURYH^
20E)S
The Secretary'bf the Treasury is hereby authorized to^receive on consignment
for sale,'subject to such rules and regulations and upon such conditions as he*: ^
shalliprescr ibe, gold recovered frbm riaturar deposits in the United States/or a n y place subjectto the jurisdiction thereof. Sales may be made:
: ^ i: ; ;:,
(af Tq persbris licensed tP' acquire gold for use in the arts,. industries, or;
professions,;or ^'' / ' '•••^--•' • " ^-^•-•-'Vj,.; >.' '••.. ;/•.,,-,••„. r: • .:- •,.;
:...---.';;-^ r: v' <•./
j(b) By expprt to foreign purchasers. * .. « .:
,- ;
; :•.::./-:••-.
Such sales shall be made a t ' a price which the Secretary shall.determine to ,
be equal to the best price obtainable i n the free gold markets lOf the. world v
after taking Intb' consideratipn any - incidental expenses such as-shipping costs.;,
and insurance.
; :-: ^
Such* sales may be made through the FederaT Reserve banks or such other
agents as the Secretary may from time to time designate, and shall be subject
to such charges as the Secretary may from, time to time in his judgment
determine.
Every person depositing gold for sale as provided herein shall be de.emed
to have' agreed to accept as conclusive without any right of recourse or
review, the determination of the Secretary or his duly authorized agent as
to the amount due such person as a result of any sale.
»
Consignments shall be sold as nearly .as may be in the order of their receipt, i
The Secretary of the Treasury, in his discretion and subject to such regulations as he may prescribe, is hereby authorized to issue licenses permitting
the export of articles fabricated from gold sold pursuant^to this Executive
order. "
•
This Executive order may be modified or revoked at any time.
. . •^
T H E WHITE HOUSE,
^
August 29, 1933.
EXECUTIVE
ORDER,
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'FRANKLIN D . ROOSEVELT.
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OCTOBER '25, 1933, RELATING TO GOLD
NATURAL DEPOSITS
«
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RECOVERED FROM
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By virtue of the authority vested in me by section 5 (b) of the act of October 6,
1917, as amended,by section 2 of the act of March 9, 1933, entitled "An act to
provide relief in the exifsting national emergency in babking and. for other purposes", T^ Franklin D. Roosevelt, President o f t h e Uniteci States,of America,
,
do declare^that a period of national emergency exists, and by virtue of said;
authority and of aU other authority vested in me, do hereby issue the 'following
Executive order:
' \
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SECTION 1. The Executive order of August 29, 1933,' relating tb the sale and '
export of V gold recovered from natural deposits, is hereb}^ revoked; provided,
however, that the Secretary of the Treasury is authorized to sell in accordance
therewith'gold received on consignment for sale on or before the date of this
Executive order.
.
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Si:c..?. The United States mints and assay offices arc hereby authorized, sub-^
ject, to siich Tcgiilations as may from time to time be prescribed by the Secretary
of the Treasury, tb receive on consignment gold which the mint or assay office to '
which tho gold is delivered is satisfied has been recovered from natural deposits
in the United States or any i:>lace subject to the jurisdiction thereof.
S E C 3., The Reconstruction Finance Corporation is authorized, - subject to - '
such regulation? as may from time to time be prescribed by the Secretary of the
Treasury, to acquire gold which has been received on consignment by a U-mte'd
States mint or assay office, and to hold, earmark for foreign accoiani,' export, or
otherwise disj^ose of such gold.
'
SEC;, 4. The Executive order, of.,August 28, 1.933, rela,ting to the , hoarding,^., .
export, arid eaririarkirig of gold; coin, buUibri., or currency, arid'to trari'sa'ctions in
foreign exchange, is hereby ariiierided''to'/perhiit,'subject to^ such regulations as
mayfrqrq time tp time be presqribqdbyibhe Secretary of the Treasury, the export
of a-rticles fabricated from gold. . , • / ;
./. / [ \.\. . ,// ';
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SEC. 5; The Secretary ;bf the Treasury is hereby authprized/ancienipbwered/to /
issue;such;#eguiatipns as he;m%- deem Xecess^^^
carry out tHe purpose'b this';
Executive; \irder.r; •..: ,,'//..' ,',,;/,'/'./. /..././''"/"-^ '//.,./"„'.•'"",'^'; / '. ;-.'"^'^^•''"'1''; ""^''/-'-?
SEC/ '6'^.;;This Executive; prdpr/ahd/ ahy i-egulatibrils issued, hereurider /rnaly be ;
modified or revoked at any tiriie. ° * • "
' ''
' " J. . ;' ' / , , ' ;'r ' ' - '-,/
FRANKLIN D . RioosEVELt. ' • •
T H E WHITE HOUSE,
October 2 5 , 1 9 3 3 .
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204
REPORT OF THE SECRETARY OF THE TREASURY
TAXATION
Exhibit 25
Sections 211 to 219 of the National Industrial Recovery Act {Public No. 67,
73d Cong., approved June 16, 1933) providing for reemployment and-relief
taxes
R E E M P L O Y M E N T AND RELIEF TAXES
SEC 211. (a) Effective as of the day following the date of the enactment of
this Act, section 617 (a) of the Revenue Act of 1932 is amended by striking out
" 1 cent" and inserting in lieu thereof " 1% cents."
(b) Effective as of the day following the date of the enactment of this Act,
section 617 (c) (2) of such Act is amended by adding at the end thereof a
new sentence to read as follows: " As used in this paragraph the term * benzol'
does not include benzol sold for use otherwise than as a fuel for the propulsion
of motor vehicles, motor boats, or airplanes, and otherwise than in the manufacture or production of such fuel."
SEC 212. Titles IV and V of the Revenue Act of 1932 are amended hy striking
.out " 1934 " wherever appearing therein and by inserting in lieu thereof " 1935."
Section 761 of the Revenue Act of 1932 is further amended by striking out " and
on July 1, 1933 " and inserting in lieu thereof " and on July 1, 1933, and on
July 1, 1934,".
SEC 213. (a) There is hereby imposed upon the receipt of dividends (required
to be included in the gross income of the recipient under the provisions of the
Revenue Act of 1932) by any person other than a domestic corporation, an
excise tax equal to 5 per centum of the amount thereof, such tax to be deducted
and withheld from such dividends by the payor corporation. The tax imposed
by this section shall not apply to dividends declared before the date of the
enactment of this Act.
(b) Every corporation required to deduct and withhold any tax under this
section shall, on or before the last day of the month following the payment
of the dividend, make return thereof and pay the tax to the collector? of the
district in which its principal place of business is located or, if it has no
principal place of business in the United States, to the collector at Baltimore,
Maryland.
(c) Every such corporation is hereby made liable for such tax and is hereby
indemnified against the claims and demands of any person for the amount of
any payment made in accordance with the provisions of this section.
(d) The .provisions of sections 115, 771 to 774, inclusive, and l l l l of the
Revenue Act of 1932 shall be applicable with respect to the tax im|posed by this
section.
(e) The taxes imposed by this section shall not apply to the dividends
of any corporation enumerated in section 103 of the Revenue Act of 1932.
SEC 214. Section 104 of the Revenue Act of 1932 is amended by striking out
the words "the surtax" wherever occurring in such section and inserting in
lieu thereof " any internal revenue tax." The heading of such section is
amended by striking out " surtaxes " a n d inserting in lieu thereof " internal
revenue taxes." Section 13(c) of such Act is amended by striking out "surtax " and inserting in lieu thereof " internal revenue tax."
SEC 215. (a) For each year ending June 30 there is hereby iinposed upon
every domestic corporation with respect to carrying on or doing business for
any part of such year an excise tax of $1 for each $1,000 of the adjusted
declared value of its capital stock.
(b) For each year ending June 30 there is hereby imposed upon every
foreign corporation With respect to carrying on or doing business in the United
States for any part of such year an excise tax equivalent to $1 for each $1,000
of the adjusted declared value of capital employed in the transaction of its
business in the.United States.
(c) The taxes imposed by this section shall not apply—
c
^
(1) to any corporation enumerated in section 103 of the Revenue Act of
1932;
~ (2) to ariy insurance company subject to the tax imposed by section 201
or 204 of such Act;
REPORT OF THE SECRETARY OF THE TREASURY
205
(3) to any domestic corporation in respect of the year ending June 30, 1933,
if it did not carry on or do business during a part of the period from the date
of the enactment of this Act to June 30, 1933, both dates inclusive; or
(4) to any foreign corporation in respect of the year ending June 30, 1933,
if it did not carry on or do business in the United States during a part of the
period from the date of the enactment of this Act to June 30, 1933, both dates
inclusive.
(d) Every corporation liable for tax under this section shall make a return
under oath within one month after the close of the year with respect to which
such tax is imposed to the collector for the district in whicii is located its principal place of business, or, if it has no principal place of business in the United
States, then to the collector at Baltimore, Maryland. Such return shall contain such, information and be made in such manner as the Commissioner with
the approval of the Secretary may by regulations prescribe. The tax shall,
without assessment by the Commissioner or notice from the collector, be due
and payable to the collector before the expiration of the period for filing the
return. If the tax is not paid when due, there shall be added as part of the
tax interest at the rate of 1 per centum a month from the time When the tax
became due until paid. All provisions of law (including penalties) applicable
in respect of the taxes imposed by section 600 of the Revenue Act of 1926 shall,
insofar as not inconsistent with this section, be applicable in respect of the
taxes imposed by this section. The Commissioner may extend the time for
making the returns and paying the taxes imposed by this section, under such
rules and regulations as he may prescribe with the approval of the Secretary,
but no such extension shall be for more than sixty days.
(e) Returns required to be filed for the purpose of the tax imposed by this
section shall be open to inspection in the same manner, to the same extent,
and subject to the same provisions of law, including penalties, as returns made
under title II of the Revenue Act of 1926.
(f) For the first year ending June 30 in respect of which a tax is imposed
by this section upon any corporation, the adjusted declared value shall be the
value, as declared by the corporation in its first return under this section
(which declaration of value cannot be amended), as of the close of its last
income-tax taxable year ending at or prior to the close of the year for which
the tax is imposed by this section (or as of the date of organization in the case
of a corporation having no income-tax taxable year ending at or prior to the
close of the year for which the tax is imposed by this section). For any subsequent year ending June 30, the adjusted declared value in the case of a
domestic corporation shall be the original declared value plus (1) the cash
and fair market valu^ of property paid in for stock or shares, (2) paid-in
surplus and contributions to capital, and (3) earnings and profits, and niinus
(A) the value of property distributed in liquidation to shareholders, (B) distributions of earnings and profits, and (C) deficits, whether operating or nonoperating; each adjustment being made for the period from the date as of
which the original declared value was declared to the close of its last incometax taxable year ending at or prior to the close of the year for which the tax
is imposed by this section. For any subsequent year ending June 30, the
adjusted declared value in the case of a foreign corporation shall be the original declared value adjusted, in accordance with regulations prescribed by the
Commissioner with the approval of the Secretary, to reflect increases or
decreases (for the period specified in the preceding sentence) in the-capital
employed in the transaction of its business in the United States.
(g) The terms used in this section shall have the same meaning as when
used in the Revenue Act of 1932.
SEC 216. (a) There is hereby imposed upon the net.income of every corporation, for each income-tax taxable year ending after the close of the first year in
respect of which it is taxable under section 215, an excess profits tax equivalent
to 5 per centum of such portion of its net income for such income-tax taxable
year as is in excess of 12% per centum of the adjusted declared value of its
capital stock (or in the case of a foreign corporation the adjusted declared
value of capital employed in the transaction of its business in the United
States) as of the close of the preceding income-tax taxable year (or as of the
date of organization if it had no preceding income-tax taxable year) determined as provided in section 215. The terms used in this section shall have
the same meaning as when used in the Revenue Act of 1932.
206
REPORT OF THE SECRETARY OF THE TREASURY
(b) The tax imposed by this section shall be assessed, collected, and paid in
the same manner, and shall be subject to the same provisions of law (including
penalties), as the taxes imposed by title I of the Revenue Act of 1932.
SEC 217. (a) The President shall proclaim the date of—
(1) the close of the first fiscal year ending June 30 of any year after
the year 1933, during which the total receipts of tbe United States (excluding public debt receipts) exceed its total expenditures (excluding public
debt expenditures other than those chargeable against such receipts), or
(2) the repeal of the eighteenth amendment to the Constitution,
whichever is the earlier.
(b) Effective as of the 1st day of.the calendar year following the date so
proclaimed section 617(a) ,of the Revenue Act of 1932, as amended, is amended
by striking out " li>^ cents " and inserting in lieu thereof " 1 cent.".
(c) The tax on dividends imposed by section 213 shall not apply to any dividends declared on or after the 1st day of the calendar year' following the date
so proclaimed.
(d) The capital stock tax imposed by section 215 shall not apply to any taxpayer in respect of any year beginning on or after the 1st day of July following the date so proclaimed.
(e) The excess profits tax imposed by section 216 shall not apply to any
taxpayer in respect of any taxable year after its taxable year during which the
date so proclaimed occurs.
SEC 218. (a) Effective as of January 1, 1933, sections 117, 23 (i), 169, 187,
and 205 of the Revenue Act of 1932 are repealed.
(b) Effective as of January 1, 1933, section 23 (r) (2) of the Revenue Act of
1932 is repealed.
(c) Effective as of January 1,1933, section 23 (r) (3) of the Revenue Act of
1932 is amended by striking out all after the word " Territory " and inserting a
period.
(d) Effective as of January 1, 1933, section 182 (a) of the Revenue Act of
1932 is amended by inserting at the end thereof a new sentence as follows: " No
part of any loss disallowed to a partnership as a deduction by section 23 (r)
shall be allowed as a deduction to a member of such, partnership in computing
net income."
(e) Effective as pf January 1, 1933, section 141 (c) of the Revenue Act of
1932 is amended by striking out "except that for the taxable years 1932 and
1933 there shall be added to the rate of tax prescribed by sections 13 (a),
201 (b), and 204 (a), a rate of three fourths of 1 per centum " and inserting in
lieu thereof the following: " except that for the taxable years 1932 and 1933
there shall be added to the rate of tax prescribed by sections 13 (a), 201 (b),
and 204 (a), a rate of three fourths of 1 per centum and except that for the
taxable years 1934 and 1935 there shall be added to the rate of tax prescribed by
sections 13 (a), 201 (b), and 204 (a), a rate of 1 per centum."
(f) No interest shall be assessed or collected for any period prior to September 15, 1933, upon such portion of any amount determined as a deficiency in
income taxes as is attributable solely to the amendments made to the Revenue
Act of 1932 by this section.
(g) In cases where the effect, of this section is to require for a taxable year
ending prior to June 30, 1933, the making of an income tax return not otherwise
required by law, the time for making the return and paying the tax shall be the
Same as if the return was for a fiscal year ending June 30, 1933.
(h) Section 55 of the Revenue Act of 1932 is amended by inserting before the
period at the end thereof a semicolon and the following: " and all returns made
under this Act after the date of enactment of the Natipnal Industrial Recovery
Act shall constitute public records and shall be open to public examination and
inspection to such extent as shall be authorized in rules and regulations promulgated by the President."
SEC. 219. Section 500 (a) (1) of the Revenue Act,of 1926, as amended, is
amended by striking out the period at the end of the second sentence thereof
and inserting in lieu thereof a comma and the following: " except that no tax
shall be imposed in the case bf persons admitted free to any spoken play (not
a mechanical reproduction), whether Pr not set to music or with musical parts
or accompaniments, which is a consecutive narrative interpreted by a single set
of characters, all necessary to the development of the plot, in two or more acts,
the performance consuming more than 1 hour and 45 minutes of time."
REPORT OF THE SECRETARY OF THE TREASURY
^
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• / / " '^.,_Exhibit;2^.'/^^ ,'''.
207
: : ' • : • ' ' : / • ' . ; ^.^,., ^,/ .,^" „///,,
. [PubUc No. 73, 73d Cong.;.H.R. 5040]
.
An Act to extend the gasoline tax for one year, to modify postage rates on mail
matter, and for other purposes]
;/ ,.
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Be it enacted by the] Senate and House 6f'RepresentatiA}^s of the United
States of America in Congress assembled,'Thalt section 629 Of the Revenue
Act of 1932 is amended by striking out the,follo\ying': ", or after June 30,
1933; in the case of "articles taxable under section/617, relatirig to the tax on
gasoline.", '
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SEC 2. The President is authorized during the period ending June 30, 1934,
to proclaim such modifications pf ppstage rates" oh .miail matter'(except that in.
the case of first-class matter the rate shalihot be reduced to less thaii 2 cents
an ounce or fraction thereof) as, after a survey by him, he may deem advisable
by reason of increase in husiriess, the interests of the public,or the needs of
the Postal Service/and such'modifications shall be iri effect on and after such
date as he shall prpclaim and until July 1, 1934., .In case a m'odification of
the rate of postage oii first-class matter is prpclaimed, the/President shall also
make a corresponding iribdiflcation' in the perceritages; pf grpss postal receipts
specified in section 1001 (c), of the Reyenue Act of 1932 as amerided/by this
Act, which percentages shall be ih effect during" the period such modificatibn
of the rate of pos.tage on first-class inatter is in effect.; Nothing in this'sectio^n
shail be construed as giving the President authority to change the rate fixed
by law On first-class inatter mailed.for local delivery, postal cards, and priyate
mailing or post cards.
/
,/ / ' ] , ' . •''"[.".
,
SEC 3. (a) Section 1001 (a) of the Revenue Act Of 1932 is amended'by
striking out the period at the end thereof and iriseiting a colon and the-following : "Provided,: That such additional rate sliall' /not apply on or after
July 1, 1933, to first-class matter mailed for ibcai deiivery."
(b) The first sentence of sectipn 1001 (c) bf tlie^R^Ve^^^
1932 is
anierided, effective July 1, 1933, by striking out the period at the end thereof
and inserting a comma and the following:" except that in the case of such
post offices as have,city or village .letter-carrier service 90 per ceritum of the
gross postal receipts shall be counted for such purpose.", '
'
° /:
SEC 4. (a) Effective 15 days after; the date of the, enactment of this. Act?
sectioii 620 of the Revenue Act of 1932 is, amerided to;read as fPllows: ^
^/
" SEC 620. raa?-free saZes.-—Under regulations prescribed by the Commissioner
with the approval of the Secretary, nO; tax .grinder this title, shall be imposed
with respiect to the sale of any-; article—'• .V ;/
; i']l, , ! _
; /.
"(1) for use by the vendee as material in:the manufacture or produc- tion of, or as a component pait;of; an article enUriierated in this title;
• "(2) for resale by;the vendee fpr such use by his. vendee, if such
article is in due course so resold; '
>
' , .
^v
•
"(3) for resale by the vendee to a State or political subdivision thereof
for use in the exercise of an essehtial governmental function, if such
..article is in due course so resold.
; • ;
For the purposes of this title the manufacturei' oi* producer ,to Whom an article
is sold under pairagraph (1) or resold Under paragraph" (2) shall be considered
the rbanufacturer or producer of sUch article.' The prPvisiPns pf paragraphs
(1) and (2) shall not apply With respect to tires or inner tubes or articies
enuiherated in section 604, relating; to the tax on furs."
;
(b) Effective 15 days aftei^ the. date of the .enactment;pf this act, ;sebtion
601 (c) (1) of the Revenue Act Pf 1932 is amended by adding at the end
thereof the following: .
_ ,
•?...." ,
"Under regulations prescribed by the Commissibnei:. with the approval of
the. Secretary, no tax shall be imposed under/this section upori lubricating oil J:*
sold to a riianufacturer Pr producer ;qf lubricatin'g oiis'fo.r resale by him, but
for the purposes of this title such/yehdee shali be cphsidered the manufacturer or producer of such lubricating oils."
' / / V;
\ ; /,
,(c) Effective 15 days after ..the date bf the eriactnieht/qf this act, sfetion
621 (a) of the Revenue Act of 1932 Is ariierided by.in'sertiiig after paragraph (2)
thereof the following new paragraph:
' .i . w
"(3) to a manufacturer, producer, or importer iri the amount of tax paid by
him under this title with respect to the sale of any article to a dealer, if the
14820—33
15
208
REPORT OF THE SECRETARY OF THE TREASURY
manufacturer, producer, or importer has in his possession such evidence as
the regulations may prescribe that (A) such article has after the date this
paragraph takes effect been delivered by the dealer to a State or political subdivision thereof for use in the exercise of an essential governmental function
and (B) the manufacturer, producer, or importer has repaid or agreed to repay
the amount of such tax to the dealer pr has obtained the consent of the dealer
to the allowance of the credit or refund.'*
SEC 5. Effective 15 days after the date of the enactment of this act, title IV
of the Revenue Act of 1932 is amended by adding at the end thereof a new
section to read as follows: '
" SEC 630. Exemption from taco of certaim, supplies for vessels.—JJnder regulations prescribed by the Commissioner, with the approval qf the Secretary, no
tax under this title shall be imposed upon any article sold for use asj fuel
supplies, ships' stores, sea stores, or legitimate equipment qn vessels of war hf
the United States or of any foreign nation, vessels employed in the fisheries or
in the whaling business, or actually engaged in foreign trade or trade between
the Atlantic and Pacific ports pf the United States or between the United States
and any of its possessions. Articles manufactured or produced with the use bf ^.
articles upon the importation of which tax has been paid under this title, if
laden for use as supplies on such vessels/ shallbe held to be exported for the
purposes of section 601 (b)."
SEC 6. (a) Effective September 1, 1933, section 616 of the Revenue Act of
1932 is amended to read as follows:.
" SEC. 616. Tax on electrical energy for domestic or cominercial consump^
tion.— (a) There is hereby imposed upon electrical energy sold for domestic
or commercial consumption and not"for resale a tax equivalent to 3 per centum
of the price for which sp sold, to be paid by the vendor under, such rules and
regulations as the Commissioner, with the approyal of the Secretary, shall prescribe. The sale of electrical energy to an owner or lessee of a building, who
purchases such electrical energy for resale to the tenants therein, shall for the
purposes of this section be considered as a sale for cpnsumption and not for
resale, but the resale to the tenant shall not be,GOnsidered a sale for consumption.
"(b) The provisioiis of sectipns ,619, 622, and 625 shall not be applicable with
respect to the tax imposed by this section.
"(c) No tax shall be imposed under this section upon electrical energy sold
to the United States or, to any State or .Territory, or political subdivision
thereof, or the District of Columbia. ;Nqne of the provisions of this section shall
apply to publicly owned electric and power plants. The right to exemption
under this subsection shall be evidenced in_ such manner as the Commissioner,
with the approval of the Secretary, may, by regulation, prescribe."
(b) Despite the provisions of this section the tax imposed under section 616
of the Revenue Act of 1932 before its amendment by this section on electrical
energy furnished before September 1, 1933, shall be imposed, collected, and
paid in the same manner and shall be.subject to the same provisions of law
(including penalties) as if this section had not been enacted.
Approved June 16, 1933.
OBLIGATIONS OF FOREIGN GOVERNIVIENTS
Exhibit 27
Statement by Secretary.of the Treasury Mills announcing the postponement of the
payment due from Austria on January 1, 1933, on account of its indebtedness to
the United States {press release, Dec. 1,1932)
The Treasury was advised under date of November 30, 1932, that the secretary
of the trustees of the Austrian Government guaranteed loan of 1923-43 has
telegraphed the Austrian Finance Minister at Vienna as follows:
"The trustees of the Austrian guaranteed loan 1923-1943 acting in virtue of
the right conferred upon them in agreements concluded between Austrian Government and International Relief Bonds Committee; dated June 15, 1928, on the
one hand, and the United States of America, dated May 8, 1930, on the other
REPORT OF THE SECRETARY OF THE TREASURY
209
hand, have the honor to inform Your Excellency that they oppose payment of
all annuities conterbplated in the agreements payable the first of January 1933.
''The trustees have taken this measure in the hope that it will facilitate in the
near future the resumption of the transfer of the service of the guaranteed loan."
The lien upon the assets and revenues of Austria pledged for the payment of
the Austrian relief bonds has been subordinated to the lien upon such assets and
revenues pledged for the payrnent of the Austrian reconstruction loan of 1923.
The foregoing objection by the trustees to the payments due from Austria on
account of the relief bonds is in accordance with the agreements concluded
between Austria and the International Relief Bonds Committee and the agreement of May 8, 1930, between Austria and the United States. The debt funding
agreement between Austria and the IQnited States provides that—
" * * * the obligation of Austria to pay annuities during the years 1929 to
1943 wiU in the case of each ahriuity nPt arise if the trustees of the reconstruction
loan of 1923 prior to the preceding December first have raised objection to the
payment of the aiinuity in question on the due date."
In accordance with the provisions of the debt funding agreement between the
Republic of Austria and the United States, bond No. 5 in the face amount of
$287,556, due Jariuary 1, 1933, will be postponed, which, together with interest
at the rate of 5 percent per annum compounded annually to December 31, 1943,
shall be repaid, together with further interest at 5 percent per annum, in 25 equal
annuities on January 1 of each of the years 1944 to 1968, inclusive.
Exhibit 28
Statement by Secretary of the Treasury Mills relative to the status of obligations due
from Greece and Hungary ori Noverhber 10 and December 15f 1932, respectively
{press release^ Nov. 10, 1932)
There was due and payable today under the terms of the debt-funding agreement with the Government of Greece on account of the 4 percent 20-year loan
made on May 10, 1929, the sum of. $444,920, of which $227,000 represents an
installment due on account of principal, arid $217,920 represents semiannual
interest. The payment has not been received.
The Hungarian Governmerit has officially notified the Uhited States Government that it does not have the-necessary foreign exchange with which to make
the payment due the United States oh December 15, 1932, under the debt funding agreement. The amount due Pn December 15, 1932, is $40,729.35, of which
$12,285 represents principal and $28,444:35 represents semiannual interest.
Exhibit 29
Statement by Secretary of the Treasury Mills announcing the payment by Greece
of a portion of its indebtedness due November 10, 1932 {press release, Jan. 14t
On January 7, 1933, the Greek Government transferred to the United States
Treasury the sum of $65,376, representing 30 percent of the semiannual interest
of $217,920 due November 10, 1932, qn the 4 percent 20-year gold loan of May
10, 1929.. By the transfer of this surii the Greek Government has accorded to
the United States treatment equal to that accorded to the boridholders of the
Greek stabilization and refugee loan of 1928. Such equal treatment is provided for by the terms of the American-Greek debt funding agreement of May
10, 1929.
. y
.
; ., .
:
On several occasions the Greek Government has called attention to the difficulties with which it is faced in endeavoring to maintain its obligations to the
United States and has erriphasized its inability to provide the foreign exchange
necessary for the service on the sinking funds of Greek external loans and to meet
more than a limited amount of the interest charges on those loans during the
Greek fiscal year ending March 31, 1933.
210^
REi'ORT^lOF THE SECRETARYOQF THE TREASURY^:
Exhibit 30
Statement by Secretary of the Trea,sury Mills announcing the postponement of the
payment due from Germany on March 31, 1933, on account of mixed claims and
army costs {press release, Jan. 5, 1933) •
., /
The German Government has advised the Treasury that it has taken,advantage qf the option granted in paragraph 5 of the debt funding agreement of
June 23, 1930, by postponing the payments falling due on March 31, 1933, under
paragraph 1 (a) of the agreement on account of awards entered by the Mixed
Claims Commission, United States and Germany, in the principal amount of
20,400,000 reichsmarks, and under paragraph 1 (b) of the agreement for reimbursement on account of the costs of the United States Army of Occupation in
the principal sum of 12,650,000 reichsmarks. In accordance with the terms of
the agreement, the amount payable under paragraph 1 (a) of the agreement sq
postponed will bear interest at the rate of 5 percent'per annum, payable semi- '
annually, and the amount payable under paragraph 1 (b) of the agreement
so postponed will bear interest at the rate of 3% percent per annum, payable
semiannually.
Exhibit 31
Statement of the Treasury Department covering paxjments received from foreign
governments on account of their indebtedness to the United States {press release;
Dec. 15, 1932)
^
" - - •
The Treasury today received payments amounting to $98,685,910.63 from the
following foreign governments on account of their funded indebtedness to the.
United States, of which $31,567,200 was on account of principal, and $67,118,710.63 on account of accrued interest:
^
' Great Britain.-—The pa5'^ment received from the Government of Great Britain
amounted to $95,550,000, of which $30,000,000 represented principal,;and
$65,550,000 represented semiannual interest. The payment was made in gold
at the Federal Reserve Bank of New York.
'
,'
•
Jtaly.—TlnQ payment received from the Government of Italy airioiinted to
$1,245,437.50, and represented semiannual interest due on its indebtedness to
the United States. As authorized by the terms of the debt funding agreement,
the payment was made in obligations of the United States which were accepted
at par and accrued interest to December 15. Tlie obligations were $l,236yl00
face amount of 3 percent Treasury bonds of 1951-55; $9,321..97 was accrued
interest on the Treasury bonds, and a cash adjustmentof $15.53;-: . .
Czechoslovakia.—The payment received from the Government of Czecho-:
Slovakia amounted to $1,500,000, and represented semiannual installment of
principal. As authorized by the terms of the debt funding agreement, the
payment was made in obligations of the United States which were accepted at
par and accrued interest with a small cash adjustment. The obligations accepted were $1,488,750 face amount of 3 percent Treasury bonds of 1951-55,
accrued interest on such bonds amounting to $11,227.31, and a cash adjustment
of $22.69.
, ^
Finland.—The payment received from Finland arnounted to $186,235, of wbich
$58,000 represented annual installrhent of principal and-$128,235 represented
semiannual installment of interest. As authorized by the terms of the debt
funding, agreement, the payment was made in.obligations of the,United Sta,tes
which were accepted at par and accrued interest, with a small cash.adjustment.
The obligations accepted were $184,800 face amount of 3 percent,Trea,sury bonds
of 1951-55, accrued interest on such bonds amounting to $1,393.66, and, a cash
adjustment of $41.34.
.
. ,. ,
Latvia.—The payment received from the Government of Latvia arnounted to
$111^852.12, of which $9,200 represented annual installment of principal, and
$102,652.12 represented semiannual installment of interest. The payrnent.was
made in cash at the Federal Reserve Bank of New. York.
Lithuania.—The payment received from the . Gpvernment of LitJiuania
amounted to $92,386.01 and represented seriiiannual instaUment on accourit of
interest. The payment was made in cash at the Treasury.. . • ; •
The amounts due today from foreign governments which were not received are
as follows:
<
BEP.OETi;.0F THE SBCKBTARX .0F THE TBEASUBY-•
Country
Belgium.;
EstoniaFrance
HungaryPoland
Principal
_.__
_
-
$21,000
-.-
—-
TotaL
Total, principal and interest
--.1
:.
...-
-
---
-_._..
-..
12,285
232,000
211
Interest
$2,125,000.00
245,370.00
19, 261,432. 60
28,444. 35
3, 070,980.00
24. 731.22fi R-'i
265, 285
24, 996. 511.85
Exhibit 32
Correspondence exchanged between the Government of the United States and various
foreign governments concerning foreign debts owing to the United States {Department of State and White House press releases)
BELGIUM
To the Secretary of State from the Belgian Ambassador^ November 15^ 1932—
Memorandum {translation)
The British and French Governments, moved by a desire to alleviate the
serious difficulties resulting frqm the economic depression, have, in their notes
dated the tenth and the eleventh, respectively, of the present month, proposed
to the Government of the United States that it cooperate in a reexamination of
the problems arising from the intergovernmental debts. Basing their action
upon the principles adopted during the recent Conference of Lausanne, they
suggested that the period of suspension on payments due to the UnitedStates
be extended for the duration of this reexamination. The Belgian Government
has the honor to make the same request in respect to payments due from Belgium.
Although the rights of Belgium to obtain complete material restoration have been
unanimously recognized from the beginning, the Belgian Government did not
hesitate in July 1931 to accept the proposal for a moratorium which was made
by the President of the United States. A year later, in the interests of peace
and,economic recovery, it adhered to the Lausanne Agreements. In so doing,
it consented to make sacrifices which were particularly heavy and which have
profoundly affected the financial situation of Belgium. The Belgian Governrnent remains convinced that the difficulties with which the world is faced today
cannot be overcome unless the nations-pursue a resolute policy of cooperation
and mutual assistance. With this idea in mind and in a spirit of friendship, the
Belgian Government requests the Government of the United States to examine
the proposals whicii it has the honor to submit.
To the Belgian Ambassador, November 23, 1932
EXCELLENCY:
I fully appreciate the importance of the situation presented by the request for
an examination of the problem of the intergovernmental debts contained in the
memorandum of the Belgian Government dated November 15, 1932, The fact
that such a suggestion is made by your Government in itself makes this a matter
rrieriting the most careful consideration. In a matter of such importance there
must be allowed no opportunity for misunderstanding or failure to reach conclusions satisfactory to both Governments and peoples.
In this connection you will appreciate that your present suggestion goes far
beyond anything contemplated or proposed at any time in the past either by
President Hoover or by this Government. You will also permit me to recall
very briefly some of the essential conditions and limitations which would control
on the part of this Government any new study of the debt question and might
affect its results. Not only is there reserved to the Congress of the United States
the ultimate decision in respect to the funding, refunding or amendment of these
iritergovernmental obligations under consideration, but from the beginning the
Congress has itself provided in the past the machinery in the shape of the World
War Foreign Debt Commission for the investigation of the facts and for making
recommendations upon which such action might be taken. The Executive might.
212
REPORT OF THE SECRETARY OF THE TEEASURY
recommend, but the facts and evidence were subrriitted to and the decision made
by the Congress, acting through this machihery.
Furthermore, from the time of their breation, under President Wilson, this
Government has uniformly insisted that in its handling of these obligations
rUhriing to itself, they must be treated as entirely separate from reparation claims
arising out of the War. Its insistence upon this difference is quite natural in
view of its refusal after the War to accept reparations for itself and also in view
of the difference of its position as a creditor from that of all other nations. Not
only did this Government not receive any compensation in the form of territory,
economic privileges, or governmental indemnity at the close of the War, but from
the fact that it owed no obligations of any kind to others, treatraent of the debts
and reparations as though they were connected could only, operate to the disadvantage of the United States. No concession made in respect to a payment
owed to it could either in whole or in part be set off or balanced against claims
owed by it to any of its creditors. On the contrary, every such, con cession would
result i n the inevitable transfer of a tax burden from the taxpayers of some other
country to the taxpayers in our own, without the possibility of any recoupment
from others. The debts owed to the United States thus naturally fell into the
category of ordinary debt obligations betweeri individual nations and were treated
as such.; The American Congress has made, with each of. its debtors, settlements
which were intended to be and were deemed to be liberal and wholly within the
capacity of the debtor to pay without jeopardizing its finances and currency or
preventirig it from maintaining and, if possible, improving the standard of living
of its citizens. . ,
I appreciate the importance of the step mentioned in ypur memorandum which
has> been, taken by the governments at Lausanne iri respect to the reparations due
them from Germany and the possible effect upon those creditor nations of the
loss of that source, of iricome. I am not oblivious to the fact, moreover, that the
world-wide depression ahd the concurrent faU of prices has increased the weight
of debts in many parts of the world; nor to the fact.,that the decrease in international trade has increased the difficulties of obtaining foreign exchange.* I. also
recognize the relation which these facts may bear to the process of recovery. On
the other hand, it must be remembered that these incidents of the depressiori
have.also fallen witn great, weight upon the American people and the effects iipon
them directly, as taxpayers or otherwise of any modification of an agreemerit
with respect to debts due to this country cannot;be disregarded; I assume that
it was for the, purpose, of. deliberately and carefully giving due weight to such
conflicting elements in the world situation, differing as they would in various
countries, that this Government adopted the system which I have described., I
confess that I carinot see any controlling reasons which would be likely tb induce
the ;Congress of the. United States to act. upon the questipn any differently now
from the manner and the principles upon which it has acted in the past. And I
believe it would be inadvisable to attempt to enter into discussions on the subject
except in that manner and under those pririciples.
/ '
rj/The -attitude of the President therefore is that for any suggested study of
intergpyernmental financial obligations as now existing, sprrie such agency as I
have referred to, should be created to consider this question/individually with
each government as heretofore. As he has several times said publicly j he also
believes that some basis might be found for bringing to the Arherican people
some adequate compensation in fornis other than cash paymerit. The President
is,.prepared; to recommend to Congress that it constitute such an agency to
examine7the,whole subject. / ;
.
;^, As to the suspension of the iristallment of the Belgiari debt due on December
iSth, which is requested in your memorandum, ho authority lies in the Executive
to grant such an extension and no facts have been placed in our possession which
could be presented to the Congress for favorable consideration under the principles
to.which I have referred. In the memorandum of the Belgian Government
reference is made to the action of the Conference at Lausanne. It seenis to me
that; the situation which confronted the Conference at Lausanne in its consideration of the question of reparations by .Germany was quite different from that
presented here in that the conference.had before it tbe report of the meeting of
experts a,tBa;sle.
,
,
. Such irnportance is.attached by our/Governrrierit arid people to the riiaintehance of the original agreerrients in force by the payment on December 15th as
to far outweigh any reasons now apparent for its suspension,.and by such payinents the prpspects qf a satisfactory, approach to the whole questipn, in irij^
opinion, would be greatlj^ increased..
A^ccept [etc.]
HENRY L . STIMSON.
REPORT OF THE SECRETARY OF THE TREASURY
213
To ihe Secretary of State from the Belgiari Ambassadory December 6,19S2
{translation)
^
I. The Belgian Government has been pleased t o note that the Governnaeht
of the United States is disposed to take into consideration the proposal to submit
the question of the settlement of the intergovernmental debts to a reexamination. On the other harid, with respect to the suggestion for extending the suspension of the payments due to the United States during this examination, the
Government of the United States has observed that no new fact had been brought
to its knowledge which might be submitted to Congress ii^ justification of this
suggestion. The Belgiari Government accordingly believes that it is meeting
the desire of the .Government of the United States in setting forth its views on
this subject.
.
, * ^
' i l . Belgium cannot refrain from'recalling in the first place her special situation. /Her'restoration was one of the fourteen points laid down by President
Wilson and it was unanimously accepted by all the belligerents as one ^ of the
necessary bases of peace. From this fact she acquired a moral right which she
desires hereby to reaffirm. The Belgian Government nevertheless found itself
cbnstrained to take account of economic realities. In view of these realities, it
conseuted; to the moratoriurn proposed by the President of the Uriited States,
ill June, 1931, and adhered to" the Lausanne agreements. These economic
realities have been authoritatively set forth by the experts bf all countries who
have made clear that debtors can, in the long run, meet their obligations:with
respect to foreign countries only by the exportation of goods or by services. The
present paralysis of the rrioney matket hardly permits any other form of paynient. But the obstacles in the way of exchange have increased and have resulted
in.the throttling of expottation. No country has suffered more in this respect
than .Belgium, whose national econorhy is principally based on international
trade; She has continued to adhere to one of the most liberal tariff policies now
in effect and f6r years she has continued to strive against excessive protectionism.
Furthermore, after the failure of the attempts to organize international action
to/this erid, she recently took the initiative in concluding a convention with
other States open to the adhef ence of all countries, with a view to the progressive
lowering of customs barriers. The American Government was good enough to
express the sympathetic interest with which it followed this move. The Belgian
Governmeht is, therefore, in no wise responsible fpr the present paralysis of
iriternational commerce and it feels that it has done everything in its power to
prevent it.
,
III. The depression niade evident that the trarisfers necessary for the payment
of the intergovernmental debts threatened to throw the balance of payments
still further out of adjustment and to aggravate the disorganization in which
the world is engulfed. In the hope of contributing thereby to economic recovery;
the Belgian Government therefore accepted the moratorium which the Govern^
ment of the United States.propPsed in June 1931. It abandoned temporarily,
in a spirit of iriternational solidarity, a claim which the country considered as
sacred, notwithstanding the fact the consequences were certain to fall particularly heavily on Belgium. Before this, at the Conferences of London in 1924,
and at The Hague in 1929 and 1930, Belgium had, in the same spirit, through
her adherence to the Dawes Plan and to the Young Plan, accepted appreciable
reductions in reparations.
;
The payments which were due to Belgium from Germany and of which she
was deprived by the moratorium of 1931, amounted to nearly a billion-francs;
or; about ten per cent of the total budget of Belgium. This loss was, however,
partially compensated for by the fact that, at the same time^ Belgium \vas
relieved of the obligation of paying the annuities due from her to the Governrherit of the United States and to the British Government. Nevertheless/the'
riet loss of which the Belgian Treasury was thus deprived remained high, amounting to almost a half billion francs.
IV. During the; conference which met at Lausanne in the month of June
last—^the purpose bf which was to seek by united action the final settlement of
the financial problems bequeathed by the war, and to obviate the dangers which;
more and more menace the world—Belgium agreed to extend the suspension of
the German reparations payments. In line with the proposal which the President of the United States had rnade the year before, it was her understanding
that this suspension was to be; extended to "all the intergovernrriental debtsj
and was in no case to involve for Belgium more onerous conditions than those^
which the moratorium of the preceding year had entailed. This understanding
214
REPORT OF THE SECRETARY OF THE TREASURY
was based on the fact that since the month of June 1931 the.ecohbmic arid finari^
cial situation had become more and more disturbing and that consequently the
measures which had seemed necessary at the time were, a/orh'on, necessary
under present conditions. These pleasures were ih confprihity with the'conclusions submitted by the Consultative Comrnittee which rhef at Basle in December 1931; they were in harmony with the suggestions expressed after the
interview between the President of the United States and M. Laval in October
of that year.
V. The obligation to make the payments due the United States would add a
new sacrifice to the iPss which the Belgian treasury already suffered as a result of
the moratorium of last year and would raise the total sacrifice which would be
required of her to nearly one billion francs. The Belgian Government is not
unaware that, in the opinion of the United States Government, the problern of
war debts is distinct from that of reparations. But it does not see how; if Belgium
is to pay her intergovernmental debts, she can avoid turning to her own debtor,
claiming from the latter the payment of the sums due her. This action would
lead to new international complications. In the last analysis, it would make it
evident that while, on the one hand, it is impossible to bring about the trahsfer
of the funds necessary for the payment of the intergovernmental debts without
causing dangerous economic and political complications, it is, on the other hand,
impossible to raise internally in Belgium the sums needed for the paj^meht.without
dangerously increasing the dis-equilibrium of the budget and the difficulties of the
treasury. The Belgian Government has already emphasized how deeply the depression has affected the economic life of the nation by paralyzing international
trade. Unemployment has increased alarrriingly, affecting approximately 40 percent of the registered laboring population. As a result, expenditures for'relief
have increased, while the receipts of the treasury have markedly declined. Tbe
deficit,in the budget bas increased considerably during the past two years/hotwithstanding stringent measures of economy. The Belgian Government desires
at this point tq recall to mind that it did not hesitate to support;the proposals
made in July By the President of the United States in regard to the reduction of
arniaments. To coyer the deficit, Belgium has had to "resort to borrowing, both
at home and abroad. New loans for large amounts will be necessary. Belgium
could not resume service on her intergovernmental debts by lier own resources
and would be obliged to appeal to foreign credit. But that would, be merely to
substitute one creditor for another; and, moreover, the possibilities for a srhall
country to borrow under present conditions are limited.
. The Belgian Government is corivinced that a careful examinatipn of the situation—for which it is prepared to furnish all necessary information-^would show
that the depression, by occasioning the coUapse of its own debtors, has brought
it face to face with serious difficulties and that Belgium would be exposed to grave
dangers if she were asked to resume payments, the suspension of which was considered imperative a year ago.
BELGIAN EMBASSY.
To the Belgian Ambassador, December IS, 1932
EXCELLENCY:
.
,
..
,;
,
My Government has considered with the greatest care the note of December 6,
1932, from the Belgian Government, in which it has set forth at length; the reasons
it advances for a reconsideration of the whole question of intergovernmentaL.v^rair
debts, and for the postponement of the payment due by the; Belgian Governrnent
to-the Government of the United States on December 15, next.
Whatever part debt payments may have played in the economic history of the
post-war years, it is clear that in the present cpnditions of world-wide depression,
accompanied by a sweeping fall of prices, their weight has greatly increased, and
that they have a very definite relationship to the problem of recovery in which
both the Belgian and the American people have so vital an interest.
/•
; The President of the United States is prepared, through whatever agency may
seem appropriate, to cooperate with the Belgian Government in surveying the
entire situation and in considering what means may be taken to bring abput; the
restoration of stable currencies and exchange^ the revival of trade, and;., the
recovery of prices.
I believe that there are important avenues of mutual advantage which should be
thoroughly explored. Such an examination does not imply cancellation.
My Government, however, has not been able to reach the conclusion that a
postponement of the December 16th payment from the Belgian Government
REPORT OF THE SECRETARY OF THE TREASURY
215
to the United States is necessary because of its eQect on the problem of recovery.
Although we recognize the serious economic and financial difficulties which the
Belgian Goyernment, in common with,all other governments, is now facing, the
maintenance of these agreements in their operation pending due opportunity for
analysis of all matters bearing upon your request for revision and its consideration
by^the American Congress aiid people still appears to us to outweigh any reasons
presented for a delay.
Accept [etc.]
,/
^
HENRY L . STIMSON.
To the Secretary of State from the Belgian Ambassador, December 14t 1932
••••'•"''
{translation)
In his declaration of the 23rd of November last, the President of the United
States recalled the bases bn which the debt agreements had been made. The
settlements made, he said, took account of economic conditions and of the
capacity to^ pay of each debtor nation. In his annual report for 1924-1925, the
Secretary of the Treasury, of the United States defined the idea of capacity to pay.
,Such capacity does not imply the obligation, on the part of the foreign debtor,
jto pay to the full limit of his preserit or future capacity. The debtor government,
'^he said,must be able to preserve, and improve its economic position, assure the
balancing of its budget and place its finances, as well as its monetary system, on
sound bases. It musf also/be able to maintain, and, if possible, improve, the
standard of living of its citizens.
^--Jnits note of /Decerriber 5thj\the Belgian Government set forth what were the
teffects for Belgium of the moratorium, the initiative for which was taken by the
President of the "United States in 1931, and of the Lausanne agreement which
resulted therefrom; Actuated by a. spirit of solidarity, Belgium, being desirous
of cpritributing to general economic recovery, sacrificed a credit which was guaranteed to her by the most solemn engagements, and which constituted an essential element for the. balancing of her public finances. This sacrifice to which she
consented, added to the effects ofthe general paralysis of economic activity, has
; brought her face to face with the most serious financial difficulties. Belgium had
hoped that a frieridly arrangement taking account of this situation might'have
been reached before the payment date of December 15th. The Governmerit of
the United States has judged it to be impossible.
, ^
Under such conditions, the Belgian Government cannot but state that these
circunistances prevent it from resuming, on December 15th, the payments which
were suspended by virtue of. the agreements made in July 1931. Belgium is
still disposed to collaborate fuUy in seeking a general settlement of intergovernmental debts and of the other problems arising from the depression.
: ;
.:.:••
EMBASSY
OF B E L G I I J M . ;
To the Secretary of State from the Belgian Ambassador, June 14, 1933
Mr. SECRETARY OF STATE:
In reply to the letter which Your Excellency addressed to me on the 9th of this
month, I have the honor to advise you that the Belgian Government is not in a
'position to modify,for the due date of June 15, the attitude which circumstances
constrained it to adopt on the 15th of December last. It desires to renew the
assurance of its entire good will in seeking a satisfactory settlement.
• • . I take this, opportunity [etc.] .
PAUL M A Y
: , _ > . : . . .T^
^
^ E X C E L L E N C Y : •/^
/
//;/.
The Government of the United States acknowledges receipt of the note of the
;Belgian Government setting forth its attitude concerning the debt obligatipri due
on June 15th to this Government. It. notes that the Belgian, Government,has
failed'to meet in whole or in part the installment due on existing debt agreeinent
between the Belgian Government and the Government of the United States.
»Correct reference; December 6.
216
REPORT OF THE SECRETARY OF THE TREASURY
The Government of the United States niust, in all frankness, call attention to
the problems raised by the failure of the Belgiari Governmerit to meet the payment due on December 15th, 1932, which have not yet been solved or even
discussed between the two nations.;
'The Government of the United States notes further that the failure to pay this
ihstallrnent is based by the Belgian Government upon the principle of inability
to pay. '
Accept [etc.]
I
i
-
WILLIAM PHILLIPS,
'
/:
,^
. V
Acting Secretary of State. .
CZECHOSLOVAKIA
To the Secretary of State froni the Minister of Czechoslovakia, November 21, 1932—
Memorandum
, ;The Czechoslovak Government sharing the views and concerns of the British
and French Governments, as expressed in their notes from the tenth and eleventh
of this month, iri regard to the present serious situation arising from the difficult
and , complex problem of intergovernmental debts, particularly in its present
acute stage in view of the next installmerits to be paid on December 15th, joins
in the suggestions of the above mentioned governments for the reconsideratioh
of this problem, and an extension of the suspension on payments for the duration
of this reconsideration.
•
.
;; The Czechoslovak Government fully subscribing to all reasons and conclusions
cbhcerriing the obstructive function and effect" of this problem in the general
ecohbrriic situation, and in the world's recovery, cannot omit to stress some specific
causes which aggravate the financial situation of Czechoslovakia, already suffering under the general repercussions of the universal w'XDrld's economic crisis.
Situated iri a part of Europe which has been most heavily afflicted by the collapse of prices of agricultural produces, by monetary and credit difficulties,
Czebbbslbvakia has been unable to escape serious effects on her position as an
exporting and creditor nation. The best evidence of this situation is the enormous, decline of the Czechoslovak foreign trade, so vital to Czechoslovakia as an
(exporting riatibn, a decline which paralyzes beyond belief every effort to constantly meet larger obligations in foreign currency. All these difficulties and evils
necessarily reflect thernselves in the budgetary situation resulting, in spite of the
most honest determination to the contrary, in an inevitable deficit.
.;;;/Iri;the .bumble bpinioii
Czechoslovak Government, all these general and
spiecifip/causes cannot; reasonab b;e alleviated, and the way towards recpyery
and reviva,!Jof prosperity through expa;risioh of trade, both international a,nd
ri;a,tiqnal,; arid through restofatibn of confidence, carinot be resumed withput
irrirriediateiy approaching the problem of ihtergovernmerital debts, with- utinost
serenity,., broadminded -foresight-, uhderstahding, and with a sense of mutual
copiJera.tiorf,; / I t is; lri this spirit" and hope thaf t h e Czechoslovak .Government
a/dheres.tp.the request of preceding;g^^
;:
„..-. . /J/" -r^
/ V
;;/
\
;
;;
.
;
The CzEciiosLovAic LEGATION.
' '•'^•' . ^- • - To the Minister of Czechoslovakia, November 26, 1932 /•
" ;v^ .;
fxR:;^/;'£/^-//J';--^;.;. ^^. •:•.:•.•.:,-. -..^ :;£•.•::-,-• /•;'•••: -.;/",. V".-. ^V :.-^ '---'• •L';:\;-"
;;;i fiiir:^ appre"Cia.te'the;iiripbrtarice bf the situatipn.^-presented" byvthe requests
cdntaihed in trie memqraiidum of t h e CzechPslovakiari Government dated No veriibeF 21;^"" 19.32;;' .The mere fact that your" Go vernment suggests t h e necessity of a
- revieM^/pt t h e ;ntergby;errimental finaricial obhgations how. existing between.our
two,hatipnSpresehts:a circumstance which rhust be .given most serious, considera.tipii;;' Iri a rnatter of such impprtarieethere ihust^be allowed no Pppbrt,unity.for
mi,sunderstandi^g:or faHure t^ reach cori elusions satisfactory t o both Governments
arid;peopliesi/'; "" .-:•-•-\-^-y-~- •-•'^ ••••;• :.,::>••;'•::;'; ..•.^ _^-\^,.^:''^^ -''^;- ..••" v .•.-. . '-..:•:.••:.-•:
^
;/;!V^rith'tbis;;end iii';view, ^^^^
y^^
permit me\^tq recall: very briefly some of-the
_psential":;cpriditipris;and limitajtibris Avhich would control on* the part of this
'<Gov,efnmerit such;a revie\y andrnight affect its result:/. Not only is there reserved
fbthe.Cbugress.ofthe Uiiited Stat
decision in respect t o thei.undr "
ing, ;refunding pr arrieridment/of-these iritergoverhmental obligations under^c.onsideratipri,; but the Cqrigress in the past has itself provided the machinery in the
shape'^bf^the World 'War -Foreign- Debt Commission for the^investigation of th^
REPORT OF THE SECRETARY OF THE TREASURY
217
facts and for making recomrhendations upon which such action might be taken.
The Executive might recommend, but the facts and evidence were submitted to
and the decision made by the Congress, acting through this machinery;
M
I am not oblivious to the fact that the world-wide depression and the concurrent
fall of prices has increased trie weight of debts in many parts of the world; nor to
the fact that the decrease in international trade has increased the difficulties of
obtaining foreign exchange. I also recognize the relation which these facts may
bear to the process of recovery. On the other hand, it must be remembered that
these incidents of the depression have also fallen with great weight upon the
American people arid the effects upon them directly as taxpayers or otherwise
of any modification of an agreement with respect to debts due to this country
can not be disregarded. I assume that it was for the purpose of deliberately and
carefully giving due weight to such conflicting elements in the world situation,
differing as they would in various countries, that this Government adopted the
system which I have described. ;
:'. ^
The attitude of the President, therefore, is that for any suggested study of
intergovernmental financial obligations as now existing,, some such agericy as I
have referred to, should be created to consider this question individually with
each government as,: heretofpre. The President is prepared to recommend to
Cqngress that it constitute an agency to examine the whole subject. ;
As to the suspension of the instaUment of the Czechoslovak debt due on December 15th, no authority lies within the Executiye to grant such an extension; and
no facts have been placed in. our possession which could be presented to tbe Congress for favorable consideration.
:./
/
Such importance is attached by our Gpvernment and people to the mairitehance
of the original agreements in force by the payment on December 15th as to far
outweigh any reasons now apparent for its suspension, and by such payriaents
the prospects of a satisfactory approach to the whole question, in rhybpinioh;
would be greatly increased.
Accept [etc.]
- .
/ '
^:. .'..v .;
,....:, /:•,,•
: • •• '
/:-/'' ' W. R.. CASTLE, .JR.,, ' "
'
Actirig Secretary Jof Sftate.
To the Secretary of State from the Minister of Czechoslovakia, Decemher 6, 1932
EXCELLENCY:^
J-
_,•
.,';'/•.
^
•'^j\]
_•'••.:•-•.•:..• i^.. ,
The Czechoslovak Government gratefully .appreciates that the Government of
the United States is not on, principle unsympathetic to the idea of re-examinatioii
of the debt problem and is at the same time seeking practical ways arid nieans for
the carrying out of this .rearrangement.; The, Czechoslovak Government welcorhes also the suggestion implied in the note of November 26th, 1932, to submit
additional facts and reflections which in its opinion tend tp corroborate the reciu.est
for the suspension of the payment due on iDecember 15th, 193.2; ,
The Czechoslovak Government desires to stress at the beginnirig that Czechoslovakia has always considered if as her duty to fulfill and meet all her obligations
in the fuUest measure and without hesitation/and that the present request does
not cast the slightest doubt bn the legality and validity of the existing agreement.
In the same spirit, Czechoslovakia, guided and moved by the gratitude towards
the American nation who came first after the Great War to her aid and assistance,
immediately and without bargaining accepted and bound herself in the debt
settlement of 1925 to pay fully without any reductions or aUeviations both the
principal and interest as the terms of the settlement were laid before her by tbe
World War Foreign Debt Commission. Czechoslovakia, accepted also tp pay
the highest interest of all the debtor nations. From the time of the^ contracting
of the debt,. Czechoslovakia continued to meet her obligations in gPld although
the sums lent to her were entirely spent for goods rnanufactured and produced iri
the United States and bought at prices of the highest level in history, and aithpugh
it was evident ;that the nature of these purchases, i. e. agricultural products, war
materials and transport services, will prevent her from repaying in kind and thus
enable her to take advantage ofthe dechne in prices. And all this Was dqhe
during a time when Czechoslovakia was laboring under the weight of an adverse
balance of trade with the United States as a logical sequel to the system of the
uncoriditional most favored nation clause which worked in favor of the United
States trade in regard to Europe. Thus, in the last years the exports from the
United States to Czechoslovakiaj including indirect shiprnents via foreign transit
ports, were approximately twice as large as the exports from Czechoslovakia to
the United States.
2i8
REPORT OF THE SECRETARY OF THE: TREASURY
In the light of figures, Czechoslovakia bound herself to repay her original
indebtedness of $91,879,671.03 in the funded sum of $185,071,023.07 at a time
when the favorable trade balance of Czechoslovakia amounted to approximately
severity-six million dollars, which, in this period of expansion of foreign trade
did not represent an intolerable burden as it certainly does today when our trade
balance became adverse during the first nine months of the current year.
This strict fulfillment of assumed obligations under such adverse conditions, a
fulfUlment which in fact represented with other payments to the United States
the exporting of an integral part of the late excesses of favorable trade balances
with other European countries to the United States, may be considered a conclusive proof that the Czechoslovak Government would, not lay before the
Government of the United States a request for postponement if the situation in
which these obligations have been accepted and assumed had not substantially
and fundamentally changed as tq entitle it to a re-iteration of this request in view
of the present insurmountable, difficulties. Moreover, the interpretative statement of the Secretary of the Treasury made at a time of the settlement seemed to
imply and foresee such a request under basically changed circumstances.
If,~ Czechoslovakia today is laying again before the Government of the United
States the request that the payment of the December installment, which in the
most candid opinion of the Czechoslovak Government could not be effectuated
. without endangering her present economic and financial structure, be transferred
and included in the eventual rearrangement of the debt problem, she is acting in
the spirit of this conception and interpretation of the capacity to pay.
If, however, this request of postponement be not granted, the tendency to
restrict importation will fatally, spontaneously and immediately be imposed on
nations importing from the United States in order to correct and counteract the
menacing adverse trade balance, and in this vicious circle the volume of international trade will be again diminished creating further unemployment, which is
the most distressing and ominous phenomenon of the present crisis, and the way
to recovery, both economically and psychologically, wiU be automatically barred.
This state of affairs would create exceptionally serious repercussions in Central
Europe ih the economic structure of which Czechoslovakia assumes an integral
part as an industrial, exporting and creditor country.
Being w^edged in the bloc of Central European states so heavily hit by the
present world's crisis of credit so that they were compelled to introduce various
exchange restrictions, transfer moratoriums, and agreements concerning postponements, and being geographically and economically so closely corinected with
Central and Eastern Europe, Czechoslovakia has been seriously affected by these
external influences exceeding the extent of the effects of the general econoinic
crisis. The economic depression in Central and Eastern Europe deprived Czechoslovakia of approximately $180,000,000.00, which include frozen credits in the
neighboring countries and payments on debts abroad. These two exigencies
created by strict fulfillment of our obligations on one side, and the impossibility
of collecting our credits abroad on the other side, compelled Czechoslovakia to
face these difficulties in order to maintain her sound currency. The restoration
of normal conditions is impossible as long as the Central European states, influenced by monetary and financial fears, see their economic salvation only in the
drastic restriction of imports in order to maintain their balance of payrnents.
It is generally admitted that without the recovery of Central Europe, the whole
process of ecPnomic restoration would be greatly impaired and delayed. CzechoSlovakia undertook most drastic measures to reduce her budgetary expenditures
arid to maintain the soundness and stability of her currericy in the interest of
this part qf Europe and in the interest of interriational trade. It is the "profourid
coriviction of the Czechoslovak Government that just now on the eve of the
forthcoming World Econoniic Conference, it is in the coirimon; interest of all
natipns to mairitain and support the stability of those currencies which rehaain
in the.present crisis intact and sound, based on gold standard.
. - " / In the face of the foregoing facts and observations, the question occurs whether
not only the.capacity to pay should be taken into most careful consideration, but
also the advisability of receiving large transfers bf payments ^without preserit
.consideration or any present equivalent in manufactured goods, raw materials
.and services, especially in the actual state of the already^so dislocated and
.'paralyzed trade relations and world economy.
..:....::.::.••
The Czebhoslovak Government, therefore, ventures to; hope that the United
States Government in this most serious moment wiU' not-refuse to-grant this
preserit request. - .
/^ : • . / : • • v
,!>
Accept[etc.J
"•- -^'' -- •'-• - •-----'.-;-•-^^-•>'•• >0-V::)::'.••'-^i.^'-,•...•: . .. ...^.;..'.
FERDINAND ' VEVERKA. '
lREPt)RT OF THE SECRETARY OF THE TREASURY
" *
;^
;;219
To the Minister of Czechoslovakia, December 13, 1932 .
vSIR•^/,,^;/. ^.::'-V,'''' •"'•''•;" .''',,
.
.
' ." '•
/ '
" ^ My .Goverriment has^considered with the greatest care the note of Decem•'ber 5, 1932, from^ the Czechoslovak Government, in which it has. set forth;:at
length the reasons it advances for a reconsideration of the whole question of
intergPvernmehtal war debts, and for the postponement of the payment due by
the' CzebhoslPvak Government to the Government of the United States on
December 15, next.
- Whatever part debt payments may have played in- the economic,history of
the post-war years, it is clear that in the present conditions of world-wide depression, aPcompanied by a sweeping fall of prices, their weight has greatly increased,
. and that they have a very definite relationship to the problem of recovery i n
which both the Czechoslovak and the American people have so.vital aii interest.
• The President of the United States is prepared, through whatever agency may
seeih appropriate, to cooperate with the Czechoslovak Government in surveying
the entire situation and in considering what means may be taken to bring about
the restoration of stable currencies and exchange, the revival of trade, and the
recovery of prices.
.
;
' Ibelieve t h a t there are impprtant avenues of mutual advantage which shpuld
be thoroughly explored. Such an examination does not imply cancellation.
;My Government, however, has not been able to reach the conclusion that a
postponement of the December 15th payment from the Czechoslovak Government t o the United States is necessary because of its effect on the problem of
recovery. Although we recognize the serious economic and financial difficulties
'which the Czechoslovak Government, in common with all other governments,
is rioW facing, the maintenance of these agreements in their operation pending due
opportunity for analysis of all matters bearing upon your request for revision
and;its consideration by the American Congress and people still appears to us
to Outweigh any reasons presented for a delay.
'•'Accept [etc.]
HENRY L. STIMSON.
To the Secretary of State from the Minister of Czechoslovakia, December 15, 1932
EXCELLENCY:
. • In reply to Your Excellency's note of. December 13th, 1932, and foUowing t h e
/Suggestion contained therein, I haye the honor to state that the Czechoslovak
Governmeht, in view of circumstances presented in this note, has decided to
, pay the :PeGember installment.
.; In bringing this decision to your attention, I am instructed to recall and stress
again-all the considerations, conclusions and serious consequences mentioned in
my previous notes.. .^
. . .
, , i also take the liberty to point out that this payment constitutes in the utmost
selffdenial of the Czechoslovak people their final effort to meet the obligation
under such extremely unfavorable circumstances.
It is, therefore, the profound conviction of the Czechoslovak Government that
only negotiations entered into at the earliest possible date concerning the reconsideration and revision, and also the • inclusion of this last.installrnent into the
forthcpming arrangement can bring some alleviation to tbe present most distressing, situation. - .
, •
V- Accept [etc.}
< :.
,
^
FERDINAND VEVERKA.
To the Acting Secretary of State from the Minister of Czechoslovakia, June 15, 193S
EXCELLENCY:
> I have the honor-to acknowledge the receipt of Your ExceUency's note of
June,9th, and. beg to inform you that I am instructed by my Government to
^ reply to this note as follows:
In my last note of December 15th, I had the honor to state the position .of
.my Goyernment,-.stressing the fact, that the December payment constituted in
_the_utmos]b self-denial of the Czechoslovak people, their final effort to meet the
obligation. It was at that tirrie also the hope of the Czechoslovak Gbv.ernril,ent
that a settlement would be reached before the next instaUment was due.'
220
REPORT OF THE SECRETAiElY OF THE TREAStJRY
As the complex and difl&cult economic arid financial situation has not permitted as yet that such a final settlement be arrived at, the Czechoslovak Government in an effort to manifest its utmost willingness to meet existing obligations,
has decided upon paying a sum of $180,000.00, a sum expressing the highest limit
of payment which could be made a t present without inipa,iring the budgetary
and monetary equilibrium so laboriously attained and maintained.
This sum which is being paid without any prejudice to the final settlment,
and as a payment on account of it, is also destined to confirm and acknowledge
the existing obligation until that final settlemerit is ma,de possible. This, in
addition to all observations mentioned in the previous notes and which have
not lost their substance and justificatiori, seeriis to be a sufficient reason to the
Czechoslovak Government for renewing; the request fpr negotiations at trip
earliest possible moment m t h the view to initiate the final reconsideration and
settlement of the whole of the intergbvernmental Czechoslovak debt tp the
UnitedStates.
/
'
'
Accept [etc.]
,
FERDINAND VEVERKA.
To. the Minister of Czechosldyakiay June 21, 1933
SIR:
'
J
: '
•
'• '
/
J ; , •'
' ,
'
The President directs me to apknowledge the receipt of your note of June 15,
1933,
in which you set forth the decision of the Czechoslovak Government to
pay the Government of the United States the sum of $180,000.00> as a payment
on account and as an acknowledgment by the Czechoslovak Government of the
debt due the United States. The presentation made iri your note that this
sum is "the highest limit of paymerit which could be made at present without
impairing the budgetary and monetary equilibrium" of your country, has been
noted.
, .
In accordance with your request, the represeritations of the Government of
Czechoslovakia with regard to the entire debt question between our two countries
will be gladly heard at a date to be agreed; upon between us.
Accept [etc.]
.
,
/
/
^^^^^•*
W^
'
^
' ";
.
--
Acting Secretary of State.
/
-ESTONIA-
' ."•• •• V
., •
.
, ".
.
To the Secretary of State from the Estonian Miriister for Foreign Affairs, November
28y 1932
E X C E L L E N C Y :
:'
;-•.•^•^- :; •'• •.^'.; ,; : •:.
I have the honour to submit to Your Excellency that the Agreement made the
28th October, 1925, at the City of Washington between the Republic of Estonia
and the United States pf America regarding the settlement of the indebtedness of
Estonia incurred during her War of Independerice, was mutually based on the
capacity under normal conditions of Estonia to pay, as estimated at that time.
The above basic principle has subsequently been authoritatively confirmed by
public statements made by the United States /President as well as by the approbation given by the Congress to weU-knqwn rrieasures of the United States
Government.
;
. .
It is in these facts that the Estonian Government seeks authority to invite the
friendly attention of the Uriited States Gpvernment to the circumstance that as
a result of the grave economic dejpression the basis of the settlement of 1925,
contrary to the wishes and expectations, and to the greatest regret of the Estonian •
Government np longer exists.
An earlier request to this effect was postponed by the generous proposition of
the President of the United States of June 20, 1931,. to suspend during oiie year
all payments on intergovernmental debts, reparations and relief debts, a welltimed measure accepted by the Estonian Government with the sense of deepest
appreciation and gratitude.
- .
:.
The many hopes raised in connection with the said initiative have unfortunately
not been realized, and the universal depressiori, on the contrary, has still aggravated. In particular the depreciatioh of the sterling-pound and the subsequent
universal restrictions of foreign trade and currency movement have placed the
national economy of Estonia into many, new difficulties, especially affecting the
Bank of Estonia and restricting the exports of the country, which latter mainly
give the means of meeting foreign commitments. In corinection therewith the
REPORT OF THE SECRETARY OF THE TREASURY
221
budgetary year of 1931/32, notwithstanding the suspension of payments to
foreign Governments, ended on Marbh 31,1032, with a deficit of Kr. 3.381.276.71,
gross expenditure amounting to Kr/ 82.30S.348.81 and gross receipts to Kr.
78.927.072.10.,^'-''•;/:;•..•• \/'--J/;-/:,/^'^'-;'.'''^ ••" ••
Confronted with such difficulties the Estonian Government in June last requested
the British Government to agree to a further suspension of payments due from
Estonia on the 1st of July last and the 1st of November in respect of the Relief
Debt and the Debt for War Supplies respectively, to which the British Government generously agreed until the 31st of December next, in spite of the letter of
the corresponding agreements.
,
' The economic, and financiai'difficulties of the world and those of Estonia,
however, have since then not been alleviated,' and in particular the estimated
state revenue of the current finariicial year has in reality already shown a decrease
of no less than 20,5%. The Estonian Government has riot failed to make, and
is further making, most serious efforts to balance its budget, but is unfortunately
not yet in a position to see a definite solution of this difficult task.
In view of all those circumstances, the Estonian Government now has the
honour most earnestly to request the United States Government to see its way
to enter into a friendly exchange of viewl regarding the position which arises
from the unquestionable change of the capacity of Estonia to pay the debts
incurred during her War of Independerice, arid to agree in the first place to the
suspension of the payment due from Estonia on December 15, though this request
in respiect of interest may not be based on the letter of the Agreement of 1925.
I avail myself [etc]
/
A. R E I .
To the Estonian Acting Consul General a f New York City, in Charge of Legationy
Decerriber 15y 1932
S I R :
'
•''
'
' - •
" -
-
•-^••'•-••'
My Government; has. considered \\rith the greatest care the note of November
28, 1932, from the Estonian Governiiierit, in which it has. set forth at length the
reasons it advances for a recohsideration of the whole question of intergovernmental war debts, and for'the postpbherrient of the payment due by the Estonian
Government to the Government of the United States on December 15th next.
Whatever part debt payments may have played in the economic history of the
post-war years, it is clear that in the present conditions of world-wide depression,
accompanied by a sweeping fall of prices, their weight has greatly increased, and
that they have a very definite relationship to the problem of recovery in which
both the Estonian and the American people have so vital an interest.
The President of the United States is prepared, thrpugh whatever agency may
seem appropriate, to cooperate with the /Estonian Government in surveying the
entire situation and in considering what means may be taken to bring about the
restoration pf stable .currencies and exchange, the revival of trade, and the recovery of prices.- • ' / ' • ;„ ";,.;.,;/ /;•";/:^;;/;-.j;vY ".J";,,,./''^;/
I believe that there are irhpoftant avenues of mLutual advantage which should
be thoroughly explored. ; Siich ari exaihinatron does not imply cancellation.
My Government,.however,/has.not;been able;.t.o reach the conclusion that a
postponement of t h e December/15th payment fror^
Estonian Government,
to the United States;is riecessary/b;ecause;pf its/effect ori ;t^ problem of recovery.
Although we recognize the. serious; ecbribriai^ca^^^ firianciai difficulties which the
Estonian Government, in coriirriori with all other ^governments, is now facing,
the rnaintenance of these agreenaents.in,their,operation pending, due opportunity
for analysis of all matters bearirig:upion,yp
for revision and its consideration by the Ariiiericari/Corigress a<hd people still appears to us to outweigh any
reasons ;presehted;fora;delay.//;."
/ ,. :
Accept [etc.]
^
/HENRY L. STIMSON.
To the American Charge d'Aff aifes in Estonia from the Estonian Minister for Foreign
;
'
" AffairSy December 15y 1932 :
^
MONSIEUR LE CHARGI^ D'AFFAIRES:
On Noyeriibef 29 last I had the hPhour to hand you a copy of the note addressed
the day before to the Secretary of State of the United States of America and
requesting the Uriited-States Goverhrrient to see its way to enter into a friendly
exchange of views regarding the question which arises from the change of the
capacity of Estonia to pay the debts incurred during her War of Independence,
and to agree in the first place to a suspension of the next payment due from Estonia
to-the Uriited States Government'uhder the:Debt Funding Agreement of 1925.
222
REPORT OF THE SECRETARY OF THE TREASURY
A reply of the United States Government having not yet reached the Estonian
Government, but this day being the date on which the payment referred to is
due to be made, I have the honour to present you herewith a memorandum ^setting,
forth the circumstances in which the Estonian Government does not see its way
to effect the said payment, and feels justified in requesting the United States
Government to agree to a friendly exchange of views regarding the possibility of
a reconsideration of the Debt Funding Agreement of 1925.
I avail myself [etc.]
^
A. R E I .
[Memorandum]
In view of the fact that the Agreement made the 28th October, 1925, at the
City of Washington between the Republic of Estonia and the United States pf
America regarding the settlenient of the indebtedness of Estonia incurred during
her War of Independence, was based on the capacity under normal conditions of
Estonia to pay, as estimated at that time, and, moreover, thus as to permit
Estonia as any other debtor country to preserve and improve its economic position, to bring its budget into balance, and to place its finances and currency on a
sound basis, and to rriaintain and, if possible, to improve the standard of living of
its citizens,—it is proposed to show below by presenting detafled figures the considerable and unforeseen changes that have taken place in the economic and
financial position of Estonia, which conclusively prove that the basis of.the settlement of 1925 no longer exists.
;
As international debts in general and those of Estonia in particular can only be
paid in the form of exported goods, the foreign trade figures of Estonia in the first
place deserve attention.
Table of general commodity imports and exports of Estonia in 1925-32
[In American dollars]
Imports to
Estonia
1924
1925
1926
1927.-..
1928.
21,090,488
25,963, 225
25, 485, 333
25, 711, 200
36,126, 471
- .
Exports
from
Estonia
20, 220, 565
26,980,108
25, 662, 933
28, 206, 933
33,986,363
Imports to
Estonia
1929
1930..
1931
1932 (9 montbs)
; . 32,791,200
26,197,070
16,296,414
i . . . 7,420, 099
Exports
from
Estonia
31,325, 600
25,681,491
18,918,085
8, 674, 671
The above figures show a striking parallel with the course and phases of universal post-war economic developments. They prove that Estonia, while not
failing to share the general economic progress of 1925-1929, has since fallen a
victim of the collapse of world trade, the application of protectionist and mercantilistic principles, depreciation of currencies and heavy fall of commodity prices,
for which Estonia herself, one of the smallest economic units of the world, bears
no responsibility. The practical effect of these changes, however, has been that
the value of commodity exports from Estonia has since 1928 fallen by about 8,
25, 45, and 67 per cent, in the years 1929, 1930, 1931, and 1932, respectively.
Unfortunately at the present moment a further decline, rather than a recovery,
must be anticipated.
Moreover, increasing objections are being raised against selling across the
exchange obtained on the market of a given cPuntry in order to meet obligations
elsewhere. It follows that a foreign debt can nowadays be paid indeed iii the
form of exports to the creditor country herself. The trade figures between Estonia and the United States of America are, however, as follows:
[In American dollars]
Imports to
Estonia
from
U.S.A.
1924...
1925
1926
1927. - 1928
,.
2, 632,133
6,131,183
3,056,533
3, 663, 733
6,309,368
Exports
from
Estonia
to U.S.A.
72,493 • 1929
267,086 1930
356, 200 1931 .
335, 733 1932 (9 months)
800,535
* •
Imports to
Estonia
from
U.S.A.
4,402,666
3,317,177
1, 446, 671
787,367
•
Exports
frbm
Estonia
to U.S.A.
631,466
616,644
484,176
320,558
REPORT OF THE SECRETARY OF THE TREASURY
223
These figures show a trade balance constantly adverse to Estonia. They
further show that in 1932 the value of her exports to the United States is only
about equal to the instalment due under the Debt Funding Agreement, leaving
her without an American cent to pay for imported American goods.- They also
demonstrate that in the course of the last eight years about $28,000,000 net, or
twice as much as the total of the funded indebtedness, has been paid by Estonia
to the American producer, in addition to the net balance of trade in favour of the
United States also in earlier years, and in addition to the sum of $1,001,441.88
already paid by the Estonian Treasury to the United States Treasury on account
of the Estonian debt.
The heavy decline of Estonian general foreign trade referred to above has not
failed to affect Estonian.State budgets, which show an equally clear paraUel with
post-war world economic developments. Having shown for many consecutive
years of recovery (1925-1929) a surplus of receipts, they have since 1929—the year
marking the turning point from economic progress to Universal depression^no
more ended with balanced accounts. The decline bf commodity exports having
compelled the Estonian Government to resort to a drastic cut-down of imports,
this could not'fail to result in a considerable fall in custom duties. Again, the
drop of prices having been particularly marked in agriculture, on which about
two-thirds of the Estonian population depend for their livelihood and income,
the pui:chasing power of the population has fallen to the extent of severely affecting
receipts from state monopolies (spirit, railways, postal service, etc.) and from
excise duties, which together with custom duties amount to about 70 per cent, of
the total estimated iricoriie for the fiscal year 1932/33.
Taking as a basis the actual receipts of the last budgetary year, expenditure for
the current year 1932/33 was fixed at Ekr. 82 millions. Actual receipts of.this
year, however, for reasons stated above, have during the first eight months shown
a decline of no less than 20.5 per cent. This has placed the Estonian Government
correspondingly before a prospective deficit of not less than about Ekr. 16 mUlions,
whereof the sum of Ekr. 4,651,922.-— required this year to settle payments due
from Estonia to foreign governments represents approximately one quarter.
The Estonian Government is sincerely endeavouring to balance its budget both
by introducing new taxes and by curtailing even most urgent expenditures, but
it is not in the position to see its way to balance definitely its accounts, if the
suspension generously initiated in 1931 on debt payments due from Estonia to
foreign governments can not be further extended. Even such favour, it will be
noticed, will leave the Estonian Government with a prospective deficit of about
Ekr. 12 mUlions to be met by increased taxation and decreased expenditure at a
time when expenditure has been allowed only for most pressing needs.
It must be added here that Estonian budgetary figures represent amounts of
gross income and expenditure, whereof net budgetary figures for the current
financial year wUl amount to no more than Ekr. 46 millions. Of this sum the
Foreigri Debt Service would require more than 10 per cent. The net budget for
the coming financial year 1933/34 will be limited to Ekr. 40 mUlions, whereof the
Debt Service would exact no less than 30 per cent.
In conclusion there remain to be taken into consideration the present serious
exchange difficulties. In 1927/28 Estonia succeeded in carrying out a Banking
and Currency Reform, stabilising Estonian currency on a gold exchange basis.
Owing, again, to the depression in world economic developments, the exchange
reserves of the Central Bank, having been well over 50 per cent, and nearing 60
per cent, in proportion to current liabilities, began in their turn to decrease, and
in September 1931 the Bank suffered heavy and unexpected losses on its sterling
holdings. These losses amounted to more than Ekr. 7 mUlions, leaving the
reserves on approximately Ekr. 19 mUlions today, or just above the legal mini
mum of 40 per cent, in proportion to current liabilities. The universal loss of
confidence in currency values experienced everywhere since the last year was of
course felt also in Estonia, and the value of national currency has since then been
maintained only by severe restrictions and by application of the principle of
seUing no more foreign exchange than is coming in. It is relevant to recall here
particularly the figures given above in respect of trade between Estonia and the
United States of America. A claim at present on exchange reserves of the
Central Bank on account of governmental debts to other governments would
therefore, seriously jeopardize the position of the Bank as weU as that of the Government in their struggle for the maintenance of the national currency value
which is to be considered of primary importance, the Estonian population having
already suffered all the disastrous consequences of the collapse of Russian,
German and their own earlier currency.
14820—33
:16
224
REPORT OF THE SECRETARY OF THE TREASURY
It is in these circumstances which all the world hopes will be of a transient
nature that the Estonian Government does not see its way to effect payment
of the amount,due to the United States Government from Estonia on this December l5, arid" feels justified in requesting the United States Government to agree
to a friendly exchange of views regarding the possibility of reconsideration of the
Debt .Funding Agreement of 1925.
With regard to the latter request, the relative increase in the burden of Estonian
obligations, in addition to the changes of Estonian capacity to pay, would seem
of particular importance.. The wholesale price index in the United States of
America during the year when, the Estonian debt was incurred was 199, and is
riow less than 94. The Estonian debt therefore represents at present in terms
of goods more than twice the amount which was received in 1919. This is proved
to be more than true by following figures relating to some of the goods received:
:
Goods sold to Estonia
Wheat flour
Lard . .
Meat preserves
Reserve rations
Margarine..:
Rice
Coffee
Tobacco
Price
charged to Price on H Total differOct. 1932
ence
Estonia
Weight
Pounds Pounds [sic] Pounds [sic]
$0.09
$0.0306 $1.188.000.00
20.000.000
0.0675 1.985.240.00
0.363
6.718.241
0.0966
0.6195
845.806.07
2. 000.012
0.1487
0.80
649.983.72
997.979
0.0873
0.40
156.337.49
499.960
0.0160
84.000.00
1. 000. 000 . 0.10
0.0976
0.28
181.200.00
1.000.000
0.0721
0.82,
373.949. 25
499.999
.
,.
-
-
Total
5.464.515.53
.!
To the Acting Secretary of State from the: Acting Consul General of Estonia in New '
/ :
York City, in charge of Legation, June 13, 1933
SIR:
'; . ' / ; • . .
I have the honor to acknowledge receipt of your note of June 9tli, in reference
t o t h e June 15th payment. My Government regrets very much that on account
of existing depressed economic conditions in Estonia it is not in position to effect
the payment of the amount due on June 15th from Estonia to the United States.
I haye been instructed to ask the United States Government to agree to a friendly
exchange of views regarding the possibility of reconsideration of the Debt Funding
Agreement of 1925, as requested in our note of December 15, 1932.
Accept [etc.].
CHARLES KUUSIK
Ta the Acting Consul General of Estonia in New York City, in charge of Legation,
:^v,.r:-;:, : .-. ':.
June 21,'1933
S m ^
: ' .
•:.:.:
:'•- •
-.-•.
. . • -• ;
•--
"
•
^.•:_;.-
. '
The Government of the United States acknowledges receipt of the note of the
Estonian Government setting forth its attitude concerning the debt obligation
due-qh June-i5th to^this Government.; I t notes that the Estonian Governrnent.
has-failed to riaeef iri whole or in part the installment due on.the existing debt
agreement between t h e JEstonian .Government arid the Government pf the ^
Uhited States; .
; ..
.
;."
.
'
^'The'Goyernment of the United.States must, in all frankness, call attention, to
the-probleriis-raised by the failure of the Estonia Government to meet t h e pay-;
m'erit^dUe/on December; 15,. 1932, which, have not ^et been solved or even discuss.ed'^between the two natipns.
/ ; ., • .
<^The/Goyernmeht of the United Stat^ notes further that the failure to pay this
iristallnient/is based,by the Estonian Gpvernment upon the liririciple of inabiUty
t b
p a y .
•'•'-•'-'
^-^
;'
'-
Accept [etc.]
/f^;^^;;//;/;,;;•;';•';-'• .
tc-^'iy-'^::.'..':"^^r^.'-/-
'•
- - - • - . - •
.
.
-'^
.
• • ' • - - • • •
- •
.
,•••;..";•;''.;•
..
WILLIAM "PHILLIPS,
-
_.
,
Acting Secretary of State.
REPORT OF THE SECRETARY OF THE TREASURY
225
FINLAND
To the Acting Secretary of State from the Minister of Finland, June 14, 1933
' •'^ •
/;/ / '
I have the honor to acknowledge receipt of your note of June 9, 1933; by which
you were good enough to inform me that the Secretary of the Treasury had requested you to advise me that he would courteously waive the requirement of
thirty days advance notice contained in the debt agreement of May 1, 1923,
for the case that my Government should wish to make payment on June 15
next in United States obligations.
' , ;
;/ '
Highly appreciating this courtesy I wish to state that my Government, when
making payment in full of the interest, due to-morrow the fifteenth of June in
the amount of $148,592.50, will prefer the method for effecting payment in silver
provided for in Section 45 of the Emergency Farm Mortgage Act of May 12,
1933, since my conversations at the Department of State have disclosed that
this form of payment wiU be agreeable to the Government of the United States.
My understanding is that the American Government wiU accept silver at a price
of 50 cents an ounce, and that the sUver should be delivered on June 15th at the
Assay Office in New York.
I should be greatly obliged to you if you would kindly confirm the correctness;
of my above understanding.
:
,
Accept [etc.]
L. ASTR6M.
SIR:
'
'
To the Minister of Finland, June 17, 19SS
SIR:
The President directs me to acknowledge the receipt of the payment by your
Government of the June fifteenth instaUment of the debt owed to the United,
States Government. The Government of Finland, by this action, has justified
the high regard with which it has always been held by the Government of theUnited States. It is significant that the people of Finland have regarded this
payment as an important national obligation and have discharged its terms in
full. This Government wiU be ready to discuss at the pleasure of the Government of Finland the entire debt question. ;
Accept [etc.]
WILLIAM PHILLIPS> '
Ading Secretary of State.
FRANCE
-
From the French Government, November 10, 1932—Memorandum {translation)
The French Government, seriously concerned with the effect that the problems
arising from the intergovernmental debts are having' on the world-wide .depression, deems it of vital importance to approach the Government of the United
States, asking it to cooperate in examining this question in a spirit of frankness
and true friendliness.
.
:..
..
.,,
. ';
During the months of June and ^vlj last, the Governments of Europe assem-i/
bled in Lausanne with a view to averting to the very best of their ability the difficulties arising from the payments which these debts entaU.
Basing its action upon the principles which were expressed in t h e joint com-^
muniqu6 issued on October 25, 1931, by President Hoover and.Mr. Laval at the
conclusion of their discussions, and which were the logical development of the
proposal made by the President of the United States in June, 1931, the Frerich .
Government, certain of being in close accord with the ideas of the American
Government, voluntarily agreed to very heavy sacrifices at Lausanne, hoping
thereby to appease resentment existing among nations, and at the same time, to
make a contribution toward economic recovery ahd toward the consolidation of
peace.
'
Important as were the effects of the Lausanne Conference, it must be said that
the economic and finarfcial difficulties which stand in the way of a resumption of
normal relations between nations are still present, and that a further effort must
be made to put an end to them in the interest of all.
The attitude which France displayed at Lausanne and at Stresa is proof of
the active interest which she attaches to the prompt economic recovery of Europe
and of the effort which she still contemplates making toward fulfiUing this task.
France is no less anxious to cooperate in bringing about the success of the worldwide Economic and Monetary Conference.
J2;6
REPORT OF THE: SECRETARY OF THE' TREASURY
; It is in this: very same spirit t h a t the French Government today proposes to
the Government of the United States to join with it in a further study of the debt
question. Inasmuch as such a study will; by virtue of circumstances, require too
much time for a speedy conclusion to.appear probable, the French Government
asks that, in accordance with the process followed at Lausanne, an extensionvof
the suspension of payments may be granted to the French Government: in.^order
that the study of the present serious problems now under discussion may be continued and completed in the necessary atmosphere of mutual trust. The French
Government is further convinced that such a step would have the most helpful
effect on the monetary crisis which threatens so many
riations.
v
Trusting in the high wisdom and the spirit of justice of the American Government, the French Government is convinced that its point of view will be understood and that the request contained herein wUl be favorably received.
,;
To the French Ambassador, November 23, 1932 '
'EXCELLENCY:;,;
\
,.:
'/•'•''
I fully appreciate the importance pf the situation preserited by the request for
an ex:amination of the problem of the intergovernmental debts cpntained in/the
memorandum of the French Government, dated November ,10, 1932. The fact
that such a suggestion is rnade by your Governrneht iri itself raakes tbis a; rnatter
rrieriting the niost careful consideration.; In a matter of such importance tbere
niust be allPwed no opportunity for misunder standing or failure to reach conclusions satisfactory to both Governments and peoples.
;
; In this cPnnection you wilf appreciate that your present suggestion goes far
bej^ond anything contemplated or prpppsed at any time in the past either by
President Hoover or by this Governmerit. You will also permit me to irecall
very briefly some of the essential cbnditiPns and limitations which would cohtrpl
on the part of this Government any new study of the debt questipn and riaight
affect its results. Not only is there reserved to the Congress of the United States
the ultimate decision in respect to the funding, refunding or amendrnent of these
intergovernmental obligations under consideration, but frpm the beginning ,the
Cpngress has itself provided in the past the machinery in the shape of the World
War Foreign Debt Commission for the ihvestigation of the facts arid for rnaking
recommendations upon which such action might be taken. The Executive
might recoriimend, but the facts and evidence were submitted to and the decision
made by the Congress, acting through"this machinery.
Furthermore, from the time of their creation, under President Wilson, this
Government has uniforrhly insisted that in its hahdlihg of these obligations
running to itself, they must be treated as entirely separate from reparation
claims arising out of the War. Its insistence upon this difference is quite natural
in view of its refusal after the War to accept reparations for itself and also in view
of the difference of its position as a creditor from that of all other nations. Not
only did this Government not receive any compensation in the form of territory,
economic privUeges, or governmental indemnity a t t h e close'of the War, but from
the fact that it owed no obligations of any.kind to others, treatment of the debts
and reparatipns as though they were connected could only operate to the disadvantage of the United States. No concession made in respect to a payment
owed to it could either in whole or in part be set off or balanced against.claims
owed by it to ariy of its creditors.. On; the contrary, every such concession would
result in the inevitable transfer of a tax burden from-the taxpayers of some other
country to the taxpayers in our own without the possibility of any recoupment
from others. The debts owed to the United States thus naturally fell into the
category of ordinary debt obligations between individual nations and were
treated as such. The American Congress has made, with each of its debtors,
settlements which were intended to be and were deemed to be liberal and wholly
within the capacity of the debtor t o pay without jeopardizing its finances and
currency or preventing it from maintaining and, if possible,. improving t h e
standard of living of its citizens.
;^
• ' .. -; I appreciate the importance of the step mentipned in your memorariduin which
has been taken by the governments at Lausanne in, respect to the.rep.aratioris
due them from Germany and tbe possible effect upon those creditor, nations of
the loss of that source of income. 1 am.not oblivious to the fact, moreover, that
the world-wide depression.and the concurrent fall of prices has.increased the
weight of debts in-many parts of the world;..nor to the fact.that the decrease in
international, tradp^ has j n greased ^ t difficulties of obtaining foreign'exchange.
^
REPORT OF THE SECRETARY OF THE TREASURY
227
I also recognize the relation which these facts may bear to the process of recovery.
On the other hand, it must be remembered that these incidents of the depression
have also fallen with great weight upon the American people and the effects upon
them directly as taxpayers or otherwise of any modification of an agreement
with respect to debts due to this country cannot be disregarded. I assume that
it was for the purpose • of deliberately and carefully giving due weight to such
conflicting elements in the world situation, differing as they-would in various
countries, that this Government adopted the system which I have described.
I confess that I cannot see any controlling reasons which would be likely to ihduce
the Congress of the United States to act upon the question any differently now
from the manner and the principles upon which it has acted in the past. And I
believe it would be inadvisable to attempt to enter into discussions on the subject
except in that manner and under those principles.
The attitude of the President therefore is that for any suggested study of
intergovernmental flnancial obligations as now existing, some such agency as I
have referred to, should be created to consider this question individually with
each government as heretofore. As he has several times said publicly, he also
believes that some basis might be found for bringing to the American people some
adequate compensation in forms other than cash payment. The President is
prepared to recommend to Congress that it constitute such an agency to examine
the whole subject.
As; to the suspension of the installment of the French debt due on December
15th, which is requested in your memorandum, no authority lies in the Executive
to grant such an extension and no facts have been placed in our possession which
could be presented to the Congress for favorable consideration urider the principles to which I have referred. In the memorandum of the French Government reference is made to the action of the conference at Lausanne. It seems
to me that the situation which confronted the conference at Lausanne in its
consideration of the question of reparations by Germany was quite different from
that presented here in that the conference had before it the report of the meeting
of experts at Basle.
Such importance is attached by our Government and people to the maintenance
of the original agreements in force by the payment on December 15th as to far
outweigh any reasons now apparent for its suspension, and by such payments
the prospects of a satisfactory approach to the whole question,, in my opinion,
would be greatly iricreased.
Accept [etc.]
HENRY L . STIMSON.
To ihe Secretary of State from the French Ambassador, December 1,1932 {translation)
The careful and considered study of the problems raised by intergbvernmental
debts and the payments due on December 15 next, contained in Your Excellency's
note of November 23, has prompted the French Government to formulate certain
statements of fact and considerations of principle which it has instructed me to
present without delay for the careful scrutiny of the Federal Government.
My Government has noted with satisfaction, to begin with, that the President
has declared his readiness to recommend to the Congress a new study of the
question in its entirety, which implies that in his opinion such a study is called for.
The French Government is not unaware, moreover, of the reaction that a
" reduction of the debts cpntracted by the European Powers toward the United
States might have on America's national economy. Finally, it is far from forgetting that a first readjustment of its debts was accorded it by the American
Government in 1926.
:
. On the other hand, it can not be denied that since that date, the seriousness of
the economic and fihanciajl crisis which has prevailed throughout the world has
forced the interested governrrieiits to modify their attitudes with respect to the
problem of intergovernmental debts; it has led them to take a series of concerted
measures, related alike to reparations and debts and destined to meet the exigencies required by circurnstances.
.'.
:. "Without prejudice to the nature and form of a new study of the problems arising
from a settlemerit. of intergovernmental debts, my Government is glad to note
the agreement of the Federal Gbvernment with its justifying reasons, namely:
, the reductions, of revenue which the nations, creditors to Germany, agreed to at
Lausanne, the" increase in tbe burden'of debts resulting from the world-wide
economic depression and the parjaller. drop ;in prices, the difficulty of obtaining
.foreign..exchange, and fihally theinfluence which the settlement of this question
could have on the development of the world crisis.
228
REPORT OF THE SECRETARY OF THE TREASURY
The weight of these reasons is so obvious and the need of a new arrangement
is so urgent that it would be difficult to believe that, once a revision is agreed to in
principle, the execution of an agreement which is no longer considered as applying
to the situation should nonetheless be carried through.
The,French Government desires to emphasize that it has never considered
controverting the juridical validity of the various obligations by which the war
debts originated.
"
'
*
^
•
Moreover, my Government desires to erriphasize that the request for delaying
payment which it made implies a mere postponement, leaving the rights of the
parties untouched. It does nof appear tp my Goverriment to go beyond the
request made by President Hoover himself in June, 1931. On the contrary, it
seems, in its opinion, to be the normal^ equitable and necessary sequel.
It was at the request of the President of the Germari Reich that President
Hoover in June, 1931, made his proposal for postponing for the duration of one
year aU payments on intergovernmental debts, including reparations.
On this occasion the Federal Government specified that it would only conternplate a moratorium of debts due to it ,*'on qondition that there take place a similar
postponement for one year of all payments of intergovernmental debts due t o the
important creditor Powers". The American memoraridum specified that the
fabric of intergovernmental debts, while. supportable in nornial times weighed
heavily in the midst of this depression. " This initiative, as the French Government pointed out, affected directly all existing agreements, and in particular
suspended the working of the mechanism which the Young Plan had set up for
taking care of the problem of reparations. Subsequent events have shown that
this suspension, once it was granted, had to be extended beyond the period originally determined.
.
^ '
.
,
Furthermore, at the time of his trip to Washington; the French President of the
Council agreed with the Presiderit .of the United States on the terms of a communique, stating that in the matter of intergovernmental debts, a new arrangement, covering the period of the depression might be necessary, provided that the
initiative came from the European Powers principaUy concerned.
In conformity with this text, which seems to constitute a novation in equity in
the regime of international debts, this initiative was taken. Within the sphere
where only the European Powers were involved the arrangement provided for
has been brought about.
Germany, as a debtor, in addition to a diminution bf its debt to a lump sum of
three biUion marks, or a reduction in size of iapproximately ninety per cent, obtained a moratorium of three years.
. ^.
As, in the opinion of the European creditor Powers, this settlement should be
integrated in a general arrangement, they were unanimous, in agreeing that iri
any event the payments due them by virtue of intergovernmental debts should
be withheld pending the conclusion of a general settlement. It would create a
very serious situation if a regime obtained with such difficulty at "Lausanne should
have to be reconsidered.
.
* ^
^
,.
'
,
Would it not be equitable for the Federal Governrnent in a Uke spirit of international soUdarity and with a view both to consolidating the results already
obtained and to permitting the conipletion of the task undertaken, in its turn tq
agree to the withholding of the payrnent of December 15? .
' /
The pressing need which prompts this action'has surely not been unobserved by
the Federal Gpvernment.
, , . .
In making his proposal for a moratorium in 1931, the President of the United
States stated that the attitude of the Federal authorities indicated their intention
of contributing to the speedy reestabUshment of world-wide prosperity in which
the American nation is so deeply interested. ."The duty of statesmen," said the
Washington communique of October 1931, "is to neglect.no means of practical
coUaboration for the common good. This principle is of/particular importance at
a time when the world awaits leadership, to overcome the present depression
which is destructive to so many homes."
The economic depression which motivated both the proposal of the President
of the United States and his appeal for the collaboration pf nations, has .grown
more serious since the Spring of 1931. Everywhere poverty and unemployment are increasing; this depression cannot but grow worse if the payment of
intergovernmental debts must be resumed before the conclusion of a general
arrangement.
_ .
'
'
The French Goyernment is famihar with the formal reservations made at the
time of the ratification of the Hoover Moratorium'by the American Congress,
whose prerogatives it fuUy recognizes. But it must recaU that the approval of
REPORT OF THE SECRETARY OF THE TREASURY
229
the French Parliament hkewise w^^as subprdinated to its owp interpretation of the
moratorium proposed by/President Hbby^
It must further recaU that the Committee of Experts \yhich riiet at BaSle inDecerriber 1931, foUowing the Washingtori iriterview, and which included in its rnembership an eminent American citizen,
did not confine, itself to recognizing the mpmentary impossibility of Germany to
rne^etTts reparations obligations; It. uriariimou^^ and formally condemned as
peculiarly darriaging to the restoration of world-wide economic equilibrium, the
transfers of funds without counterpg-rt which the payment of war debts involved.
The report concludes as foUows: /
/
" I n the first place, transfers from one country to another on a scale so large
as to upset the balance of payrrients can only accentuate the present chaos * * *
" I t should also be borne in rnind that the release of a debtor country from a
burden of payments winch it is uriable.tp bear may merely have the effect of
transferring that burden to a creditor country Which, in its character as a debtor,
it, in its turn, may be unable; to bear.
"Again, the adj ustment of all inter go ver
debts, reparations and other
war debts, to. the .existing troubled
the worlds—and this adjustment
should/take place without delay if new ;disasters;are to be avoided—is the only
lasting step" capable of ;r.eestablishirig cbri^fidehce which is the very condition of
economic stability arid real peace."
;
It was on the basis of this general consideration that the French Government,
subject to the approvalof the'French ParlianQerit, signed the Lausanne agreements.
Despite a budgetary deficit of nearly five hund^^ rhiUion dollars, and despite
the very severe rrieasures which have aire
and will still have to be
taken to balance its budget; F^
will have voluntarUy given up in the interest
of world-wide economic recovery a net annual balance, over and above the payments for its war debts, of nearly eighty-five rniUion doUars.
France agreed to this beavy, sacrifice in the belief that the payments provided
for in existing agreenients could not be made without producing profound financial
and economic disWbaribes;;^./. ;„ ^
/
The situation in; this tespect, insofar^a^^
is concerned, has often been
misunderstood aiid sbbuld.be/clarified./^
The inflpw of gold to ;Erance;Whicb; has taken place during the past years was
caused .or rendered ineyitable, i n t h e last arialysis by
Pf conditions existing
throughout the'world.
' - " ..
- This gold does npt; in any sense^ belong to the French Treasury. It is not a
spufce of permanent/ti^ealth ^f^
^^
^
for all the deposits
made in France whether by Frehchmen of foreigners. Its normal redistribution
which is desirable can .only fpUow a general recovery of confidence and the needs
which wilffpUo^^^
/ T h e . slight irilprpyementwhicn^^^^^
the Lausanne agreements
evidenced the/hope of^t^
for* a world-wide settlement. The recovery
that was.then just, perceptibie/cdii^^^^^
if the next payment
of iritergbverrim"ehtardebt& were to be^^^^
•' '
. I t is, pertinent to,, observe that lacking a radical reversal of the trade balance
between the /Uriitbd ;Stat&
balance which is today heavily in
favor .of. the; fqrmerrr^
of progressive diminution of
foreign revenue#fPr tbe::debtbrs//v^quld beed^ increasirigly ruinous to the credit
and .exchange, mai-kets of t ^ ^
.:...:
:
;.;•
^The French Goverhrrient caniibt believe that
the last analysis, the American
people T-^ill cqnsider.-their interests best served by the carrying: oUt of an obligatibri,;the, strict ;a]^pi^^^
chaPs and
pqverty;,thfp.ughbuS'&
the transfer of sums without corresppndiiig. excharige;^fe;iiqt':bi^^
rrirofe profPundly international rela-'
tibiis^//Tt wasiUridpr; the^iriflneh^^^
seribus preoccupations, and with
a^cbriscibusness! Of ;t^
TrLaintenaribe/Pf/Spcia^^
that the'French Government askM
the/Federal (jovernrrierif
ffi"-i?bveiri^^
postpone the payment due on
Decenaber .15. „,.„ :,,,,,„,.,„.,, .,.:..;'.,..,• :,. ,. ."'"'^^•^••''••' "•';'-"' '•'••••• •".''•
'-'
•: "'
;;iri urging/the;Arn'e^^^
request in the light of the
fofegbing, ^ the; Ff^pch^; Government ,/belieyes ~ that it is fulfiUing not merely a
riatiphai/butaiiiritefriation^d^
/"^ ~ •
^
;.If is/fully, cPnscic^u's;^^ tbe r;pfe;wbich^^;^cireu"^^
have called upon France
tb"play in Europe.^ i t has"tioihtentrb^^^
an afgurhent the efforts
ij;-has^, already, madpiorthe recpyery of .economic stability and the impirovement
of busirijess iip^f';tlre^ w^^
riaahifests
tb-cobpefate toward this result in
tfie future.;//But;i|i?(lii&
;mth apjif^heriMori, how France can continue along
230
REPORT OF THE SECRETARY OF THE TREASURY
this path if, contrary to its expectation, the cooperation of the United States on
which it has felt it could count to second its efforts, should be lacking. Such
are the considerations which today lead the French'Gpvernment to renew to Your
ExceUency through me its urgent and reasoned appeal to reconsider its request
for the postponement of payments of December 15;
The reception which will be given this appeal is confidently awaited by my
Government, which weighs all the conseiquences which-the decision of the /President of the United States may entail toward either improving or aggravating* the
situation which is a tragic legacy of the war.
^
To the French Ambassador, December 8, 1932
E X C E L L E N C Y :
•
'
•
•
'
•
' "
'
^
'
'
•
;
•
.
•
" , '
'
/
-^^ • ' • • . • ' ' ^
-•
^"'
My.Government has considered with the greatest care the note of Decernberl,
1932, from the French Government, in which it has seli forth at length the reasons
it adyances for a reconsideration of the whple question Pf intergoverririaental war
debts, and for the postponement Pf the payment due ^by the /Frerich" Gbvefnrhent
to the Goverriment of the "United States on December 15', next.
/"
Whatever part debt payrrients may have played in the economic history'of the
post-war years, it is clear that in the present conditions of world-wide deptessiqn,
accbmpahied by a sweeping fall of prices, their weigh't has greatly increased, arid
that they have a very definite relationship to the problern of recpvery iri^ which
both the French and the American people have so vital an iriterest.
.The. Presi dent of the United States is preparedj.thrqugh whatever agericy ;rria;y
seem appropriate, to cooperate with the Fferich Governrnent iri'surveyirig the
entire situation and in considering what means may be taken to bring about
the restoration of stable currencies and exchange, the revival of trade, arid the
recovery of prices.
;^I believe that there are important avenues of mutual advantage which should
be thoroughly explored. Such an examination does not ihaply cancellation.
In such an examination there would necessarily be consideration qf other fornas
of tangible compensatipn available for the expansion of markets fbr products bf
American agriculture and labor. And you will understand that the problem
of foreign debts has in the American mind very definite relationship with the
problem of disarmament and the continued burden which competitive armairient
places upon the entire world.
'
'
My Government, however, has riot been able to reach tbe conclusion that a
postponement of the December 15 payment from the French Government to the
United States is necessary because of its effect on the problem of recovery.
Although we recognize the serious budgetary difficulties which the French Government, in common with all other governments, is now facing, the sum involved
in this case and the transfer thereof would hardly seem to my Government to be
bf disturbing weight or difficulty in respect to world economy Or the reestablishment of prosperity. The maintenance Pf these agreements in their operation
pending due opportunity for analysis of all miatters bearing upon your request for
revision and its consideration by the American Congress and people stiU appears
t o Us to outweight any reasons presented for a delays
I appreciate the significance of your explanation with respect to the gold
inflowing into France. The existence of these French gold hoidingsy howpver,
does appear relevant to the present problem of meeting the immediate difficulties
of transfer with special reference to the December 15 payment.
In view of the position which I feel my Government must take, I trust that the
French Government will appreciate the importance of making the December 15
payment in accordance with its terms and thereby, in my judgment, bringing
about a more favorable situation for any subsequent examination of the problem
between our two Governments.
^
.
;, ,
/
;
• Accept [etc.]
HENRY L . STIMSON.
To the Secretary of State from ihe French Ambassador, December 14,1932 {translation)
Mr. SECRETARY OF STATE:
The President of the Council requests me to inform Your, Excellency.that, as
his Government was overthrown this morning by a vote of the Chamber refusing
authorization to make the payment Pf December fifteenth in connection with the
.REPORT OF THE SECRETARY OF THE TREASURY
231
war debts^ he,is no longer able, under the terms of the Constitution, to continue
the negotiatipris entered iiito with the American Government, as his authority
now extends only to the despa,tch of current business.
; , Mr. Herriot requests mp to express to Your Excellency his deep regret, together
with'his sincere thanks for, your great courtesy in ypur diplomatic relations with
him;.:^;-;
,;..
,, ,
. •.
\.,, —
•
• ,
Please accept [etc.]
CLAUDEL.
Enclosure (Translation)
Resolution voted by the French Chamber on December I4, 1932
The Chamber invites the Government to convoke as soon as possible^ in
agreemerit with. Great Britain and. the other debtors, a general conference for the
purpose of adjusting aU, international obligations arid putting an end to all internatibnal trarisfers/fof whichthere is rio compensating transaction. This conference,, in connecti.bri with the World/piconomic Conference, will have as its task
theinapfovement .of the mqnetarysituatibri and/the.restoration of credit.
"
-As far as the particular question of payrnerit on December 15 is concerned, the
Chamber despite legal and economic Considerations,' would have authofized
settlenierit, had the United States been willing to. agree in advance to the
convening of the conference for the purposes indicated above.
The reply of the Secretary/of State of the Uni ted. States to the British Government on December 11 no longer permits the Charhber, as a practical, naeasure, to
rriainta,in this point of yie-w"; Consequently the Chamber, pending the "necessary
general negotiations, invites the Goyernment to defer payment of the installment
of Decernberl 5.
/
Tq^ the Acting Secretary of State fr orn the French Ambassador, June 15, 1933
/ . . y" •,
-,
"
{translation)
Mr.
SEciiETARY OF
STATE:
' I n reply to your letter of June 9, nay Gpvernment has instructed me to address
to you the following cohamunication:
,
. "The French Gpvernment had hoped that the due date of June 15 would not
arrive before the conclusion of an arrangement ori the settlement of the war
debts, responding to the considerations set forth in the resolution voted by the
Chamber of Deputies on .December 13..
.."Cir cums tan ces,, unfortunately, have nbt yet permitted the realization of that
hope, b u t t h e French Government still.thinks that in the nearest future a solution
oughtto.be found for the problem of intergovernmental debts in, the interest qf
world economic recovery and particularly for, the purpose of maintaining as well
as of developing the results already-obtained,, which results are due in so large
a.measure to the sacrifices of France with respect to her own claims.
" The French Government therefore finds itself obliged to postpone the payment due on.June 15., But it by no means intends to break, unilaterally, engagements freely entered into and desires to renew to the Federal Goverriment the
assurance that it is always ready to bring in all appropriate ways its most active
cooperation in seeking a satisfactory solution."
Please accept [etc.] ..
ANDR]^ DE LABOULAYE.
To the French Ambassador, June 17, 1933
EXCELLENCY:
•
'
,
,
,
.
,
'
•
;
The Government of the United States acknowledges receipt of the note ofthe
French Government setting forth its attitude concerning the debt obligation due
on June 15th to this Government. It notes that the French Government has
failed to meet in whole or in part the installment due on existing debt agreement
between the French Goyernment and the Government of the United States.
The'Government of the United States must, in all frankness, call attention to
the problems raised by the failure of the French Government to meet the payment
due on December 15th, 1932, which have not yet been solved or even discussed
between the two hatipris.
;
..
; Accept [etc.]
^
'
•-".
WILLIAM PHILLIPS,
Acting Secretary of State.
232
REPORT OF THE SECRETARY OF THE TREASURY
GREAT,BRITAIN!/;'/,^//;: /•'-'; • / ' . . ' " ; . . , " ' ' , „ / / ' ; ' ; .
To the Secretary of State from the British Government, Ngvember 10y 1932
SIR:
. .
,"
'
•^'^-^' •''
It will be remembered that on June 22nd, 1931, His Majesty's Goverriment
in the United Kingdom subscribed wholeheaftedly to the principle of the proposal made by the President of the United. States on the preceding day for the
postponement during one year of: all payments; ori intergovernmental debts.
The pbject of this proposal, as stated at the time, was to relieve the pressure of
the difficulties resulting from the fall in prices and lack of confidence in economic
and political stability, and to assist iri the reestablishment o{ Confiderice.
2. The hopes which were early raised by the President'^ iriitiative have unfor^
tunately not been realised, and the ecoriomic troubles which it was designed t o
alleviate have not come to an end./ Indeed/in Octobef of last year, the communique published at Washingtori on the bccasipn of MbrisieurLavals visit
already recognized that "pribr t o the expifatioh of the Hobvef year soriae agreement on intergovernmental obligatiqrii^ may be riecessary cbvering the period of
the business.depression. The initiative in this rnatter should be taken early by
the European Powers principally concefried within the framework Of the agreements existing prior to July 15th, 1931;" To-day mariythbughtful. men throughout the world are convinced that if the depressioriL is to be bvercomei furthef
remedial measures must be sought;
^ //
,
^ ^^
3. It was in accordance with the recoriariaeridation quoted labove that in June
last the European Creditor Powefs"'met a t Lausanne to: agree on k lasting settlement of the problem created by intergqverrimerital payrrients in respect of reparations. The series of agreements reached on July 9th aims at the'^^ ultimate termination of all reparation payments. It represents the maximum contributiori
in the field of intergovernrhental finance which the gpverriments concerried
haye so far been able to make towards that early restqratiPn of world prosperity
in which the people of the United States, no less tha,n'those ofthe Hritish Commonwealth of Nations, have so deep; an interest, arid for "the achievement of which
the co-operation of the United States is essentiaf
;-•
4. On the nature of the remedial measures that haay have t o be adopted it is
not proposed now to say rriore thari;that, in the recent past; His, Majesty's
Government in the United Kingdom have •ffequentl:^ expressed theif view, and
t h a t neither in the realm of theory hPr in/that of fac1; are they'able* to find any
reason for amending it. They believe that the r6ginae of iritergPvernrriental
financial obligations as now existirigriaUst be reviewed^ They are profoundly
impressed with the importance of acting'quickly; and they earnestly hope t h a t
the United States Government will see its^ way to eriter intp an exchange of views
at the earliest possible rhoment.
: '^
- ;
/'
;
;'
.'
'':'•'
5. The immediate objective of the present'note, however; is of a more limited
nature. On December 15th the next instalrrient Of the Bfitish war debt is due
to be paid. It is not possible to/hope that agreeraerit can be achieved in five
weeks on rriatters of such vast scopes Cbnfrouted last summer with, a similar
difficulty the Conference of Lausaririe found it necessary, iri order to allow its
work to proceed undisturbed, to reserve, during the'period of the Conference,
the execution of the payments due to the'pafticipating Powers. His Majesty's
Government in the United Kingdom hope that a sirriilar procedure may now be
followed, and ask for a suspension of thp payments due fjpm thern for the period
of the discussions now suggested, or fbr any other p'eribd that may be agreed upon.
6. His Majesty's Government in the United Kingdorri believe that the proposed discussions could best begin in T^ashihgtbh; arid if this suggestibn: meets
with concurrence, they are prepared to provide' irie with the necessary instruc-;
tions. On this point, however, as well as on the other points touched upPn in
the present note, they await an expression of the views of the Uriited States
Government.
I have [etc.]
R.
To the British Amhg'SsadoryfNovemb0 2^, 1932^ \
EXCELLENCY:-.
,.,,,
•.'•/
./'^ ^ ' ^ " ' ; / / > , . / ; ' , . - ' ' \ ^ ^ ' ^ ; ' ' ' ; - / , ; / / ' ' ' :
C.
LINDSAY.
. .
''.,''/'''::/"/^.
I fully appreciate the importance of the. prpposal contained in your,note of
November 10th and the seriousness of the situatip>ii upj^n which it is, predicated.^
The mere fact that your Goyeminent suggests the necessity
the,
REPORT QF a?HE SECRETARY OF THE TREASURY
233
intergovernmental financial obligations, now existing between our two nations
presents a circumstance which rhust be'given'most serious consideration. In a
matter of such importance there must be^ allowed no opportunity for misunderstandirig or failure to reach cbhclusibhs satisfactofy to both Governments and
peoples.
With, this end in view, you will permit me to recall very briefly some of the
essential conditions' and limitations' which would control on the part of this
Government such a review and might affect its result. Not only is there reserved
to the Congress of the .United States the ultimate decision in respect to the funding, refunding or amendment of these intergovernmental obligations under
consideration, but^the Congress in the past has itself provided the machinery in
the shape of the World War Forejgn Debt Commission for the investigation of
the -facts and for making recommendations upon which such action might be
taken. The Executive might recommend, but the facts and evidence were submitted to and the decisiori made by the Congress, acting through this machinery.
You will also appreciate that your present suggestion of a general review goes
far beyond anything contemplated or proposed at any time in the past either by
ft-esident Hoover or by this Government and that even the suggestion quoted in
your note was nqt adopted by th^e Congress of the United States.
In view of these.facts and in^the Ught of the historic position of the United
State's that reparations are solely an European question in which the United
States are not involved, I am sure that, no inference can be intended that the
settlement of German reparations at Lausanne was made in rehance upon any
commitments given by this Government.
I appreciate the importance of the step mentioned in your note which has been
taken by the governments at Lausanne in respect to the reparations due them
from Germany and the possible effect upon those creditor nations of the loss of
that source of income. .1 am not obhvious to the fact that the world-wide
depressiori and the concurrent faU of prices has increased the weight of debts in
many parts of the world; nor to.vthe fact that the decrease in international trade
has increased -the difficulties of.^obtaining foreign exchange: I also recognize
the-relation which these facts may bear t o the process of recovery. On the other
hand, it must be remenibered that these incidents of the depression have also
fallen with great weight upon the American people and the effects upon them
directly as taxpayers "or otherwise of any modification of an agreement with
respect to debts due to this country cannot be disregarded. I assume that it was
for the purpose of deUberately and carefully giving due weight to such conflicting elements in the world situation, differing as they would in various countries,
that this Government adopted the system which I have described. I confess
that I cannot see any presentation in your note which wquld be likely to induce
the Congress of the United States to act upon the question ariy differently now
from the manner and the principles lipon which it has acted in the past.
The attitude of the President, therefore, is,, that for any suggested study of
intergovernmental financial obUgations as now existing, some such agency as I
have referred to, should be created to consider this question individually with
each government as heretofore. The President is prepared to recommend to
Congress that it constitute an agency t o examine the whble subject.
As to the suspension qf the installment of the British debt due on December
15th, which is one of tUe^ objectives in your note, no authority lies within the
Executive t o grarit such an extension^ and no "facts have been placed in our possession which could be presented to the Congress for favorable consideration.
Such importance is attached by our Government and people to the maintenance
of the original agreements'in force by the payment on December 15th as to far
outweigh any reasons now .apparent fof its'suspension, and by such payments the
prospects of a satisfactory ajDproach tb the whole question, in my opinion, would
be greatly increased. - .
; ;
;
Accept [etc.] .
HENRY L . STIMSON.
'To the Secretary of State from the British Ambassador, December 1, 1932
1. In their notepf.,Nqvenaber.10th His. Majesty's. Government in the United
Kingdom put forwaifa a request to the United States Grovernment to enter upon
discussions with a veiw to the adjustment of the British War Debt, and at the
same time they^suggested a Msjieh'sibri^o
due on December 15th,
their:purpqse being to' avoid the finahcial and political uhsettlement which must
follow a resumption "bf War diebt payri^^
the intensification of the
234/;
REPORT ;0F THE SECRETARY OF THE TREASURY;
present world depression by the further disturbance of the exchanges, to foster the
revival of commercial confidence—of which some hesitating signs have recently
appeared---and finally to allow of a close examination between the United States,
and Great Britain of the whole subject in preparation for the International
Economic Conference.
, 2. His Majesty's Government warmly welcome that part of the reply of the
United States Government in which they express their wiUingness to facilitate
such discussions and, noting that it does not appear to the United States Govern-,
ment that sufficient reasons have been given for their request for a suspension of
the December instalment, they -now propose to set out in greater detail the
consideration which actuated them in presenting their previous note.
3. The war produced a profound disorder in the course of international trade
and after fourteen years this disorder has culminated in a crisis of unparalleled.
severity. It has resulted in a general collapse of trade throughout the civilised
world with widespread unemployment and a disastrous fall in all national incomes
including those of both the United States of America and of the United Kingdom..
The causes of the depression may be manifold but it has been generally recognized
that war debts and reparations have been one of the major causes and that a •
'
settlement of these debts, which will relieve world anxieties under this head is an
indispensable condition of a revival of general prosperity. As the Bale committee
declared in December last, "the adjustment of all reparations and war debts to
the troubled situation of the world is the only lasting step capable of establishing:
confidence, which is the very condition of economic stability and real peace.",
The Committee proceeded ""We appeal to the Governments on whom the responsi?>
bility for action rests to permit of no delay in coming to decisions which will
bring an amelioration of this grave crisis which weighs so heavily on aU alike."
While in some respects it may be difficult for Governments to remedy the troubles,
of the world, there are certain steps which it is clearly within their powers and
their responsibility to take.
4. The system of war debts was called into being by the war requirements of
the beUigerent nations. The resources in man-power and production of the
Allied Countries had from 1914 been wholly employed in the prosecution of the
war; their normal trading activities were to a large extent suspended and they
had therefore less than their normal resources available for purchases abroad.
But the vast requirements for war purposes in any case far exceeded any normal
means to pay and could only be financed by means of loans from producing
countries. The loans raised, whether they were ma^rket loans or government
loans, were taken not in the form of money but in the form of goods and enormously augmented the volume of the exports of the lending countries. For.
example, before 1915 the United States export surplus normally varied from
$200,000,000 to $600,000,000. - In 1917 and 1918 it exceeded $3,000,000,000 and
in 1919 it was about $4,000,000,000. The United States made loans to. the ,
Allies (including the United Kingdom) totalling approximately $10,000,000,000
(£2,055,000,000 at par); the United Kingdom made loans to its European Allies
anaounting to £1,600,000,000 equivalent (at par) to $7,800,000,000; the French,
Government had made similar loans equivalent (at par) to $2,237,000,000. In
the aggregate these loans reach the colossal total of approximately $20,000,000,000
(equivalent at par to over £4,000,000,000).
5. If the course of commerce were deflected to the extent required to repay
these war-time debts, it would entail a radical alteration in the economy both of
debtor and of creditor countries. During the first few years after the war this
was recognized and no attempt was made to collect them. But it proved impossible to secure a general agreement for their remission and the debtor Powers were
called upon to fund their engagements. From 1923 onward a series of agreenients
were concluded providing for their repayment on varying terms, and in 1924 a
provisional settlement was reached of German reparations on the basis of the
Dawes Plan. The annuities provided for in most of these agreements, were low
during the earlier years, and their payment was rendered possible by the flow of
investment capital from the United States of America to the Continent of Europe,
which was then taking place. But the prosperous period from 1923 to 1929 was .
to a large extent iUusory and the seeds of future trouble had already beeu sowed.
6. In the summer of 1929 the storm that was brewing was not yet visible, and
it was hoped that conditions were sufficiently stabilized for a final settlement of
reparations in the form of the Young Plan under which Germany undertook to
pay annuities of about $500,000,000 (£100,000,000 at par) of which the major
part was passed on as war debt payments. UnhappUy almost before the inkhad dried on the agreements embodying the Young Plan the storm had burst
R ; E P O R T ^ O F T-Hl SEClETARY-Of THE T I I E A B U R ^ ^
235-
upon the world;. Startled and alarmed, leriders who for five years so liberally
poured their capital into the Continent of Europe withdrew such funds as were
immediately recoverable. The debtors made desperate efforts to meet their
liabilities, but confidence became more and more shaken and towards the middle
of 1931 something like a panic prevailed. Since then the world has been living'
under the stress of repeated shocks which have completely undermined the confidence on which the system of investment depended. The process of disiritegratioh has been pursued to the point where it has become an attempt t o liquidate
not only private fortunes and iridustries, but whole countries. Currencies are
threatened with instability if not with coUapse and controls and restrictions
intended to remedy the trouble have merely aggravated it. Everywhere taxation 'has been ruthlessly increased and expenditure drastically curtailed and yet
budgets are in deficit or are balanced with ever increasing difficulty. In all
directions there are sighs of paralysis of trade arid, the threat of bankruptcy and
of financial collapse. The international monetary mechanism without which
the "modern world cannot effectively .conduct its daily life is being JDroken into
pieces with aU the manifold forms of privation and distress which this involves.
The countries-of the world cannot everi begin to consider" how to restore this
mechanism until the causes which undermined confidence have been removed.
One of the most important of these is the system of intergovernmental debts.
7. These intergovernmental debts are radically different from commercial loans
raised by foreign governments on the market for productive purposes. Such
cohimercial loans are-normally self-liquidating. The market loans thus raised
during the last hundred years have converted' whole territories from desolate
swamps or uninhal)ited plains to 'flourishing provinces teeming with human life
and producing great additions to the wealth of the worldi Such productive loans
directly afford means whereby the borrower can repay them with interest and
at the sarhe time become more prosperous. But reparations and war loans represent expenditure on destruction. Fertile flelds were rendered barren and
populous cities a shattered ruin. Such expenditure instead of producing a slow
and steady accumulatiPn of wealth destroys in a few hours stored-up riches of
the past. Like the shells on which they were largely spent these loans, were
blpwn to pieces. They have produced nothing to repay them and they have
left behind nothing but fresh complications and perplexities.
8. Repayment of these War debts necessitates unnatural transfers which provoke'Widespread economic evil; In so far as they have been paid in. the past
their payment was made possible directly or indirectly by further foreign lending
on the part of creditor countries which temporarily conceal but eventually aggravate the difficulties. In the long run international debts can only be paid in the
form of goods or services. But as the B41e report of August 18th, 1931, truly
pointed* but " I n recerit years the world has been erideavouring to pursue two
cqntradictofy policies in permittihg the development bf an international financial
system which involves the annual payrnent of large sums by debtor to creditor
countries while at the same tirne putting obstacles in the way of the free movement of goods. ' So lorig as these obstacles rerriain such'movements of capital
must necessarily throw the world's financial balance out of equilibrium";
9. The creditors in so far as they have refused acceptance of payment in goods
have compelled their debtors to pay in gold. This has led to a drain on the gold
reserves of many countries, and this iri turh has forced up the price of gold in
terms of commPdities or in other word^ has forced down the price of commodities
in terms of gold currencies. This fall in prices has caused widespread ruin to
producers in debtor and c/editor countries alike and threatens disastrous social
arid political repercussions. It has seriously increased the burden of Commercial
debts;, but^ it has rendered intolerable the pecuhiary burden of unproductive
war.debts.
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10. The difficulties of maintaining payments fixed under existing agreements
first became acute in the case of Germany and despite the moratorium adopted
as t h e result of Mr; Hoover's initiative last year, apprehensions created by the
sitriation in that cPuntry caused large withdrawals of credits which ih turn
involved London as a leading international centre. Consequent rriovements of
capital forced the United Kingdom to abandon^ the gold standard and while
sterling has rernained more stable iri terms of goods than gold currencies, the
• events of September 1931 gave a profound shock to confidence in the monetary
systerh tlifoughout the world. Thus the baneful effects' of these Unnatural
transfers in respect of reparations arid war debts have gravely accentuated the
difficulties of all five cohtinents including many cPuritries which were neither
debtors nor creditofsln "the tragic bookkeeping'" which resulted frorn the war;
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REPORT OF THE SECBETARY OF THE TREASURY
Confidence and credit cannot revive until an end has been put to these attempts
-tq fprce the stream of capital to flow up-hiU.
11. In this connection it is.pertinent to recall the statement made by the
Secretary of the United States Treasury in his annual report for 1924-1925 that
,j;he.principle of .capacity,to pay does not require the foreign debtor to pay to
the/full extent of its present or future capacity. The debtor government must,
he continued, "be permitted to preserve and improve its economic position, to
bring its budget into balance and to place its finances and currency on a sound
basis, and to naaintain and if possible t o improve the standard of living of its
citizens. No settlement which is oppressive and retards the recovery and developrrieht of the foreign debtor is to the best interests of the United States or of
Europe.";; The resumption of war debt payrnents in present circumstances
appears altogether inconsistent with the principles here laid down.
Experience has in fact shown, that when dealing with international transfers
of the character and of the unprecedented magnitude of the post-war intergovernmental obligatioris, the principle of "capacity to p a y " of the debtor—
even if thus applied—can only be regafded as of secondary importance compared
with an even wider principle, viz: that of the capacity of the world to endure the
econPmic and financial consequences which those transfers would involve.
;/ 12. It is in the light of these wider economic and financial consequences that
successive British governments have framed their well-known policy on this
questibn which is referred to in a later passage of this note. His Majesty's Government are aware that any remission of the war debts may be criticized as transferririg liability from the taxpayer in the borrowing country to the taxpayer in
the lending cbuntry, and in this respect taxpayers in the United Kingdom and
in the United States are in;much the same position. Both are already bearing
a large share of the burden bf the war debts and would continue to bear it even if
all existing war debt a,rrangements between the governments could be maintained.
For example in the case of the United Kingdom the effect of its reparation and
war debt arrangements was to provide the sum sufficient to cover current payrnents to the United States Governrnent. But this does not mean that the British
taxpayer was relieved from bis burdens in respect of the advances made to the
AUies diiring the war; on the contrary he was left to find over £80,000,000 a
year ($390,000,000 a t par) for interest on internal loans out of which those advances had been made; For all the reparation and war debt receipts of the
United Kingdom are required to cover the current payments due on its own War
Debt to the United States,Goyernment and the United KingdPm taxpayer has
had each yeaf to find from his own resources the amount required for interest on
advances made by the United Kingdorri to the AUies which, as stated above,
amounted to a total.of about £1,600,000,000—$7,800,000,000 at par. In the
case of the United States the amount due from foreign governments in respect of
War Debt payments is now $270,000,000 a year, and if this were not received, it
would increase by that amount the burden on the American taxpayer. It will
-be seeri therefore, that the policy whicii His Majesty's Government have consistently advocated is one which, if it involves sacrifices on the part of American
taxpaj'^ers, has involved similar sacrifices on the part of their own taxpayers.
The interests of the two countries IqPked at from this standpoint are the same.
But .it would be taking altPgetbef too narrow a view to regard those interests
as being limited to securing paynient of these War; Debts from the borrowing
Gjovernments.
.13. Paynaents across exchange, restricted as they are by the effect of tariffs
arid trade barriers, are essentially different from paVments made by the taxpayef ihhisown currency, and the burden of these vast intergovernmental debts
naust be judged by comparison, not with the volume of internal revenue, but with
the;baiiarice of trade^^ So long as the debtpr nations are compelled by every means
to augrrierit their export surpluses in order to meet intergovernmental debt burdehs they cannot play their part in the normal economic operations of commerce
arid their diminished purchasing power will reflect itself in diminished receipts
for producers in the creditor country with consequent fall in prices, depression of
industry and unemployment. Even a partial recovery of business activity in
creditor countries as a consequence of the removal of these abnormal conditions
WPuld result in additional receipts frbm tax on the existing scale which would
cpnapensate the exchequers of creditor countries many times over for the loss of
reyehues involved in revision of the war debt settlements.
14. The loss which both the United Kingdom and the United States taxpayers
would suffer frorh reconsideration of the war debts cannot be measured in the
sarne" scales as the untold loss of wealth and human misery caused by the present
econqrriic crisis. The value of international trade had already six months ago
REPORT OF THE SECRETARY OF THE TREASURY
237
decreased in three years by fifty percent or by the equivalent of $5,000,000 for
every hour, night and day, that passes and the situation has since deteriorated
even further. It will not profit a creditor country to collect a few million pounds
or dollars if it thereby perpetuates a world disorder which reacting on itself involves losses of revenue many times greater; and a settlement, howev^er generous
it may seem, which relieves the economic machinery of the world by clearing up
these intergovernmental payments, would be repaid again and again by the
contribution which it would make to world revival.
15; For this loss and suffering is not due to the niggardliness of nature. The
triumphs of physical science are ever growing and the vast potentialities of.the
production of real wealth remain unimpaired. It is in the power of the governments of the world and particularly of the United States and of the United. Kingdom as the two greatest creditor nations, if they unite in cooperating, to make
the first and essential step towards averting disaster, financial, ecbnqmic and
political.
16; For the reasons given in the preceding paragraphs His Majesty's Government base their request for a re-examinatiori of the whole situation on the fact
that payment of the war debts has in their view been proved to be incPnsistent
with the present economic organisation of the world and that any resumption of
these payments is bound to accentuate the gravity of the present crisis and to
compromise fatally all efforts to counteract it. But apart from these general
considerations. His Majesty's Government hold the sincere conviction that this
request is fully justified on the grounds of the past record of the United Kingdorri
in the matter of intergovernmental debts and of their present position.
17. In the first place they would draw attention to the unprecedented efforts
which have been made by the United Kingdom. The total British war experiditure in the United States amounted to approximately $12,000,000,000 (£2,400,000,000). Of this total only about one third was financed by borrowing from the
United States Government. Approximately $3,000,000,000 (£600,000,000) was
obtained by the sale of gold and of securities representing available capital assets
which His Majesty's Government had at its disposal t h e transfer of which has of
course reduced the pernaanent wealth of this cpuntry. In addition His Majesty's
Government raised commercial loans on the United States market bef ore the eritry
of the United States into the war to the amount of about $1,480,000,000 (£304,000,000 at par). The balance of the British war expenditure in the United
States was financed by the export of British goods and by the reimbursement
on the part of the United States Government of expenditure incurred by His
Majesty's Government on behalf of the Allies and of sterling supplied, by His
Majesty's Government to the United States troops. Of these market borrowings
$1,340,000,000 (£275,000,000) have been repaid- In respect of the debt to the
United States Government payments have been made amounting to $1,352,000,,000 (£278,000,000 at par), of which $202,000,000 (£42,000,000. at par) were in
respect of the principal of the debt as funded. Furthermore in addition to.the
payments under the funding agreement His, Majesty's Govefnment have paid
$233,000,000 (£48,000,000) in respect of war debt before funding and they have
repaid in full both the loan for the purchase of silver amounting to $i22,00(),000
and the debt of $16,000,000 for relief suppUes to Austria, The total of these debt
payments which His Majesty's Government have made to the United States
since the war amount to the sum $3,063,000,000 (£629,000,000)^.
18. Meanwhile the United Kingdom had claims on its AUies °in respect of the
war loans it had made. The advances made by this country amounted, as stated
above, to £1,600,000,000 ($7,800,000,000) and had increased subsequently by
the addition of unpaid interest to the capital./. Shortly after the war His Majesty's Government offered to join in any equitable arrangement for the reduction
or cancellation of inter-allied debts provided it was of an all-roUnd character.
That proposal was not accepted and His Majesty's Government were called upon
to fund their debt to the United States of America; They then announced that
they would limit their demands on their own debtprs to the amount that they
were themselves required to pay to their creditor. The fact that His Majesty's
Government were the first to fund their debt to the United States of America,
and that some time elapsed before their debtors completed funding agreeihents
with them, has resulted in their receipts from their debtors being less than half
their payments to their creditor. The relative position is that the United States
of America made loans amounting to $10,000,000,000 (£2,055,000,000) and the
United Kingdom made similar loans amounting to $7,800,000,000 (£1^600,()b0,000); the "United States have received for the benefit of their taxpayers
$2,112,000,000 (£434,000,000) and the United Kingdom have receiyed for the,
benefit of their taxpayers nothing, have passed on all their receipts to the Uriited
238
REPORT OF THE SECRETARY OF THE TREASURY
States and have paid out of the pockets of their taxpayers to the United States
$651,000,000 (£134,000,000). In fact when interest has been taken into account,
some £200,000,000 ($973,000,000 at par) has been found by the British taxpayer.
It may be observed that while the British share of the total indebtedness to the
United States is only 40%, of the total debt payments made to the United States
80% has come from Great Britain. The efforts which this has involved to the
British nation, coming as they did after the losses resulting from the war, constitute in the view of His Majesty's Government a strong claim to consideration
on the part of the United Sta"tes Government.
19. Moreover His Majesty's Government feel justified in calling attention to
the changes of circumstances which have increased the burden of their obligations.
In the first place the British debt is expressed in terms of gold but the burden
on the British people is measured in terms of sterling. The payment due on
December 15th is owing to this circumstance increased from 19^ million pounds
to approximately 30 million pounds. The importance of this from the national
standpoint needs no emphasis. In fact however, as already stated, the discharge
of all international debts must in the long run take the form of a transfer of goods
or services. The average wholesale price index in the United States during the
period when the debt was incurred was 189 and is now under 94 (taking 1913 as
a basis in each case). The debt therefore represents today in terms of goods not
less than twice the amount which was borrowed.
In this connection His Majesty's Government .would point out that the effect
of the American tariff has been to restrict rather than to facilitate the import of
manufactured goods which the United Kingdom produces and the difficulties in
this respect have not decreased in recent years. In 1923 when the British war
debt was funded the war debt annuity amounted to £33,000,000 or approximately
half the value of British domestic exports to the United States (£60,000,000).
From 1923 onward the annuity which we should have to pay in respect of the
war debt would amount at the present rate of exchange to approximately £60,000,000, whereas British domestic exports to America amounted to only £18,000,000 in 1931 and are not likely to exceed £16,000,000 for 1932.
Imports into the United Kingdom from the United States show an equally
remarkable faU from £211,000,000 in 1923 to £104,000,000 in 1931 and £59,000,000 in the first nine months of 1932. The total trade between the two
countries from the time of the funding agreement has fallen from about £300,000,000 a year to £100,000,000.
20. If therefore war debt payments had to be resumed, it is apparent that the
exchange position of this country would need to be strengthened by a reduction
of the very heavy adverse balance of the visible trade of the United Kingdom
and the United States which amounted to £78,000,000 in 1931. In present circumstances this could only be done by adopting measures which would further
restrict British purchases of American goods. The United Kingdom has up to
the present generally been the best customer of the United States and the result
of such restrictions would inevitably be to reduce specially the market in the
United Kingdom for American farm products. To the extent therefore that
pa.yments were resumed to the United States Treasur}^ a definite and unfavourable reaction must follow to the United States producer.
Moreover His Majesty's Government would also have to guard against the
effects which would follow if the facilities offered by the British market were
used by other debtors of America to. obtain sterling which they would then sell
across'the exchange in order to meet their obligations to the United States
Government. After the war the United Kingdom attempted to maintain its
traditional trading system of free imports with the result that debtor countries
throughout the world sold their goods on the British market and took the proceeds away over the exchange or in gold to meet their obUgations elsewhere.
Under the stress of the present crisis His Majesty's Government have had to
modify their system and to adopt tariffs; but the United Kingdom still imports
from abroad goods to the value of several hundreds of million pounds in excess
" of what it exports and it would be necessary to consider what action could be
taken to secure that the sterUng proceeds of these imports were used more largely
for the benefit of the British market.
21. President Hoover in explaining his proposal for a suspension of intergovernmental payments for a year beginning July 1st, 1931, stated that its
object was "to relieve the pressure of the difficulties resulting from the fall in
prices and the lack of confidence in economic and political stability and to assist
in the re-estabUshment of confidence thus forwarding political peace and economic stability in the world". The action then taken gave a much needed
REPORT OF THE SECRETARY OF THE TREASURY
239
respite but it was not sufficient to restore confidence. Depression stiU continues and a resumption of war debt payments to-day would for the reasons
outlined above involve economic reactions which must intensify the instabiUty
of the world. If President Hoover's hopes are to be realized definite remedial
action requires to be taken to deal not merely with the British war flebt to
America but with the whole system of intergovernmental obligations with
whicii it is related.
22. The initiative in devising a settlement of reparations was taken by the
creditor governments of Germany at Lausanne with the cognizance and approval
of the United States Government. An arrangement was there signed under
which Germany would be substantially relieved of a burden which had become
intolerable and the participating creditors agreed provisionally among themselves to a waiver of their intergovernmental debts. It was in the nature of
things inevitable that that settlement was provisional and that its completion
was dependent upon a satisfactory settlement in respect of the debts for which
the creditor Powers themselves were liable to the United States Government.
. 23. The United States Governrnent have frequently reiterated that they do
not admit any connection between reparations and war debts; but this differentia^
tion in the matter of intergovernmental obligations arising out of the war is
not accepted by other countries which have creditor claims on the German Government and whose ability to meet their own debt payments to the United States
and to the United Kingdom is undoubtedly affected by the extent to which they
themselves are paid by Germany. Whichever view is academically correct, there
is Side facto connection between these two sets of intergovernmental obligations
and this was by implication adnaitted by the Uirited States Government when
they proposed a moratorium on all intergovernmental obligations last year.
Moreover His Majesty's Government take it for granted that preferential treatment would never be claimed for war debts due to the United States as compared
with those due to this country; and a situation in which this country was required
to continue war debt payments while foregoing war debt payments due to it
would be admitted at once to be unthinkable. Thus if payment of the sums due
in respect of the British war debt to the United States Government were to be
resumed, His Majesty's Government would be obliged to reopen the question of
payments from their own debtors—France, Italy, Portugal, Yugoslavia, Roumania, Greece, and also the British Dominions. The debtor countries would in
turn have to demand payment by Germany of her obligations under the Young
Plan and the United Kingdom would have to do likewise. Without a readjustment of war debt obligations the Lausanne agreement could not be ratified; the
question of reparations would remain unsettled; the improvement in confidence
which followed the Lausanne agreements would be undone and fatal results might
well be found to have accrued to the solution of many grave political as well as
financial problems now under discussion.
24. His Majesty's Government understand that the Government of the United
States have already appreciated the force of these considerations in the light of
which they have recognised the desirabUity of a discussion of the major point
stressed in a previous communication, namely, the revision of the existing debt
obligations. But His Majesty's Government wish to emphasise their conviction
tlia,t their proposal for a suspension of the December payment, a proposal which
would in no way affect any ultimate settlement, is necessary in order to create
conditions favourable to a successful issue of subsequent conversations. The
difficulties of making transfer in present circumstances are so great and would
involve such far-reaching reactions both financial and political, that the resulting
doubts and anxieties in regard to the immediate situation would distract the
attention of Governments and peoples when the chief need was an objective and
systematic approach to the problem to be solved.
25. Allusion has been made in the last paragraph to the difficulty of any attempt
to meet the payment on December 15th by transfer across exchange. It has been
the object of His Majesty's Government to take all ppssible steps to mitigate
fluctuations in the relative value of sterling and gold currencies. To this end,
having in the first place repaid in full large temporary credits borrowed in connection with the financial crisis of the preceding year, they have acquired certain
reserves in gold and in foreign exchange, but though these reserves are adequate
for the purpose for which they were designed, they were not intended and would
not suffice to cover as well the payment of $95,500,000 due on December 15thi
The Exchange difficulty would remain even if the device were adopted of payment
in sterling to a blocked account; for the existence of a large sum awaiting transfer
would affect the market almost as seriously as an actual purchase of exchange.
The only remaining alternative would be payment in gold. Such, a method of
14820—33-.—17
240
REPORT OF THE SECRETARY OF THE TREASURY
payment would involve the sacrifice of a considerable part of the gold reserves
of the Bank of England which are widely regarded as no more than sufficient for
the responsibilities of London as a financial centre.
26. His Majesty's Government trust that the full statement of their views
which they have now made will demonstrate clearly the ground upon which their
request was based, namely their own profound conviction that a resumption of
the war debt payments as they existed before the Hoover moratorium would
inevitably deepen the depression in world trade and would lead to further falls
in commodity prices with disastrous consequences from which no nation would
be exempt. They believe that a discussion between the United States Government and themselves upon these matters might bear fruitful issue for revival of
world prosperity. They are convinced that the prospects of success would be
materially improved by the postponement of the December instalment and' they
are prepared to consider with the Government of the United States of America
any manner in which that postponement might be most conveniently arranged.
BRITISH EMBASSY.
To the British Ambassador, December 7, 1932
EXCELLENCY:
.
My Government has considered with the greatest care the note of December
1,1932, from the British Government in which it has set forth at length the reasons
which it advances for a reconsideration of the whole question of intergovernmental
war debts, and for the postponement of the payment due by the British Government to the Government of the United States on December 15th, next.
Whatever part debt payments may have played in the economic history of the
post-war years, it is clear that in the present conditions of world-wide depression,
accompanied by a sweeping fall of prices, their weight has greatly increased, and
that they have a very definite relationship to the problem of recovery, in which
both the British and the American people have so vital an interest.
The President of the United States is prepared, through whatever agency
may seem appropriate, in cooperation with the British Government, to survey
the entire situation and to consider what means may be taken to bring about
the restoration of stable currencies and exchange, the revival of trade, and the
recovery of prices.
I welcome the suggestion contained in the note of your Government of a close
examination between the United States and Great Britain of the whole subject
in preparation for the International Economic Conference, for I believe that there
are important avenues of mutual advantage which should be thoroughly explored.
Such an examination does not imply cancellation. In such an examination there
would necessarily be consideration of other forms of tangible compensation available for the expansion of markets for products Of American agriculture and labor.
And you will understand that the problem of foreign debts has in the American
mind very definite relationship with the problem of disarmament and the continued burden which competitive armament imposes upon the entire world.
In order that you may understand more fuUy the attitude of the American
people, I feel that I should refer briefly to certain implications in your note as to
which the facts are viewed by our people diff'erentl}'^ from the understanding set
forth by you.
Your note seems to carry the thought that the loans made by the United States
Government represent in their entirety expenditures on destruction; that the
payments heretofore made to the United States have been largely responsible for
the existing world depression and the concentration of a large amount of gold in
the United States; and that complete cancellation of war debts, as indicated in
the BaUour Note, is essential to world recovery. We cannot agree with these
conclusions.
Many of the loans mg-de before the armistice and substantially all the loans
made after the armistice were not for destruction. Of the amount expended in
the United States by our debtors after we entered the war, both before and after
the armistice, most of which was borrowed from the United States Government
on war and relief loans, less than a third was spent for munitions and remounts.
Very large amounts were spent for food, tobacco, etc., for cotton and exchange,
for relief and surplus supplies sold on credit, for repayments of commercial loans,
and for interest. Much of the food, tobacco, cotton, relief and other supplies sold
on credit were resold by the governments for use of their own civilian population.
In certain cases these supplies were actuaUy resold and the funds turned irito the
treasury of the debtor governments. The amounts used to purchase exchange
REPORT OF THE SECRETARY OF THE TREASURY
241
were in reality loans by the United States to the allied countries which were no
doubt expended by them in part at least in countries other than the United States;
they served to maintain the value of allied currencies. Some of the loans made
after the armistice were vital to the recovery, and indeed, to the very existence of
the borrowing nations.
It does not seem accurate, therefore, to treat all of what are termed in the
United States "War Debts" as representing sums devoted in their entirety to
expenditures on destruction and totaUy unproductive in so far as the borrowing
governments are concerned.
The United States Government in reaching the settlements with its debtors has
combined loans made during the war period and loans made after the armistice,
including commercial credits, funding all in the debt agreements. It is our understanding that a different practice has prevailed in Europe. The figures cited in
the note of the British Government covering advances made by the United States
of America and advances made by the United Kingdom, as well as receipts to
date on these advances, are not therefore strictly comparable.
The note of the British Government also seems to us to over-emphasize the
influence which war debt paynients may have had in the past on world economy.
With various observations and figures presented by the British Government in
that regard the American Government is not in accord, but it does not desire
to enter into detailed discussion in the face of the larger immediate issues. In
general it is our view that the causes of this depression lie in much more potent
forces than these debt transactions. We notice that similar conclusions have been
indicated in the careful study published by the League of Nations entitled, "The
Course and Phases of the World Economic Depression."
Furthermore, in its inferences as to the difficulties of payment, the British
Government treats merely some of the items of the balance of payments, leaving
out of account service items. It may be pointed out that the expenditures of
American tourists in foreign lands during the period 1924 to 1930 have totalled
approximately $3,900,000,000, and that during that period immigrant remittances
have aggregated net $1,495,000,000. This is in comparison to the total receipts
of $1,673,000,000 on account of debt settlements during the same period. Again
in measuring the transfer question, account must be taken not only of trade
directly with the United States but of the whole area of international dealings.
In the total of receipts and outgo arising from the international transactions of
both our debtors and ourselves, debt payments have been a relatively minor
item.
The argument that the payment of these debts to the United States has
drained the gold^reserves of other countries to the United States, does not seem to
us borne out by actual experience. The gold holdings of the United States at the
time these payments upon debts began were about $4,028,000,000, and they stand
now at about $4,338,000,000. It is true that our gold supply has at times
exceeded this sum but this extra gold was ^demonstrably temporary deposits by
other nations not related to debt payments.' The main fault in the distribution of
gold supplies seems to us to have occurred as between the different countries of
Europe as the gold supplies of Europe increased from about $3,018,000,000, on
January 1st, 1924, to about $6,963,000,000 at present; the distribution of which
as between the countries of Europe cannot be attributed to forces originating in
the United States.
I feel I must also caU|attention to the misunderstanding^which might arise
from the following statement in your note:
"The initiative in devising settlement of reparations was taken by the creditor
governments of Germany, at Lausanne with the cognizance and approval of the
United States Government."
The facts in this connection were more accurately set out in a statement issued
by the British Treasury on Jul}^ 14th last:
"Misunderstanding has arisen regarding Mr. Chamberlain^'s reference in his
' speech to the House of Commons on Monday,, referring to conversations with
representatives of the United States. He did not suggest, and of course had no
intention of suggesting that representatives of the United States had approved,
either tacitly or explicitly, what was done at Lausanne. The proceedings there
were throughout on the basis that the course was to seek European solution of
reparations without involving the United States in the discussion."
In 1923 when the British Government sent a mission to settle the debt of Great
Britain to the United States, the United States Treasury held demand obligations
of Great Britain calling for interest at the rate of 5 per cent. As a result of the
negotiations these obligations were refunded on an interest basis of 3Jiths per
cent, which was a lower rate of interest than the credit of either country at that
242
REPORT OF THE SECRETARY OF THE TREASURY
time commanded. The policy adopted by the United States in its settlement
was stated by the Debt Funding Commission:
"The Commission in its settlement with Great Britain, made on June 19, 1923,
and in subsequent negotiatipns or settlements has adhered to the principle that
the adjustments made with each government must be measured by the ability
of the particular government to put aside and transfer to the United States the
payments called for under the funding agreement. Nor does the principle of
capacity to pay require the foreign debtor to pay to the full limit of its present
or future capacity. It must be permitted to preserve and improve its economic
position, to bring its budget into balance, and to place its finances and currency
on a sound basis, and tp maintain, and if possible, to improve the standard of
living of its citizens. No settlement which is oppressive and retards the recovery
and development of the foreign debtor is to the best interests of the United States
or of Europe."
The representatives of no country have set their hands to any agreement
which they believed at the time did not fulfill this policy.
While it seems desirable to state these facts ffom the standpoint of historical
accuracy and as necessary to explain the point of view of the American people
towards these obligations, the real question raised by the British note is how can
the problems which arise from the existence of these obligatipns best be dealt
with under the conditions in the world today.
As to the payment due on December 15th, I appreciate the cogency of the
difficulties which you present as to the transfer of these monies in the present
state of foreign exchanges. In an endeavor to meet this situation, it already has
been suggested to you that the President might be willing to recommend to the
Congress the acceptance of deposits in sterling in England, to be guaranteed as
to dollar value and transferred at such time as would not interfere with the
stability of exchange. This I understand your Government has declined in the
belief that the existence of a large sum of sterling awaiting transfer would affect
the exchange markets almost as seriously as the actual purchase of exchange.
Accordingly further informal suggestions have been made to your Government
of methods of minimizing these difficulties which it has not been able to find
acceptable.
Recognizing these difficulties of effecting transfer I am confident that the
Congress will be willing to consider any reasonable suggestion made by your
Government whicii wiU facilitate paymerit of the sum due on December 15th.
Accept [etc.]
HENRY L . STIMSON.
To the Secretary of State from the British Ambassador, December 11, 1932
1. His Majesty's Government having received the note addressed to them
by the United States Government on December 7th observe with satisfaction
that the United States Government welcome the suggestion for a close examination between the two countries of the whole subject dealt with in the British
Note of December 1st. His Majesty's Government feel that it will be appropriate to reserve for this joint examination their comments on certain of the views
expressed in the United States note of December 7th, but they think it right to
state that after further careful consideration they see no reason to modify their
general conclusions set forth in their Note of December 1st.
2. His Majesty's Government will, therefore, in the present communication,
deal only with the last portion of the United States Government's note which
relates to the immediate question of the payment on December 15th. His
Majesty's Government observe that the United States Government recognize
the difficulties of effecting transfer but they remain convinced that no solution
other than suspension would obviate these difficulties. They note therefore with
profound regret that—notwithstanding the arguments contained in the British
Note of December 1st—the United States Government have decided not to
recommend this solution to Congress.
3. In view of this decision His Majesty's Government have determined to
make payment of the amount due on December 15 under the Funding Agreement of June 18, 1923 but they think it desirable to take the opportunity of
stating clearly their position in regard to this payment and of explaining the
circumstances in which they have arrived at that conclusion.
4. For reasons which have already been placed on record His Majesty's Government are convinced that the system of intergovernmental payments in respect
of the War Debts as it existed prior to Mr. Hoover's initiative on June 20th,
REPORT OF THE SECRETARY OF THE TREASURY
243
1931, cannot be revived without disaster. Since it is agreed that the whole subject
should be re-examined between the United States and the United Kingdom this
fundamental point need not be further stressed here.
5. In the view of His Majesty's Government therefore the payment to be made
on December 15th is not to be regarded as a resumption of the annual payments
contemplated by the existing agreement. It is made because there has not been
time for discussion with regard t o that agreement to take place and because the
United States Government have stated that in their opinion such a payment
would greatly increase the prospects of a satisfactory approach to the whole
question.
6. His Majesty's Government propose accordiiigly to treat the payment on
December 15th as a capital payment of which account should be taken in any
final settlement and they are making arrangements to effect this payment in gold
as being in the circumstances the least prejudicial of the methods open to them.
7. This procedure naust obviously be exceptional and abnormal and His
Majesty's Government desire to urge upon the United States Government the
importance of an early exchange of views with the object of concluding the proposed discussion before June 15th next in order to obviate a general breakdown
of the existing intergovernmental agreements.
BRITISH EMBASSY.
To the British Ambassador, December 11, 1932
EXCELLENCY:
I learn with satisfaction of the decision of your Government "to make payment
of the amount due on December 15 under the Funding Agreement of June 18,
1923." But in view of the statement in your note that "in the view of His
Majesty's Government therefore the payment to be made on December 15th is
not to be regarded as a resumption of the annual payments contemplated by the
existing agreement", I must call attention to the fact that the Secretary of the
Treasury has no authority to accept payment from your Government except as
provided under the terms of the Funding Agreement.
As I pointed out in my note Pf November 23, 1932, there is reserved to the
Congress of the United States the ultimate decision in respect of the funding,
refunding or amendment of these intergovernmental obligations under consideration. The Executive has no power to amend or to alter them either directly or
by implied commitment. Accordingly, it should be understood that acceptance
by the Secretary of the Treasury of funds tendered in payment of the December
15 installment cannot constitute approval of or agreement to any condition or
declaration of policy inconsistent with the terms of the agreement. The sum so
received must be credited to principal and interest as provided therein.
I therefore assume that in paragraphs five and six of your note you are not proposing to make this payment otherwise than in accordance with the terms of the
Funding Agreement but that you are stating your views as to steps which your
Government may desire to propose subsequently after a reexamination of the
entire problem. •
I have emphasized these facts with a view to avoiding any possible future
misunderstanding. I believe that our future course as pointed out by our correspondence is clear. In your first note of November 13 you asked for an exchange
of views at the earliest possible moment with respect to the regime of intergovernmental financial obligations and, in your second note, you welcomed the expression
of our willingness to facilitate such discussions, and referred to the desirability of
a close examination between our Governments of the whole subject in preparation
for the International Economic Conference. In nay last note of December 8 I
replied that the President of the United States was prepared through whatever
agency may seem appropriate, in cooperation with your Government to survey
the entire situation (in which the debt of the British Government to the United
States necessarily plays a part) and to consider what means may be taken to
bring about the restoration of stable currencies and exchange, the revival of trade
and the recovery of prices.
But in the meanwhUe, as I informed you in my note of November 23, great
importance is attached by our Government and people to the maintenance of the
original debt agreement in force and that a satisfactory approach to the whole
question would be greatly increased by the pursuance of such a policy.
It would seem to me therefore to be undesirable that any steps be taken which,
by causing misunderstanding, would increase the difficulties that must be overcome in finding an ultimate solution satisfactory to both nations.
Accept [etc.]
HENRY L . STIMSON.
244
REPORT OF THE SECRETARY OF THE TREASURY
To the Secretary of State from the British Ambassador, December 12,-1932
I n replying to t h e note of t h e United States Government of December 11th His
Majesty's Government desire to emphasize t h a t t h e purpose of their note of even
d a t e was to s t a t e clearly their own position in regard to p a y m e n t on December
15th, and to explain t h e circumstances in which they h a d decided to m a k e paym e n t . I t was not of course t h e intention of their note to touch upon any m a t t e r
affecting t h e Constitutional position of t h e United States G o v e r n m e n t .
Their note should therefore be read solely as relating to their own position,
which they have t a k e n after m a t u r e consideration, viz: t h a t t h e y are prepared
to m a k e p a y m e n t on December 15th in t h e light of t h e considerations set out i n
their note of December 11th, and they m u s t reserve t h e right to recur to those
considerations in t h e examination of t h e whole question to which t h e United
States Government have agreed. T h e y would again emphasize t h e importance
of entering upon t h a t examination without loss of time.
BRITISH
EMBASSY.
Statement from the White House, J a n u a r y 20, 1933, relative to the discussion of the
British debt with representatives of Great Britain
T h e conference between t h e President and t h e President-elect this morning
was a t t e n d e d by Secretaries Stimson and Mills and Messrs. N o r m a n Davis and
Moley. T h e discussions were devoted naainly to a canvass of t h e foreign situation a n d t h e foUowing s t a t e m e n t covering t h e procedure to be followed was
agreed upon:
" T h e British Government has asked for a discussion of t h e debts. T h e
incoming Administration will be glad to receive their representative early in
March for this purpose. I t is, of course, necessary to discuss a t the same time
the world economic problems in which t h e United States and Great Britain a r e
mutally interested and therefore t h a t representatives should also be sent to discuss
ways and means for improving t h e world situation."
I t was settled t h a t these arrangements wUl be t a k e n u p by t h e Secretary of
State with t h e British Government.
To the Secretary of State from the British Ambassador, J a n u a r y 25, 1933
We h a v e received with great satisfaction t h e communication sent by t h e President Elect of t h e United States through you in reply to our proposal of November 10th for a discussion on t h e American debt question. We note t h a t Mr.
Roosevelt would like to receive a representative or representatives of His
Majesty's Government a t Washington as soon as possible after March 4th. His
Majesty's Government are h a p p y to accept this invitation. T h e effect of t h e
debt situation upon a wide range of world economic problems is crucial to every
government and in t h e course of t h e discussion a t Washington on t h e d e b t we
shall be glad to t a k e t h e opportunity of exchanging views with Mr. Roosevelt
on those other m a t t e r s in which t h e two governments are so closely interested.
I t will be recognized t h a t decisions on m a t t e r s which constitute t h e subject of t h e
approaching world economic conference and which affect other States cannot be
reached before discussions t a k e place a t t h a t Conference between all t h e States
. represented there.
To the British Ambassador, J u n e 9, 1933
EXCELLENCY:
I am requested by t h e Secretary of t h e Treasury to notify you t h a t $75,950,000
interest is due and payable on J u n e 15, 1933, on account of t h e indebtedness of
your Government to t h e United States p u r s u a n t to t h e debt agreement of J u n e 19,
1923.
T h e debt agreement of J u n e 19, 1923, requires t h i r t y days advance notice in
case your Government desires to m a k e p a y m e n t in obligations of t h e United
States issued since April 6, 1917, b u t I am requested by t h e Secretary of t h e
Treasury to advise you t h a t he wiU be glad to waive t h e requirement of t h i r t y
days advance notice if your Government wishes to p a y in t h a t m a n n e r .
Accept [etc.]
WILLIAM
PHILLIPS,
Acting Secretary of State.
REPORT OF THE SECRETARY OF THE TREASURY
245
To the Acting Secretary of State from the British Ambassador, June 13, 19SS
SIR:
In reply to the Note handed to me by the State Department on June 9th, I
am directed by my Government to make the following communication to you:.—
It will be recalled that the general views of His Majesty's Government in the
United Kingdom on war debts and on their relation to present world difficulties
were explained in notes exchanged in November and December last. His
Majesty's Government at that time decided to make payment of the amount due
on December 15th but they indicated clearly that this payment "was not to be
regarded as a resumption of annual payments contemplated by the existing agreement" and they announced their intention of treating this payment "as a capital
payment of which account should be taken in any final settlement."
Finally thej^ pointed out that the procedure adopted ''must obviously be
exceptional and abnormal" and they urged upon the United States Government
"the importance of an early exchange of views with the object of concluding the
proposed discussions before June 15th next in order to obviate a general breakdown of existing intergovernmental agreements."
His Majesty's Government in the United Kingdom adopted this procedure
because they recognized the peculiar position in which the then United States
Administration was placed, and the impossibility of their undertaking any effective
discussion of the problem at that time. His Majesty's Government acted, however, on the understanding that the discussion would take place without delay,
upon the provisions of the existing agreement in all its aspects, so as to arrive at
a comprehensive and final settlement and in the belief that payment on December 15th would greatly increase the prospect of a satisfactory approach to the
whole question.
Negotiations were accordingly started even before the new Administration
was inaugurated; and His Majesty's Government in the United Kingdom have
been most anxious to pursue them as rapidly as possible. On the occasion of
the Prime Minister's visit to Washington the President and his advisers made
preliminary explorations as to the basis of a clearer understanding of the situation. For reasons not within the control of either Government, however, it
has not yet been possible to arrive at a definite conclusion of these negotiations.
A speedy conclusion is, however, urgently needed. The treatment of intergovernmental obligations must closely affect the solution of the problems with
which the World Conference has to deal, because they cannot tae separated
from influences which have brought the world to its present plight. For instance, it is generally agreed that one of the first and the most essential of our
aims should be to increase the general level of commodity prices. It may be
recalled that after the Lausanne Conference there was a marked tendency for
prices to rise, but that this tendency was reversed when the prospects of a final
settlement of intergovernmental obligations receded, while the December paj^ment was accompanied by a sharp fall in prices which was felt in America at
least as much as in Europe. Experience, therefore, appears to show that the
effect of these payments upon prices is very directIn the opinion of His Majesty's Government it is essential for the success of
the Conference that the delegates should not be hampered and harassed by
doubts about the possibility of a satisfactory settlement of war debts. Payment
of a further instalment of the debt at this juncture would inevitably be judged
to mean that no progress whatever had been made towards such a settlement
and would, therefore, deal a damaging blow at the confidence of the delegates.
In the circumstances and in view of their action last December, His Majesty's
Government had hoped that the United States Government would have been
able to accede to the request of His Majesty's Government to postpone payment
of the June instalment pending discussion of war debts as a whole. Since, however, this does not appear to have been found possible. His Majesty's Government are obliged to decide upon their course of action.
Such a decision must in any case be of an extremely difficult character and
in considering it His Majesty's Government have felt their deep responsibility
not only to their own people, but to the whole world which is awaiting the deliberations and recommendations of the Conference with the utmost anxiety.
The conclusion at which His Majesty's Government have arrived is that payment of the June instalment could not be made at this juncture without gravely
imperilling the success of the Conference and involving widespread political
consequences of a most serious character. In their view the instalment should
be considered and discussed as part of the general subject of war debts upon
which they are anxious to resume conversations as soon as they can be arranged.
246
REPORT OF THE SECRETARY OF THE TREASURY
In the meantime, in order to make it perfectly clear that they do not regard
the suspension of the June payment as in any way prejudicing an ultimate
settlement. His Majesty's Government propose to make an immediate payment
of ten million doUars as an acknowledgement of the debt pending a final settlement. If, as they trust, the Government of the United States is thereafter
prepared to enter upon formal negotiations for an ultimate settlement of the
whole war debt question. His Majesty's Government would gladly be informed
of the time and place at which the United States Government would desire such
negotiations to be begun.
I have [etc.]
R. C. LINDSAY.
To the British Ambassador, June I4, 1933
EXCELLENCY:
In reply to the note handed to me by Your Excellency on the 13th instant,
I,am directed by the President to make the following reply:
The President understands that His Majesty's Government have concluded
that payment of the June fifteenth installment "could not be made at this juncture without gravely imperilling the success of the Conference and involving
widespread political consequences of a most serious character." He notes also
that accompanying this communication is a payment of ten million dollars "as
an acknowledgement of the debt pending a final settlement," and notes the
characterization of the circumstances with which the British Governnient
accompanies this payment, although he, by no means, concedes some of the
statements concerning the world wide economic cause and effect contained in
His Majesty's Government's communication, especially in so far as they affect
the Economic Conference.
The President points out to His Majest5'''s Government the well known fact
that it is not within his discretion to reduce or cancel the existing debt owed to
the United States, nor is it within his power as President to alter the schedule
of debt payments contained in the existing settlement. Such pOAver rests with
the Congress.
He notes likewise the suggestion of His Majesty's Government that they desire
to make further representations concerning the entire question of the debt, and
that His Majesty's Government requests that a time and place be indicated
where such representations can be made to the President or the appropriate
representative of the Executive. The President suggests that His Majesty's
Government provide for such representations to be made in Washington as
soon as convenient.
Any results of such a discussion of the debt question can be submitted for the
information or the consideration of the Congress when it next meets.
Accept [etc.]
WILLIAM PHILLIPS,
Acting Secretary of State.
Statements by the President and the British Chancellor of the Exchequer, November
7, 1933, at the conclusion of conversations concerning the British debt
Statement by the President:
"For some weeks representatives of the British Government have been conferring with representatives of this Government on the subject of the British debt
to this country growing out of the World War. The conversations were requested
by the British Government in its notes of last June and December, a request to
which I gladly acceded in view, of the policy which I announced in November 1932,
that a debtor may at any time approach a creditor with representations concerning the debt and,ask for readjustment of the debt or its terms of payment.
''The conversations, now concluded, have in no sense prejudiced the position
which either Government has taken in the past or may take in any subsequent
discussion of the. entire debt question. They have, however, given an opportunity for a fuU and frank discussion of the representations whicii the British
Government has made.
"These discussions have made clear the great difficulty, if not impossibility, of
reaching sound conclusions upon the amounts of international payments practicable over any considerable period of time in the face of the unprecedented
state of world economic and financial conditions.
" I t has, therefore, been concluded to adjourn the discussions until certain
factors in the world situation—commercial and monetary—become more clari
REPORT OF THE SECRETARY OF THE TREASURY
247
fied. In the meantime, I have as Executive noted the representations of the
British Government. I am also assured by that Government that it continues
to acknowledge the debt without, of course, prejudicing its right again to present
the matter of its readjustment, and that on December 15, 1933, it will give
tangible expression of this acknowledgment by the payment of 7}4 million dollars
in United States currency.
" I n view of these representations, of the payment, and of the impossibility,
at this time, of passing finaUy and justly upon the request for a readjustment of
the debt, I have no personal hesitation in saying that I shall not regard the
British Government as in default."
Coincident with the issuance of the President's statement in Washington, the
Right Honorable NevUle Chamberlain, ChanceUor of the Exchequer, was to
address the House of Commons in the foUowing terms:
"The discussions in regard to war debt have been concluded.
" I t has unfortunately not proved possible to reach an agreement for a final
settlement. His Majesty's Government recognize, however, the difficulties
which exist at the present time by reason of the unsettled economic and financial
situatiPn and they have accordingly informed the United States Government
that they are prepared to make on December 15 next a further payment of seven
and a half million dollars in American currency in acknowledgement of the debt
pending a final settlement. His Majesty's Government have stated that they
are ready to resume negotiations o^n the general question whenever after consultatiori with the President it may appear that this can usefully be done.
"President Roosevelt is making a statement in Washington today in regard to
the discussions. After briefly referring to the origin and the result of the conversations the statement concludes as follows:"
(NOTE.—The ChanceUor of the Exchequer at this point was to read from the
statement issued by the President beginning, " I t has, therefore, been concluded",, and continuing to the end.)
HUNGARY
Aide-M4moire of the Hungarian Minister, November 1, 1932
The Minister of Hungary has been instructed to bring the following to the
attention of the American Government:
The so-called Hoover Moratorium having expired, there will be due on December 15, 1932, the amount of $40,729.35 on the funded indebtedness of the Hungarian Government to the United States, representing payment on principal and
semi-annual interest.
On account of insurmountable difficulties in procuring the necessary foreign
exchange for the service on Hungary's foreign loans, the Hungarian Government
was forced to put certain measures into effect on December 23, 1931, with a view
to accumulating the required foreign exchange for the payment of its foreign
obligations. These measures, however, have not brought the hoped for results
and no improvement can be noted as yet in this condition. Consequently, the
Hungarian Government does not have at its disposal the necessary foreign
exchange and it regrets exceedingly its inability to make the payment due on
December 15, 1932.
To ihe Secretary of State from the Italian Charge d'Affaires, December 15, 1932
The Charge d'Affaires of Italy presents his compliments to His Excellency the
Secretary of State and has the honor, by order of his Government, to iiifofm the
Department of State that, in conformity with the deUboration of December 5,
1932, by the Grand Council of Fascism, the Italian Ministry of Finance has
remitted today to the United States Treasury the sum of $1,245,437 (one million, two hundred forty five thousand, four hundred thirty seven dollars) being
the amount of the quota of the Italian war debt towards the United States, due
December 15, 1932.
248
REPORT OF THE SECRETARY OF THE TREASURY
To the Acting Secretary of State from the Italian Ambassador, J u n e 14, 1933
SIR:
With reference to j^our note of t h e 9th of this month, concerning t h e a m o u n t s
due on J u n e 15th by t h e Italian Government to t h e Government of t h e United
States ill accordance with t h e debt agreement of Noveniber 14th, 1925, I h a v e
been instructed to inform you t h a t on J u n e 13th t h e Fascist Great Council has
passed t h e following Resolution:
" I n view of t h e p a y m e n t due to t h e United States on J u n e 15th a n d of t h e
opening of t h e Economic Conference in London, t h e Fascist Great Council decides t h a t a p a y m e n t of one million dollars shall be m a d e in order to show t h e
goodmll of t h e Italian Government and a t t h e same t i m e t h e limitations imposed
upon it by t h e existing situation. T h e Council invites t h e Mimster of Foreign
Affairs to start negotiations for t h e final solution of this probleni before t h e
p a y m e n t of next December falls due as provided by t h e existing debt agreement".
I a m also instructed to inform you t h a t , in accordance with t h e above Resolution and in view of t h e representations already m a d e by Finance Mimster Signer
J u n g during his recent visit to Washington in regard to I t a l y ' s capacity to pay,
t h e Italian Government propose to m a k e an immediate p a y m e n t of one million
dollars as an acknowledgement of t h e debt pending a final settlement and t h a t
they would be glad to enter upon negotiations for such a final settlement of t h e
war debt question a t t h e earliest date convenient to t h e Government of t h e
United States.
Accept [etc.].
Rosso.
To the Italian Ambassador, J u n e 17, 1933
EXCELLENCY:
I n reply to Your Excellency's note of J u n e 14th, t h e President directs me to say
t h a t t h e Government of t h e United, States notes t h a t t h e p a y m e n t of one miUion
dollars has been made on account a n d as an acknowledgment by your Government
of t h e debt due t h e United States. This Governnient notes also t h e request of t h e
Italian Government for an opportunity to present representations concerning t h e
entire debt question a n d in reply desires to inform you t h a t it will be glad to
confer with you in regard to this m a t t e r .
F u r t h e r m o r e it is noted t h a t t h e Italian Government has not m a d e full p a y m e n t
at this time for t h e reasons which were presented to this Government by Finance
Minister, Mr. Jung, during his recent visit to Washington, a t which time he
discussed Italy's capacity to pay.
T h e Government of t h e United States, however, would not be entirely candid
if it did not express its t h o u g h t t h a t a p a y m e n t of one miUion dollars on a total
p a y m e n t due of $13,545,437.50 m a y be regarded in t h e United States as unsubstantial, and m a y occasion disappointment on t h e p a r t of t h e Congress a n d the
people of t h e United States.
Accept [etc.]
WILLIAM PHILLIPS,
Acting Secretary of State.
To the Secretary of State from the Consul General of Latvia in New York City, in
Charge of Legation, November 23, 1932
SIR:
Under instructions from m y Government, I have t h e honor to call your attention to t h e serious concern of t h e Government of Latvia, as to the possible effect on
the country's financial a n d economic situation, of a transfer to t h e United States
Treasury, of t h e p a y m e n t due December 15, 1932, of t h e semi-annual interest in
the a m o u n t of $102,660, as well as of t h e p a y m e n t of a Bond m a t u r i n g December
15, 1932, in t h e principal a m o u n t of $9,200, which are not postponable under the
t e r m s of t h e debt funding agreement of September 24, 1925, between t h e Governm e n t of t h e Republic of Latvia a n d , t h e Government of t h e United States.
My Government has already been necessitated to t a k e a d v a n t a g e of t h e provision contained in Article 2 of t h e funding agreement, in declaring its intention to
postpone t h e principal p a y m e n t due on t h e same date, in t h e a m o u n t of $37,000,
b u t feels t h a t t h e present precariousness of Latvia's situation as regards foreign
REPORT OF THE SECRETARY OF THE TREASURY
249
exchange reserves, and the continued depressed condition of the country's export
trade, dictate a necessity for further and full relief from its financial obligations
under the aforementioned debt funding agreement, during the period of acute
crisis,—which is still without noticeable abatement, notwithstanding the emergency measures which have been taken by the Latvian Government, to stem the
abnormal outflow of foreign exchange, and to regulate and balance foreign trade.
No doubt the United States Government is informed that the Government of
the Republic of Latvia, since the beginning of the present crisis, has made drastic
cuts in its budget expenditures also, and pursued a policy of strictest economy.
It is to be feared lest further steps in this direction will Serve only to undermine the
vital forces of the country's financial and economic life.
If the earnest efforts of my Government, have not yet been adequate to overcome the crisis and to cope with the rising difficulties, it is because of reasons deeply
rooted in the general World situation, which have obstructed the quick recovery
of any single country, and have made it impossible for my country to attain such
degree of restoration to normalcy of its finances, as would permit the resumption
of its intergovernmental obligations, agreed upon under considerably more
favorable circumstances, when the prospect was for uninterrupted progress on
the road of recovery.
The Government of the Republic of Latvia has, with satisfaction, noted that
the powers principaUy concerned in the matter of intergovernmental obligations,
have taken the initiative in requesting the United States Government to further
study the debt question with a view to finding additional remedies to alleviate the
present situation. It is to be expected that some period of time would be required
to find a satisfactory solution, and until the suggested remedial measures could be
enacted. It is the earnest hope of the Government of the Republic of Latvia that,
in the meantime, the Government of the United States of America will find it
possible to extend the beneficial effects of President Hoover's announcement of
June 20, 1931, by granting a further moratorium for payments due under the
debt funding agreement of September 24, 1925.
As of immediate urgency, I have the.honor. Sir, to renew the request of my
Government for a postponement of the whole amount payable on December 15,
1932, on the principal, as well as on the interest.
I trust that the United States Government will receive this request of the
Government of Latvia, in a spirit of high understanding and comprehension of the
exigencies of the present situation, and will grant it their favorable consideration.
With assurances [etc.]
ARTHUR B . LULE.
Aide-Mimoire of the Latvian Minister for Foreign Affairs to the American Minister,
December 3, 1932
In connection with the payment of the next instalment of the Latvian debt to
the United States falling due on December 15th, and with reference to the Note
No. R. 763.00 of the 13th September last and the reply of the American Charge
d'Affaires of September 24th, the Minister for Foreign Affairs has the honor to
inform His Excellency, the American Minister, that Mr. Lule, Latvian Consul
General in New York and in charge of the Latvian Legation in the United States,
has been instructed to address himseU once more to the Government of the United
States with the request to postpone the payment of interest as well as principal.
The reasons for asking for such a postponement are the foUowing:
Owing to the catastrophal fall of the prices obtained for Latvian agricultural
produce, of which the exports are mainly composed, the influx of foreign currency
into Latvia has diminished to such an extent that about a year ago already extraordinary measures had to be adopted to protect the small reserves of gold and
foreign currency at the disposal of the Lat vi jas Banka. So, for instance, Latvian
exports to the United States show the following figures:
January to September 1930
Ls. 1,609,000
During the same period in 1931 they fell to
1, 033, 000
While for that period in the current year they amount to
barely
562,000
The total exports, which reached Ls. 225,000,000 during the first nine months
of 1930, feU to Ls. 143,400,000 in 1931 and to Ls. 59,100,000 during the same
period of the current year.
The reserves of foreign currency at the disposal of the Latvijas Banka have
reached such a low level that, unless this downward movement can be stopped,
250
REPORT OF THE SECRETARY OF THE TREASURY
it is to be feared that there will be no possibility in the near future to provide the
necessary foreign currency to pay for the goods which have to be imported.
The above is Ulustrated by the fact that, according to the statement of the
Latvijas Banka, the assets of foreign currency at the disposal of that Bank on
November 28th, 1932, amounted to
Ls. 11, 355, 232. 88
While, on an average, in 1930
42, 500, 000. 00
In 1929
68, 200, 000. 00
And in 1928
72, 500, 000. 00
were still available.
Although these reserves at the disposal of the Latvijas Banka are so inconsiderable, there are still outstanding sums to be paid for previously imported
goods. As the American Legation is aware, there have been many cases where
the Currency Commission has been unable to satisfy in full the demands presented
to it for the transfer of dollars to the United States.
In spite of the extraordinary measures taken by the Latvian Government in
order to prevent the outflow of foreign currency during the last months and
weeks, a constant decrease can be observed every week, and the only possible
course of action seems to be the introduction of additional and severer restrictions
than those that are in force already.
Notwithstanjiing the fact that the budget of the State has been reduced to
the utmost and that the Government has even been obliged to cut down the
salaries of the State officials which, in many cases, hardly reached the indispensable minimum, it seems that the Government will have to cope with a heavy
budgetary deficit. They are, so far, at a loss to devise the means by which this
deficit could be covered.
Contrary to comments in the American press, according to whicii the American
people consider that many European nations are spending too much on unproductive armaments, in Latvia all expenditure for the requirements of the army
has been reduced to the utmost. Her expenditure for the purposes of national
defense is exceedingly moderate and even insufficient for protecting the country
against any kind of unprovoked aggression.
The Latvian army does not, in fact, amount to 20,000 men, manifestly possessing insufficient equipment and war material.
Among others, the American Representatives at the World Disarmanent Conference have recognized the point of view of the Latvian authorities on the
subject.
' Finally, the Latvian Government hope that the Government and the Congress
of the United States, in dealing with the question of the Latvian debt, will also
consider the devastations wrought in the country by wars and revolution. The
most fertile parts of the country had to be evacuated by the Latvian population,
while afterwards the economic life of Latvia had to be reconstructed without any
help from abroad. The Latvian nation has not only sustained heavy material
losses during the Great war and its fights for liberation, but it has also lost a proportionaUy very important number of human Uves (about 40,000 killed), the
country being in the direct line of battle the whole time the world war lasted.
Even now, 18 years after the beginning of the war, there are regions in Latvia
where, owing to the lack of means, it has been impossible to remove all traces
of the trenches and to turn the waste into arable land once more. Although the
nation has been subjected to such severe sufferings, Latvia has received no reparations at all, unlike all the other nations of Western Europe that had been involved
in a similar way during the world war.
It is the earnest desire of the Minister for Foreign Affairs that Mr. Skinner
should kindly undertake to inform his Government of the above-mentioned facts.
Mr. Zarins hopes that the particular circumstances existing in Latvia, which constitute a decided change for the worse since 1925, date when the debt agreement
was made, will be taken intp consideration, and that the Congress of the United
States will find it possible to postpone the payment which falls due on December
15th on account of the Latvian debt to the United States for a period covering the
business depression and until the question of the Latvian debt can be settled in
all its aspects.
MINISTRY FOR FOREIGN AFFAIRS,
Riga.
REPORT OF THE SECRETARY OF THE TREASURY
251
To ihe American Minister from ihe Latvian Minister for Foreign Affairs, December
15, 1932
EXCELLENCY:
I have the honour to refer to my Note of the 13th of September last, to the
Note which was handed over to the American Secretary of State on the 23rd of
November and, lastly, to the Aide-Memoire I transmitted to you on December
3rd, concerning the payment of the next instalment due to the United States
in virtue of the debt funding agreement concluded on September 24th, 1925.
I have the honour to inform Your Excellency that, taking into consideration
the refusal of the United States Government to grant a postponement of the payment falling due to-day, which refusal was communicated to Mr. Lule, Latvian
Consul General in New York and in charge of the Latvian Legation in the United
States, on the 10th of December by the Assistant Secretary of State and by Mr.
Mills, Secretary of the Treasury, the Latvian Government have decided to pay
the United States Treasury the sum of $111,852.12, which sum was mentioned
as nbt to be postponed in the Note of the American Charge d'Affaires in Riga of
September 24th. The Minister of Finance has to-day advised the Federal
Reserve Bank in-New York by telegraph to effect the above payment.
In the name of the Latvian Government I have to declare in this connection
that this payment has been made out of the inalienable reserves of the State,
and only in view of the.categorical demand of the United States Government.
Notwithstanding this, Latvia maintains the point of view expressed in the
Notes of September 13th and November 23rd, and the Aide-Memoire of December
Srd, and requests that the revision of the debt funding agreement of September
24th, 1925, be accomplished in any case before the next instalment falls due,
i.e. before Jane 15th, 1933.
The payment in question has further been made out of.the conviction of the
Latvian Government that it will facilitate considerably a satisfactory approach
to the settlement and the final liquidation of the whole question of war and
intergovernmental debts.
Finally, I have the honour to state that this payment is not regarded by the
Latvian Government as a resumption of the annual payments contemplated by
the agreement of 1925. It is made, because there has not been sufficient time
to discuss and explain to the United States Government and Congress the financial
and economic situation of Latvia.
I avail myself [etc.]
CH. ZARINS
To the Consul General of Latvia-in New York City, in Charge of Legation, December
22, 1932
SIR:
By your note of December 15, 1932, I have learned with satisfaction of the
payment by your Government to the order of the Treasury of the United States
of the sum due December 15 under the Debt Funding Agreement of September
24, 1925. However, in view of the statement in your note that "the Government
of the Republic of Latvia do not regard this payment as a resumption of payments
under the Debt Funding Agreement of Septeniber 24, 1925", I must call attention
to the fact that the Secretary of the Treasury has no authority to accept payment
from your Government except as provided under the terms of the Debt Funding
Agreement.
There is reserved to the Congress of the United States the ultimate decision in
respect of the funding, refunding or amendment of these intergovernmental
obligations under consideration. The Executive has no power to amend or to
alter them either directly or by implied commitment. Accordingly, it should
be understood that acceptance by the Secretary of the Treasury of funds tendered
in payment of the December 15 installment cannot constitute approval of or
agreement to any condition or declaration of policy inconsistent with the terms of
the agreement. The sum so received must be credited to principal and interest
as provided therein.
I note the request of the Government of Latvia that a full survey of the matter
of Latvia's indebtedness to the United States be made, and that a revision of the
Debt. Funding Agreement of September 24, 1925, take place before the next
payment,date. The President of the United States is disposed, through whatever
agency may seem appropriate, in cooperation with the Latvian Government,
to survey the entire situation. Such an examination does not imply cancellation
but I believe that there are important avenues of mutual advantage which should
be thoroughly explored. At an opportune time I shall communicate further with
your Government in this regard.
Accept [etc.]
HENRY L . STIMSON.
252
REPORT OF THE SECRETARY OF THE TREASURY
To the Acting Secretary of State from ihe Consul General of Latvia in New York
City, in Charge of Legation, J u n e 15, 1933
SIR:
Under instructions from m y Government, I have the honor to refer to t h e viewpoint of the Government of Latvia, concerning the indebtedness of Latvia to
the United States of America, as expressed in the note of t h e Minister of Foreign
Affairs of Latvia to t h e American Minister to Latvia, dated December 15, 1932,
and in m y note of the same date to t h e Secretary of State of the United StateSj
to which a reply, dated December 22, 1932, was received from t h e then Secretary
of State, indicating t h e willingness of the President of t h e United States to survey
the entire debt situation. F u r t h e r I have t h e honor to call your attention to t h e
Aide Memoire handed me by the Honorable Henry L. Stimson, on J a n u a r y 26,
1933, concerning a discussion of the debt question, a n d containing a s t a t e m e n t
to t h e effect t h a t an appropriate date for such discussion would be suggested by
t h e United States Government. T h e willingness of t h e Latvian Government to
send a delegate or delegates to participate in these discussions was expressed by
the note of the Minister of Foreign Affairs of Latvia to the American Minister
to Latvia, dated February 9th, as well as by m y note of the. same date to t h e
Secretary of State of t h e United States. However, u p to t h e present time, no
notice proposing a date for the said discussions has been received by t h e Governm e n t of Latvia. M y Government state with regret t h a t no opportunity for a
survey of the debt situation has been given them, to tlie present date, J u n e 15th,
when a riew interest p a y m e n t has become due under the D e b t - F u n d i n g Agreem e n t of September 24, 1925.
I a m directed. Sir, to inform you t h a t t h e Government of Latvia still adhere to
the motivation a n d viewpoint as contained in their note of December 15, 1932.
Inasmuch as t h e international situation has become even more complicated and
involved since t h a t date, due to exchange a n d transfer difficulties, and inasmuch
as the foreign t r a d e of Latvia has suffered a further, considerable decline, a n d tbe
budget problem presents increasing difficulties, t h e Government of Latvia is
faced with the necessity, which they sincerely regret, of refraining from p a y m e n t
of interest due on J u n e 15, 1933, until t h e proposed negotiations concerning a
revision of t h e Debt-Funding Agreement, have been brought to a conclusion.
However, I have t h e honor to advise you, Sir, t h a t m y Government has not
t h e slightest intention of interfering with or barring t h e negotiations which they
anticipate m t h t h e Government of t h e United States, regarding Latvia's indebtedness, by an unilateral decision or action; I t is to avoid such an inipression t h a t
t h e Government of Latvia have this day transferred to t h e United States
Treasury, t h e a m o u n t of $6,000 (six thousand dollars), constituting approximately
5 % (five per cent) of t h e interest p a y m e n t due J u n e 15, 1933, with t h e same
reservation, however, as was m a d e in connection with t h e last p a y m e n t , t h a t of
December IS, 1932 to t h e effect t h a t t h e Governnient of Latvia do n o t consider
this transfer as resumption of p a y m e n t s under t h e Agreement of September
24, 1925.
M a y I request, Sir, t h a t t h e D e p a r t m e n t of t h e Treasury of t h e United States,
be advised accordingly.
Please accept [etc.]
ARTHUR B . L U L E .
To the Consul General of Latvia in New York City, in charge of Legation,
J u n e 21, 1933
SIR:
T h e President directs me to acknowledge t h e receipt of your -note of J u n e 15,
in which you set forth t h e decision of t h e Latvian Government to p a y t h e Governm e n t of t h e United States t h e sum of $6,000., an a m o u n t which you point out
represents approximately five per cent of t h e interest p a y m e n t due on J u n e 15,
as a p a y m e n t on account and as an acknowledgment by t h e Latvian Government
of t h e debt due t h e United States.
I n accordance with your request, t h e representations of t h e Government of
Latvia with regard to t h e entire .debt question between our two countries will be
gladly heard a t a date to be agreed upon between us.
Accept [etc.]
WILLIAM
PHILLIPS,.
Acting Secretary of State.
REPORT OF THE SECRETARY OF THE TREASURY
253
LITHUANIA
. To the Secretary of State from the Lithuanian Minister, December 10, 1932
SIR:
I have the honor to submit, for the consideration of the United States Government, the enclosed Memorandum presenting the position of the Lithuanian
Government on the question of its obligations under the terms of the Debt
Funding Agreement entered into between Lithuania and the United States of
America on September 22, 1924.
The Lithuanian Government will greatly appreciate the favor of a reply to the
questions raised in the said Memorandum.
Accept [etc.] [Memorandum]
BRONIUS K . BALUTIS.
The Lithuanian Government, fully conscious of its duty in relation to the
fulfilment of international obligations and firm in its determination to discharge
them to the best of its ability, heretofore has met faithfully its obligations under
'the terms of the Debt Funding Agreement entered into between the governments of Lithuania and the United States of America on September 22, 1924.
The disintegrating forces, which originated from the World War activities and
which seemed to be on a decline at the time of the above mentioned debt settlement, have reasserted themselves during recent years on such a wide scale and
with such unexpected violence throughout the world that it is felt that the
encouraging prospects of the early economic recuperation, so fondly hoped for
at that time, now have to be all but abandoned. The general feeUng seems to
be that urgent and drastic corrective measures must be taken without further
delay if the remnants of the econoniic structure are to be saved and the very
hope for a better future is not to be abandoned.
It is in the light of these general circumstances and apprehensions that the
Lithuanian Government feels itself moved, however unwillingly, to respectfully
submit to the Government of the United States, for its earnest attention and
consideration, the greatly changed state of conditions by which the Government
of Lithuania finds itself faced in its attempts to discharge the obligations undertaken by the terms of the above mentioned Agreement.
I. A brief review of the origin of the Agreement, as weU as of some of the circumstances closely relating to it, may be helpful in clarifying the motives which
prompt the Lithuanian Governnient in this matter.
In 1919, while the Lithuanian territory was still under the occupation of German troops and the Lithuanian Government was as yet unrecognized by the
Allied and Associated Powers, and, as such, was deprived of the ability to enter
into any direct binding agreements with other governments, the Government of
the United States was in the process of disposing of various surplus war materials
then stored in France.
The Lithuanian Government, through its Delegation to the Peace Conference
in Paris, applied for some of these surplus war materials. A request was made
not for weapons or other strictly-termed war materials, but for food, clothing,
medical appliances and like materials then urgently needed by the destitute
population of Lithuania. This application was unsuccessful for the reason that
the Lithuanian Government, still unrecognized by the Government of tbe United
States, lacked the legal capacity to enter into a binding international agreement.
The United States Liquidation Commission, in charge of the disposal of the
above mentioned surplus war materials, though unable to grant the'request of
the unrecognized government, could dispose, however, of these surplus materials
to private organizations and corporations.
To meet the said contingency, the co-partnership named ""Vilnis" was organized and this organization negotiated with the United States Liquidation Commission the purchase of certain supplies to the total value of $4,159,491.96. Payment for the said supplies was arranged in the following manner: a Special Treasury Note of the Lithuanian Government in the face value of five million dollars,
due and payable on June 30, 1922, was given,—thus covering the principal and
interest at the rate of five per cent per annum up to the date of maturity of the
said note. (It is interesting to note here that the significant passage in the said
Special Treasury Note read, in part, as follows: "This note shall be entitled to
the security of, and shall constitute a charge upon, any payments or property
which the Government of Lithuania may receive from Germany or any of its
Allies, by way of reparation or cession.")
254
REPORT OF THE SECRETARY OF THE TREASURY
In addition to the above mentioned supplies, Lithuania received a certain
amount of supplies from the American Relief Administration, the original cost
of which was $822,136.07.
Thus the total indebtedness of the Lithuanian Government to the Government
of the United States, arising out of the above two transactions, amounted to the
original value of $4,981,628.03. With the interest to date, accrued and unpaid,
it was funded by the Agreement, signed bn September 22, 1924, in the sum of
$6,030,000 on terms substantially similar to those of the settlement with Great
Britain.
The above tends to indicate that Lithuania's indebtedness in some respects
differs from the so-called "war debts" proper, as for instance:
(a) The Lithuanian Government's iridebtedness did not arise out of loans made
before the Armistice, nor w;as it for any war materials or for war purposes generally. On the contrary, it was incurred for supplies of such a nature that it might
be mpre properly classified under the head of Relief Assistance.
(b) The Lithuanian Government in contracting this indebtedness did not receive one cent in cash, but acquired the various supplies at the prices then prevailing,—^^and it must be remembered that the prices of 1919, due to the exigencies
of war, were the highest on record.
'
In this connection it may also be observed that the above mentioned temporary
legal incapacity placed the Lithuanian Government, as a purchaser, in a disadvantageous popition as compared to that of other purchasers whose legal status
was not questioned and who, arriving on the.scene at an earlier date, had a full
opportunity fo] a free bargain and an ainple selection while the Lithuanian purchaser, handicapped by the above circumstances, was glad to receive what could
possibly be obtained.'
• It should be stated immediately that the above elucidation of the transaction,
resulting in an indebtedness of Lithuania to the United States of America, is
made here not in a spirit of any grievance whatsoever, but with the sole purpose
of indicating that while all the debts, from a legal point of view, are of equal
validity, still there may be certain circumstances, in connection with the process
of contracting them, which would seem to justify their consideration, if not in
law then at least in equity, in a soinewhat different light from, the straight loan
transactions.
IL By the terms of the Funding Agreement of September 22, 1924, Lithuania
undertook to repay this original indebtedness of $4,981,628.03 in the total funded
sum (principal and interest) of over fourteen million dollars, to be paid during a
period of 62 years.
With reference to the above settlement it may be permissible to mention a few
additional circumstances which may illuminate mpre adequately the position of
Lithuania. They are:
(1) Lithuania is well advanced on the list of debt settlements, being the fourth
nation to sign a debt funding agreement.
(2) The interest payable, as accepted by Lithuania, is the same as that of
Great Britain and is of the highest category.
(3) In the meantime, the extent of reduction granted to Lithuania by the
terms of the debt settlement happens to be of the lowest category, only a few
other debtors leading her by an insigriificant fraction of percentage.
(4) Although between the beginning of the World War in 1914 and the date
of the debt settlement with the United States in 1924, the Lithuanian people
were twice made unwilling victims of the total devaluation of the currency'
imposed,upon them (first the Russian rouble and theri the German mark), yet
Lithuania undertook to pay off her obligations as soon as she succeeded in establishing her national sound currency,^—and she has already actually paid in cash
on account of the said indebtedness the total, sum of $1,128,580.22.
(5) Additional light may be thrown on the subject by mentioning the fact
that Lithuania, although a victim of the very extensive damages done to her
while her territory was a battlefield for the contending armies and of still more
extensive damages resulting from a nearly five year occupation by German
armies, received no appropriate coinpensation or reparations which could be
applied toward payment of her own obligations contracted during dirP necessity
and thus lighten her own' burden. In this respect the position of Lithuania
greatly differs from the position of other debtprs and her comparative capacity
to pay is thereby affected.
,
,
It is hoped that the above observations may lay the foundation for the claim
that, if Lithuania was eager to settle her' obligations at the earliest possible
opportunity, she was in no less a degree determined, regardless of aU the diffi-
REPORT OF THE SECRETARY OF THE TREASURY
255
culties and handicaps of a newly-born State, to carry out faithfully and to the
best of her ability the obligations so undertaken.
III. It is assumed from the various statements repeatedly made by authoritative persons, at the time of the debt settlement and since, that the basic principle underlying the debt settlements with the various debtor countries was the
debtor's capacity to pay. It must be recognized that it is a just and generous
principle, and of undisputed practical value. Yet, since this principle was laid
as a foundation of the settlement, it may also be logically assumed that what was
just and equitable at the time of settlement and of the initial payment must also
be just and equitable at the time of any subsequent payment—in other words,
that the same principle of the capacity to pay, born at the inception of the transaction, was meant to live during the subsequent stages of the fulfilment of the same
transaction. An eloquent confirmation of the above assumption was given by
the Debt Funding Commission itseff when the policy of the United States was
defined in the following terms:
"The commission (Debt Funding Commission) in its settlement with Great
Britain
and in subsequent negotiations or settlements has adhered to
the principle that the adjustments made with each government must be measured
by the ability of the particular government to put aside and transfer to the
United States the payments called for under the funding agreement.
"Nor does the principle of capacity to pay.require the foreign debtor to pay to
the full Umit of its present or future capacity.
" I t must be permitted to preserve and improve'its economic position, to bring
its budget into balance, and to place its finances and currency on a sound basis,
and to maintain and, if possible, to improve the standard of living of its citizens.
"No settlement which is oppressive and retards the recovery and development
of the foreign debtor is to the best interests of the United States or of Europe."
Prompted by the above stated considerations, the Lithuanian Government,
while greatly regretting the necessity, nevertheless feels its duty to make a frank
exposition of Lithuania's present economic and financial conditions which
naturally control its " capacity to pay " and determine the ability to continue the
fulfilment of its obligations.
IV. In order to show the difference between the economic conditions which
prevailed in Lithuania at the time of the debt settlement and those existing at the
present time, a statistical comparison of a few chief indicators of the national
welfare will be necessary,—such as of the annual budgets, the trade balances.and
the currency circulation.
Annual budgets.—The annual budget of Lithuania for 1925, the first year of the
debt payments to the United States, totaled in the sum of nearly $26,000,000.
During subsequent years the annual budgets gradually increased until in 1930
the sum of nearly $35,000,000 was reached. Practically all of the budgets were
balanced with a small favorable margin.
Then adverse economic and financial conditions proceeded to set it back. The
current year's budget was balanced a t a. level of $28,000,000, thus making a
drastic reduction, in comparison with last year, of $6,000,000. The figures
available for the first nine months of the current year indicate a further alarming
fall in revenue receipts and a considerable further reduction of the budgetary
figures will be unavoidable. Thus the budget of the current year has dropjDed
nearly to the level of that of 1925, and the modest degree of progress made during
the intervening years"was lost. Of greater significance is the apprehension that,
regardless of drastic cuts in expenditures, a balance between revenue receipts and
expenditures may not be maintained. For a small and new country with limited
and very modest resources, the prospect of being thrown on the negative side of
the ledger, is a matter not merely of apprehension but of real danger.
The above budgetary figures also demonstrate the extremely low level of incomes and expenditures per capita: about $10.00 in 1924, $14.00 in 1930, and
again about $10.00 in 1932. It is not difficult to see that the margin between
the present level of the country's development and that of a minimum indispensable for its cultural and economic progress is so narrow that a further retrenchment would not only arrest the continuation of the very modest progress,
but would simultaneously set into action those disintegrating forces which, if
permitted to continue, would lead to an actual collapse; of the economic structure.
Trade balance.-^-A^ already mentioned above, Lithuania undertook to repay
her obligations to the United States of America shortly after the establishment
of her own stable currency.
Having practically no gold reserve at the time and having to discharge her
obligations to the United States in terms of gold currency, Lithuania could meet
14820—33
18
256
REPORT OF THE SECRETARY OF THE TREASURY
these obligations only from her foreign trade surpluses. The development of
the foreign trade of Lithuania was as follows.
For the vear of 1924, the value of exports was $26,660,000; the value of imports—$20,"6 50,000, leaving a surplus of $6,000,000.
For the year of 1930, the exports amounted to $33,378,000, the imports to
$32,984,000, leaving a surplus of only $394,000.
The catastrophic drop in the prices of agricultural products, which constitute
practically the sole items of export, as well as various trade restrictions of recent
origin, account for the following figures of exports for the last 2 years:
>
1931
.
__.___._. $27, 311/ 910
1932 (for the first 9 months)
14,246, 140
The sharp drop in exports compelled a corresponding curtailment of imports,
as is shown by the following figures:
1931
__.
$27,795,910
1932
•
_
__. 12,434,090
Of particular interest is the trade balance between Lithuania and the United
States. It has always been very adverse to Lithuania, as the following figures
show:
• Exports to the United States:
Imports from the United States:
1924
$811,560
1924
$988,460
1925
359, 380
1925____
1, 831, 080
1926
208, 330
1926
_.
1, 065, 240
1927
437,870
1927__
1,450,330
1928
2, 047, 860
1928___
241, 140
1929
1, 672, 430
1929
442, 140
1030
____:._
264,340
1930
1,470,370
1931
201,360
1931.
1, 077, 390
1932 (for the first 9
1932 (for thefirst9
months)
23, 670
months)
393,. 170
Total
11,996,330
Total
2,989,790
The above review of the development of the foreign trade of Lithuania clearly
demonstrates two propositions:
First. That the catastrophic drop in prices of agricultural commodities, the
numerous new and drastic trade restrictions introduced throughout Europe, and,
finally, the abandonment of the gold standard by some countries which happen'
to be among the best trade customers of Lithuania, brought about the situation
where it comes not only increasingly difficult, but almost impossible to build up
the balances out of which her foreign obligations may be met;
Second. That the trade balance with the United States for the period from the
time of the debt settlement up to the present date shows t h a t Lithuania has
actually paid to the United States of America in trade a net sum of $9,006,540.
Money circulation.—The Lithuanian national currency, the litas, was established at the end of 1922. In the beginning it was covered, almost exclusively,
by stable foreign currencies—mostly the dollar and the pound sterling. Then
a'modest gold reserve was gradually built. The Lithuanian Government has
this to its credit, that while the various European currencies, new ones as well
as old ones, crashed or widely fluctuated, the newly-established Lithuanian
national currency never went off its full par value, which was of a gold standard.
This was achieved at the cost of considerable hardships and sacrifices. The
fixed determination of the Lithuanian Government is to continue to maintain
her currency on the gold standard as it is considered to be the only reliable
anchor, for her economic and financial safety. Yet this is possible of achievement only when the annuaf budgets are adequately balanced and the trade and
paying balances maintain a proper equilibrium. If it is deemed advisable to
apply such a policy to any.country,—in the case of a smaU and new country
with limited resources and possibilities, a smiliar policy is imperative.
V. It is hoped that the above review, incomplete as it is, wUl sufficiently indicate the changed status of economic and financial conditions in Lithuania and
demonstrate how gravely the events of recent years have affected her capacity
to pay. In some respects this capacity is actually even below the level of the
capacity existing at the time of the debt settlement. .
,
REPORT OF THE SECRETARY OF THE TREASURY
257
I n view of t h e above considerations, t h e Lithuanian Government h a s t h e honor
to request, a n d ventures t o hope t h a t t h e Government of t h e United States will
consent, t o reexamine a n d t o reconsider t h e question of t h e indebtedness of
Lithuania t o t h e United States, with a view of its more proper adjustment t o
t h e new a n d changed economic a n d financial conditions.
At t h e same time t h e Lithuanian Government desires t o bring t o t h e a t t e n tion of t h e United States Government t h a t t h e rapidly diminishing revenue
receipts of t h e current year, t h e greatly reduced value of t h e foreign trade a n d
the existing exchange difficulties, have created a situation whereby it becomes
increasingly difficult for t h e Lithuanian Government t o meet t h e p a y m e n t due
on t h e 15th d a y of December of t h e current year in t h e m a n n e r provided by t h e
terms of t h e Funding Agreement of 1924. T h e Lithuanian Government, therefore, would greatly appreciate it if a postponement of this p a y m e n t could be
granted or an a d e q u a t e relief from t h e strict compliance with t h e t e r m s of t h e
said Agreement could be arranged.
D E C E M B E R 9, 1932.
,
To the Lithuanian Minister, December 15, 1932
SIR:
My Government has considered with t h e greatest care t h e note of December
10th, 1932, from t h e Lithuanian Government, in which it has set forth a t length
the reasons it advances for a reconsideration of t h e whole question of intergovernmental war debts, a n d for t h e postponement of t h e p a y m e n t due by t h e
Lithuariian Government t o t h e Government of t h e United States on December
15th, next.
Whatever p a r t debt p a y m e n t s m a y have played in t h e economic history of
the post-^^.yar years, it is clear t h a t in t h e present conditions of world-wide depression, accompanied by a sweeping fall of prices, their weight has greatly increased,
and t h a t they have a very definite relationship to t h e problem of recovery in
which both t h e Lithuanian a n d t h e American people have so vital a n interest.
The President of t h e United States is prepared, through whatever agency m a y
seem appropriate, t o cooperate with t h e Lithuanian Government in surveying
t h e entire situation a n d in considering w h a t means m a y be t a k e n t o bring a b o u t
the restoration of stable currencies a n d exchange, t h e revival of trade, a n d t h e
recovery of prices.
I believe t h a t there are i m p o r t a n t avenues of m u t u a l a d v a n t a g e which should
be thoroughly explored. Such an examination does n o t imply cancellation.
My Government, however, has n o t been able to reach t h e conclusion t h a t a
postponement of t h e December 15th p a y m e n t from t h e Lithuanian G o v e r n m e n t
to t h e United States is necessary because of its effect on t h e problem of recovery.
Although we recognize t h e serious economic a n d financial difficulties which t h e
Lithuanian Government, in common with all other governments, is now facing,
t h e maintenance of these agreements in their operation pending due opportunity
for analysis of all m a t t e r s bearing upon your request for revision a n d its consideration by t h e American Congress a n d people still appears t o us to outweigh
any reasons presented for a delay.
Accept [etc.]
H E N R Y L . STIMSON.
To the Secretary of State from the Lithuanian Minister, December 15, 1932
SIR:
Referring t o m y note a n d M e m o r a n d u m delivered t o you on December 10,
and t h e exchange of views ori t h a t occasion, I have t h e honor to inform you t h a t
t h e Lithuanian Government has decided to p a y t h e next instalment due to t h e
Treasury of t h e United States on December 15, as provided by t h e terms of t h e
D e b t Funding Agreement of September 22, 1924, a n d t h a t t h e said p a y m e n t will
be m a d e to t h e Secretary of t h e Treasury of t h e United States.
At t h e same time hay Government desires t o express a hope t h a t by making
this p a y m e n t it is n o t placing itself in a less favorable position thari t h a t which
m a y result t o a n y of t h e other countries from t h e eventual reconsideration of t h e
general question of intergovernmental debts.
Please accept [etc.]
BRONIUS K . BALUTIS.
258
REPORT OF THE SECRETARY OF THE TREASURY
POLAND
To the Secretary of State from the Polish Ambassador, November 22, 1932
SIR:
Referring to our conversation this morning, I have the honor to send you the
enclosed copy of my oral declaration.
Accept [etc.]
TYTUS FILIPOWICZ.
[Mernoranduml
On the occasion of the conference held today in Washington the Polish Government consider it their duty to notify the United States Government that owing
to the general financial and economic situation of the world, the Polish Government foresee the necessity of asking for the postponement of the payment due
from Poland to the Government of the United States on December 15, 1932.
At the same time the Polish Government declare they would welcome the
opportunity of a conference with the Government of the United States in order
to discuss conditions of the above postponement of the December payment and
the reconsideration of the Agreement of November 14, 1924.
To ihe Polish Ambassador, November 26, 1932
EXCELLENCY:
I fully appreciate the importance of the proposal that you made to me on
November 22nd and the seriousness of the situation upon whicii it is predicated.
The riaere fact that your Government suggests the necessity of a review of the
intergovernmental financial obligations now existing between our two nations
presents a circumstance which must be given most serious consideration. In a
matter of such importance there must be aUowed no opportunity for misunderstanding or failure to reach conclusions satisfactory to both Governments and
peoples.
•
With this end in view, you will permit me to recall very briefly some of the
essential conditions and limitations which would control on the part of this
Government such a review and might affect its result. Not only is there reserved
to the Congress of the United States the ultimate decision in respect to the funding,
refunding or amendment of these intergovernmental obligations under consideration, but the Congress in the past has itself provided the machinery in the
shape of the World War Foreign Debt Commission for the investigation of the
facts and for making recommendations upon which such action might be taken.
The Executive might recommend, but the facts and evidence were submitted to
and the decision made by the Congress, acting through this machinery.
I am not oblivious to the fact that the world-wide depression and the concurrent fall of prices has increased the weight of debts in many parts of the world;
nor to the fact that the decrease in international trade has increased the difficulties of obtaining foreign exchange. I also recognize the relation which these
facts may bear to the process of recovery. On the other hand, it must be remembered that these incidents of the depression have also fallen with great weight
upon the American people and the effects upon them directly as taxpayers or
otherwise of any modification of an agreement with respect to debts due to this
country can not be disregarded. I assume that it was for the purpose of deliberately and carefully giving due weight to such conflicting elements in the world
situation, differing as they would in various countries, that this Government
adopted the system which I have described.
The attitude of the. President, therefore, is that for any suggested study of
intergovernmental flnancial obligations as now existing, some such agency as I
have referred to, should be created to consider this question individually with
each government as heretofore. The President is prepared to recommend to
Congress that it constitute an agency to examine the whole subject.
As to the suspension of the installment of the Polish debt due on December
IStli, no authority lies within the Executive to grant such an extension, and no
facts have been placed in our possession which could be presented to the Congress
for favorable consideration.
;• '
Such importance is attached by our Government and people to the maintenance of the original agreements in force by the payment on December 15th as
to far outweigh any reasons now apparent for its suspension, and by such payments
REPORT OF THE SECRETARY OF THE TREASURY
259
the prospects of a satisfactory approach to the whole question, in my opinion,
would be greatly increased.
Accept [etc.]
W. R. CASTLE,
Jr.,
Acting Secretary of State.
To the Secretary of State from the Polish Ambassador, December 8, 1932
SIR:
In accordance with the instructions received from my Government I have the
honor to submit herewith their reply to your note of November 26, 1932.
Because of the importance which my Government attach to their note, I have
been instructed to submit it to you in its original Polish text together with a
translation into English.
Accept [etc.]
[Enclosurel
1. The Polish Government acknowledge the receipt of the note of the
Department of State dated November 26, and highly appreciate the desire of the
American Governmerit expressed therein of arriving at solutions which would be
satisfactory to both Governments and Nations.
2. Poland, on her part, is mindful of the friendly action of the American
people, who, by advaiicing on credit food articles, clothing and medical supplies,
had assisted the Polish Nation in overcoming the difficult period following the
conclusion of the Great War. To satisfy this obligation has been Poland's
constant and earnest ambition.
3. The Polish Government has spared no effort in order to provide the country
with a sound and permanent financial basis. The achievement of this object was
fraught with great difficulties owing to the devastation of Polish territory by war,
and by the presence of armies of occupation also to the fact that the country was
entirely deprived of capital. The country's finances were, nevertheless, gradually
put in of der. with the notable aid of private American capital, the currency was
stabilized, and, thanks to the prudent policy of the Polish Government, which
knew how to adapt itself to the exigencies of the world crisis, it was possible to avoid
restrictions on the freedom of remittances payable abroad, although in most
countries neighboring with Poland such restrictions have been imposed.
4. Poland is ready to do her utmost, in order to fulfill her obligation. Yet,
being aware of the practical sense guiding the United States and convinced that
the permanent liabilities accepted in the agreement of November 14th, 1924,
have been too burdensome,—as witness the fact that the rate of interest on
Poland's debt is three per cent and three and one half per cent, while debts of
several other countries whose capacity to pay exceeds that of Poland, bear considerably lower rates, amounting in some instances to one-eighth per cent,—
requests that, until such time as the entire matter of Poland's indebtedness to
the United States is reconsidered, the payment of interest due on December 15,
next, be postponed.
5. In view of the tenor, of the sixth paragraph of the State Department's
note dated November 26, the Polish Government affirm that they are prompted
to such action because of the grave effects which the reriaittance of such payment
might produce on Poland's economic structure and balance. The danger of
such consequences will be clearly apparent if the economic and financial situation
in which Poland has found itseff in consequence of the universal economic difficulties, are taken into consideration.
6. As a country of predominantly agricultural character Poland has been
particularly severely affected by the present crisis. The decline in prices of
farm products has made unprofitable a branch of production, which forms a
means of livelihood for over seventy per cent of Poland's population. The
catastrophic condition of agriculture has reacted unfavorably on all other branches
of national production, already affected by difficulties of disposal in foreign markets. The incomes of the vast majority of citizens are today considerabl}^
below those which should be regarded as a reasonable minimum for existence.
The expenditures of the State and of local government bodies have been reduced
to the very low limits.
.
.
7. The Polish Government are conducting a policy of strict economies. A
monthly budgeting system which had been suggested by American experts is
being applied. Far reaching economies have been effected in all branches of
the budget. The number of officials has been reduced, several government
departments, including two Ministries, have been suppressed. Salaries of
260
REPORT OF THE SECRETARY OF THE TREASURY
government officials have been reduced by twenty to thirty.per cent. As a
result of these efforts the actual expenditure of the State—which in the budget
period of 1929/30 amounted to 335 miUion dollars (2,991 miUion zlotys), and in
the period of 1930/31 stiU reached the sum of 315 miUion dollars (2,810 miUion
zlotys)—was reduced, in the budget year of 1931/32, to only 2'77 miUion dollars
(2,466 miUion zlotys) and, in the first six months of 1932/33,—to 126 miUion
dollars (1,128 milhon zlotys). Important economies have also been effected in
the expenditures of local government bodies. But the dechne in the revenue of
the State and of local government bodies was even greater, notwithstanding the
several new taxes which were introduced during that period. The actual revenue
of the State for the budget period of 1929/30 was 339 miUion doUars (3,030
miUion zlotys), in the period of, 1930/31—308 miUion dollars (2,748 miUion
zlotys), while in the 1931/32 period it was 254 milhon dollars (2,262 miUion
zlotys), and during the first six months of 1932/33—113 miUion dollars (1,007
miUion zlotys). It is apparent from the above figures that the deficit for the
budget period of 1930/31 amounted to 7 million dollars (62 milhon zlotys), for
the 1931/32 period—to 23 miUion dollars (204 milhon zlotys) and for the first
half of the current budget year—to 13 million dollars (121 miUion zlotys) which
necessitates the adoption of still further economies.
8. It is imperative for Poland to maintain a budget balance not only within
the yearly but also within the monthly budget limits, firstly because of a shortage
of cash reserves and, secondly, because of the condition of the, Pohsh money
market, disallowing, as it does, the coverage of expenditures by means of even
short term credit operations—a remedy which is at the disposal of governments
elsewhere. To a large extent this difficulty is caused by the withdrawal of shortterm foreign investments, which have hitherto been engaged in the country.
As stated above, Poland did not impose currency restrictions; the imposition,
however, of such restrictions in neighboring countries caused a comparatively
considerable egress of foreign short term credits amounting to over 30 per cent
as compared with the year 1930. Under such conditions of the Polish money
market any.larger expenditure, resulting in an increase of the monthly budget
deficit, would necessarily cause a disorganisation in the machinery of the State.
9. The continued stability of the currency necessitated and still necessitates a
recourse to far reaching deflation. In accordance with this principle the Bank
of Poland maintains the statutory ratio of cover to currency in circulation, thereby
insuring the maintenance of the par value of the zloty and the capacity of meeting foreign commitments in the future. However, the balance in this field has
been achieved on a very low level of both coverage and circulation; the value of
Bank of Poland notes in circulation at the end of 1930 amounted to 183 million
dollars (1,628 milhon zlotys), on November 20, 1932—to 108 miUion dollars
(966 million zlotys); the coverage in gold and foreign exchange at the end of 1930
was 107 miUion dollars (957 miUion zlotys) and on November 20, 1932—60
miUion dollars (537 million zlotys); the ratio of cover to currency in circulation
and obligations payable at sight was 63 per cent at the end of 1930 and 45 per
cent on November 20, 1932. The maintenance of this ratio, on its present level
at least, must be regarded as indispensable to the continued stability of the
currency and to the capacity of making foreign payments. In this respect, the
transfer of the sums due on December 15th might have very unfavorable effects.
10. In view of the complete stoppage of the international circulation of capital,
Poland is able to cover its foreign payment only through the exportation of its
produce. Polish exports meet with ever-increasing difficulties. The value of
the Polish export trade whicii consists predominantly of agricultural products
and raw materials is, because of the decline in prices, particularly depreciated.
The figures of the Polish export and import trade iUustrate this condition. Thus,
the value of exports in 1928 amounted to 288 million dollars (2,508. million
zlotys), in 1931—211 million dollars (1,879 million zlotys), for the first ten months
of 1932—100 million dollars (890 million zlotys); the value of imports to Poland
in 1928 was 377 miUion dollars (3,362 miUion zlotys), in 1931—165 noiUion dollars
(1,468 miUion zlotys) and for the first ten months of 1932—80 million dollars
(713 miUion zlotys). In recent years favorable trade balances were attained by
Poland only through a maximum limitation of consumption of imported merchandise. Thirty nine per cent of Polish exports are destined to markets where
currency regulations are in force; twenty six per cent to markets, where, since
1931, currency has depreciated. It is important to note that the markets thus
affected are those which form the natural outlets for Pohsh exports, the first as
regards exports by land and the second as regards exports by sea. Import
quotas and embargoes as well as high tariff barriers are encountered by PoUsh
exports in practicaUy aU their markets.
REPORT OF THE SECRETARY OF THE TREASURY
261
11. The commercial relations between Poland and the United States are such
that Poland buys ten times .as much from, as she sells in, the United States.
In the years 1927 and 1928 the resulting balance in favor of the United States was
offset by the influx into Poland of long-term American investments. At the same
time an important item in Poland's balance of payments was formed by remittances of Polish- emigrants settling in the United States. Since 1929 the influx
of American capital into Poland has ceased. The restrictions on immigration to
the United States, which have existed since 1922, have been, apart from other
important consequences for Poland, causing a decline in emigrant remittances.
The service of market loans floated in the "United States by the Polish Government and by local government bodies necessitates regular annual payments,
amounting approximately to 14 million dollars (130 million zlotys) per j^'ear.
Poland's balance of payments in respect of the United States shows a very considerable surplus in favor of the latter. During the three years from 1929 to 1931,
inclusive, the surplus in favor of the United States amounted to 103 million dollars
(919 million zlotys). This sum is composed as follows: balance of trade—84
million dollars (744 million zlotys); service of market loans—43 million dollars
(388 miUion zlotys) and payments on acpount of Poland's indebtedness to the
Government of the United States—14 million dollars (121 million zlotys), less the
sum of Polish emigrant remittances during the same period which amounted to
38 million doUarS (334 million zlotys). In the current year the balance of payments will remain in favor of the United States and will amount to 18 million
dollars (162 million zlotys), of which the balance of trade is 11 million dollars
(100 million zlotys), service of market loans—15 mUlion dollars (133 million
zlotys), emigrant remittances—8 million dollars (71 million zlotys). It is clearly
apparent from these figures that, in order to cover its payments to the United
States, which even without the installments on account of the indebtedness to the
Government of the United States are already very considerable, Poland must
obtain an equivalent in favorable balance of trade with other countries. As has
been pointed out above, this is at present becoming ever more difficult. The
general tendency displayed by nations, which up to now have had a surplus of
imports to equalize their trade balances, must also be taken into consideration.
12. The concern over the continued maintenance of the country's capacity to
pay, and in particular over the safeguard for the future of the possibilities of
further payments in full of all foreign obligations resulting from commercial
relations and market loans—in the first place those contracted in the American
market—forms the reason which prompts the present approach of the Polish
Government to the Government of the "United States on the subject of the postponement of the installment payment. In the light of the figures cited above,
it becomes obvious that the benefits which will accrue therefrom to the citizens
of the United States will exceed many times such burdens as might result for them
from postponement. The Polish Government are deeply convinced that its
attitude will meet with complete understanding in the United States and that
the Government and Congress of the United States will be willing tb consider
favorably the postponement of the installment of interest due December 15th.
The Polish Government express their readiness to communicate any further data
and information, which might be found necessary, and will willingly consider with
the Government of the United States, the form in which such postponement could
be vested.
To the Polish Ambassador, December 15, 1932
EXCELLENCY:
My Government has considered with the greatest care the note of December 8,
1932, from the Polish Government, in which it has set forth at length the reasons
it advances for a reconsideration of the whole question of intergovernmental war
debts, and for the postponement of the payment due by the Polish Government
to the Government of the United States on December 15th, next.
Whatever part debt payments may have played in the economic history of the
post-war years, it is clear that in the present conditions of world-wide depression,
accompanied by a sweeping fall of prices, their weight has greatly increased, and
that they have a very definite relationship to the problem of recovery in which
both the Polish and the American people have so vital an interest.
The President of the United States is prepared, through whatever agency may
seem appropriate, to cooperate with the Pohsh Government in surveying the
entire situation and in considering what means may be taken to bring about the
restoration of stable currencies and exchange, the revival of trade, and the
recovery of prices.
262
REPORT OF THE SECRETARY OF THE TREASURY
I believe that there are important avenues of mutual advantage whicii should
be thoroughly explored. Such an examination does not imply canceUation.
My Government, however, has not been able to reach the conclusion that a
postponement of the December 15th payment from the Polish Government to
the United States is necessary because of its effect on the problem of recovery.
Although we recognize the seribus economic and financial difficulties which the
Polish Government, in common with all other governments, is now facing, the
maintenance of these agreements in their operation pending due opportunity for
analysis of all matters bearing upori your request for revision and its consideration
by the American Congress and people stiU appears to us to outweigh any reasons
presented for. a delay.
Accept [etc.]
HENRY L . STIMSON.
To ihe Department of State from ihe Polish Ambassador, June 14, 19SS—'•
Memorandum
Referring to the note addressed to the Government of the United States by
the Polish Government on December 8th, 1932, concerning the postponement of
the payment of the consolidated debt instalment due on December 15tli, 1932,
the Polish Government declares that the factual situation set forth in the above
mentioned note has not in any way improved in the course of the last six months
and that the premises therein adduced continue to remain in force.
In view of the above, the payment by the Polish Government of the interest
instalment due on June 15th, 1933, has unfortunately also become impossible.
Under these circumstances the Polish Government is compelled to request
the Government of the United States to take the above under advisement and
to defer simUarly the payment of the instalment due on June 15th.
The Polish Government declares its readiness to communicate all the data
and information which might be found necessary and, referring to the declaration made by the Ambassador in Washington on January 18th, 1933, is ready
to consider with the Government of the United States the matter of the aforesaid
debt in its entirety.
••
To the Polish Ambassador, June 17, 1933
EXCELLENCY:
The Government of the United States acknowledges receipt of the note of the
Polish Government setting forth its attitude concerning the debt obligation due
on June 15th to this Government. It notes that the Polish Government has
failed to meet in whole or in part the installment due on existing debt agreement
between the Polish Government and the Government of the United States.
The Government of the United States must, in all frankness, call attention to
the problems raised by the failure of the Polish Government to meet the payment
due on December 15th, 1932, which have not yet been solved or even discussed
between the two nations.
The Government of the United States notes further that the failure to pay this
installment is based by the Polish Government upon the principle of inability
tq pay.
' Accept [etc.]
WILLIAM PHILLIPS,
Acting Secretary of Slate. •
RUMANIA
Statement of the Department of State, February 8, 1933
Mr. Roosevelt has authorized the Secretary of State to advise the Rumanian
Government, in response to its request for a discussion of the debts owed by that
country, that he wUl be prepared to enter into discussions with the Rumanian
Government having a similar scope and purpose as those already contemplated
with Great Britain; these discussions to take place after the discussions with
Great Britain and the time to be determined later.
REPORT OF THE SECRETARY OF THE TREASURY
263
To the Acting Secretary of State fron} the R u m a n i a n Minister, J u n e 15, 1933
SIR:
I n reply t o your note of J u n e 9, p e r m i t me' t o emphasize, in t h e n a m e of m y
Government, t h e following p a r t pf the note which I h a d t h e honour to address
to you t o d a y :
((* * ** In the course of these conferences I have also shown t h a t although
the limits of taxation have been reached a n d every possible economy made, t h e
expected revenue of R u m a n i a , w i t h a population of almost 19,000,000, is equivalent t o only 139,500,000 gold doUars, of which $35,000,000 are due on account
of interest on t h e external public d e b t service, t h e s t a t u t o r y amortization of
which has h a d t o be practically suspended for t h e next years, with t h e consent
of t h e bondholders; t h a t t h e national income of R u m a n i a in 1932 has fallen t o
56.96% of t h e figures for 1929 a n d t h a t this situation compelled R u m a n i a to
enforce severe fpreign exchange restrictions, this being, under t h e circumstances,
t h e only means of maintaining t h e legal p a r i t y of t h e national currency. I
have, therefore, been compelled to request t h a t t h e instalment due by R u m a n i a
to the United States of America on J u n e 15, 1933, be postponed until after t h e
re-examination of t h e entire problem a n d t h a t a date should be set for this
purpose. Unfortunately, for reasons which I well understand, this request of
m y Government could not so far be complied w i t h . "
I t results from t h e above t h a t t h e R u m a n i a n Government, a t present, has
not the capacity to p a y t h e instalment due on J u n e 15th to t h e Government of
t h e United States, as i t has likewise, as previously quoted, been compelled to
suspend t h e sinking fund p a y m e n t on t h e other governmental debts. Nevertheless, as a token of good-wUl, t h e R u m a n i a n Government wishes to p a y in
advance 3 % interest, as calculated in t h e Rumanian-American debt agreement,
on t h e instalment due J u n e 15th, which it hopes will be considered as a p a y m e n t
on account. This represents 29,100 dollars. By this the R u m a n i a n Governm e n t desires t o acknowledge t h e debt, pending a final settlement, and t r u s t s
t h a t a date for t h e rediscussion of the whole problem will be set a t your earliest
convenience.
Please accept [etc.]
DAVILA.
To the R u m a n i a n Minister, J u n e 21, 1933
SIR:
T h e President directs me to acknowledge receipt of your note of J u n e 15, 1933,
in which you set forth t h e decision of t h e R u m a n i a n Government to p a y t h e
Government of t h e United States t h e s u m of $29,100.00, an a m o u n t whicii you
s t a t e is equivalent to three per cent, advance interest on t h e installment which fell
due on J u n e 15, as a p a y m e n t on account a n d as an acknowledgment by the
R u m a n i a n Government of t h e d e b t due t h e United States. T h e presentation
m a d e in your note as to t h e inability of your Government to p a y t h e entire a m o u n t
due has been noted.
.In accordance with your request, t h e representations of t h e Government of
R u m a n i a with regard t o t h e entire debt question between our two countries will
be gladly heard a t a date t o be agreed upon between us.
Accept [etc.]
WILLIAM PHILLIPS,
Acting Secretary of State.
YUGOSLAVIA
To the Acting Secretary of State from the Minister of Yugoslavia, J u n e 15, 1933
SIR:
Referring t o your note of J u n e 9th, 1933, a n d our conversation of yesterday
concerning t h e p a y m e n t s on W a r D e b t s due in 1932 a n d 1933, I beg to s t a t e t h e
views of m y Government.
T h e Royal Yugoslav Government is financially unable to m a k e these p a y m e n t s
on account of t h e following reasons:
1) T h e chief reason is t h e n o n - p a y m e n t of t h e German reparations due to
Yugoslavia, which h a v e not been paid to us, in spite of t h e fact t h a t we did not
accept t h e moratorium proposed by President Hoover. This situation was con
264
REPORT OF THE SECRETARY OF THE TREASURY
tinned b y virtue of t h e Lausanne Agreement. Yugoslavia was inequitably a n d
harder hit t h a n any other country by this moratorium and was placed in quite
singular a situation, for if t h e annuities due by Yugoslavia on her debts are deducted, from t h e reparation p a y m e n t s due to her by Germany, she is a loser to t h e
extent of sixteen millions dollars per a n n u m .
This money was devoted to carrying out t h e obligations imposed upon t h e
country by t h e expenses of t h e war a n d t h e enemy occupation, such as t h e p a y ments to war invalids, war damage to property, etc. ;In addition t h e reparation
money was used for t h e r e p a y m e n t of t h e foreign debts contracted for t h e restoration of t h e country devastated by war operations and enemy occupation.
T h e grave consequences of t h e moratorium for Yugoslavia were recognized
publicly by t h e Committee of Experts in London in August 1931.
I n view of t h e absence of German reparation p a y m e n t s and, consequently, in
absence of considerable receipts in cash, t h e Yugoslav Government finds itself
absolutely unable, from a merely b u d g e t a r y standpoint a n d also in so far as its
capacity of exporting foreign exchange is in question, to meet its obligations concerning War D e b t s regularly and on time.
2) I n addition, this very unfavorable situation has been aggravated by t h e
general world crisis, and particularly by t h e agricultural crisis under which Yugoslavia, which is chiefly an agricultural country, is particularly suffering. T h e
budgetary consequence thereof is t h a t , on account of t h e fall of agricultural prices,
t h e revenues of t h e State are lowered. As additional consequences of this crisis
in Central Europe, foreign capital was withdrawn and on account of t h e dropping
of foreign trade, all commerce has to be carried on by making use of t h e clearing
system.
Accept [etc.]
D R . L . PITAMIC.
To the Minister of Yugoslavia, J u n e 2 1 , 1933
SIR:
T h e Government of t h e United States acknowledges receipt of t h e note of t h e
Yugoslav Government setting forth its a t t i t u d e concerning t h e debt obligation due
on June 15 to this Government. I t notes t h a t t h e Royal Yugoslav G o v e r n m e n t
has failed to meet in whole or in p a r t t h e instalment due on t h e existing debt
agreement between t h e Yugoslav Government and t h e Government of t h e United
States.
T h e Government of the United States must, in all frankness, call attention to
t h e problems raised by t h e failure-of t h e Yugoslav Government to meet t h e p a y m e n t due on December 15, 1932, which have not yet been solved or even discussed
between t h e two nations.
T h e Government of t h e United States notes further t h a t t h e failure to p a y t h e
present instalment is based by t h e Royal Yugoslav Government upon t h e principle of inability to pay, whicii it alleges to be due to special conditions not
applying to other Governments.
Accept [etc.]
WILLIAM PHILLIPS, °
Acting Secretary of State.
MIXED
CLAIMS
Exhibit 33
Regulations No. 9.—Payments on account of aioards against HungoA'y entered by
the T r i p a r t i t e Claims Commission {United. States, Austria, o/i%d H u n g a r y )
{Department Circular No. J/d9)
TREASURY DEPARTMENT,
O F F I C E OF T H E SECRETARY,
Washington, D . C , September 12, 1933.
P u r s u a n t to t h e provisions of t h e Settlement of W a r Claims Act of 1928,
approved March 10, 1928, the following regulations governing payments in
respect of the a w a r d s of the T r i p a r t i t e Claims Commission, entered against
Hungary, a r e hereby prescribed:
REPORT OF THEJSECRETARY OF THE TREASURY
265
APPLICATION
1. {a) General provisions.^—No payment of the amount due in respect of an
award will be made unless application therefor, on and in accordance with
the form provided for the purpose, is received by the Secretary of the Treasury
before March 11, 1934. A single application must be filed for each award,
and must be executed by each person on behalf of whom the award was
made. Each such person (including each member of a partnership or association) must sign the application and verify it by affidavit sworn to before any
officer authorized by law to administer oaths or, if executed abroad, before a
diplomatic or consular officer of the United States. In the case of a corporation,
the application must be signed and verified by the president arid secretary, or
by at least two officers thereof having authority to do so.
(&) Partnerships, associations, and corporations the existence of which has
been terminated.—In the case of a partnership or association the existence of
which has been terminated, the application must be executed by each of the
members thereof designated in the award. In the case of a corporation the
-existence of which has been terminated, the application must be executed by
the person or persons authorized by law to wind up the affairs thereof or by
a trustee, duly appointed by a court of competent jurisdiction, having authority
to execute such application and receive payment.
(c) Receivers and trustees..—If a receiver or trustee for a person on behalf
of whom the award was made has been duly appointed by a court in the United
States, the application must be executed by such receiver or trustee, or by a
person duly authorized by an order- of the court, except that in the case of
an assignment by any such receiver or trustee an application for payment of
the amount due under such assignment must be made by the assignee.
{d) Persons deceased or under legal dis ability.^-It any person who is required
to execute the application is deceased or is under a legal disability, the application must be executed by the executor or administrator of the estate of the
decedent or by the conservator or guardian of the estate of the person under
legal disability, except that if the payment to be made is not over $500, and
if the legal representative has been discharged, or none has been appointed, an
application may be executed by any person claiming to be entitled thereto.
APPLICANTS OTHER THAN CLAIMANTS—PROOF OF INTEREST
2. {a) In any case in which the application is executed by any person other
than the person on behalf of whom the award was made, there must be submitted with the application evidence sufficient to prove the authority of the
applicant and his interest in the award. The following will generally be
sufficient:
(1) In the case of a legal representative of a decedent or person under a
legal disability, then a copy of the order of appointment or letters and a recent
certificate of the clerk of the appointing court to the effect that the legal representative has not been discharged ;
(2) In the case of a decedent or a person under a legal disability, if the
payment to be made is not more than $500 and if there is no legal representative, then a copy of the order of distribution or any other pertinent orders in
probate proceedings, if any, or one or more affidavits sufficient to prove the
authority and interest of the applicant;
^
(3) In any case in which a receiver or trustee has been appointed for a
person on behalf of whom the award was made, and if the application is executed by such receiver or trustee, then a copy of the order of court appointing
such receiver or trustee and a recent certificate of the clerk of such court to
the effect that such receiver or trustee has not been discharged;
(4) In any case in which a receiver or trustee has been appointed for a person on behalf of whom an award was made, and if the application is executed
by a person other than such receiver or trustee, then a copy of the order of the
court appointing such receiver or trustee and of all orders of court and documents necessary to prove the authority and interest of the applicant;
(5) In the case of a corporation the existence of which has been terminated, then such documents as may be sufficient to prove, the authority and
interest of the applicant.
(6) All copies of records and documents must be properly authenticated.
266
REPORT OF THE SECRETARY OF THE TREASURY
PAYMENTS
3. {a) Time of payment.—Payments will be made as promptly as practicable
after the receipt of the application and the receipt from Hungary of an amount
sufficient to pay the award in full, together with the interest, if any, payable
thereon. The act requires the deduction from each payment of one half of 1
percent thereof as reimbursehient for expenses incurred by the United States.
(6) Manner of payment.—Payment will be made by check drawn by the
Secretary of the Treasury on the Treasurer of the United States, against the
Hungarian special deposit account created by the act, to the order of the
person entitled thereto. Checks will be mailed to the payee, with a statement
of account in each case, at the address given in the application, or in accordance with a notice of change of address subsequently received by the Secretary
of the Treasury. Where the award has been entered in favor of more than
one person, only one check will be drawn in making payment, except that if the
apphcants specify the share of each, and so request, separate checks will be
drawn in accordance therewith.
POWERS OF ATTORNEY
4. In view of the provisions of the act to the effect that payments shall,
except in certain specified cases, be made only to the person on behalf of whom
the award was made, no power of attorney to sign an application or to receive
payment will be recognized, except that in any case in which the Secretary
determines that the circumstances require it, a special power of attorney to
indorse a check will be recognized if properly executed after the issuance of
the check, identifying the check by date, number, and amount. Such power of
attorney must be attached to' fbe check, or final payment will be refused.
Forms for this purpose may be obtained from the Secretary of the Treasury.
ASSIGNMENTS
5. The Treasury will recognize an assignment of an award, in whole or in
part, pursuant to the act of March 3, 1933 (Public No. 426, 72d Cong.).
Assignments must be made in writing, duly acknowledged and filed with the
application. Such assignments must be executed in the same manner and
similar information must be furnished as required in connection with the execution of the apphcation under (1) and (2) above. The assignee must also
file an application as required by these regulations.
ADDITIONAL INFORMATION
6. Additional information or evidence ^may be required from time to time
from any person applying for payment hereunder.
. RESERVATION OF POWER TO AMEND
7. These regulations may be amended from time to time.
THOMAS HEWES,
Acting Secretary of the Treasury.
Exhibit 34
V
'
•
•
••
[Pubhc Resolution No. 11, 73d Cong., H.J.Res. 183]
Joint resolution extending for 1 year the time within which American
claimants may make application for payment, under the Settlement of War
Claims Act of 1928, of awards of the Mixed Claims Commission and of the
Tripartite Claims Commission
Resolved by the Senate and House of Representatives of the United States of
America vn Congress assembled. That subsection (g) of section 2 and subsection
(f) of section 5 of the Settlement of War Claims Act of 1928, as amended by
Public Resolution Numbered 27, Seventy-second Congress, approved June 14,
1932, are further amended, respectively, by striking out the words " five years "
REPORT OF THE SECRETARY OF THE TREASURY
267
wherever such words "appear therein and inserting in lieu thereof the words
" six years."
Approved, June 12, 1933.
GOVERNMENT DEPOSITS
Exhibit 35
Special deposits of public moneys under the act of Congress approved September
24, 1917, us amended {second supplement to Department Circular No. 92,
revised)
TREASURY DEPARTMENT,
OFFICE OF THE SECRETARY,
Washington, June 14, 1933.
To Federal Reserve Bariks. and Other Banks and Truest Companies Incorporated
Under the Laws of the United States or of any State:
In view of the provisions of section 11 (b) of the Banking Act of 1933, Treasury Department Circular No. 92, dated February 23, 1932, as supplemented
June 2, 1933, is hereby further amended so as to eliminate the caption " Interest
on deposits " and the paragraph thereunder which reads as follows:
" Until further notice, each depositary will be required to pay interest at
the rate of one fourth of 1 percent per annum on daily balances."
Accordingly, beginning June 15, 1933, and thereafter, special depositaries
designated under the terms of Treasury Department Circular No. 92, dated
February 23, 1932, as supplemented June 2, 1933, will not be required to pay
interest on daily balances in "War loan deposit accounts."
DEAN ACHESON,
Acting Secretary of the Treasiiry.
Exhibit 36
Special deposits of public moneys under the act of Congress approved Septeniber
24, 1917, as amended {third supplement to Department Circular No. 92,
revised)
TREASURY DEPARTMENT,
OFFICE OF THE SECRETARY,
Washington, July g/^ 1933.
To Federal Reserve Banks and Other Banks and Trust Companies Incorporated
Under the Laws of the United States dr of any State:
Treasury Department Circular No. 92, dated February 23, 1932, as amended,
is hereby further amended by the addition of the following paragraph under
the caption *' Collateral security " :
" 11. Federal land bank and Home Owners^ Loan Corporation bonds.—Bonds
of the Federal land banks and bonds of the Home Owners' Loan Corporation;
all at par."
Paragraph 2 of the collateral security provisions of the circular is hereby
amended to read as follows:
" 2. Federal farm loan, insular, and Territorial Government securities.—
Bonds and debentures issued under the Federal Farm Loan Act, as amended
(other than bonds of the Federal land banks as specified in par. 11), bonds
of Puerto Rico, bonds and certificates of indebtedness of the. Philippine Islands,
aud bonds of the Territory of Hawaii; all at market value, not to exceed
face value."
.
DEAN ACHESON,
Acting Secretary of the Treasury.
268
REPORT OF THE SECRETARY OF THE TREASURY
Exhibit 37
Regulations governing deposit of public moneys and payment of Government
checks and warrants {fourth supplement to Department Circular No. 176)
TREASURY DEPARTMENT,
OFFICE OF THE SECRETARY,
Washington, June 26, 1933.
To the Treasurer of the United States, Federal Reserve Banks and Branches,
Member Bank Depositaries, Special Depositaries of Public Moneys, Collectors of Internal Revenue, Collectors of Customs, Receivers of Public
Moneys, Marshals and Clerks of Court, All Other Officers or Agents, of the
United States Engaged in 'Collecting, Depositing, dr Transmitting Public
Moneys, and Others Concerned:
In view of the provisions of section 11 (b) of the Banking Act of 1933,
Treasury Department Circular No. 176, dated September 2, 1930, as amended
and supplemented, is hereby further amended so as to eliminate paragraph 30,
" Interest on deposits ", which reads as follows:
•
" 30. Interest on deposits.—Until further notice, unless otherwise specified by
the Secretary of the Treasury, each depositary will be required to pay interest
at the rate of one half of 1 percent, per annum on daily balances, including
balances specified in paragraph 29 hereof. Interest will be calculated on an
actual days' basis, and shall be paid semiannually on January 1 and July 1 in
each year, one fourth of 1 percent for each six months' period. Reports on
form 5407 must be submitted to the Treasurer of the United States not later
than January 15 and July 15, respectively, accompanied by payment of the
amount due, in the form of a draft drawn in favor of the Treasurer of the
United States on the Federal Reserve bank of the district in which the
depositary is located."
Accordingly, beginning July 1, 1933, and thereafter, general and limited member bank depositaries designated under the terms of Treasury Department
Circular No. 176, dated September 2, 1930, as amended and supplemented, will
not be required to pay interest on daily balances carried thereunder.
DEAN ACHESON,
Acting Secretary of the Treasury.
MISCELLANEOUS
Exhibit 38
Description of change in form of exhibiting receipts and expenditures in ihe Daily
Statement of the United States Treasury, July 1, 1933
Beginning with the issue of the Daily Statemerit of the United States Treasury
for July 1, 1933, several important changes have been made on page 2 thereof
with respect to exhibiting the receipts and expenditures of the Government. .The principal changes are the consolidation of receipts and expenditures on
account of general and special funds, the segregation of general and emergency
expenditures for the fiscal year 1934, and the segregation from the departmental
expenditures of expenditures relating to national defense. Veterans' Administration, public building construction by the Treasury Department, and river and
harbor work. Expenditures for public highway construction and,the Boulder
Canyon project during the fiscal year 1934 wiU appear only under the Federal
Emergency Administration of Public Works. The only change in the statement
of receipts, aside from the consolidation of general and special funds, is the addition of a new item to cover the processing tax on farm products under the Agricultural Adjustment Act of 1933.
The expenditures on account of national defense, public building construction
by the Treasury Department, and river and harbor work under the caption
" General" do not include the emergency expenditures on these accounts. These
expenditures are included under the Federal Emergency Administration of Public
Works, the classification of which wiU be shown in the statement of classified
receipts and expenditures appearing on page 4 of the daily Treasury statement for
the 15th of each month. The statement for the 15th of each month, page 4,
REPORT OF THE SECRETARY OF THE TREASURY
269
will also contain a classification of expenditures from funds of t h e Reconstruction
Finance Corporation and will show national defense expenditures classified as to
t h e , A r m y a n d Navy. Comparable figures (except for Reconstruction Finance
Corporation) for t h e fiscal year 1933 are not available.
T h e new form of statement will show in a separate group t h e emergency
expenditures under t h e President's recovery program. This classification will
show expenditures as and when m a d e for account of t h e Federal Emergency
Administration pf Public Works, t h e Administration for Industrial Recovery,
t h e Agricultural Adjustment Administration (except expenditures m a d e from
funds collected on account of t h e processing tax on farm products which will
appear under general expenditures), t h e F a r m Credit Administration (except
expenditures from unobligated balances of appropriations transferred from t h e
Federal F a r m Board a n d t h e D e p a r t m e n t of Agriculture which appear under
general expenditures), t h e Administration of Emergency Conservation Work, t h e
Reconstruction Finance Corporation, T h e Tennessee Valley Authority, subscriptions to paid-in surplus of Federal land b a n k s and p a y m e n t s to Federal land
banks for reduction in interest rates on farm mortgages, subscriptions to preferred
shares of Federal Savings and Loan Associations, and subscriptions to stock of
t h e Federal Deposit Insurance Corporation. Emergency expenditures for t h e
fiscal year 1933 (except Reconstruction Finance Corporation) are included in
" G e n e r a l " expenditures, t h e classification of which emergency expenditures on a
daily Treasury statement basis is not available for comparison with emergency
expenditures for t h e fiscal year 1934. Therefore, neither t h e totals of general
expenditures n o r t h e totals of emergency expenditures for t h e two fiscal years
are comparable.
There is also included in t h e new form of statement a summary reflecting daily
t h e n e t effect of all receipts and expenditures of t h e Government on t h e gross
public debt.
I n t h e new form of s t a t e m e n t t h e totals only of t r u s t fund receipts and expenditures will be shown. T h e classification of t r u s t fund receipts and expenditures
will appear on page 4 of t h e daily. Treasury s t a t e m e n t for t h e 15th of each m o n t h .
DEAN
ACHESON,
Acting Secretary of ihe Treasury.
Exhibit 39
Executive Order No. 6226 providing for current encumbrance reports
I n pursuance of t h e provisions of t h e Budget and Accounting Act approved
J u n e 10, 1921, and Section 16 of t h e Executive Order (No. 6166) of J u n e 10, 1933,
I hereby prescribe t h e following regulations with regard to furnishing for use by
t h e Bureau of t h e Budget proposed apportionments of each separate appropriation
or other available fund administered by t h e several departments, independent
establishments, and governmental corporations operating on public funds, a n d
current reports of obligations incurred thereunder:
1. There shall be maintained on t h e books of t h e Treasury D e p a r t m e n t under
such regulations as t h e Secretary of t h e Treasury m a y prescribe, budgetary
accounts relating to t h e apportionment and obligation of public funds.
2. T h e head of each executive department, independent establishment, a n d
governmental corporatiori operating on public funds shall furnish t h e Treasury
D e p a r t m e n t such reports as t h e Secretary of t h e Treasury m a y require in order
t h a t t h e books o f t h e Treasury m a y reflect currently t h e status of appropriations
and other funds available for expenditure.
3. T h e Secretary of t h e Treasury shall furnish t h e Director, Bureau of t h e
Budget, such reports covering t h e status of appropriations and funds available for
expenditure as t h e Director m a y require.
4. .The Secretary of t h e Treasury shall prescribe such forms and issue such
instructions as he m a y consider necessary to carry out t h e provisions of this
Order.
F R A N K L I N D. R O O S E V E L T .
THE WHITE
HOUSE,
J u l y 27, 1933.
NOTE.—Pursuant to paragraph 4, forms and instructions were issued by the Secretary of the Treasury as
Department Circular No. 494, August 6, 1933.
270
REPORT OF THE SECRETARY OF THE TREASURY
Exhibit 40
Statement showing distribution by the Secretary of the Treasury of the general railroad contingent fund pursuant to section 206 (a) of ihe Emergency Railroad
Transportation Act, 1933
N a m e of carrier
Ashley, D r e w & N o r t h e r n R y . Co
.1..;.
A t l a n t i c & Carolina R . R . Co
--....
Augusta Northern R y
A u g u s t a R . R . Co
Bauxite Northern R y . C o . . .
B a y T e r m i n a l R . R . Co
-./..
B e a v e r , M e a d e & E n g l e w o o d R . R . Co
—
Bessemer & L a k e E r i e R . R . C o . . . . . : .
.....:
B i r m i n g h a m S o u t h e r n R . R . Co
--...
B r i m s t o n e Railroad & C a n a l C o - _ ....:
C o n e m a u g h & n i a c k Lick R . R . Co
...I.
Cambria & Indiana R.R. C o . .
......^..
C a m p b e l l ' s Creek R . R . Co
.i...
-----C e n t r a l R a i l r o a d Co. of A r k a n s a s . . .
C h a t t a h o o c h e Yalley R y . C o . . . . ^ . . .
...:_.,;:
Chicago & Illinois M i d l a n d R y . C o .
..:
Chicago, W e s t P u l l m a n & S o u t h e r n R . R . C o . . . . :
Collins & Glennville R . R . C o .
-.-...
C o r n w a l l R . R . Co
.."
.....:
....:
Cowlitz, Chehalis & Cascade R y
1.
D a r d a n e l l e & RussellviUe R . R . Co
..^ —
D u r h a m & S o u t h e r n R y . Co
D a y t o n - G o o s e Creek R y . Co
;—
...1:
D a y t o n U n i o n R y . Co
;
D e K a l b & W e s t e r n R . R . Co
l...
.::
D e t r o i t & Toledo Shore L i n e R . R . Co
D e t r o i t , Toledo & I r o n t o n R . R . Co
.....'....
D u l u t h , M i s s a b e & N o r t h e r n R y . Co
E a s t Jersey Railroad & T e r m i n a l Co
E a s t J o r d a n & S o u t h e r n R . R . Co
....l..:!...
E l g i n , Joliet & E a s t e r n R y . Co
...•
J....'.
E r i e & M i c h i g a n R a i l w a y & N a v i g a t i o n Co
Fordyce & Princeton R . R . C o . Fort W o r t h Belt R y . C o . . . .
F r a n k l i n , Abbeville R y . C o
.....
...
Genes'see & W y o m i n g R . R . G o . _ _ . l
...:
Gideon & N o r t h I s l a n d R . R . C o . - . . ; . . . . . . . ^ - . . .
H a n n i b a l Connecting R . R . , C o . . ^ . . . • - . . .
. —
H u t c h i n s o n & N o r t h e r n R y . Co
.;.
Illinois T e r m i n a l C o . - - . . .
;.
;.._....-.•-..
I n d i a n a N o r t h e r n R y . Co
I n d i a n Creek Valley R y . G o . - . . ; . . - - ^ - .
•...
Ironton R.R. Co.
..
.-.--.;....
J o h n s t o w n & S t o n e y Creek R ; R . Co
.li.......
JOnesboro, L a k e C i t y & E a s t e r n R . R . C o .
...
K a n a w a h , Glen J e a n & E a s t e r n R . R . Co
.....
K i n s t o n Carolina R . R . C o . . . . .
Longview, Portland & Northern R y . C o . . . . . . . . .
Lakeside & Marblehead R . R . C o . . .
L a n c a s t e r & Chester R y . C o . . . . ^ . .
L a Salle & B u r e a u C o u n t y R . R . p o
_.....;..,.
Laurinburg & Southern R.R. C o — . . . . . . . . . - . . ' .
Ligonier Valley R . R . C o
-----L o u i s i a n a & A r k a n s a s R y . Co
..;
Louisiana & Mississippi R . R . & Transfer C o . — .
Louisville, N e w A l b a n y & C o r y d o n R . R . C o - l _ .
L u d i n g t o n & N o r t h e r n R y . Co
Middletown & Unionville R . R . , C o .
,.
Missouri & Illinois B r i d g e < c B e l t R . R . C o . . .
S
M o u n t Hood R.R. C o . . . .
.
..-.,..
M o u n t H o p e M i n e r a l R . R . Co
Natches, Urania & Ruston Ry, Co--..-..-..--.....
N e a m e , Carson & S o u t h e r n R . R . C o .
'l-...!..
Nevada Northern Ry. C o . . . . . . . . .
.-;./-_..^.
N e w Orleans, T e x a s & Mexico R y . Co
Patapsco & Back River R.R. C o . . . . : . . . :
....
Philadelphia, Bethlehem & N e w England R . R .
Co.
P o t a t o Creek R . R . Co
1
P i t t s b u r g h , L i s b o n & W e s t e r n R . R . Co
P o r t H u r o n & D e t r o i t R . R . Co
R i c h m o n d , F r e d e r i c k s b u r g & P o t o m a c R . R . Co
Paid in
$5,811.11
364.57
070. 80
47.83
11, 851. 72
666. 58
2,
1,431:45
442, 280.00
31, 371.43
642.21
42, 919.50
81, 630.46
18, 548.53
2. 064.44
16, 140.12
219. 75
• 199,
5, 035. 68
162. 50
091.48
000. 00
1, 623; 12
54, 989. 20
183, 127. 38
997. 54
025.47
011.43
461. 63
256. 61
332.61
i, 753.61
147.23
' 55,
2, 297.08
3, 697.50
81, 195. 61
.15, 320.18
486, 107. 56
980.71
532.49
177.69
2^6, 000.00
2, 942.92
3, 862.92
9,08.79
, 587,
,
1, 162.49
' 42,450.00
5, 460.88
.62.91
5, 542; 31
6, 478.45
V.14, 760.90
421.85
;• 18,
. 2,618.23
63. 165.27
000.02
20.03
300.00
101.94
51..71.
026.82
359.83
396.84
530;95
247.63
729. 26
248. 35
355.00
,152,191.47
1,099.06,
3,818.57
214, 236. 39
194,991.16
Share of
earnings on
investments
P a i d to carriers Oct. 31,
1933
,310.32
$8,121.43
113.37
477.94
,990.22
7,061.02
19.62
67.45
090. 54
,17,942.26
, 162.98"
3,728.56
185.46
1,616.91
203, 047. 52
645,327.52
13,.769.72
45,141.15
61,956.44
19,, 314.23
96.245.44
13,, 325.94
, 635.16
27, 265.62
255.90
804.43
324.17
, 816. 01
21,956.13
, 202.84
282,422. 59
, 132.48 . 7,168.16
59.43
• 221.93
, 077.42
243,168.90
, 152. 35
4,152.35
94.43
1,717.55
, 591. 66
66, 580.86
669. 35
257, 796. 73
429.84
1,427. 38
, 674.02
13,599.49
. 232. 34
96, 243. 77
, 211.07
337,672. 70
.547.68 7,774,804.19
,480.03,
4.812.64
1,
2,•203.28
6,956.89
'26,
,354:99
80,502.22
1, 074. 96
,
3,372.04
1, 725.98
,
6,423.48
35,,188.71
116,384.32
,084.00
7,
193,,224.08 ''649,"33i.'64'
504.06
,166.54
24,699.03
59.18
236.77
170,,025.49
186,025.49
,
4, 214.92
1, 272.00
•5,628.14
1, 775.22
, 844,752.91
256,,844.12
475.02
1, 637. 51
13,, 784.48
,694.41
1,
7,155. 29
28.91
,513.10
'""7/055/41'
1,
,
8,018.69
- 2, 540.24
,
21, 618. 77
6, 857.87 .
;648.17
26,070.02
• ; 7,
,359.07
3,877.30
1>
27,, 205.35
90,370.62
,684.88
11,684.90
3,
30.84
io;8i
3,770. 21
470.21
. 4,339.89
, 237.95
75.97
24. 26''
4,421.42
,394.60
10,798.82
,438.99'
,2,010.24
613.40]
606. 64
75. 69
, 3,283.22
, 035. 59
45,614.21
, 884.95
7,666. 51
,418.16
58,381. 81
, 026.81
44,986.23
476.76
i;586.08
57,201.16
90,490.76
D u e as of.
Oct. 31,
1933
$2,388.61
22,404.18
1 30, 000. 00
1,484. 77
56, 234.48
9i.'82
197,177.70
1, 675.82
271,437.55
285,481. 92
1 H e l d u n d e r order of court.
2 Exclusive of $800,000 refunded prior to passage of E m e r g e n c y Railroad T r a n s p o r t a t i o n A c t of J u n e IG,
1933.
271
EEPORT OF THE SECRETARY OP THE TREASURY
Statement showing distribution by ihe Secretary of the Treasury of the general railroad contingent fund pursuant to seciion 206 {a) of the Emergency Railroad
Transportation Act, 1933—Continued
Name of carrier
Paid in
Rock Port, Langdon & Northern Ry. Co
St. Joseph Belt Ry.^Co...
South San Francisco Belt Ry.
San Joaquin & Eastern R.R. Co
San Luis Central R.R. Co.._
San Antonio Southern Ry. Co--_
Santa Maria Valley R.R. Co
Shreveport, Houston & Gulf R.R. Co
Sioiix City Terminal Ry. Co
South Buffalo Ry. Co
Steelton Highspire R.R. Co.:
Sugar Land Ry. Co
Tionesta Valley Ry. Co
Talbotton R.R. Co
Toledo Terminal R.R. Co
Trinity Valley Southern R.R. Co
Tuckerton R.R.'Co
-.
-.
Tucson, Cornelia & Gila Bend R.R. Co
Tuskegee R.R. Co
Unity Railways Co
Upper Merion & Plymouth R.R. Co
Warren & Ouchita Valley Ry. C o . . .
Warrenton R.R. C o . . . . .
Washington, Brandywine & Point Lookout R.R
Co
.,.:.
Washington Run R.R. Co
Wichita Falls & Southern R.R. C o . .
Wyandotte Terminal R.R. C o . .
Total. _
__..._.
$441.10
2,624. 76
1,422. 65
12,539.03
251. 78
2,977. 64
3,500. 00
1,674.27
6, 349. 69
23,768. 50
42,935.90
27,436. 67
23, 545. 29
37.46
18,337. 07
102. 37
3 1,949. 68
11,997. 34
2,528.82
141,895. 38
2,984. 58
14,444.45
33, 791.41
89.44
< 3,996. 37
369. 71
8,241.17
9,933,948.09
S h a r e of
earnings on
investments
$193.
1,363.
326.
3,061.
60.
1,263.
1,436.
773.
2, 284.
11,032.
11,073.
12,810.
10,310.
16.
8,252.
• 43.
1,404.
6,451.
1,048.
38,145.
1, 076.
7, 293.
9, 775.
•
P a i d to carriers Oct. 31,
1933
D u e as of
Oct. 31,
1933
3, 987.98
1, 749. 02
15, 600.14
312.14
4, 241.46
4, 936. 36
2,447. 76
7, 634. 01
34,801.47
54,009.12
I 246.05
33,856.17
53.91
26, 589. 09
145.42
3, 353. 94
17, 449.16
3, 577. O
G
180, 04i: 35
4, 060. 8S
21, 738. 22
43, 566. 80
37.58
2, 257.24
151.33
1, 294. 54
127. 02
6, 253. 61
521.04
9,535.71
3,735, 720.97 13, 514, 722. 29
154, 946. 77
3 Exclusive of $2,164.28 paid prior to passage of Emergency Railroad Transportation Act of June 16,1933.
* Exclusive of $3,167.20 refunded prior to passage of Emergency Railroad Transportation Act of June 16,
1933.
EXHIBIT 41
Excerpt from a letter of the Acting Postmaster General to the Secretary of the Treasury,
dated November 13, 1933, certifying extraordinary expenditures contributing to the
deficiency of postal revenues for the fiscal year ended June SO, 1933, in pursuance
of Public Act No. 316, Seventy-first Congress, approved June 9, 1930 {40 Stat. 523)
In accordance with the provisions of the act of June 9, 1930, embodied in section 260, Postal Laws and Regulations, the amounts set forth below with respect
to certain mailings during the fiscal year ended June 30, 1933, are certified to you
in order that they may be separately classified on the books of the Treasury
Department in stating the expenditures made from the appropriation to supply
the deficiency bf postal revenues:
(a) The estimated amount which would have been collected at regular rates of postage on
matter mailed during the year by oflBcers of the Government (other than those of the Post
Office Department) under the penalty privilege, including registry fees
$14,315,414.00
(6) The estimated amount which would have been collected at regular rates of postage on
matter mailed during the year by:
1. Members of Congress under the franking privilege
i
$1,019,621
2. By others under the franking privilege
.
3,994
1,023,615.00
(c) The estimated amount which would have been collected during the year at regular rates
of postage on publications going free in the country
538,221.00
(rf) The estimated amount which would have been collected at regular rates of postage on
matter mailed free to the blind during the year
-._
90,622.00
(e) The estimated difference between the postage revenue collected during the year on mailings of newspapers and periodicals published by and in the interests of religious, educational, scientific, philanthropic, agricultural, labor, and fraternal organizations, and that
which would have been collected at zone rates of postage.._
;
.
458,569.02
(0 The estimated excess during the year of the cost of aircraft service over the postage revenues derived from air mail
.20,036,482.16
(g) The estimated amount paid during the year to vessels of American registry for carrying
the ocean mail in excess of what would have been paid at pound rates if carried in vessels
of foreign registry
. . . . . 25,228,463.41
Total
14820—33
19
-
61,69], 286. 59
TABLES
273
EXPLANATION OF BASES USED IN TABLES
Figures in the following tables are shown on various bases, namely: (1) daily
Treasury statements, unrevised (current cash); (2) daily Treasury statements,
revised (actual); (3) warrants issued; (4) checks issued; and (5) collections reported by collecting officers.
Daily Treasury statements (unrevised) (receipts and expenditures).—The
figures shown in the daily statement of the United States Treasury are compiled
from the latest daily reports received by the Treasurer of the United States
from Treasury oflScers and public depositaries holding Government funds. The
daily Treasury statement, therefore, is a current report compiled from latest
available information, and, by reason of the promptness with which the information is obtained and made public, it has come into general use as reflecting
the financial operations of the Government covering a given period, and gives
an accurate idea of the actual condition of the Treasury as far as it is ascertainable
from day to day. This is known as "current cash basis", according to daily
Treasury statements (unrevised). Table 4 (p. 299) shows receipts and expenditures on this basis. The current assets and liabilities of the Treasury and the
outstanding public debt are also available on this basis.
Daily Treasury statements (revised) (receipts and expenditures).—On account of the distance of some of the Treasury offices and depositaries from the
Treasury, it is obvious that the reports from all officers covering a particular
day's transactions cannot be received and assembled in the Treasury at one
time without delaying for several days the publication of the daily Treasury
statement. It is necessary, therefore, in order to exhibit the actual receipts and
expenditures for any given month or fiscal year, to take into consideration those
reports covering the transactions for the last few days of the month or fiscal year
concerned which have not been received in the Treasury until the succeeding
month or fiscal year, and to eliminate receipts and expenditures relating to the
preceding month. After taking into consideration these reports, the revised
figures indicate the condition of the Treasury on the basis of actual transactions
occurring during the period under review. This is known as "the basis of daily
Treasury statements (revised)."
It is not practical to delay the publication of the daily Treasury statenient in
order to include the later reports, as the difference between the revised and the
unrevised figures is immaterial. The unrevised figures as shown in current
daily Treasury statements are the basis for the Budget estimates'submitted
to Congress by the President. The revised figures are of no practical use except
to enable the use of a true General Fund balance on the monthly statement of
the public debt of the United States and to bring the daily Treasury statement
figures into agreement with the figures based on warrants issued. The table on
page 150 shows receipts and expenditures on this basis. The current assets and
liabilities of the Treasury and the outstanding public debt are also available on
this basis.
Warrants issued (receipts).—Section 305 of the Revised Statutes provides that
receipts for all moneys received by the Treasurer of the United States shall be
indorsed upon warrants signed by the Secretary of the Treasury, without whicii
warrants, so signed, no acknowledgment for money received into the Public
Treasury shall be valid. The issuance of warrants by the Secretary of the
Treasury, as provided by law, represents the formal covering of receipts into
the Treasury.
Certificates of deposit covering actual deposits in Treasury offices and depositaries, upon which covering warrants are based, cannot reach the Treasury
simultaneously, and for that reason all receipts for a fiscal year cannot be covered
into the Treasury by warrants of the Secretary immediately upon the close
of that fiscal year. It is necessary to have all certificates of deposit before a
statement can be issued showing the total receipts for a particular fiscal year
on a warrant basis. The figures thus compiled will agree with the figures compiled on the basis of daily Treasury statements (revised). The details in Table
2 (p. 281) show receipts on this basis.
275
276
REPORT OF THE SECRETARY OF THE TREASURY
Warrants issued (expenditures).—The Constitution of the United States provides that no money shall be drawn from the Treasury but in consequence pf
appropriations made by law. Section 305 of the Revised Statutes requires that
the Treasurer of the United States shall disburse the moneys of the United
States upon warrants drawn by the Secretary of the Treasury. As the warraiits
are issued by the Secretary they are charged against the appropriate appropriations provided by law. Some of these warrants do not represent actual payments to claimants, but are merely advances of funds to be placed to the credit
of disbursing officers of the Government with the Treasurer of the United States
for the payment of Government obligations, Tlie disbursing officer then issues
his check on the Treasurer in payment of s.uch obligations, As far as, the appro-,
priation accounts are conc.erned, the warrants issued and charged thereto cpasti-.
tute expenditures, but it will be observed that such e:5?penditures necessarily include unexpended balances to the credit of the disb.urs.ing pfficers.. "Under normal conditions these balances over a period of several years fluctuate very Uttle
in tbe aggregate, and the difference between the total expenditures.on a, warrant
basis and a cash basis (reyised) is inam.aterial. g^atement of the expenditures, on
. a warraint basis from 1789 tp 1915 is shown on page 3Q3 of this repprtChecks issued (expenditures),—This basis, more than any other, reflects the
real expenditures of the Gpverninent. Expenditures for a given fiscal year pn
the basis of checks issued differ frona the corresponding figures PP the basis pf
warrants in that thp former includo. expenditures rnade by disbursing officers
from credits granted during the previousfi.s.calyear, and exclude the anapunt qf
unexpended grants remaining tp their credit at the end of the fis.cal ye^-.r.^ The.
basis of checks issued differs from the basis of the dajly Treasury statenaentj (revised) in that the former includes checks outstanding at the end o.f the. fiscal
year, and excludes unpaid checks outstanding at the beginning o,f the. fiscal year.
A detailed explanation of the basis of checks issued wiU be found on page 89, of
the Secretarys' report for 1927. Table § (p., 290) shows, expenditures pn this
basis.
Collections reported by collecting officers (receip,ts) .^—Statements showing receipts on a coUection basis are cpmpiied frpna reports. receiye4 ta,y the, yarious
adnainistrative offices from collecting officers in the field, such as cpllectors of internal revenue and collectors pf customs. These reports cover the collections,
actually made by these officers during thp period specified. The coUeetions, are
then deposited in a designated Government depositary tp the credit of the
Treasurer of the United States, whiph depos.itary renders, a report tp the. Treasurer. The reports of the collecting officers and the deposit.aries do not, Qf Qpiirsp,,
cpincide, for the reason that the coUecting officers make cpUections during the.
last few days of the fiscal year which are nbt deposited until after t,he close of the
fis.cal year. On this accoiint the twp reports wUl not agree. The receipts are
reported on a cpllection bas.is merely for statistipa-l purposes and to furnish inforrnatipn as to detailed sources of revenue.. Classihcation of such iterns pn tbe
basis of deppsits has been fQ\ind to be impracticable and uneconomical. Tables
8, and 14 (pp. 317 and 325 ) show receipts pn ^ collection basis.
DESCRIPTION QF FUND ACCOUNTS TIIROUGH WHICH TREASURY
QPERATIONS, ARE EFFECTED
All receipts of the Gpvernment are covered into the General Fund of the Treasury
from which all expenditures are made. Receipts and expenditures, however,
are classified in the Treasury's records according to the class pf accounts through
whicii operations are effected. Transactions are segregated in order to exhibit
separately those effectecl through general fund accounts, as contrasted with those
effected thi;ough special fund arid trust fund accounts representing restricted or
specially allocated receipts and expenditures chargeable thereto. This classification was first shown in "published records for 1927 for the warrants and checksissued bases and on the dafly Treasury statements beginning with the July 1, 193Q,
is.sue, in order tp conform tp the practice of the Bureau pf the Budget. In some
tables in this report, however, trarisactions in the three types of accounts are combined for purposes of historical comparison. A brief g;erieral explanation pf the
three classes of accounts is presented below,
General fund accounts.—The principal spurces of general fund account receipts
are income taxes, miscellaneous internal revenue, and customs duties. In
addition, a large number of naiscellaneous receipts corrie under this head including
such items as proceeds pf Gove.rnrnent-pwned securities (except those which are
applicable to public debt retirement), sale of surplus and condemned property,
Panama Canal tolls, fees (including consular and passport fees), fines, penalties.
REPORT OF THE SECRETARY OF THE TREASURY
277
forfeitures, rentals, royalties, reimbursements, immigration head tax, sale of
public land, tax on national bank circulation, interest on public deposits, seigniorage on coinage of subsidiary silver and minor coins, etc. Moneys represented in
the general fund accounts may be withdrawn from the Treasury only in pursuance
of appropriations made by Congress. There are four classes of appropriations
payable through the general fund accounts of the Treasury, namely: (a) Annual, being those made each year in the several departmental supply bills and
limited for obligation during the fiscal year for which made; {b) continuing
(no-year), being avaUable until expended or until the object for which appropriated has been accomplished, such as construction of public works; (c) permanent-specific, being fixed amounts provided for each of a series of years by permanent legislation, without annual action of Congress; and {d) permanent-indefinite,
being indefinite amounts (so much as may be necessary) provided by permanent
legislation without annual action of Congress, such as the indefinite appropriation
to cover interest on the public debt.
A statement of general fund receipts and expenditures is, therefore, in the
nature of a general operating statement, and gives a picture of the relationship
between the general revenues of the Government and the operating expenditures
(including capital outlays and fixed charges) chargeable against them.
Special fund accounts.—Special fund account receipts may be generally
defined as funds received under special authorizations of law which may be expended only for the particular purposes specified therein. Special fund account
receipts may not be used for the general expenditures of the Government. The
most important items of receipts included under this heading, from the standpoint of amounts, are those applicable to the retirement of the public debt.
Other important special fund receipts are the reclamation fund under the Department of the Interior, funds received for river and harbor improvements. Forest
Service cooperative funds, proceeds from sales of ships, etc., by the United States
Shipping Board available for construction loans, assessments on Federal Reserve
banks for salaries and expenses of the Federal Reserve Board, and assessments
upon national banks for expenses of examinations. There are many other special
fund receipts of lesser importance.
Trust fund accounts.—Trust fund account receipts represent moneys received by the Government for the benefit of individuals or classes of individuals.
Moneys held in trust, being payable to or for the use of beneficiaries only, are
not available for general expenditures of the Government. There are several
classes of trust fund receipts, the beneficiaries under which may be either individuals or groups of individuals. The funds may represent (a) moneys received
directly from or for account of individuals, as in the case of moneys received from
foreign governments or other sources in trust for citizens of the United States
or others under the act of February 27, 1896; (6) moneys collected as revenues and
held in trust, such as the proceeds of sales of Indian lands which are held as
interest-bearing funds for the benefit of Indian tribes; and (c) proceeds of grants
from the general fund accounts of the Treasury in pursuance of treaty or other
obligations such as the perpetual trust fund created for the Ute Indians under
section 5 of the act of June 15, 1880.
TABLES
RECEIPTS AND EXPENDITURES
General tables
TABLE 1.—Receipts and expenditures for the fiscal year 1938, by funds
[Details of receipts on basis of warrants and expenditures on basis of checks issued, with totals adjusted to
basis of daily Treasury statements (unrevised), see p. 275. For explanation of funds, see p. 276]
General fund
Revenue receipts:
Internal revenue
— $1,609,279,596.86
260,612,576.61
Customs (excluding tonnage tax).
Miscellaneous:
Miscellaneous taxes
Interest, exchange, and dividends
Fines and penalties
Forfeitures..
Assessments.—
Reimbursements.
Gifts and contributions
Sales of Government propertyproducts
Sales of services
Rents and royalties
Permits, privileges, and licenses
Mint receipts (profits on coinage, bullion deposits, etc.)
Forest reserve fund
Postal receipts, Panama Canal.
United States revenues from
District of Columbia sources,
Total miscellaneous
Total revenue receipts..
Nonrevenue receipts:
Realization upon assets:
Army costs from Germany
Repayments of investments ^..
Sales of public lands
Sales of Government property..
Trust funds (exclusive of District
of Columbia)
District of Columbia, revenues
taxes, trust funds, etc
Total nonrevenue receiptsAdjustment (June 1932 deposits
cleared and counter-entered in
July 1932)
Special funds i Total general and
snecial funds I
special funds
Tm^t fnnricj 2
1 rust funds ^
$354,253.15 $1,609,633,850.01
2,195.26
250, 514,771. 77
6,649,962.47
2,040,731.97
7,690,694.44
99,130,226.83
2,938,947.24
9,396,383. 01
1, 024,156.88
555,432.51
3,217, 283.13
31,810.79
4,206,179.18
342,312. 50
4, 261,085.96
21,100.00
6,417,996. 77
2, 728,089. 52
3,958,894.47
103,336, 406.01
3,281,269. 74
13,657, 468.97
1,045,256.88
5,973,429. 28
6,945,372.65
3,990,706.26
3,016,643.91
22,018, 005.46
1, 792,882. 79
1,190,729. 66
1,431,636. 89
1,724,952.95
236, 572. 53
63,790.36
3,080,434.26
1, 599,368.82
2,944,997.48
643, 206.99
23,617,374.28
4, 737,880. 27
1, 733,936. 54
970,286. 04
1,431, 635.89
2,695, 238.99
(3)
236, 672. 63
73,743.84
73,743.84
153,429,369.78
29,098,040. 05
182, 527,409.83
2,013, 221, 543.15
29,454,488.46
2,042, 676,031.61
54, 674.31
6,190, 636.99
33, 655. 77
1,260, 568.42
31, 553,763. 38
• 68,904. 78
2,818,239.86
54,674.31
36, 744,399. 37
102, 560. 55
4.078,808.28
$126,186,809.75
34,410,787.01
(«)
6,539, 534.49
34,440,908. 02
2,019,761,077.64
63,895,396.48
40,980,442. 61
160, 697, 596.76
2,083,656,474.12 j 160, 597, 696. 76
1.80
Total ordinary receipts on
basis of warrants issued
Adjustment to basis of daily Treasury statements (unrevised).
2, 019,761,067.84
63,895,396.48
2,083,656,464.32
4,029,779. m
70,056.65
8,959,722.56
1,988,157.96
Total ordinary receipts on
basis of daily Treasury
statements <unrevised)
For footnotes, see p. 281.
2,015,731,288.63
63,965,453.13
2,079,696,741.76
l5S,(J59,iZS.SQ
160, 597, 596. 76
279
280
REPORT OF THE SECRETARY OF THE TREASURY
TABLE 1.—Receipts and expenditures for the fiscal year 1933, by funds—Contmued
G e n e r a l fund
Special funds 1 T o t a l general a n d
special funds 1
T r u s t funds 2
RECEIPTS—continued
Excess of expenditures chargeable,
$1, 788, 694,006. 53 ^$2,475,289.41
against o r d i n a r y r e c e i p t s . . .
P u b l i c d e b t receipts on basis
of daily T r e a s u r y s t a t e ments (unrevised).
1 . . . 9,697, 082,. 823. 58.
7$1,786,218,717.12
$5,009,988.73
.9,69.7,082,-823.58',
EXPENDITURES
General e x p e n d i t u r e s :
Legislative e s t a b l i s h m e n t
E x e c u t i v e Oflice..'.
^^
Veterans.' Administration,8__. ___ •
Shipping B o a r d . . .
Other- i n d e p e n d e n t offices, andcommissions
..
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 s . . . . . .
Department of.Justice.-...
D e p a r t m e n t of L a b o r
_.
Navy Department
P o s t Office D e p a r t n i e n t
D e p a r t m e n t of S t a t e
Treasury Department
_..
W a r D e p a r t m e n t I''
Total
I n t e r e s t on p u b l i c d e b t
P u b l i c d e b t retirements:
Sinking fund
P u r c h a s e s and* r e t i r e m e n t s fromforeign r e p a y m e n t s
; .
P u r c h a s e s arid' r e t i r e m e n t s from
franchise tax receipts (Federal
reserve b a n k s )
Forfeitures, gifts, e t c . . ; i
....
R e f u n d of receipts:
Customs.
I n t e r n a l , r e v e n u e , and. i n d u s t r i a l
alcohol
Postal deficiency
..__._
..
P a n a m a Canal
A d d i t i o n a l stock "of F e d e r a l l a n d
banks
_.
Farm.Credit. Administration * — . .
D i s t r i b u t i o n of w h e a t a n d cotton
for relief..
Agricultural m a r k e t i n g fund ( n e t ) . .
Adjusted service certificate fund
Civil service r e t i r e m e n t fund
G o v e r n m e n t , life i n s u r a n c e fund
Foreign.service r e t i r e m e n t fund
C a n a l Zone r e t i r e m e n t fund
;_
District, of. C o l u m b i a .
..;.
Reconstruction! F i n a n c e Corporat i o n 13
:„
_
_'__
20,500,415.90
369, 800-; 98
781, 830,. 707.83.
23, 063, 540. 01
5, 256, 083.117
2, 340, 239, 497. 27 27,496,688.96
689, 243,, Oil. 82;
965.fi0
5,.438,140.93
901,'218.18
'84,7'30.10
174,101. 89
29.00
7-5, 9,13.24
559;478.74
1, 405, 040.13
• 2,-367, 736,-186; 23-
79„ 372, 0.03. 51
425, 660; 300.00
•
12,609,694,92
55, 682, 324. 58
117, 380,192. 33
11, 417, 757.84
2i2-; 545. 00'
180;067;. 36
147,571.54
689; 243,-Oil-. 82.
425,660,-300,00
33,886,660.00
•
.
72,170, 305. 52
59, 636, 004.98
255,474, 526:'8345, 315,943.49
73,494, 403.07 '
43,-769,-885.67'
13;630,'470V89.
342,929, 697. 20
58, 603. 54
14i 981,"810.00268,191, 669.'34*
419; 016,-992:55
•
•
2, 036,. 750.00 •
"21. 100.00 •
33,886; 650.00
2,-036,750.00
21) 100.00'
59. 6,7
12; 609,. 754.59
7, 614. 31
55, 689,-938. 89
117,'380,192.33
11,417,757.84..
•
1,112,941.82
242,545..OO
982,874:46-
35,105, 531. 67
6,304,184,91
100, 000, 000.00.
20,850, 000, 00
35,105, 531; 67
6,304,184.91
100,000, 000; 00
20,850,000.00
416, 000, 00
416,..000.-00
7, 601, 748.76
40, 341 504. 95
(11)
12 7,816,049,08
7; 816, 049. ,08
.1,277,038,167.73.
262;i76. 38
544, 786. 93
34; 212, 67,6.01
1, 277. 038,, 1.67. 73
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 b n basis of daily
T r e a s u r y s t a t e m e n t s (unrevised)
5,081,463,462,89
P u b l i c d e b t e x p e n d i t u r e s (exclusive of $461,604,800 i n c l u d e d
above) o n basis of w a r r a n t s issued...
6,183,815,625.31
20, 716,046.68
369, 800. 98
781, 830, 707. 83
28, 319, 623.18
57, 037, 663i 07
2, 598, 341.91
252,191, 848.46
3, 282, 678. 37
3,863,684.29
41,452,259:20
8,7,52,572.22
64, 741, 830:85
43, 769, 885. 67.•
12;993, 734. 54- """636,''736.'35'
342, 534,126'. 26
395,-570: 94
58,603.54
14^ 713;i65. 53
268, 644. 417
265, 669, 925.40
2, 621, 743. 94
419, 311, 990. 03'^
. "294,997.48 •
T o t a l , e x p e n d i t u r e s , charge^
a b l e against- o r d i n a r y receipts on basis, of checks
issued.
.
5,088,091>864.69.
A d j u s t m e n t to basis.of daily Treasu r y s t a t e m e n t s (unrevised)
..
6,628,401.80
For footnotes, see p. 281.
215, 630. 78
62,335,921.12
5,150, 427, 786. 81
162, 334, 796. 54
845,757.40
7,474,169.20
1, 334, 630.-99
5,142, 953; 626; 61
163,669,427.53
61,490,163.72-
'0,183,815,625.31.
RiEPORT OF THE SECRETARY OF THE TREASURY
TABLE li-^^Reeeipts and expenditures for the .fiscal year 19SS, by funds—Cohtinued
General fund
Special funds i Total general and
special funds
Trust funds 2
EXPENDITURES—continued
Adjustment to basis of daily Treasury statements (unrevised)
^Public debt expenditures on
basis of daily Treasury
statements (unrevised)
$7, 717:75
$7,717.75
6,183, 807, 907. 56
6,183, 807, 907.5'6
NOTE.—Excess credits and adjustments in italics to be deducted.
1 Exclusive of District Of Columbia special and trust funds-.
2 Includes Distlfict of Columbia special and trust funds.
3 Trust fund receipts of $15,593.08 included in trust funds below.
._
. , . .
* The foregoing staterhfent does hot include monfeys covered into the. Treasury on account .of the Farm
Credit Administration pursuant to the procedure prescribed by the Comptroller General of the United
States, representing Unexpended balances of funds allocated by the Reconstruction Finance Corporation
to the Secretary of Agriculture and subsequently transferred by the Secretary of Agriculture to the Farm
Credit Administration under Executive Order No. 6084 dated Mar. -27, 1933. Since such transactions
represent merely the transfer of funds between 2 governmental organizations, they are not included in
either the receipts or expenditures of this report. Collections on account of the revolving fund of the Farm
Credit Administfatibn, Created by sec. 5 of the_Farm Credit Act of 1933 approved June 16, 1933, while
covered into the Treasury as receipts for accounting purposes, are reflected in this report as credits against
expenditures of the revolving fund.
6 United States fevfenUes from District of Columbia sources stated under revenue receipts above;
8 Excess receipts.
.
.
.
„
7 Add excess of trust fund expenditures over trust fund receipts for comparison with surpluses and deficits
as published in annual reports for years prior to 1931.
8 Includes the Bureau of Pensions and National -Homes for Disabled Volunteer Soldiers.
9 Exclusive of Bureau of Pensions. See note 8.
1 Exclusive of National Homes for Disabled Volunteer Soldiers. See note 8.
0
11 Included und6r Veterans' Administration above. For details see p. '62.
1 $7,775,000 plus additional charges of $41,049.08 under divided ac(30unts.
2
13 Net payments against credits established on account of purchaseby the Secretary of the .Treasury of
obligations of Reconstruction Finance Corporation under sec. 9 of Reconstruction Finance Corporation
Act.
TABLE 2.—Details of receipts, by sources and fundsi for the fiscal year 193S
[Details on basis of warrants issued with totals adjusted to basis of daily Treasury statements (unrevised),
see p. 275. For explanation of funds, see p. 276;]
General fund
Source
Special funds Total general and
special fiinds
Trust funds
REVENUE
Internal revenue:
Income taxesMiscellaneous internal revenue
taxes
Collections under enforcement of
national prohibition act i
Total internal revenue, war-
$746,787,142. 08
$4,262.03
$746,79i, 404.11
862,100,978. 60
349,991.12
862,450,969; 72
391,4*76.18
391,476.18
.
1, 609,279, 596. 86
364,263.15
1,609,633,850.01
Adjustment between warrants
issued and cash receipts
5,226,905.06
17, Oil. 61
5,209,898.45
Total internal revenue, cash
receipts
1, 604,052, 691. 80
Customs:
Duties
Total .customs,
371,264. 76 1,604,423,956. 56
2,195. 26
250, 512, 676. 51
warrants-
Adjustment between warrants
issued and cash receipts
Total customs, cash receipts. .
For footnotes, see p.
250. 514, 771: 77
(0
(2)
250,514.771; 77
250, 512, 576. 61
2,195. 26
235,415. 06
64.44
235,4^9. 50
2,259. 70
250,750, 251. 27
250,747,991. 57
-
._.. -
282
REPORT OP THE SECRETARY OF THE TREASURY
TABLE 2.—Details of receipts, by sources and funds, for the fiscal year 1933^—Con.
Source
General-fund.
Special funds I Total general and
special funds
REVENUE—continued
Miscellaneous:
Miscellaneous taxes:
Federal Reserve banks franchise tax
.
Tax on deficiencies in gold reserves of Federal Reserve
banks
Tax on circulation of national
banks.._._--..
Tonnage t a x . . . :
Immigration head tax
Taxes, licenses, fines, etc.. Canal Z o n e . . ^ . . . . Total miscellaneous taxes
Interest, exchange; and dividends:
Interest on deferred collections
or payments;..
Interest on bonds of foreign
governments under funding'
agreements
Interest on farmers' seed loans..
Interest on Library of Congress
trust fund, investment account
—
Interest on endowment fund,
preservation b i r t h pl a c e of
Abraham Lincoln
...
Interest on public deposits
Interest on obligations of Reconstruction Finance Corporation
-..—_
.
Interest on money loaned from
construction loan funds
Interest on miscellaneous obligations
Interest on investment of funds
contributed for American
National Red Cross Building.
Interest on investments, National Institute of Health
conditional gift fund
Gain by exchange
Dividends on capital stock of
the Panama R.R. owned by
the United States
Military and naval insurance,
V e t e r a n s * Administration
- (repayments to appropriations)
Federal control of transportation systems (repayments to
appropriations)
Loans to railroads after termination of Federal control (repayments to appropriations).
Discount on Treasury obligations redeemed and purchased
Total interest, exchange, and
dividends ori capital stock..
Fines and penalties:
Judicial
Customs Service
Immigration Service
Enforcement of national prohibition act (Judicial)»
Navigation
Liquidated damages
Navy fines and forfeitures
Other
.
Total fines and penalties.
For footnotes, see p. 289
2, Oil. 417.89
$2,011,417.89
29,314.08
3,415,840.63
1*414,377. 06
767,643.50
2,040, 731. 97
7,690,694.44
$10,207.53
3,415,840. 63
1,385,062. 98. 767,643.60
10,207.63
71,207.83
71,207.83
5,649,962.47
423,870.29
423,870.29
05.826,857. 22
169,653:73
67,:i90,207.22
. 169,653.73
35,674. 74
2,255,863.81
1,363,350.00
35,674. 74
2,040.00
2,040. 00
2,256,863. 81
24,369,109.63
24,369,109.63
3.765,499.31
3,765,499.31
104,961. 80
104,961.80
462. 39
3, 766. 24
906. 81
3,756. 24
1,601. 60
3 2,800,000.00
695.79
'452.39
2,800,000.00
* 598,640. 73
698,640; 73
4 21, 674. 64
21, 674. 64
4 508,367.82
508, 357.82
1,085,152.06
1,085,152.06
99,130,226.83
4,206,179.18
103,336,406; 01
312,884.78
666,012.78
77,476.07
312.884.78
• 666.012.78
77,476.07
1,909,235.02
42,378.63
26,668.90
1,909, 265.02
42, 378.63
26.668. 90
342,312. 50
4, 261.06
342,312.60
4,261.06
2,938,947.24
342,312.50
3,281,269.74
Trust funds
REPORT OF THE SECRETARY OF THE TREASURY
283
TABLE 2.—Details of receipts, by sources and funds, for the fiscal year 1938—Con.
Source
General fund
Special funds Total general and
special funds
REVENUE—continued
Miscellaneous—Continued.
Fees:
Agricultural commodities act...
Clerks, United States courts
Board of Tax Appeals
Commissions on telephone pay
stations in Federal buildings
and rented post offices
Alaska game laws
Consular and passport
...
Court of Claims
Copying
Copyright.
Immigration (registration)
Indian lands and timber
Land offices (including commissions)... _ .
Marshals, United States courts.
Naturalization...
Naval stores grading
Navigation
_.
Patent
'
Purchase of discharges, Navy
and Marine Corps
Testing
Warehouse Act
Other
Total fees
Forfeitures:
Bonds of aliens, contractors, etc.
Bribes to United States officers.
Customs Service
Judicial miscellaneous
Under enforcement of national
prohibition act (Judicial) i
Unclaimed rnoneys and wages
remaining in registry of
courts
Unclaimed merchandise
Unclaimed funds...
Unexplained balances in cash
accounts
Other
Total forfeitures
Assessments:
Collections from shipping companies for repatriation of
American seamen
Colorado River Dam fund,
Boulder Canyon project
Deposits for establishing wool
standards
Deposits, public survey work,
Alaska.
Deposits, public survey work,
general
Guaranty fund by farmers in
connection with seed grain
loans
.On Federal Reserve banks for
salaries and expenses, Federal Reserve Board
On Federal and joint stock
land banks, and Federal intermediate credit banks for
expenses of examinations,
Federal Farm Loan Board...
On Federal home loan banks
for salaries and expenses
On national banks for salaries
and expenses of national
bank examiners
General raUroad contingent
fund
For footnotes, see p. 289
$133,028.37
1. 669,136. 26
62.757.68
$133,028.37
, 1,569.136.25
62,757.68
64,071.16
11, 510.06
4.190,719.16
3,874.00
21,357.32
249,898. 30
152,000.15
59.043.74 .
• 64,071.16
11,510.06
4.190, 719.15
3,874.00
21.357.32
249.898. 30
152,000.15
59.043.74
55.922. 23
202.214.10
2, 349, 346. 00
8.603.96
169.199. 08
$198,958. 54
4.062,127. 42
5.863.40
28, 636. 70
19.811.00
39.390.46
5,863.40
28. 636. 70
19.811.00
39.390.46
9,396.383.01
4.261,085.96
243,154.46
6.724. 58
139.206. 55
86,880.83
20. 600.00
186,712.08
316.323.20
33,962. 26
2.963.84
13,657.468.97
263,754.45
6. 724. 58
139, 206. 65
,86,880.83
186,712.08
500.00
780.83
7,459. 27
1, 024,156.88
254. 880. 77
202. 214.10
2, 349, 346.00
8, 603.96
169,199.08
4,062,127.42
316,323. 20
33.962. 25
3,463.84
780.83
7,459. 27
21; 100.00
1, 045,256.88
10.99
10.99
60, 585. 70
60,685.70
28,300.00
28.300.00
962.00
,962.00
4, 692.80
4.692.80
105. 622. 73
105, 622. 73
2. 017. 465. 39
311,490. 32
2.017,465. 39
4,626.69
306,863.63
, 2,891.83
2,891.83
2,321,857. 20
2.321,857.20
487.510. 76
487,510.76
Trust funds
284
REPORT OF THE SECRETARY OF THE TREASURY
TABLE 2.^Details of receipts, by sources and funds, for the fiscal year 1933-^Con.
Source
General fund
Snecial lunds ^^^^^ general and
bpeciai funds
special funds
REVENUE—continued
Miscellaneous—Continued.
Assessments—Continued.
German Government's moiety,
expenses. Mixed Claims
Commission
;..
Furlough and compensation
deductions and vacancy savings (special deposit accounts)
Immigration Service overtime. .
Naval hospital fund
Total assessments.
Reimbursements:
Construction charges (Indian
Service)
:
Collections under grain and
cotton standards acts
Maintenance of District of
Columbia inmates in Federal
penal and correctional institutions
.
Refunds on empty containers...
Expenses, miscellaneous—:...
By contractors for excess cost
over contract p r i c e . . . . .
By State of Arizona for expenditures, nonproduction of cotton zones for 1930 crop losses..
Expenses of redeeming national
currency.
Inspection of food and farm
products......
Deductions from awards of
Mixed Claims Commission,
United States and Germany,
to cover reimbursement fOr
expenses incurred by United
States in respect thereof,
settlement of war claims act
of 1928
Gasoline State tax .
...
Government property lost or
• damaged
Hospitalization charges and ex
penses
._..._..
Expenses of international service of ice observations and
patrol
Costs from estates of deceased
Indians
Maintenance and operation
charges, irrigation systems,
Indian Service
Of appropriations made for
Indian tribes
Reclamation fund, collections..
Auxiliary reclamation fund,
Yuma project, Arizona
...
By District of Columbia for advances for acquisition of lands
under sec. 4, act May 29,1930,
as amended
Other
Total reimbursements..
Gifts and contributions:
Forest Service cooperative work
Library of Congress gift fund...
Library of Congress trust fund,
investment account
For American National Red
Cross Building (proceeds of
investments)
Moneys received from known
and unknown persons..
Donations to the United States.
Donations, National Park
Service
For footnotes, see p. 289.
$5,522. 23
5 $138.319.46
655,432. 51
$5. 522. 23
78.000.00
414,824. 66
6, 417,996. 77
138, 319. 46
78,000. 00
414,824.66
5,973,429. 28
14,889. 55
14,889. 55
71,594.00
108. 551. 74
120,806.92
6.487.46
69,756.07
120,806.92
6,487.46
59, I'm. 07
563,136.86
563,135.86
145,954.05
145,954.05
471,942.44
471,942. 44
289.432. 26
289,432.26
1,106.84
1,868.69
1.106.84
1,868.69
118, 222. 65
476.28
118,698.93
48,608. 02
48. 608.02
84. 659.40
84.069.40
45. 555. 79
46,656:79
326.302.15
134,189.83
2.349.240.80 j
326,302.15
134,189.83
2,349,240.80
15,112. 55
2. 728,089. 52
1,000,000.00
40,083.30
5,945. 372. 65
2, 344,402.42
50.235.63
2,344,402.42
60,236.63
110.266.81
110, 266.81
45,820.09
1.000,000.00
40,083.30
3. 217. 283.13
15,112.56
45,820.09
7,701.17
4, 365. 31
7,701.17
4,366.31
299.902.13
299.902.13 ;
Trust funds
REPORT OF THE SECRETARY OF THE TREASURY
285
TABLE- 2.—Details of receiptSy b,y sources and funds, fpr the fiscal year 1933—Con.
Source
. . General fund
Special funds Total general and
special funds'
Trust funds
REVENUE—continued
Miscellaneous—Continued.
Gifts and Contributions—Con.
For topographic survey of the
United States
Contributions, for. river and
harbor improvements
Contributions,for flood control
For roads-, bridges, and related
works, Alaska
Return of-par,"t,of'cpmpensation
of- the President'
Return of salary and mileage
paid-to Members of Congress.
Return of-salary from constitutional officers
. ...
Bequest cf William F. Edgarj
museum and' library, Surgeon General's Office (Army).
Total gifts and" contributions.
Sales^ of Government property-products:
Scrap and salvaged-, materials,
condemned stores; waste paper, refuse, etc
Agricultural products, including livestock and livestock
products
Dairy products.
.
Card-indexes. Library of Congress
. __ _
Public documents,, charts,,
•
maps; e t c . - .
Electric'currVnt, power plant,
Coolidge Dam, Ariz
Electric current (Dam No. 2;
Muscle Shoals,, Ala.,, $564,884; 14) •
Fox skins and furs
Heat; light; and power
Gas from helium plants
..
Ice
Occupational'therapy products.
Subsistence (meals, rations,
etc.)
Water
Other
Total sales of Government'
Dronertv—nroducts
Sales of services:
AlR<;ka Railroad fund
Fumigating and, disinfecting. _ _
Laundry and dry-cleaning operations •
~
• •_
Livestock breeding service
Overhead charges on sales of
services or supplies (War and
Navy)
Earnings from busmess operations (Housing Corporation).
Quarantine charges (including
fumigation, disinfection, inspection, etc., of vessels)
Quarters, subsistence, and launRadiO" ser vice*
Storage and other chai:ges
Profits fromsale of ships' stores,
Navy
Telephone and telegraph
Tolls and profits, Panama
Canal
Work-done for individuals, corOther
Total sales of services
For footnotes, see p. 289.
$17, 500.00
$17,600:00
594, 336.95
471, 500. 37
594,336.95
• 471, 500.37
6,621.07
6,62L07-
$12; 843. 75
12,843.75
i; 083. 90
4,083.90
2,816.66
2,816:66
18, 309.00
18.309.00
•3,958,894.47
31,810.79
3,990,705.26.
.
1.336.867.82
1.336.867.82
28,662.98.
39,494.30
28.662. 98'
39,494.30
206,832. 72
206,832.72
370,070.34
370,070.34
28,567.30
625.708.92
9.688:27
1-29.185.66
13; 833:86'
68,409. 65
66,452.33
28,567.30
35; 223. 05
625.708.92
9, 688. 27
129,185. 66
49,056.91
68,409:65
56,452.33
47,999.73
50, 230." 83
33,206.51
47,999.73
50,230.83
33; 206:51
3,016, 643.91
12,176.00
63, 790. 35
3, 080, 434. 26
1, 381,122.49
1.381,122.49
12,176,00-
l,096,255-.36~
1,340.12
1,096.25.5,36
1,340.12
82, 372. 68
82.372.,58
145.00
145.00
217.738.04
217,738.04
62. 711. 81
48,888.89
183.960. 53
62.711:81
48,888.89
183,960:53
240.962. 40
218, 246. 33
218,246.33
240,962.40
19,970.514.89
19.970.514.89
69, 918.43
41.021.41
69,918.43
41,021.41
22,018.005.46
1,699,368.82
23.617.374. 28
. .. .,
286
REPORT OF THE SECRETARY OF THE TREASURY
TABLE 2.—Details of receipts, by sources and funds, for the fiscal year 1933—Con.
Source
General fund
Special funds Total general and
special funds
Trust funds
REVENUE—continued
M iscellaneous—C ontinued.
Rents and royalties:
Rent of public buildings,
grounds, etc
Rent of land
Receipts under mineral leasing
acts
Royalties on oil, gas, etc
Rent of equipment
Rent of Army tank cars
Rent of telegraph and telephone facilities
Rent of water power sites
Rent of docks, wharves, and
piers
Other
Total rents and royalties
Permits, privileges and licenses:
Alaska fund
B usiness concessions
Game and bird refuges
Immigration permits
Licenses under Federal water
power act
Permits to enter national parks.
Pipe line water and powertransmission rights
Other...
$364.829. 58
94,370.90
326,938.02
760,348.34
76,336. 52
70,000.00
$364.829. 58
94.370.90
$2,930,396.29
14.601.19
3.250,334.31
774,949. 53
76,336. 52
70,000.00
11.747. 31
53.070. 27
21,784.35
14, 457. 60
1, 792.882. 79
175,748.19
713.87
349,289.71
208.537.15
441,405.15
11,747.31
53,070.27
-
21,784. 35
14.457. 60
2.944,997.48
4,737.880.27
186,993.37
186,993.37
176,748.19
713.87
349,289.71
356.213.62
564,750.77
441,405.15
13.193.95
1.841.53
Total permits, privileges, and
licenses
1.190.729. 55
Mint receipts (profits on coinage,
bullion deposits, etc.)
1,431,635.89
Forest reserve fund
1. 724,962. 96
13,193.95
1,841.53
Postal receipts, Panama Canal
United States share of District of
Columbia receipts
Total miscellaneous revenue
receipts
Total revenue receipts
543. 206.99
1.733.936. 54
970, 286. 04
2. 695.238.99
1.431,636.89
236, 572. 63
236,572.53
73,743. 84
73.743. 84
153,429.369. 78
182, 627.409. 83
29,098,040. 05
2,013, 221, 543.15
29.454.488. 46 2,042, 676, 031. 61
54.674. 31
54, 674. 31
* 1.000.00
1.000.00
* 443,633.33
443.633.33
* 1,635, 639. 41
1. 635.639.41
< 24. 77
24.77
NONREVENUE
Miscellaneous—Realization upon
assets:
; Army costs due the United
States from Germany
:
Repayments of investments:
Federal control of transportation systems (repayments
to appropriations)
Loans to railroads after termination of Federal control, etc. (repayments to
appropriations) __.
Agricultural credits and rehabilitation, emergency relief (repayments to appropriations)
Farmers' seed-grain and feed
loans (repayments to appropriations)
Loans to farmers in storm,
drought, and flood stricken
areas (repayments to appropriations)
_.
For footnotes, see p. 289.
M, 014.952. 42
:
1.014,952. 42
(«)
REPORT OF THE SECRETARY OF THE TREASURY
287
TABLE 2.—Details of receipts, by-sources and fund'Sy for the fiscal year 1933^-Con.
Source
General fund
t a l general,and
Special funds T o special funds
T r u s t funds
NONREVENUE—continued
M iscellaneous—Continued.
Realization upon a s s e t s — C o n t .
R e p a y m e n t s of i n v e s t m e n t s —
Continued.
;
Deposit b y U . S . Shipping
Board
Merchant
Fleet
Corporation u n d e r sec. 306
(h). E c o n o m y A c t , J u n e 30,
1932
R e t u r n of a d v a n c e s m a d e t o
reclamation f u n d .
L i q u i d a t i o n of capital stock.
Federal land banks
P r i n c i p a l of b o n d s of foreign
g o v e r n m e n t s u n d e r funding a g r e e m e n t s .
Reimbursement
of
relief
m o n e y s furnished t o American citizens i n E u r o p e
P r i n c i p a l of G o v e r n m e n t o w n e d securities, sale of
war supplies-_.
C o n s t r u c t i o n costs of p u b l i c
works
in
Colon
and
Panama.
Other
T o t a l r e p a y m e n t s of investrhents...
$1,938,240.00
61,665, OO
13,756.60
61,665.00
$31; 553,763.38
31.567,518.98
608.81
508.81
14,657.68
14.667; 68
66,387.24
10.171.73
56,387.24
10,171.73
Sales of G o v e r n m e n t . p r o p e r t y :
C a p i t a l e q u i p m e n t , includes
t r u c k s , horses, cars, m a chinery, furniture, a n d fixt u r e s , a n d other capital
equipment..
Land and buildings.
L a n d s , etc., o n account of
mflitary post construction
fund
.
Office m a t e r i a l , etc. (General
S u p p l y Coinmittee)
W a r supplies
Coos B a y wagon-road g r a n t
fund..
.
Oregon a n d California landg r a n t fund
F u n d s received from sales of
ships, e t c . , a n d deposited
for construction loans u n der sec. 11, M e r c h a n t M a rine, Act, 1920 (44 S t a t . 1451).
O r d n a n c e material (war)
Other.....
5.190,635; 99
31,653.763.38
36,744.399.37
33,655.77
S a l e s of public l a n d s
T o t a l sales of
ment property
$1,938,240.00
8.904. 78
102,660. 65
146,211.16
141.842.13
3. 365.63
146,211.16'
145,207.76
287,070.82
287; 070. 82
11,892.75
947,527,80
5,816. 28
11,892. 75
947; 527.80
7,279.30
1,648.34
7,463. 62
107,490.20
107.490.20
2,405, 200. 31:
- 7,180. 64
6,283.92
2.406,200. 31
' 7,180.64
13, 563.22
2,818, 239.86
4,078,808. 28
Govern-
Miscellaneous—Trust funds: ,
G o v e r n m e n t life insurance fund.
Adjusted service certificate fund;
Interest on investments
I n t e r e s t on loans
C a n a l Zone r e t i r e m e n t fund:
Contributions
I n t e r e s t on i n v e s t m e n t s
Civil service r e t i r e m e n t fund:
Contributions
.
I n t e r e s t on i n v e s t m e n t s
Foreign service r e t i r e m e n t fund
Contributions
I n t e r e s t on i n v e s t m e n t s . . . . . .
F o r footnotes, see p . 289.
14820—33- -20
1, 260.568.42
$71,095.648.26
•
5, 577,165.31
216,806.30
475,945.57
84,985.31
• 30,497,605.11
••9,752.298.53
177. 519.49
84,752. 99
288
REPORT OF THE SECRETARY OF' THE TREASURY
TABLE 2.—Details of receipts, by sources and'funds, for tee fiscal year 1933^—Con.
Source
General fund
. Special funds Total general and • Trust funds
special funds*
NONREVENUE—continued
Miscellaneous—Continued.
Trust funds—Continued.
Deposits, funds due incompetent beneficiaries, Veterans' Administration
Deposits, general post funds,
National Homes, Veterans'
Administration
Relief and rehabilitation; and
interest on investments, Eniployees' Compensation Comihission
1
Deposits ofj commissary funds,
Federal prisons
._
Deposits of, funds of Federal
prisoners
Pension money, St. Elizabeths
Hospital
.
Personal fuiids of patients, St.
Elizabeths Hospital
Pay of the Navy, deposit fund.
Pay of the Marine Corps, deposit fuiid
.
Navy pension fund, principal..
Pay of the Army, deposit fund.
Soldiers' Horne ijerinanent fund
Proceeds.;from, estates of deceased soldiers
Deposit of stars and stripes and.
othei: funds to- recreation,
fund, Army..
Deposits bf unclaimed: rnone.ysof. individuals who.se whereabouts are unknown
Civilian Conservation Corps
withheld cash allowances
Indian moneys:
Proceeds of; labor; act June
13, 1930
"
Proceeds", of labor, agencies'
schools; etc
Oil .and gas leas.es.^etc, Osage
Reservation, Okla
Miscellaneous (Indians)
Proceeds-of sales and leases of
Indian lands, etc . .
Miscellaneous trust'funds
$1,661,631. 42
234,834.28
•
8,988.14
258.964.46
664,635.44
99,176. 61
153,578.43
34,049.47
161,282.09
91.10
903,877.81
346,254.99
54,426. 75
,
15,823. 66
7, 554.20
636.15L61
182,337.69
1,606,114.45
46.74
361. 750.92
36,128.82
, 126„186,809. 75
Total trust funds
Miscellaneous —District of
Columbia:
Revenue receipts:
District of Columbia share
United States share
807,394. 90
, 27, 509,184. 95
(8)
27, 509,184.95
Nonrevenue receipts:
District of'Columbia share
6, 901. 602. 06
Total District of Columbia
receipts
:
To.tal nonrevenue receipts..
Total miscellaneous revenue
receipts.
Total miscellaneous revenue and nonrevenue receipts, including Panaina
Canal and sales of public
lands, warrants-issued
basisi
For footnotes, see p. 289.
8 34,410,787.01
$6,639,534.49
$34,440,908.02
$40,9,80, .442. 51
153,429,369.78
29,098,040.05
182,527,409,83
159,968, 904. 27
63, 538,948. 07
223,507.852.34 ^ 160,597.696.76
160,597. 596. 76
REPORT OF THE SECRETARY OF THE TREASURY
289
TABLE 2.^^Details of receipts, by sources and funds, for the fiscal year 1933—^Con.
Source
• General fund
Special funds
T o t a l general a n d
special funds
T r u s t funds
NONREVENUE-continued
Miscellaneous-^Gontinued
D i s t r i c t of C o l u m b i a — C o n t d .
N o n r e v e n u e receipts—Contd.
A d j u s t m e n t t o basis of daily
T r e a s u r y staternents (unrevised)
T o t a l o r d i n a r y receipts, warrants-issued basis:
R e v e n u e receipts
N o n r e v e n u e receipts
Adjustment
(June
1932
deposits, cleared a n d
counter-entered in J u l y
1932);.
$426.606. 06
$1,388,206.05
tl,938,157.'96
160, 930, 605. 26
63,965,453.13
224,896.068. 39
158, 659,438.80
2,013, 221, 543.15
6,539, 634.49
'29,454,488.46
34.440,908.02
2,042, 676,031. 61
40,980,442. 51
160, 597, 696. 76
2,019,761,077. 64
T o t a l miscellaneous reven u e a n d n o n r e v e n u e receipts, iiicluding P a n a m a
C a n a l a n d sales of p u b l i c
l a n d s , cash b a s i s . - .
$961,700.99
63,895.396. 48
2, 083, 656, 474.12
160, 597, 596. 76
9.80
T o t a l o r d i n a r y receipts,
2,019,761,067.84
'warrants-issued basis
A d j u s t m e n t to basis of daily
T r e a s u r y s t a t e m e n t s (un4,029,779.21
revised)..
...
T o t a l Ordinary receipts on
basis of daily T r e a s u r y
s t a t e m e n t s ( u n r e v i s e d ) u . . 2,015; 731, 288. 63
9.80
63,895,396.48
2.083, 666,464. 32
160. 597, 596. 76
70.056. 65
3,959,722.56
1,988,157.96
63,965,463.13
2,079,6'96,741.76
158, 659,438.80
NOTE.—Excess credits and adjustments in italics to be deducted.
1 Collections under national prohibition act, amounting to $2,487,453.28 were made as follows: Under
Internal Revenue, $391,476,18: under miscellaneous receipts> fines, and penalties, $1,909,266.02-; aUd forfeitures, $186,712.08. (See pp. 281, 282, and 283.)
2 Shown under "Miscellaneous taxes" following.
3 Provided for under act of July 14, 1932 (47 Stat. 694).
4 Items of this Character represent cash receipts credited to appropriation.
6 In addition to this amount, $62,811,605.30 was carried to the surplus fund of the Treasury as iiilpo'uhded
salary savings and $10^684,570.35 reserved for impounded salary savings during the fiscal year 1933, Under
the provisions of the Economy Act of June 30,1932 (47 Stat. 403. sees. 110 and 203. as ameiided by sec. 3 of
title II, act Mar. 20; 1933). These figures are exclusive of $54,361,403.61 on account O impounded salai'y
f
savings and $9,646,208.40 reserve for impounded salary savings for the Postal Service.
6 Trust fund receipts of $15,593.08 included in niiscellaneous trust funds following.
7 The act of Apr. 1; 1932 (47 Stat. 78) suspended reimbursement of $liOOO>000 annually to the General
Fund of the Treasury until July 1.1934.
8 The item of $73,743.84 United States revenue is shown under revenue receipts; p-. 286.
0 Exclusive of $73,743.84 United States revenue from District of Columbia sources.
290
REPORT OF THE SECRETARY OF THE TREASURY
TABLE 3.—Details of expenditures, by organization units and funds, for the fiscal
year 1933
[Details on basis of checks issued, totals adjusted to daily Treasury statements (unrevised), see p. 275.
For explanation of funds, see p . 276.]
1
Total general and Trust funds
Organization unit
General fund
Special funds | special funds
LEGISLATIVE
U.S. Senate
House of Representatives
Legislative, miscellaneous
Architect of the Capitol
Botanic Garden
Library of Congress
Government Printing Office. _
..
Total legislative, checksissued basis
Adjustment between checks issued
and cash expenditures
Total, legislative, cash basis.
$3,108,273.06
7,606, 657.38
47.811.98 1
6,535,405.38
119.798. 76
2,041,841.81
1,041.727.66
231.379. 67
17,127.06 1
$3,108,273.05
7,605,657.38
49.190.15
6,536.406.38
119.798.75
2, 273,221.48
1,024,600.49 1
20,600,415;90
216.630. 78
20,716,046.68
900.383. 61
139,056.93
761,326.58
21.400.799.41
76,573.85
21,477,373.26
$1,378.17
EXECUTIVE O F F I C E
.Executive Ofiice, checks-issued
basis
Adjustment between checks issued
and cash "expenditures...
369,800.98
369.800.98
688.16
688.16
Total, Executive Office, cash
basis
369.112.82
369.112.82
346,437.73
11,638.76
. 346,437.73
54,942.49
INDEPENDENT OFFICES ^
Alien Property Custodian
American Battle
Monuments
Commission. _
American National Red Cross
Arlington Memorial Bridge Commission.
Board of Mediation..
Board of Tax Appeals
Bureau of Efficiency
Civil Service Commission
Personnel Classification Board
Commission of Fine Arts
Employees' Compensation Commission
Farm Credit Administration
Federal Farm Board
Agricultural marketing fund
Federal Board for Vocational Education
_
Federal Oil Conservation Board.-.
Federal Power Commission
Federal Radio Commission
Federal Reserve Board
Federal Trade Commission-General Accounting Office-..
Interstate Commerce Commission.
National Advisory Committee for
Aeronautics.-.
National Capital Park and Planning Commission-Office of War Claims Arbiter.
Puerto Rican Hurricane Relief
Commission.Public Bmldings and Public Parks
of the National Capital
Railroad administration and transportation act
Reconstruction Finance Corporation
Smithsonian Institution
National Museum. _
U.S. Grain Corporation
U.S. Geographic Board
U.S. Shipping Board
U.S. Supreme Court Building
Commission (building)
U.S. Tarifl? Commission...
War Finance Corporation
1
For footnotes, see p . 298.
- $161 252. 94
43.303. 7f
362,365.78
158.372.43
620.330.66
128,989.76
1,261.406.13
38, 661.16
7,301.82
362,355.78
158,372.43
620,330.66,
128,989.76
1,261,406.13
38. 661.15
7.301.82
4.331,452.28
4.331,452.28
(2)
(2)
. 13,582.28
642,626.73
642,626. 73
(2)
9,047,670.37
15,830. 68
219, 675.93
761,932.48
9,047,670. 37
15,830. 68
295,403.69
732.620.87
2,029. 698. 27
1,334.722.84
3, 789,480.75
7,062,618.49
75.727.76
29,31U 61
2,029, 698. 27
1,334.722. 84
3,789.480. 76
6,644,835.46
507. 783. 03
861,1U.89
861,111.89
669.512.72
569.512.72
1,463.37
1.453. 37
362,360.82
352.350.82
4, 344. 506.08
8,068.29
4,336,437.79
188,687.44
398, 246.32
678.024. 67
1.917.39
15.029. 77
(3)
3.644,174.18
899, 628.77
8,929.96
188,587. U
22,244.36
i
376. ooi. 97
678,024. 57
1.917. 39
16.029. 77
(3)
'
3, 644.174.18
899.528.77
8,929.96
99 12
KEPOET OF THE SECRETARY OF THB TREASURY
291
TABLE 3.—Details of expenditures, by organization units and funds, for the fiscal
year 1933—Continued
Organization unit
General fund
Special funds ' ' " S ' e f & r / v ^ r
Trust funds
INDEPENDENT OFFICES—COU.
Miscellaneous commissions, boards,
etc.:
Chicago World's Fair Centennial
Celebration
George Rogers Clark Sesquicentennial Commission..
George Washington Bicentennial
Commission
Mount Rushmore National Memorial Commission
Nitrate plants, plan for disposition
..
Protection of interests of United
States in oil leases and oil lands.
Public Buildings Commission
United States-Yorktown Sesquicentennial Commission
National Industrial Recovery
Emergency Conservation Work..
Federal Home Loan Bank Board.
National Banking Emergency
Act
Total, independent offices,
exclusive of U.S. Shipping
Board, Veterans' Administration and operations under special items, per note
2, checks-issued basis
Adjustment between checks issued
and cash expenditures
Total, independent offices,
exclusive of U.S. Shipping
Board and Veterans' Administration, cash basis i...
U.S. Shipping Board:
Checks-issued basis
Adjustment between checks issued and cash expenditures
Total, U.S. Shipping Board,
cash basis
Veterans' Administration:
Salaries and expenses
Adjusted service certificate fund..
Adjusted service and dependent
pay
Civil service retirement and disability fund
Canal Zone retirement fund
Hospital and domiciliary facilities and services
Military and naval compensation
Military and naval insurance
Printing and binding
Army and Navy pensions
State and Territorial homes for
disabled soldiers and sailors
Government life insurance fund 6.
Miscellaneous items
Special deposit accounts..
Total, Veterans 'Administration, exclusive of adjusted
service certificate fund,
civil service retirement and
disability fund, and Canal
Zone retirement fund,
checks-issued basis
Adjustment between checks issued and cash expenditures
Total, Veterans' Administration, exclusive of adjusted
service certificate fund and
civil service retirement and
disability fund, cash basis.
For footnotes, see p. 298.
$506,422. 42
$506,422.42
581,426.81
581,426. 81
150.179.95
150,179.95
61,051. 00
51,051. 00
995. 98
995.98
6, 751.82
50,122.45
6, 751. 82
50,122.45
220. 78
8, 670.57
14, 248,461. 23
217, 260.34
220. 78
8. 670. 57
* 14. 248.461. 23
217, 260. 34
235. 492. 97
235,492.97
67,037.663.07
$2,598,341,91
59, 636,004.98
$147,671.64
«14,395,608.65
3,089.04
14,898,697.69
90. 552.12
42,642,164. 52
2, 595, 252.87
45, 237,407. 39
67, 019. Jt
23, 063. 540. 01
5, 256, 083.17
28,319, 623.18
8, 743. 68
190,463. 57
199, 207.15
23, 072, 283. 59
6,446. 546. 74
28, 518,830.33
90.115, 647. 56
(2)
2, 251,870. 35
90,115,547. 56
(2)
(2)
2, 251, 870. 35
(2)
(2)
(2)
14,306,801. 72
14,306.801.72
315, 625, 333.15
123,409,187. 56
124,755. 48
234,990,426. 99
315. 625.333.15
123,409.187.56
124, 755.48
234,990,426.99
757,965.18
767,965.18
306.839.41
68, 019. 57
306,839.41
68, 019. 67
70, 344, 294.13
112, 719. 79
1, 713. 291. 60
781,830,707.83
781,830, 707.83
72.170, 305. 52
18,676,821. 68
18, 675,821.58
78.460. 03
763,154,886.30
763,164,886.30
72,091.845.49
292
REPORT OF THE SECRETARY OF THE TREASURY
T A B L E 3.—Details of expenditures, by organization units and funds, for ihe fiscal
year 1933—Continued
Organization unit
General fund
Special funds Total general and
special funds
Trust funds
DEPARTMENT OF AGRICULTURE
Office of the Secretary
Office of information
..
Library, Department of Agriculture.
...............
..
Office of experiment stations
Extension service. .: - . .
..
Cooperative agricultural extension
work
s. Weather Bureau...
Bureau of Animal Industry
Meat Inspection, Bureau of Animal Industry ^...^..^
Bureau of Dairy Industry
Bureau of Plant Industry
Forest Service
...... .
.
Cooperative work, Forest Service
Payment to States and Territories,
from national forests fund
Roads and trails for States, national forests fund . . . Acquisition of lands for protection
of watersheds and streams . . . . .
Bureau of Chemistry ajid Soils
Bureau of Entomology
..
Bureau of Biological Survey
Bureau of Public Roads, salaries
and expenses
Mount Vernon Memorial Highway.
Road construction
Flood relief for restoration of roads
and bridges
......
Bureau of Agricultural Economics.
Bureau of Agricultural Engineering
Bureau of Home Economics
Bureau of Plant Quarantine
Enforcement of the Grain Futures
Act
Food and Drug Administration
Agricultural Adjustment Admin stration
;
Loans to farmers in storm-, flood-,
and drought-stricken areas
Agricultural credits and rehabUitation emergency relief
Asrriculture miscellaneous
Special deposit accounts
Total, Department of Agriculture, checks-issued basis. .
Adjustment between checks issued
and cash expenditures.
Total, Department of Agriculture, cash basis -
$970. 333. 55
1.126,934.25
$970.333. 55
1,126,934.25
102,887.13
4. 582.913. 50
1, 533,843. 55
102.887.13
4,682,913. 50
1. 633,843. 55
8.607,325.94
3.695.726. 01
8. 043. 500. 24
8.607, 325. 94
3,695,726.01
8,043,500.24
5.019.963.81
626. 687.17
4, 636,878. 47
17, 009, 367. 06
5,019.963.81
626,587.17
4, 636, S78. 47
17, 009. 367. 06
2,118, 502. 66
$2,118,502. 56
589,477.81
867.615.18
1, 602.627.52
2,205,175. 69
1, 784.159. 54
689.477.81
215.266. 23
216.266. 23
..._.....-.-....
857, 615.18
1. 602. 627. 52
2.205,175. 69
1, 784,159. 54
(0
.277.449; 11
177, 244,701.84
277,449.11
177,244.701.84
440. 687.11
6.775. 513. 64
496,086. 73
214, 312.94
300,149. 62
124. 236. 38
440,587.11
6.899.749.02
496.085. 73
214. 312. 94
300,149. 62
174.056. 60
1, 582, 721. 60
174.066. 60
1.682. 721. 60
16,681.44
16, 681.44
145,233.91
, 145,233.91
1,485.67
3,072,375.47
282,922.90
1,485.67
3,072.375.47
47.726. 51
252,191.848.46
3.282. 678. 37
265,474,526.83
4,179,074. 96
314,312.85
4,493,387.81
248, 012.773. 60
2,968, 365. 52
250,981,139. 02
235.196.39
DEPARTMENT OF COMMERCE
Office of the Secretary.. .
._
Radio Division
Aircraft in coihmerce..
Bureau of Foreign and Domestic
Commerce
. - Bureau of Census
Bureau of Navigation and Steamboat Insncction Service
Bureau of Standards
Bureau of Lighthouses
Coast and Geodetic Survey
Bureau of Fisheries
Patent Office
Bureau of Mines
Commerce, miscellaneous
Special deposit accounts
Total, Department of Commerce> checks-issued basis..
Adjustment between checks issued
and cash expenditures
Total, Department of Commerce, cash basis.
For footnotes, see p. 298.
1.168,926. 20
1,158,926.20
9,339,149.00
9, 339,149. 00
3,745.410.01
3,181.297.66
3,745,410. 01
3,181* 297.66
1.384,138.65
2. 208.393.17
12.046,234.81
3, 356.149. 86
2, 019.126. 59
936. 636. 41
1,816.338.08
49.136.83
211.321.93
1,384.138. 65
2.208,393.17
12.046, 234.81
3,367, 667. 68
2.019,126. 59
4,753,374. 01
1.861.766.95
49,136.83
211. 321.93
$966.00
3,863,684.29
46. 315,943.49
966.00
530,343.73
121,865. 92
652.209. 65
41,982. 602.93
3.985.650. 21
45.968.153.14
(«)
41,452,269. 20-
11, 617.82
3,816,737.60.
35,428.87
965.00
REPORT OF THE SECRETARY OF THE TREASURY
293
TABLE 3.—Details of expenditureSy by organization units, and funds, for the fiscal
year 1933—Continued
Organization unit
General fund
Special funds
Total generaland
special funds.
T r u s t funds
D E P A R T M E N T OF T H E INTERIOR
Office- of the Secretary
.
General Land-Office
Bureau of Reclamation...
Geological Survey
National Park Service
Office of Education
Government-in the Territories
Beneficiaries..;
_..ll.__.
Interior, civil, miscellaneous
Special deposit accounts...
Indian Affairs:
Salaries and general expenses
Education
•
General support and civilization .
Fulffiling treaty stipulations and
treaty supports
. . -Miscehaneous expenses of Indian
Service
..
Interest on Indian tribal funds
Tribal funds
Special deposit, accounts . .
Total; Departinent' of the
Interior, including IndianAffairs but excluding Bureau ofi Pensions and civil
service retirement and disabihty fund; checks-issued
basis
-Adjustment between checks issued
and cash expenditures
Total; Departinent. of the
Interior, including Indian
Affaks, but- excluding Bureau of: Pensions and civil
service retirement and disability fund; cash basis
$1, 265, 769. 68
1,846,053; 05 $1,424, 708. 96
19; 808,404; 05 10.5, 402, 991. 462.- 514, 912i 56
9. 397, 647; 60
36, 702. 34.
2,-891,867:93'
1, 911, 021. 44
2, 685, 743; 09
38, 699. 97
20, 499, 97
2,000,445. 31
10,091, 637: 72
1,632, 039. 63-
1; 592, 719.10
65,684.56
5, 230. 08
573, 766. 26
7T 503,-145. 69660, 287;. 00
e-$1.265,769.58
3, 270, 762; 01
25, 211, 396.61
2, 614, 912. 56
9, 434.349. 94.
2,891.867.93
3,503.740.64.
2; 685, 743.09.
38; 699; 97
45,184,59
$481.44
175,897. 46
2,000.445.31
10,096,767.80
1,532,. 039; 63
573, 756. 26
355, 904; 84
7,859,050. 53
660, 287. 00
4, 985, 414. 22
276, 347.81
64; 741; 830. 85
8, 752, 572. 22
73,494; 403. 07
5.438,140. 93
1; 024-, 693: 95
60, 619.60
1,085*313.55,
654, 671. 53
65. 766, 524. 80
8,813,19L82.
74* 579,716. 62
4, 783, 469. 40.
DEPARTMENT OF JUSTICE
Office of the Attorney General:
Salaries and expenses.
Detection and- prosecution of
crimes.....
.
•
Bureau of- Prisons, salaries and
expenses..
_
Bureau of Prohibition
Miscellaneous objects
Judicial:
Salaries and expenses, Supreme
Court
Salaries of circuit, district, and,
retired judges
Court of Customs, and Patent
Appeals
U.S."Customs Court
Court of Claims
Territorial courts
Expenses, etc., United States
courts
Penal and correctional institutions
Judicial, miscellaneous
Special deposit accounts
Total, Department of Justice,
checks-issued basis
Adjustment between checks issued
and cash expenditures
Total, Department of Justice,
cash basis
For footnotes, see p . 298.
1, 609,8261. 43
1,609,826.43.
2, 320, 646, 69
2; 320, 646; 69.
202,166.35
11 9, 086, 733. 07
497,17Q. 31
202,166.35
9; 086, 733. 07497.170. 31 i
314, 299. 92
314, 299. 92
2.168, 72Q. 65
2,168,726.65
83, 308. 67
209, 793. 00
200. 273. 36
73.444. 74
83, 308. 67:
209, 793.00
200,273.36
73* 444; 74-
13, 249, 604. 73
13,249, 604. 73
13. 527.905. 01
25,824.98
200, 261. 76
13, 527,905.-, 01
25,824: 98
200, 261-. 76
906,883. 86
5, 665. 68
43, 769,885. 67
43, 769, .885. 67
901,218.18
318,441. 33
318; 441. 38
4, 717. 06
44, 088, 327. 05
44; 088, 327. 05
905,935. 24
294
REPORT OF THE SECRETARY OF THE TREASURY
TABLE 3.—Details of expenditures, by organization units and funds, for ihe fiscal
year 1938—Continued
Organization unit
General fund
Special funds Total general and
•special funds
"Trust funds
DEPARTMENT OF LABOR
Office of the Secretary
Bureau of Labor Statistics
Bureau of Immigration
Bureau of Naturalization . .
Children's Bureau
Women's Bureau
Housing Corporation
Employment Service..
Labor, miscellaneous
Special deposit accounts
$655.718.40
414.528. 21
9. 642, 579. 63
896.214.27
338.594. 66
143, 217.93
13,951.88
765.151. 27
11.088.74
112.689.65
$102,507.86
634.138. 49
$655,718.40
414.628.21
9,746,177.49
896,214.27
338, 594. 56
143, 217.93
13,961.88
765,15L27
11,088.74
646,828.14
$701:00
86,431.10
Total. Department of Labor,
checks-issued basis
Adjustment between checks issued
and cash expenditures
12,993.734.54
636.736.35
13,630.470.89
84,730.10
48,440.96
1,070.28
47.370.68
384.00
Total, Department of Labor,
cash basis
13,042,176.50
635.666. 07
13.677.841.67
1,799.078.07
5.630,751.47
20. 244,581.17
15,939, 541.96
11,642,128.49
1,870.95
36,863. 35
1,797,207.12
5,567,604.82
20, 244,581.17
15,939, 541.95
11,642.128.49
'
86,114.10
NAVY DEPARTMENT
Office ofthe Secretary
Bureau of Navigation.
Bureau of Engineering
Bureau of Construction and Repair.
Bureau of Ordnance
. ,
Bureau of Supplies and Accounts:
Fuel and transportation.
Maintenance
Naval supply account fund
Pay, subsistence, and transportation, Navy
Other items
;
Bureau of Medicine and Surgery
Bureau of Yards and Docks
Bureau of Aeronautics
Naval Academy
_. ._ . .
Marine Corps:
Pay
___
General expenses
Other items
Alterations to naval vessels
Increase of the Navy:
Armor, armament, and ammunition
Construction and machinery
Other items
Salaries, Navy Department..
Contingent expenses, etc
Navy, miscellaneous
General account of advances
Special deposit accounts
5, 588.094.74
8,961, 617.82
13,695,748.49
5, 588,094. 74
89,961.617.82
13,695,748.49
142,440, 249.15
298,199.74
1,618,344.14
19, 396,729. 73
31.381.284.87
1. 760,947. 76
117,568.17
249.958. 71
2.465. 02
142,440,249.15
415,767.91
1,768,302.86
19,399.194.75
31.381.284.87
1,760,947.76
22.689.34
14,455, 541.12
6,076. 216.16
266, 722.18
12,417,665.10
14,455,641.12
6,076,215.16
266,722.18
12,417,665.10
8,650,389.49
39, 643.105.11
26.263. 85
3,706. 320. 23
836, 473. 22
3.645,329.98
5.310. 21
9,403.36
8,660,389.49
39, 643,105.11
26,253.86
3,705,320. 23
836,473. 22
3, 646,329.98
6,310. 21
9,403.36
395,570.94
342,929, 697. 20
174,101.>89
180,875.86
6.632.227.39
3,813.65
.214,695.09
349.561,924, 59
170, 288. 24
Total, Navy Department,
checks-issued basis
Adjustment between checks issued
and cash expenditures
342. 534.126. 26
Total, Navy Department,
cash basis
349,347. 229.50
6,813,103.24 1
151,367.27
145. 28
POST OFFICE DEPARTMENT
Deficiencies in the postal revenues..
Miscellaneous expenses. Postal
Service .Total, Post Office Department, exclusive of Postal
Service payable from postal revenues, checks-issued
basis..
Adjustment between-checks issued
and cash expenditures
Total, Post Office Department, exclusive of Postal
Service payable from postal revenues, cash basis
For footnotes, see p. 298.
(2)
•
58,603. 54 1
58,603.54
29.00
68,603.64
58,603.54
29.00
721. IS
721. 18
57,882.41
67.882.41
29.00
REPORT OF THE SECRETARY OF THE TREASURY
295
TABLE S.—Details of expenditures, by organization units and funds, for the fiscal
year 1933—Continued
Organization unit
Special funds
T o t a l general a n d
special funds
$7,078. 36
261,566.11
$2,030.218.13
12,969,441. 60
17,849.73
12 $75,913. 24
1214,713,165. 53
268. 644.47
14.981.810.00
75,913.24
839,539.88
695,781.07
243.758.81
8,068. 07
15,552, 706.41
327,136. 60
15. 225,568.81
83,981.31
General fund
T r u s t funds
D E P A R T M E N T OF STATE
Salaries and expenses
Foreign intercourse
Special deposit accounts..
Total, Department of State,
checks-issued basis
Adjustment between checks issued
ahd cash expenditures
Total, Department of State,
cash basis..
..
$2.030,218.13
1212.962.363. 24
279,416.84
TREASURY D E P A R T M E N T
Office of the Secretary
Office of Chief Clerk and Superintendent
Division of S u p p l y . . J . . .
General Supply Committee
Office of Commissioner of Accounts
and Deposits...
:.
Division of Bookkeeping and Warrants
.......^
PubliaDebt Service.Division of Appointments.
Office of Disbursing Clerk..
Bureau of Customs:
Collecting the revenue from
customs
—
.
Miscellaneous expenses
Refunds, debentures, drawbacks,
etc
Bureau ofthe Budget.._
Federal Farm Loan Bureau
Office of Treasurer of United States.
Office of Comptroller of the Currency
Bureau of Internal Revenue:
Collectingthe re venue
Refunds, debentures, drawbacks,
•etc..-.—-......_
_
Bureau of Prohibition:
Enforcement of narcotic and
national prohibition acts
Refunds and drawbacks......
Bureau of Industrial Alcohol:
Salaries and expenses.
Refunds and drawbacks.
Bureau of Narcotics.
Coast Guard
.—
Bureau of Engraving and Printing.
Secret Service Division
Public Health Service..
Bureau bf the Mint—--.-...i
Office of Supervising Architect:
Operating expenses, public bufldings
Repairs, equipment, etc., public
bufldings.....•
-.
Sites, construction, etc.:
Post offices, customhouses,
courthouses, etc
Inspection stations
Quarantine stations
Marine hospitals.
Treasury, miscellaneous:
To promote the education of the
blind
Outstanding liabilities (trust
fund)
Other items
Special deposit accounts
Total Treasury Department,
exclusive of special accounts.For footnotes, see p. 298.
140.628.98
140,628.98
683.720.52
1.093,039.65
163. 061.77
683,720. 52
1,093.039. 65
163,061. 77
98,220.70
1. 047.192.98
3,182,727. 04
40.035.43
48, 623. 31
98, 220. 70
30,959. 94
19,471,673. 60
9,052.-77
(13)
(13)
171. 514. 35
735. 213.88
1, 532. 318.30
2.476, 290. {
29,911,947.80
(13)
29, 234. 78
19,471,573.60
9, 052. 77
171,514. 35
735,206.02
1, 532,318.30
• 280,166.19
1.078.152.92
3,182.727. 04
40, 035. 43
48, 623. 31
2.756,457. 05
29.911.947.80
(13)
14 3,374.76
3, 374. 76
(13)
3,892.806. 24
3.892,806. 24
(13)
1. 210,857.30
29, 230,039. 99
. 5,528,166.18
660. 537. 67
10,373, 681.89
1,204,463.73
3, 696. 74
1,210, 857. 30
29, 230, 039.99
6,528,166.18
660, 537. 57
10,377, 278. 63
1, 204,453. 73
14,805,776.96
14,806,775.95
7,018,294.84
265. 00
7.018,294.84
102,246,427. 66
690.536. 59
99,013.65
2, 664,164. 24
10.788. 54
102, 246, 427. 55
590, 535. 59
99.013. 65
2,674,952. 78
75,000.00
76, 000. 00
704, 039. 42
1,382,069.54
'704.'539.'42
237,533, 028.77
2, 521.743. 94
240. 054.772. 71
264,015.20
20.00
324,983.32
559,478.74
REPORT OF THE SECRETARY 'OF THE TREASURY
TABLE 3.—Details of ^expenditures, hy organization Hi'nits and fu'nds,yor the fiscdl
year 19SS—Cbntm\ied
Organization unit
General fund ' Special'funds Total general .and
special-funds
Trust funds
TREASURY DEPARTMENT—COUtd.
Special accounts:
Settlement of war ^claims act of
1928
Stock of Federal intermediate
credit banks.^
Additional stock of Federalland
banks
•.
Total, Treasury D epartment,
checks-issued basis is
Adjustment between'checks 'issued
and cashexpehditures
Total, Treasury Department,
cash basis i^.......-.
$136,896.63
$136,'896. 63
28.000.000.00^
28,W0,000.'00 ,
266,669,926.40
427.605.39:
266.097. 530.'-79:
$2,621,743.94
•1,114,316.64
1.407,428. 40 ,
268.1.91,^669.-34 •
'686,710. l'5
267, 604,959.19 •
WAR DEPARTMENT
Military activities:
Salaries, War Department
..
Office of Secretary of War
General Staff Corps
Adjutant General's Department..
Judge Advocate General's Department.
...•. - . Finance Department:
Pay ofthe Army
Finance service
....
. Judgments ....•
Other items
Quartermaster Corps:
Army transportation
•.
Barracks and quarters and
other buildings and utilities..
Clothing and equipage.
...
Construction of bmldings, etc.,
at military posts
Construction and repair of hospitals
Incidental expenses of Army. .
Regular supplies of the Army.:
Subsistence 'of the Army
Other items
Signal Corps. ^_
Air Corps
Medical Department
Corps of Engineers
Fortifications, etc., P a n a m a
Canal 1
6
•
Ordnance Department
Chemical Warfare Service
Chief of Infantry
.
Chief of Cavalry
Chief of Field Artillery
Chief of Coast Artillery
Seacoast Defenses
Seacoast Defenses, P a n a m a
Canal 17..-.Military Academy.. ^
Militia Bureau
.;.
Organized Reserves
..
Citizen's military training
National Board foi: Promotion of
Rifle Practice
.
Accounting funds
•
Special deposit accounts
For footnotes; 'See p. -298.
4,446,858. •58'
679,763.17;
115,947.'06
104,111.^61
4,446,:858. 58'
679, 763.17
115,947.06 •
104, 111. 61
255, 500.100 •
265,-500.'00
127,714, 681.^26'
981,865.!80
2,954,214. 58 !
416,846.'45
127,714,'58L26981,-866. 80
2,954, 214. 58 .
416,.846.45'
12,f598,899.45
12, 598,899. 45 !
14, 538,017. 79 !
6,865,486.'01.
14,'538,017. 79
6,865,486. 01:
11,'618,986.84
11, 618,986. 84 .
646,264.21:
3.268.893. 99
4.488.894. 93
20,434,081. 98
308,426.65
2,925,229. 20'
21, 930,108. 81
1, 532, 656. 47
615, 538. 07
546,264. 21
3,268,893.-99,
4,488,894.93,
18,489,955.00?
•308,426.65
2,925,229.20?
21,930,108. 81
1,532,656.47'
•615,538.'07:
9, 976,653 .'08'
1,238,840. 85 .
59,993. 79
18,169.44:
24,885. 25'
26,887.12
1,806,277. 07
1,944,126.98
-38,729.29
10,015, 282. 37 ,
l,'238,840.-85,
59,993. 79
18,169.44 •
24,885.25
26,887.12:
1,806,'277. 07
614,916. 00
2,615,937.78
33,169,936.73
5, 746,332. 48
6,459, 546. 07
614.916.00'
2,515,937.78.
33,169.936; 73
'5,746,332.48;
6,469, 546. 07 .
257, 693. 53
1 928,804.68
8
189,049.92
257,693.'53'
928,804:68:
189.049. 92:
($569,478.74
39,510 35
•598,989.09
297
iREPORT OF T H E SECRETARY OF T H E TREASURY
T A B L E 3.—Details of expenditures, by organization units and funds, for the fiscal
year 1933—Continued
Organization unit
General fund
Special funds T o t a l general a n d
special funds-
T r u s t funds
WAR DEPARTMENT—continued
Nonmilitary activities:
National cemeteries National mflitary parks
Miscellaneous,
Quartermaster
Corps
Signal Corps.;
...
Qorps of Engineers, miS9ellaneous..
Rivers and harborsImproving rivers and harbors..
• Floo.d control and relief
Special deposit accounts
War claims and relief acts
Miscellaneous, nonmilitary
Trust funds
$929, 562.18
460,-719.72
591,038.09
194,277. 68
35,847. 07
$24,170.81
- 76,839,388.14
3,9,662, 056. 09
45,032. 28
52,296. 3.4
104.385., 10
767, 269. 51
807,6.3,8.90
11,320. 99
6I5,208. 9,0
m 277. 6.8,
47,168. 06
77,6.06.6.5,7.65
40,459,694.9,9
46,032. 28
52,296. 34
1Q4,3,85., 10
$1,405,040.13
Total, War Department, excluding Panama Canal,
checks-issued basis
1M19,.311,990.03
Adjustment between checks issued
17,572,882,72
ahd cash e x p e n d i t u r e s . . . . . . . . . . ; .
Total, War Department, exr
eluding' Panama Canal,
cast| basis
$929, 562.18
450,719. 72
436,884,872, 76
Total, classified, general ex2,331,471.861.28
penditures, cash basis
Unclassifie.d items, cash b,asis._..._
779,^684106
Total, general expenditures,
cash basis
'
; . 2,330,692,227.23
294,997. 48,
419,016,992. 55
1,405,Q40.13
132,408. 98
17,705,291,70
S3,577,65
162,5 88._ 5,0
436,722,284.25
1,37/1.462. 48
25.653. 546.47 2.357,125,406.75
" 115,60143'895,l'88y48
78,665,923.55
117,116.98
2, 356,230, 268,27
78,783,040. 53
25, 538,041.04
OTHER ITEMS
Public debt:
689, 243, Oil. 82
Interest
425,660,300,00
Sinking fund
iPurchases and retirements from
foreign repayments .
Purchase and retirements from
franchise tax receipts (Federal
Reserve banks)
Forfeitures, gifts, etc
Refunds of receipts:
12, 609, 694. 92
Customs
55, 610, 578. 65,
Internal Revenue
71," 746. 03
Bureau of Industrial Alcohol
117, 380, l92. 33
Postal deficiency i"
...;...
1.
11,417,757.84
Panama Canal
Additional stock of Federal, land
242,545.00
banks
... .
Farm Credit Administration 2
0
180.067. 36
6,3,04,, m . 91
Agricultural marketing fund (net)..
Distribution of wheat and cotton
35,105,531.67
for relief
100; 000,00,0. 0,6
Adjusted service certificate fund 2'i..
22 20,850,000.00
Civil service retirement fund 21
Government life insurance fund 2 _.
1
416, 600. 00
Foreign service retirement fund 2
1
Canal Zone retirement fund 21
24 7,816, 049. 08
District of Columbia
Reconstruction Finance Corpora1, 277.038,167. 73
tion ,
Total, other items, checksissued basis
Adjustment between checks issued and cash expenditures
6.89, 243, o n . 82
425,660, 300." OQ
33,88.6, 650.00
2.036, 750. 00.
21.100. 00
5,9. 67
7,, 614. ZX
1,112,941..82
33,88,6,. 65,0. Qp,
2.036, 750.00
21.100.00
12.6.09,764. 59
65, 618,192.86
71, 746. 03
117.380,192:33
11,417,'757:84
242,546.00
932,874.46
6,304;,J84,91
35,10,5,531. 67
.100,00,0,000.00
2o;85o;ooo.'oo
416.000. 00
7.816,049. 08
7,601,748.76,
40.341.' 504.95
(23)
262.176. 38
544,786. 93
34,212.676. 01
1.''277, 038,167.73
2, 747,852,367.42
34,839, 232.16
2, 782, 691. 599. 68
2.918,868. 24
1,112,890. 62
4.031, 758. 76
1,923, 593. 97
Total, other items, cash basis. 2,750,771.235.66
35.952,122. 68
2, 786. 723, 358.34
84,886, 387. 00
Total expenditures chargeable against ordinary receipts, checks-issued basis.. 5,088.091,864.69
62, 335,921.12
6,150.427, 785.81
162. 334. 796. 54
F o r footnotes see p . 298.
82.962.793. 03
298
REPORT OF THE SECRETARY OF THE TREASURY
TABLE 3,—Details of expenditures, by organization units and funds, for the fiscal
year 1938—Continued
Organization unit
General fund
Special funds Total generaland
special funds
Trust funds
OTHER ITEMS—continued
Adjustment between checks issued
and cash expenditures
$6,628,401.80
$846,767.40
$7,474,159.20
Total
cash
expenditures
chargeable against ordinary
receipts on basis of daily
Treasury statements (unrevised);
Excess of expenditures chargeable
against ordinary receipts over
ordinary receipts...i
5. 081, 463.462. 89
61,490,163.72
5,142,963,626. 61
3,065,732,174. 26
0
i^ 2,475,289.41 2 3,063,256,884. 85
$1,334,630.99
163,669,427. 53
5,069,988.*73
NOTE.—Excess credits and adjustments in italics to be deducted.
1 Exclusive.of related items shown on p. 297 under "other items."
2 See *'other items," p. 297.
3 This item shown on p. 291.
4 Expenditures from "Army account of advances** on account of the Emergency Conservation fund,
amounting to $14,239,529.61, were included in the expenditures of the War Department in dafly Treasury
statements for the fiscal year 1933, the transfer and counter adjustments between Army account of advances and the Emergency Conservation fund not having reached the Treasury untfl after the close of the
fiscal year 1933. The warrants in such cases, however, were dated June 30, 1933 which accounts for the
difference in the classification of the expenditures on a checks-issued basis included in this report and the
cash expenditures as published in dafly Treasury statements under the classifications pertaining to the
War Department and independent offices, respectively.
«See note 4.
6 See p. 62 for statement of investments on this account.
7 Salaries and expenses were provided for under the appropriation, "Cooperative construction of rural
roads ", in thefiscalyear 1933, the expenditures therefor are included in the figures for * 'Road construction.''
8 Included under Federal Radio Commission pursuant to sec. 511 of the act of June 30,1932, and Executive order of July 20, 1932.
e The $500 chargeable to the District of Columbia under Freedman's Hospital which was transferred
to "Contingent expenses, Department of the Interior", is included in District of Columbia expenditures.
1 This amount does not include the sum of $1,000,000 heretofore reimbursed annually to the general
0
fund under the act of June 12, 1917.
1 Additional expenditures for prior year accounts under the National Prohibition Act, amounting to
1
$3,374.76, were made under the Treasury Department during 1933. The expenditures under the Bureau
of Industrial Alcohol, Treasury Department, amounted to $3,964,552.27 during 1933.
1 Exclusive of foreign service retirement fund, p. 297.
2
'3 See "Refunds of receipts'*, p. 297.
1 Additional expenditures under Department of Justice for this item amount to $9,086,733.07. See p. 293.
*
15 Exclusive of refunds of receipts, p. 297.
1 Expenditures for this object are stated under "Seacoast defenses, Panama Canal", below.
6
1 See note 16.
7
1 Exclusive of $14,239,529.61 referred to in note 4.
8
1 For classification of extraordinary expenditures contributing to the deflciency in postal revenues for
9
the fiscal year euded June 30, 1933, see exhibit 41 on p. 271 for statement of account.
20 See footnote 4, p. 281.
21 See pages beginning 55 for statements of accounts.
22 Exclusive of $150,000 expended under District of Columbia for its liabflity, Civil Service Retirement
Act, fiscal year 1933.
23 Included under Veterans' Administration, p. 291.
24 $7,775,000 plus additional charges of $41,049.08 under divided accounts.
25 Excess of receipts over expenditures.
2 Add excess of trust fund expenditures ov^er trust fund receipts for comparison with surpluses and
0
deficits as published in annual reports for years prior to 1931.
REPORT OF THE SECRETARY OF THE TRE.A.SURY
299
TABLE 4.—Ordinary receipiSy expenditures chargeable against ordinary receipts,
and surplus or deficit for the fiscal years 1916 to 1933 ^
[On basis of daily Treasury statements (unrevised), see p. 275]
(Beginning with the fiscal year 1931 receipts and expenditures were classified according to general,
special, and trust funds in the daily Treasury statement in order to conform to the practice of the Bureau
of the Budget. In the following table, however, transactions in general, special, and trust funds are combined for purposes of historical comparison. For explanation of funds, see p. 276.)
[In thousands]
P A R T l.—SUMMARY OF ORDINARY R E C E I P T S
Internal revenue
Year
Customs
Income
a n d profits
taxes
Miscehaneous
Miscellaneous receipts
F r o m foreign governments
All other
Interest
Principal
1916
1917
1918
1919-_-_1920
1921..
1922.^.
1923
. . . .
1924.-..
1926
1926
1927
1928
1929
1930
1931
1932-__....
1933-
$213.186
225.963
179,999
. 184.458
322,903
308,664
356.443
661,929
545, 638
547. 561
579.430
605,600
668,986
602.263
687,001
378.354
2 327,755
260,760
$124,937
359.681
2,314,006
3.018.784
3,944.949
3,206,046
2.068,128
1,678,607
1,842,144
1. 760,538
1.982,040
2,224.993
2,173,962
2,330.712
2,410,987
1.860.394
1,057,336
746.206
$387.765
449,685
872,028
1,296,501
1,460,082
1,3'90,380
1.146.125
945,865
953,013
828,638
855,600
644,422
621.019
607.307
628.308
669,387
503,670
858, 218
Total
ordinary
receipts
$31,657
61,090
23.248
34.147
45.700
47.841
38,791
97.634
51,588
$201,332
160.685
160,390
160,091
160,389
161.085
160.341
141,932
184.476
31,568
67.190
$56.647
88.996
298,650
652,614
966,631
719,943
639,408
687,745
449.476
459,774
351,448
448,391
469,465
293.836
312,080
273.035
232,467
284, 424
$782.535
1,124.326
3.664.583
5,152.257
6.694,565
5,624.933
4,109.104
4,007,135
4,012,045
3.780,149
3.962,756
4.125.396
4.042,348
4.033,250
4.177.942
3,317, 233
2; 121.228
2. 238,356
PART 2.—SUMMARY OF EXPENDITURES CHARGEABLE AGAINST ORDINARY
RECEIPTS
Public debt retirements
Year
1916
1917
1918
1919
1920
1921..1922._-„_
1923
1924
1925
1926
1927
1928
1929
1930
1931
1932
1933
T o t a l ordin a r y expenditures
(See p a r t 2A)
Sinking
fund
$734.066
1,977,682
12.696,703
18, 514.880
6.403,344
5.115,928 $261,100
3,372,608
276.046
3, 294.627
284,019
295,987
3,048, 678
306, 308
3,063,106
317.092
3,097.612
333.529
2,974,030
354.741
3,103,265
370,277
3,298,859
388,369
3,440, 269
391,660
3,779,868
412. 555
5 4,861,696
fi 4, 845.018 425. 660
For footnotes, see p. 302.
Foreign
repayments
$7,922
72.670
73,940
64,838
100,893
149,388
159,180
169,654
179,216
181,804
176.214
160,926
48,246
33,887
All
Other 3
$1,134
93
6,076
87,241
81,811
17,939
12, 625
1,050
630
6,810
3.710
3,113
6,589
176
75
2,058
Total
$1,134
8.015
78,746
< 422.281
422,695
402.851
458.000
466. 538
487.376
519. 655
540,256
649,604
663.884
440.082
412.630
461, 605
T o t a l expenditures
chargeable
against
ordinary
receipts
S u r p l u s (,-\-)
or deficit (—)
$734.056
+$48.478
1.977,682
—853,357
12,697,837
-9.033.254
18.522.895 —13.370,637
6,482.090
+212.475
5.538,209
+86,724
3,795,303
+313.802
3,697,478
+309.657
3, 506, 678
+506.-367
+250.505
3, 529,643
+377.768
3,584.988
+635.810
3.493. 585
+398,828
3,643. 520
+184,787
3.848,463
+183,789
3.994,153
-902.717
4, 219.950
fi 5, 274.325 5-3,163, 097
5 5, 306.623 6 - 3 . 068. 267
300
REPORT OF THE SECRETARY OF THE TREASURY
TABLE 4.^—Ordinary receipts, expenditures chargeable against ordinary receipts,
and surplus or deficit for the fiscal years 1916 to 1933.^^Continued
[In thousands]
PART 2A.—DETAIL O F ORDINARY EXPENDITURES
Ordinary expenditures^general
Year
1916
1917
1918
:
1919
1920
1921
1922
1923
1924...
:
1925
1926
1927
1928
1929:.:.:..—:.;..
193,0
1931.-.-——:-.
1932
,
1933:.:..
....
Year
1916
-,
1917::,,—.;..,..,
19.18...
1919::,::...-;::,..,
1920
1921..:.—:.:.—
1922..:.:.—1923
1924
1925
1926
—
1927
1928:::-:—:-:-"--:
1929 1930
1931
im--.--.-..'--—
33
—-.-.
Year
1916
1917
19181919
1920.
1921
1922
1923 1924
1925 — — . . : . :
1926.—,„
,-^.,
1927
.-.-,
1928—':
1929.—::
:::-:
1930-:-.:::-:—.
1931-:..-::——':.—
1932
1933
.-
Legislative
establish-ment«
$13.808
15.092
16.826
17,090
19,328
18,983
17.088
14.166
14,316
13,866
15, 776
19, 678
16,402
17,547
• 19.987
23.979
27.318
21, 477
P o s t Office
Department
$7, 272
•i,;89.6
4,173
2,412
60,049
8135,359
3,384
147
187
80
96
189
277
10 43.091
58
82
126
58
Executive
Office"'
$502
1,281
9,6.63.
17,467
6,676
210
219
349
451
412
439
612
689
487
690
507
424
369
N a v y Department
$153,854
239,633
1.278,'840
2,002^311
736,021
650; 374
476, 775
333.201
332, 249
346,142
312. 744
318,909
33i;335
3.64,562 !
374,166
354.071
357, 821
349, 732
Other indeVeterans'
pendent
Administraoffices a n d
tioni2
commissions 6
$376. 750
461. 719
409,121
384,'716
404. 692
391,470
401,325
417, 280
446.956
11 729.199
807. 765
788,918
For footnotes, see p. 302.
State Depart- Treasury
Departme.nt
ment
$7,165
7.559
12.715
75.376
59.469
119.9.42
43,872
28,712
28,262
27, 683
32,069
35,443
3,5,682
. 40,309
49.496
49.969
53,917
45,484
$6,308
'6,169
9,893
20,766
13,586
8,781
9,666
16,463
14,669
15,054
16, 521
16,498
11,607
13,284
. 14.170
i.6; 688
19, 292
15, 310
$71,79,7
'84,29,4
152, 600
227.278
322.316
488,637
209,105
i45,017
137.411
128,232
136.579
151,560
195,649
200,447
193,114
7 204,569
287,744
266,906
Interior D e partment
Department
of Agricul^
ture
$199,471
216,416
244,'557
288,'286
2^79,245
357;815
33i;814
364,623
328.228
302,440
e. 301,769
302, 707
299,000
301,123
290,028
11 71,600
91, 363
79, 363
$27,970
29,547
42; 870
39;246
65,546
119.83,8
142.69,6
128.746
141,116
164.'644
155,351
156,287
169,915
171,147
177, 5,80
296,866
Sil8.976
250,981
D i s t r i c t of
Columbia
$13,255
13,682
14,447
16,014
19,988
22,715
23,731
^,054
2.5,873
3.2,713
34,411
37, 567
39,400
40,117
45,080.
47,798
48,423
41, 832
Tqtal
$691,534
999,835 ,
6,667,439
1.1,746,376
3.236,0.52
3, Q80,806
2.135,635
1.951.477
1,829,697
1.836,657
1,826,960.
1,857,410
1,953, 626
2.106,485
2,162.286
2,390.639
2. 601,128
2,403, 078
War Depart- Department
ment
of Justice
$164,647
358,168
4.850.687
8,995,880
1.610.588
1,101.615
454, 731
392,734
348, 630
361,888
355,072
360.809
390.641
416.901
463.525
478.419
468, 227
438,094
$10.539
10.566
12,965
15,717
17,814
17,206
17,889
23,522
21,134
23,496
23.774
24,819
27,'600
28,892
32,483
7 44;333
52,330
44,994
Department Department
of L a b o r
of C o m m e r c e
$11,438
11.690
12.834
15,590
30, Oil
30,829
21,688
21,784
21,430
25;783
9 29,132
30.940
34.683
39,987
64,299
61,477
52.700
45, 967
Unclassified
items, a d d
( + ) or deduct ( - )
+$992
+150
+26,470
+895
^4,400
-922
+232
-r-1,436
-r-1,234
+347
-233
+449
-199
+18
+423
-162
+251
--784
$3,608
•3,852
6.469
12,943
5; 415
7,241
6,620
9,678
8,545
9,922
9,821
11,311
10,654
12,182
14,702
13, 693
T o t a l general
expenditures
$692,626
999,985
, 6,693,909
11,747,271
3,231,652
3.079 884
2,135; 867
1,950 041
1,828,463
1,837,004
1.826.727
1,857,859
1,953,327
2,106,603
2,162, 709
2,390,477
2.601, 379
2,402, 294
REPORT ^OF THE ^SECRETARY ^OF THE TREASURY
TABLE '^.-^-Ordinary receipts, expenditures chargeable' against ordinary receipts,
and surplus or deficit for the fiscal years 1916 to 1933—^^^Contihued
[In thousands]
PART 2A—DETAIL OF ORDINARY EXPENDITURES=^Continued
O r d i n a r y expenditures—all o t h e r
Ybar
-Reifimds'of
customs
'Interest ph
Postal de^
t h e p u b l i c a n d internal
ficiency i^
•revenue
debt
receipts i3
$22,901
1916
1917
24, 743
189,743
1918
.
619,-2I6
1919
1920..-..—.
. . . 1,020, 252
1921.........
999,146
1922.........
991,001
$82,826
- 154.016
1923.....
1,055,924
1924
147. 787
940.603
170,698
1925......
. . • . 881.807.
209.965
1926
^ 831,938
137, 733
1927
787, 020
170.143
1928
731,766
212, 664
1929..............
•678, 330
167.944
1930..............
669,-348
^611,660
1931...............
91. 257
599,277
1932..
... . .
101.124
689, 365
1933.............__
70.340
iPanama
Canal
$18.-629'
19.783i
19,268
13,196
11.366
16,461
Z, 026
4.317
«. 387
9.-093
9.018
8,305
10,449
9, 046
11.^329
9. 299
10,662
12.673
•
$64, 346
32. 627
12.639
23,"21.7
39, 506
•27,'263
32.080
10 94. 700
91. 714
145.-644
202.876
117.380
D i s t r i c t of
Civil
•Columbia
service
teachers'
r e t i r e m e n t .retirement
'fund 16
fund"
Foreign
service
retirement
fund
'•
$231
190
234
258.
297
'290
514503
617
671
602
548
$9,283
8.091
S,028
9,745
10.816
426
109
•19.965
20.434;
.20.304
20.860
/17 60.-917
$82
100
87
81
282
313
337
205
17 674
. ./"'^
Year
1916
1917
1918.
1919
1920
.........
1921.....
1922
:
1923....1924.
1925
1926
i9'27
:
1928
.
..
1929..
1930
1931
1932...........
1933 -
Year
1916
1917
1918
'Governm e n t life
'insurance
fund 13
Adjusted
service
-certificate
fund
Subscrip- ;
Agricul- Reconstruction to
^Shipping
tural
R a i l r o a d s ; "Board
tion ^ i n . : stock of
'marketing
"Oorp.6
Federal <
fund (net)
l a n d 'banks
'•
$8,880
$24,-599
26, 672
30,410
31,992 ""•$99."i59'
38,290
120.162
47,316
115.219
61,701
111.818
52,160
111. 773
43,469 ,
112.313
59,626
224. 216
61,385
193,964,
46,-334
17109,420
War Fin a n c e Cor-,
poration
'$120,264
358.796:
181.036,672,
8 730.712.
^» iS9,469 •
114,145
36,742 •
7.205
.2.726i, 868
$149,9'58
190,-541
136, 239
8,25'6
'4,796
^767,735
1.277,038
•
246 -
125.000:
2p
$14.291
'770,682
1,820.607
530. 566
130.723
'87, 206
57.024
85,491
30.305
23,'04§
19, Oil
34. ^82
'15.889
31.696
33,962
51,'541
28, 519
•Food a n d
P rchase
•Payment
Alien
' (General ; P u r c h a s e of of uFederal
Fuel
railroad
for W e s t
prope'rty
obligations
Adminisc o n t i n g e n t of ifoi:.. govts. i a r m loan
funds "20
Inmes
bonds ; trations ;
fund
$885,000
4,738,030
$44,929.
$25,000
$66,018
$54,860
Grain Corporation
1919.............
1920..............
302,622'
ii 228,472
...........
............
'3,479,255
421,337
86,680
29,643
87,33S
""«'$350|"S2i
Sugar
Equahzation Board
1921
1922
1923
1924
1925
1926
1927
--......
22, 028
94,428
109,486
62,640
42, 902
19,691
27,066
For footnotes, see p. 302.
$1,826
US66
•1,160
4,018
3,516
496
73,897
'718
$4,684
1,124
1,'209
871
16,781
ir5,Wo
•2,482
23 90,353
"•32,000
302
REPORT OF THE SECRETARY OF THE TREASURY
TABLE Ai.^Ordinary receipts, expenditures chargeable against ordinary receipts,
anci surplus or deficit for the fiscal years 1916 to 198S—Continued
[In thousands]
PART 2A DETAIL OF ORDINARY EXPENDITURES—Continued
Year
1928
1929
1930.....
1931..
1932
War Finance Corporation
$8,818
611
69
172
12
Alien
property
funds 20
$361
1,846
969
1,186
221
Purchase
General
railroad Purchase of of Federal Canal Zone Payment
obligations
contingent of for. govts. farm loan retirement for West
fund
Indies
bonds
fund
$1,180
978
2,412
962
308
$26
Distribution
of wheat
and cotton
for relief
Farm
Credit
Administration
1933......
9
71
608
$1,462
1 539
7
$34,241
NOTE.—Excess credits in italics to be deducted'.
1 Because of legislation establishing revolving funds and providing for the reimbursement of appropriations, commented upon in the Annual Report of the Secretary of the Treasury for the fiscal year 1919,
p. 126ff, the gross expenditures in the case of some departments and agencies, notably the War Department,
the Raflroad Administration, and the Shipping Board, have been considerably larger than here stated.
2 Beginning with the fiscal year 1932 tonnage tax was covered into the Treasury as misceUaneous receipts:
3 For details see Table 28, p. 360.
* Ordinary receipts and public debt retirements chargeable against ordinary receipts for 1921 exclude
$4,842,066.45 written off the debt Dec. 31, 1920, for fractional currency estimated lost or destroyed.
5 Revised to cover all expenditures of the Reconstruction Finance Corporation including payments
against credits established for the corporation through the purchase of its notes under section 9 of the
Reconstruction Finance Corporation Act.
«In the fiscal years 1921, 1922, and 1923, changes were made in classification of expenditures between
Legislative EstabhshmenL Executive Office, and other independent offices and commissions, which
account for most of the differences as compared with expenditures for other fiscal years.
7 The Bureau of Prohibition was transferred from the Treasury Department to the Department of Justice,
pursuant to provisions of the act of May 27,1930.
8 Owing to settlement between the Post Office Department and the Raflroad Administration on account
of transportation during Federal control. Post Office Department expenditures for June, 1921, include
$65,576,832.03 paid to the Railroad Administration. Deposits of this payment by Railroad Administration resulted in decrease in expenditures on account of "Federal control of transportation systems and
transportation act, 1920," by a corresponding amount.
8 Executive order of Mar. 17, 1925, transferred the Patent Office from Interior Department to the Department of Commerce, and the Executive order of June 4, 1925, transferred the Bureau of Mines from
Interior Department to the Department of Commerce.
1 Included in expenditures ofthe Post Office Department and also on account of postal deficiency for
0
the fiscal year 1929 (month of June, 1929) are $42,997,089.50 and $8,999,996, respectively, representing payment of so-caUed back railway mail pay to inland carriers, authority, joint resolution, June 6,1929.
11 The Bureau of Pensions and National Homes for Disabled Volunteer Soldiers were transferred frorn
the Department of the Interior and War Department, respectively, to the Veterans' Administration in
accordance with the Executive order of July 21,1930.
1 Payments on account of veterans' relief made prior to Aug. 11, 1921, by the War Risk Insurance
2
Bureau are included under Treasury Department, whfle similar payments made prior to that date by the
Federal Board for Vocational Education are included under " other independent offices and commissions.''
1 Included under Treasury Department prior to fiscal year 1922.
3
1* Included under Post Office Department prior to fiscal year 1922.
1 Established by act of May 22,1920, and included under Interior Department prior to fiscal year 1922,
5
1 Included under District of Columbia prior to fiscal year 1922.
8
1 Since July 1,1932, deductions from salaries credited to the civfl service, foreign service, and Canal Zone
7
retirement funds and the earnings from investments of such funds and of the adjusted service certificate
fund have been classified as receipts, whereas prior to that date such items were used to offset expenditures
for the respective funds.
1 Includes $288,399,222.46 payments on cert, of indebt., Director Gen. of Raflroads, due July 15, 1919.
8
1 The.railroad expenditures during the fiscal year 1922 were reduced by $266,636,606.26. on account of
9
deposits by the Railroad Administration, representing proceeds of sale of equipment trust notes acquired
under the Federal control act approved Mar. 21, 1918, as amended, and the act approved Nov. 19,1919,
and were further reduced by $123,783,487.76 on account of deposits of the proceeds of sale or coflection of
other securities acquired under the Federal control act or transportation act, 1920. In 1923 and 1924 receipts
on these accounts were included in the daily Treasury statement under misceUaneous receipts, proceeds
of Government-owned securities, railroad securities.
20 Included under Executive Office prior to fiscal year 1922.
21 Excess of credits resulting from deposits of War Finance Corporation representing proceeds of redemptions of its holdings of U. S. securities. (See note 2, p. 2, dafly Treasury statement for June 30,1920!)
22 Includes $350,000,000 applied by U. S. Grain Corporation in reduction of capital stock, reflected in
" MisceUaneous receipts for fiscal year 1920." (See note 1, p. 2, daily Treasury statement for June 30,1920.)
23 Net expenditures after taking into account credits and $100,000,000 applied to reduction in capital
stock of U. S. Grain Corporation.
2* $25,000,000 of this amount represents reduction in capital stock of U. S. Grain Cbrporation, effected
Oct. 17,1921, and is reflected in an increase of receipts in an equal amount. (See note, p. 2, dafly Treasury
statement for Oct. 18,1921.)
TABLE 5.—Receipts and expenditures for the fiscal years 1789 to 1933^
[On-basis of w a r r a n t s issued from 1789 to 1915. inclusive, a n d on basis of dafly T r e a s u r y s t a t e m e n t s (unrevised) from 1916 to 1933. see p . 275. General, special, a n d t r u s t funds comb i n e d . F o r e x p l a n a t i o n of funds, see p . 276] *
O r d i n a r y receipts
Internal revenue
Year
Customs
(including
t o n n a g e tax)
Income and
profits taxes
Miscellaneous
Sales of
public
lands 2
Surplus
postal
receipts
covered
into t h e
Treasury
Miscellaneous
Surplus ( + )
or deficit (—)
of o r d i n a r y
Postal
revenues,'
receipts
exclusive of T o t a l o r d i n a r y
covered i n t o
s u r p l u s postal receipts a n d
the Treasury
receipts
postal revenues c o m p a r e d w i t h
Total ordinary
covered i n t o
expenditures
receipts
the Treasury
chargeable
against ordin a r y receipts *
o
n
o
• ^
W
178&-1791
1792
1793
1794
1795
1796
1797
1798
1799
1800
1801
1802
1803
1804
1805
1806
1807
1808
1809
1810
1811
1812
1813
1814
1815-..1816
1817
1818
1819
1820
1821
.-..
-..
-
-
.—
F o r footnotes, see p . 311
$208,943
337,706
274,090
337, 755
475,290
575,491
644,358
779,136
809,396
1,048,033
621,899
216,180
60,941
21,747
20,101
13,061
8,211
4,044
7,431
2,296
4,903
4,755
1,662,985
4,678,059
5,124,708
2,678,101
966,270
229,694
106,261
69,028
$4,836
83,541
11,963
444
167, 726
188,628
165,676
487,627
540,194
766,246
466,163
647,939
442,252
696,549
1,040,238
710,428
835,655
1,136, 971
1,287,969
1,717,985
1,991,226
2,606,565
3,274,423
1,635,872
1,212,966
$11,021
29,478
22,400
72,910
64,500
39,500
41,000
78,000
79, 500
35,000
16,427
26,600
21,343
41,118
3,616
85,040
35,000
46,000
135,000
149,788
29,372
20,070
71
6,466
617
$19,440
17,946
48,889
327,272
165,918
1,256,506
415,599
98,613
116,228
879,976
889,293
1,712,031
187,397
162,774
40,922
65,768
69,668
40,961
31,156
96,926
67,734
41,984
240,377
2,338,897
2,345,064
4,378,315
2,117,003
826,881
815,678
1,126,459
286,422
$4,418,913
3,669.960
4,652,923
5,431,905
6,114,534
8,377,530
8,688,781
7,900,496
7,546.813
10,848,749
12,935,331
14,995, 794
11,064,098
11,826,307
13,560,693
15,559,931
16,398,019
17,060,662
7,773,473
9,384,215
14,423,629
9,801,133
14,340,410
11,181,625
15,729,024
47,677,671
33,099,050
21,685,171
24,603,375
17,880,670
14, 573,380
$91,739
67,443
93,726
99,469
138,220
122,156
149,498
193,477
223,846
202,804
240,942
292,044
335,395
362,949
400,030
404,987
475,147
460,664
506,633
661,684
587,208
564,168
668,154
685,370
908,065
811,994
973,601
1,110,165
1,204,666
1,106,461
1,058,670
$4,510,662
3,737,403
4,746,648
6,531,374
6,252,754
8,499,686
8,838,279
8,093,973
7,770,669
11,051,663
13,176,273
15,287,838
11,399,493
12,189,256
13,960,723
15,964,918
16,873,166
17,521,226
8,280,106
9,936,899
15,010,737
10,365,301
15,008,564
11,866,996
16,637,089
48,489,665
34,072,651
22,695,336
25,808,041
18,986,131
15,631,950
+$149,886
-1,409.672
+170,610
-1,658,934
-1,425,276
+2,650, 544
+2,555,147
+223,992
-2,119,642
+62,674
+3,640,749
+7,133,676
+3,212,445
+3,106,865
+3,054,459
+6,756,314
+8.043,868
+7,128,170
-2,607,276
+1,227,706
+6,365,192
-10,479,638
-17,341,442
-23,539,301
-16,979,115
+17,090,980
+11,256,230
+1,760,060
+3,139,665
-379,957
-1,237,373
O
O
>
d
CO
o
00
CO
T A B L E 5.—Receipts and expenditures for the fiscal years 1789 to 1933^—Continued
[On basis of warrants issued from 1789 to 1915. inclusive, and on basis of daily Treasm-y statements (unrevised), from 1916 to 1933, see p. 275. General, special, and trust funds combined. For explanation of funds, see p. 276]
O r d i n a r y receipts
Internal revenue
Year
1822
1823
1824
1825
1826
1827
1828
1829
1830
1831
1832..
1833
1834
1836
1836
1837
1838
1839
1840
1841
1842
18431
1844
1845
1846
1847
1848
1849
1850
1851.
1852-....
1853
Customs
(including
t o n n a g e tax)
-.
.
.
= .
_.-..-.-.
$17,589,762
19,088,433
17,878, 326
20, 098, 713
23,341,332
19,712, 283
23, 205, 524
22.681, 966
21,922. 391
24, 224, 442
28,465, 237
29,032, 609
16, 214,957
19,391,311
23,409.941
11.169.290
16,158, 800
23,137. 925
13,499, 602
14,487.217
18.187. 909
7,046, 844
26,183. 671
27, 528, U 3
26,712,668
23,747, 866
31,767,071
28,346, 739
39,668, 686
49,017, 568
47,339, 327
68,931,866
Income and
profits taxes
..
•
..
MisceUaneous
Sales of
public
lands
$67,666 $1,803,582
916,523
34.242
984, 41»
34,663
1.216,091
25,771
1,393. 785
21. 590
1,495,846
19. 886
1.018. 309
17, 452
1, 517.175
14, 503
2, 329, 356
12,161
3, 210, 815
6.934
2, 623,381
11, 631
3, 967. 683
2.769
4, 857. 601
4.196
10, 459 14, 757, 601
370 24, 877.180
6, 776, 237
5,494
3. 081, 940
2,467
7. 076. 447
2.553
3, 292.683
1.682
. 3,261 1. 365,627
1, 335, 798
495
897. 818
103
2,059,940
1,777
2,077,022
3,617
2.694.452
2.897
2. 498, 355
375
3.328,643
375
1,688. 960
1.859.894
2.352.306
2. 043.240
1.667,085
Surplus
postal
receipts
covered
into t h e
Treasury
$602
111
470
300
101
20
.87
55
561
246
100
893
11
Miscellaneous
$770,816
601,357
483, 806
499, 813
503,427
1, 738,249
522, 325
613.896
580,153
1. 084, 069
765. 067
945. 476
715,082
1. 269, 823
2, 539, 294
7.003.132
7.059, 356
1, 265, 824
2, 686, 248
1,004, 055
451,996
357,937
1,076, 086
361,454
289,950
'249,174
649,690
1,172,444
2.074,859
1.189,431.
464/249
988,103
Surplus ( + )
or deficit ( - )
of o r d i n a r y
Postal
receipts
revenues,
covered into
exclusive of T o t a l o r d i n a r y
surplus postal receipts a n d
the Treasury
receipts
postal revenues c o m p a r e d w i t h
Total ordinary
covered into
expenditures
receipts
the Treasury
chargeable
against ordin a r y receipts
$20, 232,428
20, 540.666
19. 381, 213
21, 840.858
25. 260.434
22, 966. 364
24.763.630
24. 827. 627
24, 844.116
28. 526, 821
31.865, 561
33, 948, 427
21, 791;,936
35.430. 087
60, 826. 796
24. 954.153
26, 302. 662
31, 482. 749
19.480, 115
16,860,160
19.976.198
8, 302,702
29, 321. 374
29. 970,106
29, 699.967
26, 495. 769
35, 735, 779
31. 208.143
43, 603, 439
52. 559. 304
49.846,816
61:587,054
$1,116,888
1.130,004
1,197. 758
1,306. 055
1,447.403
1.624,632
1.659. 895
1, 707, 331
1,850.528
1,997, 250
2. 258.326
2.617.011
2.823. 649
2,992, 663
3,408, 312
4.101.703
4,238. 733
4.484.657
4; 543, 522
4.407, 726
4. 646.850
4, 296. 226
4,237,288
4. 289, 842
3,487,199
3.880, 309
4.555. 211
4,705,176
5,499,985
6.410,604
5,184. 527
5,240;725
$21,349,316
21,670, 670
20. 578. 971
23.146. 913
26. 707,837
24.490. 896
26,423.525
26, 634.958
26.694.644
30, 624, 071
34,123,886
36, 566,438
24, 615, 685
38,422, 750
64. 235.108
29.065. 856
30. 541, 295
36.967,406
24,023, 637
21. 267.886
24, 523, 048
12. 598.927
33, 668, 662
34. 259,948
33.187.166
30, 376, 078
40, 290, 990
35,913,319
49,103. 424
58, 969,908
55, 031.343
66,827,779
+ $5,232,208
+5,833,826
- 9 4 5 , 496
+ 5 , 983,629
+ 8 , 224.637
+ 6 , 827,196
+ 8 , 368, 787
+9,624, 294
+ 9 , 701,050
+ 1 3 , 279,170
+ 1 4 , 576, 611
+ 1 0 , 930,875
+3.164,367
+17.857, 274
+19,958, 632
-12,289,343
- 7 , 562, 497
+ 4 . 583, 621
-4.837.464
- 9 , 705, 713
- 6 , 229, 663
- 3 , 665, 373
+ 6 . 983.803
+ 7 , 032, 698
+ 1 , 933.042
- 3 0 . 786.643
-9,641,447
-13,843,514
+4,069,947
+ 4 , 850,287
+5,651,897
+ 1 3 . 402.943
o
o
cc
o
O
zn
64,224,190
..,
i
,
63, 026, 794
.,
64. 022.863
1
,
63, 875.905
.
41. 789.621
1.665.824
49.
.
63. 187, 512
.
39. 582.126
I
,
49, 056.398
1.069,642
69.
1854
1855
1856
1859
I860
1863
1864
1865
- .
1867
1868
1869
1871
1872
1873
1876
1876
1877
1879
1880
1881
1883
1884
1885
1887
1888
1889
1891
1892
1895
1896
1897
1899
1900
1903
1904
1,316.163
102.
:,
84,928,261
1,046.652
179.
.417,811
176.
,464.600
164.
1,048. 427
180,
.
194, 538, 374
1,270,408
206,
.
216. 370, 287
;
,
188, 089. 523
,
163, 103,834
, 167, 722
157,
; 071, 985
,
148, 956, 493
I
,
130, 170, 680
,
130, 250, 048
'
,
137, 522. 064
1
.
186. 159. 676
.
- . 198.
•
1,410. 730
220, 706,497
.
211.
.,067,490
195, 471, 939
,
181, 905, 023
1
,
192, 286, 893
'
,
217, 091,174
I
,
219, 832. 742
I
,
223, 668, 685
I
,
229. 522. 206
.
219. 452. 964
,
177, 355, 017
!
,
203, 818, 531
.
131. 168, 617
!
,
152, 021, 752
I
160, 554.127
,
176, 576.062
I
149, 128,482
206, 164.871
,
233. 585, 456
,
238. 444, 708
.
254 , 479, 682
284, 274, 565
,
261
$2.741,868
20, 294,732
60,979,329
72,982.159
66. 014,429
41,456,598
34,791,856
37, 775,874
19,162,651
14,436,862
6, 062. 312
139,472
233
3,022
'55,'628"
77,131
34,898.930
89,446,402
148,484,886
236.244,654
200.013,108
149, 631,991
123,664. 605
147,123,882
123. 935,503
116, 205,316
108. 667, 002
102, 270.313
110, 007, 261
116, 700.144
118, 630,310
110, 581. 626
113,561.611
124, 009. 374
135,261,364
146, 497, 596
144, 720, 369
121,530.445
112,498,726
116, 805, 936
118,823,391
124,296,872
130,881. 614
142,606, 706
145, 686, 250
163, 971.072
161, 027, 624
147. Ill, 233
143, 344, 641
146, 762,865
146,688. 574
170,900. 642
273,437.162
296.327,927
307,180, 664
271.880.122
230,810,124
232, 904.119
665,
163,
348,
020,
360,
388,
576.
882,
852,
413,
129,
976.
079,
924,
016,
201,
763,
965.
810,
705,
630,
254.
202,
031,
358,
029,
261,
182,
673,
103,
005,
864,
243,
678,
836,
965,
144,
926,
453,
1.105. 353
827, 732
1,116,191
1, 259,921
1,362, 029
2,163, 954
1. 098, 638
1,057,146
2/778.854
5,829, 244
51, 981.151
38, 325,676
69,094,124
47, 025. 086
48, 737,179
28, 518, 515
28,466,865
31, 566, 736
24, 518, 689
29, 037, 056
3J. 612, 708
19,411,195
28,193. 681
30,843, 264
16,931,831
22, 090, 745
21,978, 666
25,156. 368
31, 863, 784
30, 904,852
22. 065.602
24, 014. 065
21, 097, 768
26, 038, 707
24, 676, 012
24,297,151
24,447, 420
23, 374,457
20. 251, 872
18, 254, 898
25, 751, 916
28, 045. 783
30,352, 307
23, 614,423
83,602. 602
34, 716, 730
35,911,171
38,954.098
32, 009, 280
37, 664, 705
39,454,921
73,800,341
65,350,576
74,056,699
68,965,313
46,656,366
53,486,465
56. 064, 608
41, 509,931
51,987,456
112, 697,291
264, 626, 771
333, 714,605
558, 032, 620
490,634, 010
406, 638, 083
370.943.747
411, 255,477
383, 323,945
374,106,868
333, 738, 206
304.978, 756
288.000.051
294,096, 866
281, 406.419
257, 763, 879
273,827,185
333, 626, 611
360. 782, 293
403, 525. 250
398, 287. 682.
348, 619,870
323.690, 706
336, 439, 726
371. 403. 277
379, 266, 076
387, 050, 059
403, 080, 984
392, 612. 447
354, 937. 784
385. 819. 629
306, 356, 316
324, 729, 419
338,142, 447
347. 721, 705
405, 321, 335
615. 960, 621
567, 240,852
587. 685.338
662. 478, 233
561, 880, 722
641,087, 085
6,255, 686
6,642,136
6,920, 822
7, 353, 952
7, 486, 793
7. 968,484
8. 518. 067
8. 349. 296
8, 299,821
11,163, 790
12, 438, 254
14, 666,159
14. 386.986
15, 237, 027
16, 292, 601
17. 314,176
18.879, 537
20, 037, 045
21. 915.426
22, 996. 742
26. 471. 072
26. 791,314
28, 644,198
27. 631. 686
29, 277,617
30, 041, 983
33, 315, 479
36, 785. 398
41.876, 410
45, 508, 693
43, 325. 959
42, 560, 844
43, 948, 423
48, 837, 609
52, 695,177
56,175, 611
60,882, 098
65, 931, 786
70,930,476
75,896, 933
75, 080,479
76,983,128
82. 499. 208
82, 665, 463
89,012,619
95,021, 384
102,354, 579
111, 631,193
121,848.047
134.224, 443
143, 682, 624
80, 056,927
71,992,711
80.977,521
76. 319, 266
54,142.159
61. 454,949
64,582,675
49,869.227
60.287, 277
123,861, 081
277, 065,025
348, 270.764
572, 419,606
505.871,037
421,930, 684
388,257,923
430,135.014
403. 360.990
396. 022. 294
356, 734.947
331, 449.828
314. 791,365
322, 740,063
308.938,004
287, 041. 396
303,869,168
366, 842.090
397, 567, 691
446,401. 660
443, 796, 275
391, 845,829
366, 251, 560
380, 388,149
420, 240,886
431, 961, 252
443, 225, 670
463, 963, 082
468, 644, 233
425,868, 260
461, 716, 662
381, 435, 795
401, 712, 547
420, 641, 655
430, 387.168
494. 333, 954
610, 982, 005
669, 595, 431
699. 316, 631
684, 326, 280
696,106.165
684, 669. 709
+15, 765,479
+5,607, 907
+4.485,673
+1,169.605
-27, 529, 904
-15,584,612
- 7 , 066, 990
-25.036,714
-422, 774,363
-602, 043, 434
-600, 696, 871
-963,840,619
+37, 223,203
+133,091,335
+28. 297. 798
+48.078, 469
+101.601.916
+91,146, 757
+96, 588,905
+43, 392,960
+2.344.883
+13,376,658
+28, 994. 780
+40. 071, 944
+20/799. 552
+6, 879.301
+65.883,653
+ 100.069,405
+145, 543, 810
+132. 879, 444
+104, 393, 626
+63, 463, 771
+93. 956, 587
+103, 471.096
+111, 341, 274
+87, 761,081
+86, 040. 273
+26, 838, 543
+9.914, 463
+2, 341. 676
-61,169, 985
-31. 465, 879
-14,036,999
-18,052.454
-38, 047, 248
-89. Ill, 558
+46, 380, 005
+63,068.413
+77. 243, 984
+4-4,874, 595
-42. 672, 815
I
O
m
o
o
1
CO
8
CO
TABLE 5.—Receipts and expenditures for the fiscal years 1789 to 1933 ^—Continued
On basis of warrants issued from 1789 to 1915, inclusive, and on basis of dafly Treasury statements (unrevised) from 1916 to 1933, see p. 275. General, special, and trust funds combined. For explanation of funds, see p. 276]
- O r d i n a r y receipts
Internal revenue
Customs
(mcluding
tonnage tax)
Year
Income and
profits taxes
1906
1906
1907
1908
1909
1910
1911
1912
1913
1914
1915
1916
1917 . .
1918
1919. ,
1920
1921
1922
1923
1924
1925
1926.
1927..
1928
1929
1930
1931
1932
1933
...
$261, 798,867
300,261,878
332,233.363
286,113,130
300.711.934
; . . 333, 683. 445
314,497, 071
311,321,672
318,891.396
292.320, 014
209, 786,672
213,185, 846
225,962, 393
179,998,385
184,467,867
322,902,650
308,564, 391
356,443,387
561,928,867
645,637, 504
547,561, 226
579,430.093
605,499,983
668,986,188
602, 262, 786
587,000,903
378,354, 005
12 327,754.969
12 250, 760, 251
For footnotes, see p. 311.
$20,951, 781
33, 516,977
28, 583. 304
35, 006,300
71,381, 275
80, 201, 759
124,937,253
359.681,228
2,314, 006,292
3, 018, 783, 687
3.944,949,288
3,206,046,168
2,068.128,193
1,678, 607,428
1,842,144,418
1,760,637,824
1,982,040,088
2,224,992,800
2.173, 952, 667
2.330.711,823
2,410,986.978
1.860,394,295
1,057,335,853
746. 206,445
MisceUaneous
$234,096,741
249,150. 213
269. 666. 773
251, 711,127
246, 212.-644
268, 981. 738
289. 012, 224
293.028.896
309, 410,666
308, 659. 733
336,467.887
387. 764. 776
449.684.980
872, 028, 020
1, 296, 601, 292
1,460.082, 287
1,390,379,823
1,145,125,064
945,866,333
953, 012,618
828,638,068
855,599, 289
644, 421,542
621,018,666
607,307, 549
628,308.036
569,386, 721
503,670,481
858,217,512
Salesof
pubhc
lands 2
$4,859.250
4,879.834
7.'878. 811
9, 731. 560
7, 700, 568
6,355, 797
5, 731,637
5,392, 797
2,910. 205
2. 571,775
2.167,136
1, 887, 662
1,892,893
1,969,455
1,404, 705
1, 910,140
1,530,439
895,391
656,508
522,223
623,634
754, 253
621,187
384,651
314. 568
395, 744
230,302
170.339
102,561
Surplus
postal
receipts
covered
into t h e
Treasury
MisceUaneous
$43, 620.837
40, 702. 521
56, 081.439
54,306, 090
49, 695,352
45, 538,954
59, 075,002
54, 282. 535
57,892,663
65,940.370
$3. 800,000
66, 787.373
3, 500,000
54. 759. Oil
81, 903. 301
6,200, 000
247,950,012
48, 630, 701
561, 203, 585
89,906,000
959, 508,024
6,213,000
- 718,412,150
638. 430,622
81,494
820,077,345
670, 727,939
642,788,033
544,931,967
653,858,929
678, 006, 094
492, 653,499
651, 250,041
508,868,171
232. 296. 364
383,079,411
Surplus ( + )
or deficit ( - )
of o r d i n a r y
Postal
receipts
revenues,
covered into
exclusive of T o t a l o r d i n a r y
s u r p l u s postal receipts a n d
the Treasury
postal revenues c o m p a r e d w i t h
receipts
Total ordinary
covered i n t o
expenditures
receipts
the Treasury
chargeable
against ordin a r y receipts
$544,274,685
694,984,446
666.860.3«6
601, 861,907
604, 320, 498
676,511,715
701,832,911
692, 609, 204
724, 111, 230
734,673,167
697,910, 827
782, 534, 548
1,124, 324, 795
3, 664. 582, 865
6,152. 257,136
6,694. 665,389
5.624,932.961
4,109,104,151
4,007,135, 481
4,012, 044, 702
3,780,148.685
3, 962, 755,690
4,129. 394,441
4,042.348,156
4,033, 250, 225
4,177, 941. 702
3, 317,233.494
2.121. 228.006
2,238, 356,180
$152.826, 585
167, 932, 783
183. 585.006
191, 478,663
203, 562,383
224,128,668
237, 879, 824
246,744,016
266,619, 526
284,134, 666
283, 748,165
312,057,689
324. 526,116
295,845.261
274,941,126
431, 937, 212
463.491, 275
484, 772,047
532,827,925
672,948,778
699,591,477
659.819,801
683,121,989
693,633,921
696, 947, 578
705, 484, 098
656,463,383
588.171,923
687, 631.364
$697,101,270
762,917, 229
849. 445.392
793,340, 670
807,882,881
899, 640,373
939, 712, 736
939.363,220
990. 730,766
1,018,807,733
981, 658,992
1,094, 592,237
1,448,850,911
3,960,428,126
5,427,198,262
7,126, 602, 601
6,088,424,236
4,593,876,198
4,539,963,406
4,584,993,480
4,379, 740,162
4, 622, 575,491
4,812, 516,430
4,735,982,077
4,730,197,803
4,883,425,800
3,973, 696,877
2, 709, 399.929
2.825,987, 544
-$23,004,229
+24, 782,168
+86,731. 644
- 5 7 , 3 3 4 . 413
- 8 9 , 4 2 3 , 387
- 1 8 , 1 0 5 , 350
+ 1 0 , 631, 399
+ 2 , 727,870
—400, 733
- 4 0 8 , 264
- 6 2 . 6 7 5 , 975
+48,478, 346
—853,356, 956
- 9 , 0 3 3 , 253, 840
—13, 370, 637, 669
+212,475,198
+86,723, 772
+313, 801, 651
+309,657,461
+505,366.987
+260, 505. 239
-1-377. 767. 816
i
-1-635.809.921
-i-398,828. 281
+184, 787,035
+183, 789,215
—902. 716.845
13 —3,153,097,507
13 —3,068,266,874
o
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Ul
T A B L E 5.—Receipts a n d expenditures f o r the fiscal years 1 7 8 9 to 1 9 3 3 ^ — C o n t i n u e d
[ O n basis of w a r r a n t s issued from 1789 to 1915, inclusive, a n d on basis of dafly T r e a s u r y s t a t e m e n t s (unrevised) from 1916 to 1933, see p . 275.
c o m b i n e d . For explanation of funds, see p . 276]
General, special, a n d t r u s t funds
E x p e n d i t u r e s chargeable against o r d i n a r y receipts
tel
Ordinary
Year
Civfl a n d
misceUaneous 5
1789-1791.
1792
1793
1794
1795
1796
1797
1798
1799
1800
1801
1802
1803
1804
1805
1806
1807
1808
1809
1810
1811
1812
1813
1814
1815
1816
1817
1818.
1819
1820
$1,083,402
654, 257
472, 451
705, 598
1, 367, 037
782, 475
1, 256, 903
1,111,038
1, 039, 392
1,337,613
1,114, 768
1,462, 929
1,842. 636
2,191, 009
3, 768. 599
2.890,137
1, 697, 898
1,423, 286
1, 215. 804
1,101.146
1,367, 291
1, 683. 088
1,729.436
2, 208,030
2, 898,870
2,989, 741
3, 618,937
3, 835. 840
3, 067. 211
2,592,022
War Departm e n t (including rivers a n d
harbors and
Panama
Canal) o
$632, 804
1,100, 702
1.130, 249
2, 639, 098
2,480, 910
1,260,264
1, 039, 403
2, 009, 522
2,466, 947
2, 560, 879
1, 672, 944
1,179,148
822.056
875. 424
712, 781
1. 224. 355
1, 288. 686
2, 900. 834
3, 345, 772
2, 294. 324
2.032,828
11. 817, 798
19. 652, 013
20,350. 807
14, 794. 294
16,012,097
8,004, 237
6,622. 715
6,505.300
2,630,392
F o r footnotes see p . 311.
N a v y Department 8
$570
63
61,409
410. 562
274, 784
382, 632
1.381, 348
2,858,082.
3.448, 716
2.111,424
91.5. 562
1, 215, 231
1,189.833
1,597, 500
1. 649. 641
1, 722, 064
1,884, 068
2.427, 759
1, 654, 244
1, 9P5. 566
3.959,365
6.446, 600
7,311,291
8, 660. 000
3,908. 278
3.314. 598
2,953. 695
3,847. 640
4,387,990
Indians 2
$27.000
13, 649
27, 283
13. 042
23.476
113, 564
62,396
16,470
20. 302
31
9,000
94, 000
60, 000
116. 500
196, 600
234. 200
205, 425
213, 575
337. 504
177.625
151, 875
277,845
167, 358
167, 395
630, 750
274.512
319,464
505. 704
463.181
315, 750
Pensions 7
$175,
109,
80.
81,
68,
100,
92,
104,
95,
64.
73,
85,
62,
80.
81.
81,
70,
82,
87,
83,
75,
91.
86,
90,
69,
188.
297,
. 890,
2,415,
3,208,
Postal deficiencies 8
I n t e r e s t on
the public
debt
349,437
201,628
772. 242
490, 293
189,151
195, 055
300. 043
053. 281
186, 288
374. 705
412, 913
125,039
848,828
266. 583
148, 999
723.408
369, 578
428,153
866, 075
845.428
465. 733
451, 273
599,456
593, 239
754, 569
213. 259
389,210
016,447
163,538
126, 097
T o t a l ordin a r y expenditures
269,
079,
482,
990.
539.
726.
133,
676,
666,
7»6,
394.
862,
851,
719,
506,
803,
354.
932,
10, 280,
156.
058,
280.
681,
720,
708,
686.
843,
825,
463.
260,
Publicdebt
retirements
chargeable
against
ordinary
receipts•
T o t a l expenditures
chargeable
against
ordinary
receipts
Postal exTotal
penditures 3
exclusive of o r d i n a r y a n d
postal expostal dependitures
ficiencies
o
n
o
269,027
079,532
482. 313
990, 839
539,809
726. 986
133, 634
676. 504
666.455
786,075
394, 582
862,118
851, 653
719. 442
506, 234
803, 617
354,151
932, 492
280, 748
156, 510
058. ZZ7
280,771
681,852
720, 926
708,139
586, 691
843,820
82.5,121
463, 810
260, 627
$76,397
64, 630
. 72,039
89,972
117,893
131, 571
150,114
179. 084
188, 037
213, 994
255,151
281,916
322, 364
337, 502
377, 367
417, 233
453.885
462. 828
498.012
495.969
499. 098
540,165
681, Oil
727,126
748,121
804,022
916, 515
1. 035,832
1.117,861
1,160, 926
$4,345,424
5.134,062
4, 554, 352
7,080,811
7, 657,702
5, 858, 557
6, 283, 748
7,855. 588
9, 854, 492
11, 000, 069
. 9,649,733
8,144, 034
8,174, 017
9.056, 944
10, 883, 601
10, 220. 850
8, 808, 036
10.395,320
10, 778, 760
. 8,652.479
8, 557; 435
20,820. 936
32,362,863
35.448,052
33,456, 260
31,390, 713
22, 760, 335
20,860,953
22. 581,671
19,421, 653
tel
Ul
tel
o
tel
o
tel
t^
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Sl
CO
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CO
O
TABLE 5.—Receipts and expenditures for the fiscal years 1789 to 1933^—Continued
[On basis of warrant's issued from 1789 to 1916, inclusive, and on ba'sisof dafly Treasury statements (Unrevised) from 1916 to 1933, see p. 276. General, special, and trust fUnds .
'
'
coinbined. For explanation of funds, see p. 2761
00
Expenditures chargeable against ordinary receipts
tel
Ordinary
Year.
Civfl and
misceflaneou's 5
1S21.1822..
1823..
1824..
1826-.
1826-.
1827..
1828..
1829..
1830..
1831...
1832..
1833..
1834..
1835..
1836..
1837..
18381839..
1840..
1841..
1842..
1843 1
1844..
1846..
1846..
1847..
1848..
1849..
1*850..
1851..
WarDepartment (includ-j
I ing rivers and| Navy Deharbors and
partment 0
Panama
Canal)«
$2. 223.122
1,967. 996
2, 022,094
7,155. 309
2, 748. 545
2.600,178
2, 713, 477
3,676,053
3,101, 615
3,237.416
3.064.646
4, 677,141
5, 716, 246
4,404, 729
4, 229. 699
6, 393, 280
9.893,609
7,160, 966
5, 728, 203
5,996, 269
6, 084, 037
6. 788, 853
3, 203,163
5, 616,408
6, 910,028
6, 034,324
6, 201,619
5,620,678
14,143,278
14, 920,119
18, 008, 694
$4, 461, 292
3,111.981
3.096.924
3. 340. 940
3, 659,914
3. 943,194
3, 938, 978
4.145, 545
4, 724.291
4, 767,129
4,841,836
5,446,036
6,704,019
5,696,189
5,759,167
12,169,227
13,682, 734
12.897,224
8,916, 996
7,097, 070
8,805, 565
6,611,887
2,957, 300
5,179,220
6, 752,644
10, 792,867
38,305, 520
26.501, 963
14,852,966
9,400,239
11,811, 793
$3,319, 243
2,224,459
2, 503, 766
2,904, 582
3. 019,084
4.218, 902
4,263,877
3, 918, 786
3, 308. 746
3. 239,429
3.856,183
3,956,370
3. 901, 357
3, 956,260
3,864,939
5, 807, 718
6, 646, 916
6,131, 596
6,182,294
6,113,897
6, 001,077
8, 397, 243
3,727,711
6,498,199
6, 297, 246
6, 454,947
7,900,636
9,408,476
9, 786, 706
7,904, 709
9, 005,931
Indians 2
$477,005
57.5. 007
380,782
429.988
724.106
743, 448
760.625
706, 084
576,345
622,262
.930.738
1,352,420
1,802,981
1,003,953
1,706,444
4,615,141.
4,348,076
5, 604,191
2,528, 917
2,331, 795
2, 594, 063
1, 201, 062
681, 680
1,179, 279
1,540, 817
1,021,461
1,470, 306
1, 221, 792
1,373.119
1, 665,802
2,895, 700
Pensions 7
$242,817
1,94a 199
1, 780, 589
1,499. 327
I. 308, 811
1, 556, 594
976.139
850,574
949.594
1, 363. 297
1,170, 665
1,184. 422
4,689,152
3, 364, 285
1, 954, 711
2, 882. 798
2, 672.162
2,156, 086
3,142,884
2, 603,950
2, 388, 496
1,379,469
843,323
2, 030,598
2,396,642
1,810,371
1, 747,917
1, 211,270
1,330,010
1,870,292
2,290,278
Postal deficiencies 8
$407, 657
53,697
21,303
810, 232
536,299
22,222
Interest on
the public
„ debt
Public debt Total exretirements! penditures
chargeable chargeable
Total ordiagainst
ordinary
ordinary
nary exreceipts 0
receipts
penditures
$5,087,274 $16, 810,
5.172. 678
15, 000.
14, 706,
4. 922,686
4, 990, 562 20, 326,
15, 857.
4, 366, 769
17, 036,
3,973,481
16, 139,
3. 486,072
16, 394,
3, 098,801
15, 203.
2, 542,843
15, 143.
1,913, 533
16, 247,
1,383,583
17, 288,
772, 562
23, 017,
- 303,797
18, 627,
202,153
17, 572,
57,863
30, 868,
37, 243,
33, 866,
14,997
26, 899,
399,834
24, 317,
174, 598
26, 565,
284, 978
25, 205,
773,550
11, 858,
623, 595
22, 337,
1,833,867
22, 937,
1, 040,032
27, 766,
842, 723
67, 281,
1,119, 215
45, 377,
2, 390,825
45, 051,
3, 566, 578 39, 543,
3, 782,331
3, 696, 721 47, 709,
$15, 810,753
15. 000,220
14, 706,840
20, 326,708
15. 857, 229
17, 035.797
16, 139,168
16, 394.843
15. 203, 333
15, 143, 066
15, 247, 651
17, 288, 950
23, 017, 552
18, 627, 569
17, 572,813
30, 868,164
37, 243,496
33, 865,059
26, 899,128
24, 317, 679
26. 565.873
25, 206.761
11, 858, 076
22, 337, 671
22, 937, 408
27, 766,925
57, 281,412
46, 377,226
45, 051,667
543,492
709,017
Postal expenditures 3
exclusive of
postal deficiencies
TotaV ordinary and .
postal expenditures,.
o
n
o
te!
$1,165,481
L 167. 572
1.156,995
1,188,019
1,229.043
.1,366,712
1, 469. 959
• 1,689,945
1, 782,132
1,932, 708
1,936,122
2, 266,171
2,930,414
2,910,605
2, 757,350
2,841, 766
3, 288, 319
4,430, 662
4, 636, 636
4,718,236
4, 092, 030
5, 617, 366
4,353, 541
4,298,628
4,326, 692
3,310, 286
3, 544,829
4.358,238
4,477, 664
6, 213, 245
6,278, 710
$16,, 976; 234
16.167. 792
15, 863, SZh
21. 514, 727
17. 086; 272
18, 402, 509
17, 609.127
18,084.788
16, 985. 465
17, 075, 774
17.183. 773
19.555,121
26, 947,966
21, 638,174
20, 330.163
33, 709, 930
40, 531,815
38, 295, 72i
31, 535, 664
29, 035.815
30. 657,903
30,823,127
16,211,616
26, 636,199
27, 264,100,
31,077,211
60,826,241
49, 736,464
49, 529,321
44, 756,737
53,987,727
tei
m
tel
o
tel
o
tel'
W
tel.
1852
1853
1854
1856
1856
1857
1868
1859
1860
.
1861
1862
1863
1864
1865
1866
1867
1868
1869
1870.
1871
1872
1873
1874
1875
1876
1877
1878
1879
1880
1881
1882
1883
1884
1885
1886
1887
1888
1889
1890
1891
1892
1893
1894
1895.—1896
1897..-—
1898
1899
1900
1901
1902.—-
8. 226.247
16,590, 773
9, 947,291
15,814,840
11,733,629
26, 443, 374
14, 773,826
22, 020, 924
16,948,197
29, 310.469
19,261, 774
24,911,223
26,486,383
22, 255.130
23,243,823
18, 891, 737
16,409, 767
18, 086, 888
22,981,150
18, 096,116
17,846, 762 394,368.407
22, 507, 651 599,298,601
26,605, 619 690, 791,843
44, 615, 558 1, 031, 323, 361
41,115, 438 284,449. 702
95, 224.415
68,406,906
123. 246, 648
55,957,827
78, 501, 991
52, 753, 231
57,655, 676
64, 389,438
35. 799,992
64,367,461
35,372,157
62, 768, 024
46, ,323.138
72,943,555
42, 313,927
81,822,622
41,120,646
63,869, 057
38, 070,889
68,507,121
37,082,736
62, 756.194
32,154,148
47,424, 310
40,425,661
60, 968. 032
38,116,916
54,437,850
40,466,461
61, 681,934
43, •570.494
57, 219, 761
48,911. 383
68,603,519
39,429,603
70,920,434
42, 670,578
82,952. 647
34, 324,153
65.973,278
38:561,026
78, 763, 579
38, 622,436
78,167,066
44,435,271
94,087,507
44,582,838
94.832.444
48, 720,066
115, 707, 616
46,895,456
95, 790,499
49, 641, 773
97. 786,004
54,667,930
93.693,884
61,804, 759
82. 263,188
50,830,921
77,916.236
48,950, 268
79. 252,062
91,992, 000
86,016.465
229,841, 264
110,979,686
134, 774, 768
131, 689,466
144, 615, 697
131,976,814
112, 272, 216
125,110.562
For footnotes see p. 311.
8, 952,801
10. 918, 781
10. 798, 586
13, 312, 024
14, 091, 781
12. 747,977
13,984, 561
14, 642, 990
11.614, 965
12,420,888
42, 668, 277
63, 221,964
86, 726,995
122,612,946
43,324,118
31,034,011
25, 775. 503
20,000, 758
21, 780, 230
19,431,027
21,249,810
23, 526. 257
30,932, 587
21, 497, 626
18,963. 310
14.959,935
17,365. 301
15,125,127
13,536,986
15,686,672
15,032,046
15, 283,437
17, 292, 601
16,021. 080
13,907,888
16,141,127
16,926,438
21,378,809
22, 006,206
26,113,896
29,174,139
30,136, 084
31, 701, 294
28,797,796
27,147, 732
34, 561,546
58,823,985
63,942.104
65,953.078
60, 506,978
67,803,128
2, 980, 403
3,905, 745
1, 653, 031
2, 792, 552
2, 769, 430
4, 267, 543
4.926. 739
3, 625.027
2,949,191
2,841,358
2, 273,224
3,164, 357
2,629.859
5,116,837
3, 247, 066
4, 642, 632
4,100, 682
7,042. 923
3.407, 938
7,426,997
7,061, 729
7,951,705
6, 692,462
8, 384. 667
6,966,558
5,277,007
4. 629, 280
5, 206,109
5, 945,467
6,614,161
9, 736, 748
7, 362, 591
6,475,999
6, 552,495
6. 099,158
6,194,623
6, 249,308
6,892, 208
6.708,047
8, 527.469
11,160,678
13, 345,347
10, 293,482:
9,939,754
12,165,528
13,016,802
10,994, 668
12,805,711
10.175,107
10,896, 073
10,049,586
2,403,963
1, 777,871
1. 237,879
1,450,153
1, 298,209
1,312, 043
1,217,488
1,220,378
"1,102,926
1, 036,064
853,096
1,078,991
4,983,924
16, 338,811
15, 605,362
20,936,552
23, 782, 387
28,476, 622
28,340, 202
34,443,895
28, 533,403
29.359.427
29,038,415
29, 456,216
28, 257,396
27,963,762
27,137,019
35.121,482
56,'777, .175
50,059,280
61, 345,194
66, 012,574
66,429, 228
56,102, 268
63,404,864
75, 029,102
80, 288. 509
87,624, 779
106.936.855
124.415,951
134,583, 053
159, 357,658
141,177. 286
141,395, 229
139,434. 001
141.053.165
147,452,369
139. 394, 929
140,877,316
139,323,622
138,488,560
44, 194,919
,
4, 000. 298
i
,
3, 665,833
48, 184, 111
! 044,862
,
3, 071, 017
58,
,
2, 314. 376
59, 742, 668
),
1, 963.822
69, 571,026
•
,
1, 678,265
67, 796, 708
,
1, 567, 066
74, 186.270
I
,
2, 638, 464
69, 070, 977
.
3,177, 315
63. 130.598
,
4, 000,174
66, 546, 645
,
13,190,325
474, 761,819
,
24, 729,847
714, 740, 725
i
,
63, 685,422 866, 322,642
' 566,224
,
77,397, 712 1, 297,
1.809,417
133, 067, 742 520.
; 542,675
3, 516, 667 143, 781, 692 357,
'
,
4, 053,192 140,-424, 046 377, 340,285
:
,
5, 395. 510 130,694,243
322, 865,278
1,653, 561
4.844. 579 129, 235,498 309,
:
,
5,131, 260 125, 676,566
292, 177,188
,
5.176,000
117,357,840
277, 517,963
I 345,245
.
5, 490. 475 104.750,688
290.
1
,
4, 714, 045 107,119,815
302, 633,873
,
7, 211. 646 103,093,545
274, 623, 393
,
5,092,640
100,243, 271 265, ldl, 085
, 334,475
6,170,339
97,124,512
241, 964, 327
(
,
5, 753, 394 102,500,875
236, 947,884
i
,
4,773, 624 105,327,949
266, 642,958
;
3, 071,000
95, 757, 575 267, 712,888
t
.
.3,896,639
82,508, 741 260. 981,440
;
71, 077,207 257, 408,138
I
,
74, 503
59,160,131
265,
,126, 244
54,578,379
244, 226,935
'
,
4,541, 611
61, 386, 256 260, 483,139
!
,
8,193, 652
50. 580,146
242, 932,181
;
6, 501, 247
47,741,577
267, 924,801
'
,
3,056,037
44,716,007
267. 288,978
I
,
. 3,868,920
41,001,484
299.
1.040.711
6,875, 037
36,099, 284 318. 773,904
I
,
4, 741, 772
37,547,135
365, 023, 331
I
,
4,051, 490
23, 378,116 345,
1,477,953
5,946, 795
27, 264, 392 383, 625, 281
'
,
8, 250, 000
27,841,406
367, 195, 298
,
11,016,542
30,978, 030 356, 179,446
,
9,300,000
35, 385, 029 352, 774.159
I
,
11,149,206
37,791.110
366, 368, 583
1
.
10,604,040
37,686,056
443. 072,179
i
,
8,211,670
39,896, 926 606,
1,860, 847
7, 230, 779
40,160, 333 620, 616,925
:
;
. 4,954, 762^ 32. 342,979 • 524;
,234,249
2,402.153
29j m , 0 i 5 485,
1, 041,444
2,153, 750
3, 207, 346
3, 078,814
3,199,118
3,616,883
4.748,923
4,808, 558
9.889, 546
5,170,896
3, 661, 729
749,314
999, 980
250, 000
44,194,919
48,184, 111
58,044,862
69, 742, 668
69,571,026
67, 795, 708
74,185,270
69,070,977
63,130,598
66, 646,645
474. 761,819
714, 740,725
865, 322,642
297, 555,224
620,809,417
357,542,675
377, 340,285
322,865, 278
309,663,661
292,177,188
277, 617,963
290. 345.245
302,633,873
274,623,393
265,101,085
241, 334,475
236,964, 327
266,947,884
267, 642,958
260,712,888
257,981,440
265,408,138
244.126, 244
260,226,935
242,483,139
267,932,181
267,924,801 '
299, 288,978
318,040, 711
366,773,904
345,023,331
383,477,963
367,625, 281
356,196, 298
352,179,446
365,774,159
443, 368. 583
606, 072,179
620,860,847
524.616.925
485, 234, 249
60, 261,025
6, 066,106
6,829. 339
64, 013,450
63,446,802
6, 400,940
6,890,178
66.632.846
76, 779, 776
7, 208, 760
76, 686.495
7.890,787
82,157,984
7,972, 714
76, 719,931
6, 648,954
72,411,658
9,281,060
74,977,013
8,430,368
482, 326,055
7, 564, 236
10,557,101
725,297,826
877,165,731
11,843, 089
13,388, 909 1,310,944,133
536,130,254
16,320,837
373,235,387
16, 692, 712
396,126.042
18,784,757
341,147,681
18,282,403
328,786,373
19,132,812
311,441,736
19,264, 548
299,007,483
21,489,620
313.980.404
23,635.159
27,514,936
330,148,808
301,023,381
26,399,988
293,299,996
28,198,911
268,823,077
27,488,602
28,429,162
265,393,479
295,632,276
28,684,392
301,109, 391
33,466,433
296,424.606
35,711,718
298. 603,927
40,622,487
308,660,975
43, 252,837
291,359,260
47,233,016
305, 736, 640
45, 508,605
285, 306,405
42,823,266
314,413,562
46,481, 381
321. 336,407
53,411, 606
357. 764,774
68,476,796
377,448,636
59,407,825
434,114,628
68, 340, 624
418,013,293
,72,989,962
459.144,880
75,666,927
444,333,275
76,807,994
432, 392,326
76,197,028
433.822.856
81,643,410
448. 721.996
82,947,836
630,931, 713
87,563,130
698,512.129
93,439,950
621. 395,005
100, 534.158
635. 274,877
110,657,952
607, 641,313
122/407,064
1
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TABLE 5.—Receipts and expenditures for the fiscal years 1789 to 1933^—Continued
On basis ol warrants issued from 1789 to 1915, inclusive, and on basis of dafly Treasury statements (unrevised) from 1916 to 1933, see p. 275.
combined. For explanation of funds, see p. 276]
General, special, and trust funds
1—»•
O
Expenditures chargeable against ordinary receipts
Ordinary
Year
Civfl and
miscellaneous 5
1903.
1904.
1905.
. 1906.
1907.
1908.
19091910.
1911.
1912.
1913.
1914.
1916.
1916.
1917.
1918.
1919.
1920.
1921.
1922.
1923.
1924.
1925.
1926.
1927.
1928.
1929.
1930.
1931.
1932.
1933.
War Department (including rivers and
harbors and
Panama
Canal) o
$133,072,506 $118, 629,605
131. 357, 250 165. 199,911
126, 093,894
127.968.472
137, 326, 066
131,638,657
149, 775, 084
145, 641. 626
175, 840,453
162, 532, 368
192. 486,904
167, 001, 087
171,580, 830 189, 823, 379
197, 199,491
173,838,699
172, 256, 794 184, 122, 793
202, 128, 711
169, 802, 304
170, 530. 235 208, 349, 746
200,533, 231 202, 160,134
183, 176,439
191,762,692
377,940,870
1,144,448.923
6,143,916.172 4,869. 956,286
6,627,726,263 9,009,075,789
2,771,141,778 1.621, 953,095
1,916,122.018 1,118,076,423
1,091, 652,312 457, 756,139
1,166,634. 334 397, 050, 596
357, 016,878
1.131,154,606
370, 980,708
1,183,882,296
1,293, 702. 536 364, 089,945
369, 114,122
1.204,375,973
1, 340,702.732 400, 989, 683
1, 471,452,939 425, 947,194
1, 597, 512,107 464, 853, 515
1,910,062, 746 487, 718, 031
3 2,957,988,179 478, 888, 650
3 2,976,667,912 450, 766. 476
Na-vy Department 0
Indians 2
Pensions 7
Postal deficiencies 8
Intereston
the public
debt
Total ordinary expenditures
Public debt
retirements
chargeable
against
ordinary
receipts»
Total expenditures
chargeable
against
ordinary
receipts
Postal exTotal
penditures 3 ordinary and
exclusive of
postal expostal dependitures
ficiencies
O
o
tel
$32. 618,034
102.956,102
117.650,308
110,474, 264
97,128,469
118,037,097
115,646, Oil
123,173,717
119,937. 644
136, 591,956
133, 262,862
139, 682,186
141,835,654
153,853,667
239, 632,767
278,840,487
002,310,786
736,021.456
650,373.836
476,775,194
333,201,362
332,249,137
346,142,001
312,743,410
318,909,096
331, 335,492
364,561, 544
374,165,639
354,071,004
357,820,860
349, 732,213
$12,935,168 $138,425,646
10,438,350 142,559.266
14,236. 074 141, 773,965
12, 746,859 141,034, 562
15; 163,608 139, 309,614
14,579. 766 153,892,467
15.694. 618 161, 710, 367
18. 604,132 160,696,416
20,933.869 157,980,675
20,134,840 153, 590,456
20, 306.159 175,085,450
20, 215.076 173,440, 231
22,130, 351 164, 387,942
17.670.284 159.302,351
30. 598.093 160,318,406
30,888,400 181,137,754
34, 593,257 221,614,781
40,516,832 213.344,204
41.470,808 260,611,416
38, 500,413 252,576,848
45.142, 763 264,147,869
46, 754, 026 228,261, 555
38,755,457 218,321,424
48,442,120 207,189,622
36, 791, 656 230, 556,065
36, 990, 808 229,401,462
34,086, 586 229,781,079
32, 066, 628 220,608, 931
37,489. 333 233,323,908
32, 608, 236 232,236,866
27.224. 747 234,981.609
$2. 768, 919
6, 502, 531
15.065. 257
12. 673, ^94
7,629, 383
12,888, 041
19, 501, 062
8,495, 612
656, 349
24. 646.490
24, 590.944
24, 308, 676
24, 481,158
21, 426,138
2i; 803,836
21 342.979
21, 311. 334
22, 616. 300
1,568,195
22, 899,108
1,027, 369
22, 863, 957
22. 902, 897
6. 636. 593
22, 900,869
5.500,000
24, 742.702
189. 743,277
2,221,095
343, 611 619, 215.569
114,854 1,020, 251,622
999, 144, 731
130,128,458
991, 000.759
64,346,235
1,055,923,690
32, 526,915
12,638,850
940, 602.913
23,216,784
881. 806,662
831, 937, 700
39, 506,490
787, 019. 578
27,263,191
731, 764, 476
32.080,202
94, 699,744
678, 330.400
91, 714,461
659, 347,613
145, 643,613
611, 659. .704
202, 876.341
599, 276, 631
365,106
117,380.192
$517, 006,127
$517, 006,127 $136, 042, 601
583. 659,900
145. 892.863
583, 659,900
567, 278.914
162, 355.716
567, 278,914
570. 202, 278
670, 202, 278- 165, 802,431
182, 647,654
679, 128,842
579. 128.842
659, 196, 320
659, 196, 320 195, 500,901
201, 641,092
693. 743.885
693, 743,885
221, 514,528
693, 617, 065
693. 617, 065
237, 660. 705
691 201, 512
691, 201,612
246, 961, 344
689! 881,334
689, 881, 334
611,963
261, 081, 506
511,963
724,
724,
283 558,103
735, 081,431
735, 081,431
291, 944,881
760, 586,802
760. 586.802
300, 728,453
734. 056,202
734, 056,202
319, 889.904
681,761
1,977, 681,751
1,977,
322, 628,094
12, 696, 702,471
$1, 134.234 12,697, 836,705
362, 160,763
18. 514, 879,955
8, 014,760 18,522, 894,705
6, 403.343,841
78, 746.350 6,482. 090,191 10 418, 607,441
5,115,927,689 11 422,281,500 5,538, 209.189 10 489, 506,490
607,900
3, 372,
422, 694,600 3, 795,302, 500 10 481, 316,006
627,529
524, 366,214
3, 294,
402, 850,491 3,697, 478,020
574, 773.905
3,048,677,965
40/, 999, 750 3, 606.677,716
616, 119,721
3,063, 105,332
466. 538,114 3, 529,643, 446
640, 285,690
487, 376, 051 3. 584.987.874
3,097, 611,823
687. 364,998
519, 554.845 3,493, 684, 519
2.974, 029,675
693, 674,815
540, 255,020 3,643, 519.875
3,103, 264,855
859,486
687, 709,010
549, 603, 704 3,848, 463.190
3, 298,
268,884
711 985,635
553, 883,603 3,994, 152,487
3, 440,
656, 885, 960
440, 082, 000 4,219, 950, 339
3,779, 868,339
.695,763
590, 846,193
412, 629,750 135,274, 325, 613
13 4.861
018,254
682, 626,064
461. 604,800 135,306,623,064
13 4.845;
$653, 048, 628
729, 552, 763
719, 634.629
736, 004.769
761, 776,496
864, 697, 221
895, 284, 977
916, 131, 593
928, 862. 217
936, 842,678
985, 593, 469 1,018, 639. 534
1,052, 531, 683
1,034,784,665
2,297, 671, 656
13.020, 464,799
18,885, 055,468
6,900,697,632
6,027, 715,680
4,276, 618, 506
4,221, 844,234
4.081, 451,620
4,145, 763,167
4,225, 273, 564
4,180, 949,618
4,337, 194,690
4, 536,172,200
4,706, 138,122
4.876, 836,299
18 6,865,171,706
1,249,118
13 5,1
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d
1 From 1789 to 1842 the fiscal year ended Dec. 31; from 1844 to date, on June 30, Figures for 1843 are for a half year, Jan. 1 to June 30.
3 On basis of warrants issued from 1789 to 1933.
3 Postal revenues and expenditures, except surplus postal receipts covered into the Treasurj'^ and postal deficiencies paid out of the general fund of the Treasury, are based upon
reports of the Post OflSce Department. Postal expenditures include adjusted losses, etc.—postal funds—and expenditures from postal balances; but are exclusive of departmental
expenditures in Washington, D . C , to the close of fiscal year 1922, and amounts transferred to the civil service retirement and disability fund, fiscal years 1921 to 1926, inclusive.
For the years 1927 to 1933, inclusive, the ZH percent salary deductions are included in "Postal expenditures", the said deductions having been paid to and deposited by the disbursing clerk of the Pension Bureau for credit of the retirement fund.
* Surplus or deficit excludes postal receipts and expenditures therefrom but includes public debt expenditures chargeable against ordinary receipts, beginning with 1921.
8 Includes civil expenditures under War and Navy Departments in Washington, to and including fiscal year 1920, and unavailable funds charged off under act of June 3, 1922
(42 Stat. 1592).
8 Exclusive of civfl expenditures under War Department and Navy Department in Washington to and including fiscal year 1920.
7 On basis of warrants issued from 1789 to 1933. Includes only Army and Navy pensions for service prior to World War, and fees of examining surgeons in Pension Bureau, and
is exclusive of payments made by the War Risk Insurance Bureau and Veterans' Bureau to veterans of the World War, and salaries under Bureau of Pensions, which are included in
civfl and misceUaneous expenditures.
8 Prior to 1922 on basis of warrants issued. Exclusive of amounts transferred to the civfl service retirement and disability fund under act of May 22, 1920 (41 Stat. 614), and
amendments thereto on account of salary deductions of 2H percent, as foUows: 1921, $6,619,683.59; 1922, $7,899,006.28; 1923, $8,284,081; 1924, $8,679,658.60; 1925, $10,266,977.47; and 1926,
$10,472,289.69. See Note 3.
»At par.
1 Additional compensation, Postal Service, under joint resolution of Nov. 8,1919 (41 Stat. 359), is included in "Postal deficiencies", as follows: 1920, $35,698,400; 1921, $1,374,014.56;
0
1922, $22,397.37.
" Ordinary receipts and pubUc debt retirements chargeable against ordinary receipts for 1921 exclude $4,842,066.45 written off the debt Dec. 31, 1920. See page 360, note 1.
1 Beginning with the fiscal year 1932 tonnage tax has been covered into the Treasury as miscellaneous receipts.
2
13 Revised to cover all expednitures of the Reconstruction Finance Corporation including payments against credits established for the Reconstruction Finance Corporation
through the purchase of its notes under sec. 9 of the Reconstruction Finance Corporation Act.
2
S
^
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ABI^E.G:—Summary gf ordinary receipts, expenditures chargeable against ordinary receipts, and excess of receipts or expendiiuresy by months,
;.' i
. for the fiscal year 1933 \ ,
'
60'
to
[On basis of daily Treasury statements (unrevised); see p. 276]
____
General a n d special f u n d s
telExpenditures
O r d i n a r y receipts
chargeable against
receipts
ordinary
;-:;^Mohth
•fCt,->:;
)•.:. • : • . . :
. . .:
•
Customs
I n c o m e taxes
Miscellaneous Miscellaneous
i n t e r n a l rev- receipts, including P a n a m a
enue
Canal
Excess expendi. tures ( - ) i
Total
Ordinary i
Public debt
returements
T r u s t funds,
excess of r e - ceipts ( + ) or
expenditures
(-)
Total 1
o
O'
tel
^^
tel.
Fiscal year 1983
Ul-
$18,876,483
July..-.:.-!.---..
24,116,052
A u g u s t . . . .'
25,935,509
September.;..
24,744,146
October
. .
24,060,946
November;.
..
19.929,211
December.;
18,361,825
January..' .•..:.'.
16,442,654
February......
17,444,369
March • • . . . . . .
17,400,083
Aprfl.u.L....-•-....
M a y - L . i ^ . L — L . . . . 20.515,622
22,943,351
June.!...:.-.
$16,710,866
15,416, 230
142,021,018
13,627,863
14, 712,180
140.747,314
15,628,853
24,475,319
180,712,321
19,124,317
16,436, 232
146,693,932
$42,463,660
64, 584.389
72,778,033
78,044, 275
66, 628,902
73,067,672
69. 703,489
64,375,773
67,214,433
69,331,741
93, 519.032
106, 506,113
$9,713,198
6,997,150
7,538,718
13,316,177
8,618,356
108,247,492
11,935,903
6,403,541
6,666,173
7,855,307
26,845,828.
10,385,691
$87, 764, 207
101.113,821
248, 273, 278
129. 732,461
114,010, 384
341,991, 689
115, 620,070
111. 697, 287
272,036, 296
113,711,448
157, 316. 714
286,429,087
$500,826, 564
352,099,205
266, 535,806
441,156,946
272.254,150
373,775,644
337, 733,171
347, 501.402
430,477,122
446,729.798
441, 521,105
470,737,914
260, 760, 251
746, 206.445
858,217,512
224, 522. 534
2,079, 696, 742
1 4, 681,348,827
,- . . . / T o t a L . . - - .
6,896,300
600
$500.826,564
352,099,206
266,542,806
441,156,946
272,254,150
826,426,294
. 339,778,421
347,506,402
430,477,122
446,729,798
448,417,405
470,738, 614
- $ 4 1 3 , 062,357
-250.985.384
-18.269,528
-311,424,485
-158,243,766
-484,434,605
" -224,158.351
-235,809,115
-158,440.826
-333.018,350
-291.100, 691
. -184.309,427
+$16,053, 647
— 10.648,912
-2,411,782
+ 2 , 736,180
-229.680
-2,736.510
—1,306,434
- 3 , 220. 388
+2.151,959
+2,099,467
- 4 , 293. 794
- 3 , 2 0 3 . 742
461,604.800
15.142,953,627
1 -3,063,256,885
- 6 , 009, 989
$7,000
452,650,650
2,045,250
6,000
,'.'. '1 Revised to cover all expenditures of the Reconstruction Finance Corporation, including payments against credits estabhshed for the corporation through the purchase of its
notes under section 9 of the Reconstruction Finance Corporation Act.
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TABLE 7.—Expenditures, by months, classified according to organization units, for the fiscal year 1933
[On basis of d a i l y T r e a s u r y s t a t e m e n t s (unrevised), see p . 276]
Class of e x p e n d i t u r e
1932
July
August
September
October
November
December
January
G E N E R A L AND SPECIAL F U N D S
Legislative e s t a b l i s h m e n t
_
E x e c u t i v e Office...
State Department
Treasury D e p a r t m e n t . . . .
.._
War Department
D e p a r t m e n t of Justice
P o s t 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 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
Veterans' Administration
_.
Shipping Board
:_.
O t h e r i n d e p e n d e n t offices a n d commissions
Total
...:....
.
;
Unclassified i t e m s . . . .
Total-....
.....:...
Public debt:
Interest
S i n k i n g fund
R e t i r e m e n t s from special-fund r e c e i p t s . . .
R e f u n d s of receipts:
Customs
Internal revenue
P o s t a l deficiency
P a n a m a Canal
..........
Reconstruction Finance Corporation
S u b s c r i p t i o n t o stock of F e d e r a l l a n d b a n k s . .
F a r m Credit A d m i n i s t r a t i o n . - _ . . .
.
A g r i c u l t u r a l m a r k e t i n g fund (net)
D i s t r i b u t i o n of w h e a t a n d c o t t o n for r e h e f . . .
A d j u s t e d service certificate fund i
CivU Service r e t i r e m e n t fund i .
Foreign Service r e t i r e m e n t fund i
D i s t r i c t of C o l u m b i a 2
._
Total..
$2, 744, 675. 34
41, 353. 70
1,894, 042. 76
19,771, 477. 53
38,862, 616. 23
3,997, 838.12
7, 885.41
30,797, 896. 61
10,256, 816. 98
15,153, 525. 64
4, 298> 848. 59
917. 659. 75
67,048, 759. 59
1,589, 149. 43
2,914, 664. 45
$1,786, 465.90
33, 745.14
1,212, 299. 34
21,119, 661. 97
41,786, 013. 07
3,742, 436. 68
11/ 434. 64
32, 674, 032. 90
6,458, 487. 06
20,121. 001. 87
3,765, 134. 46
926, 589. 77
66,979, 218. 55
4,949, 085. 64
3,052, 625. 63
$1,838, 630. 29
32, 871.41
2,126, 544.34
20,138, 673. 09
37,421. 694. 25
2,434, 157.16
3. 190. 78
24,458, 012. 66
7, 595, 237.44
17,874. 994. 57
3,472, 936.87
1,621, 361.47
65.661. 080.16
3,470, 933. 93
3,228, 489. 73
$1,772, 966. 20
29, 338. 42
1,347, 027.16
19,236, 615. 76
36,095, 620. 77
i , 897, 152. 37
150. 00
26,927, 864 36
6,610, 002. 62
20,781, 4i0.18
3,712, 722. 98
901, 933. 70
65,823, 383. 62
2,474, 012. 41
3,946, 672. 48
$1,300, 420. 63
27, 270.03
926, 429. 48
20,243, 366.90
34.707. 844.26
3,768, 601. 50
60.00
30,494. 691. 22
5,872, 183. 61
21,327, 969. 33
3,624, 389.87
1,373. 340. 02
64,466, 776.84
3,621, 085. 89
4,112, 897. 67
$1,337, 636.44
30, 311.00
1,013, 936. 22
19,150. 179. 03
30,340, 939. 36
3,764, 676.29
3, 743. 84
30,171, 465.64
4,913, 901. 46
23,914, 126, 63
3,633, 666. 48
806, 283, u4
63,717, 060,18
4.060, 191. 22
4,486, 211. 78
191,542,637.11
194,555,773.02
156,553.35
194, 399, 219. 67
195.846, 315.15
189, 914.15
196, 036, 229. 30
188,452,848. 95 191, 343, 319.11
298,353. 62
357, 361. 55
188,154,495. 33 191, 700, 670. 66
'50.100,902. 00
139, 529,684. 85
19,407,162. 85
97, 531,643. 85 17,455/253.99
418. 764,000. 00
33.886,650. 00 "2/045.'256r60
958,984: 71
5,442,129. 50
15,000,000. 00
1,223, 517.82
14,914.127.98
852,245. 47
5,846,170.30
10.000,000. 00
770,634.07
83,483, 355.90
1,030,035.18
5,919,022.49
6,000,000.00
568,359.64
36,821. 417.04
1,192,815. 79
3,493,845. 64
10,000,000. 00
618,682. 06
771, :i01. 70
76.459, 545.15 111. 723,822. 54
141, 665. 00
14,688,091.12
816,787.42
6,276,736. 27
3,9i3,210.63
3,568, 713.18
200,297,010.12
162,927.16
208, 518,132. 62
11,867.04
191, 378,808.14
163,828.97
200,134,082. 96
208, 529,999. 66
12,768,644.25
10,216,843.39
887,378.64
6,232,264.60
5,078,697. 66
1,359,180.46
149, 771,736, 21
959,034. 08
5.199.339. 04
10.000,000. 00
570,723. 53
115, 683,439.81
100,880.00
421,569. 43
2,607,873.84
7,'5oo:oo'
100,000,000.00
20,850,000. 00
416,000, 00
2,907,109. 66
500.826. 563, 75
$2,301. 519. 51
28, 321. 34
1,113, 369. 53
19,024. 480.05
36,035, 729.13
3,630, 850.17
5, 658. 74
26.084, 827.10
6,712, 443.25
22,026, 760. 93
3.440, 664. 47
1,399, 597. 29
64.814. 752. 65
2,177, 510. 33
2,656, 364.46
1,299,729. 06
6,308,260.15
504,650.23
4.907,938. 40
4,466,206.24
6,003,431.98
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1,219,811.02
3,648; 079. .33
352.099,205.00
266, 542,806.44
441,156,946. 53
272,264,150.21
826.426.293.77
20,668,211, 62
372; 767, 416. 52
l4,096,319. 91
280. 639.126. 36
15,534,921,47
456, 691,867, 00
10.725,916. 26
282.980, 066. 47
12.439, 684. 94 19,730, 206. 89
838, 866,878. 71 369, 508. 627. 95
I, 778, 421. 06
TRUST FUNDS
T o t a l t r u s t fund e x p e n d i t u r e s
.
T o t a l general, special, a n d t r u s t fund e x p e n d i t u r e s ,
F o r footnotes see p . 316.
8,165,926.56
497, 660, 638.-19
CO
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T A B L E 7.—Expenditures, by months, classified according to organization units, for ihe fiscal year
Class of expenditure
G E N E R A L AND SPECIAL
February
March
1933-Continued
Aprfl
1933—Continued
CO
Total
Fiscal year 1933 Fiscal year 1932
May
FUNDS
Legislative establishment
Executive Office..
State Department...
Treasury Department
War Department
Department of Justice
Post Office Department
Navy Department.
Interior Department..
Department of Agriculture
Department of Commerce
Department of Labor....
Veterans' Administration
Shipping Board.'...
..i...
Other independent offices and commissions
Total
^^..^..^..^........^
Unclassified items
.
Total—.--—....-.-..----. — . . . —
Public debt:
Interest
.:....;
Sinking fund
•Retirements frorh special fund receipts...
Refunds of receipts:
Customs...-..-—.-.
Internal, re v e n u e —
. —
. Postal deficiency....-.-:.!
,
Panama C a n a l . : . . . . .
Reconstruction Finance Corporation
Subscription to stock of Federal land banks.
Farm Credit Administration..:...
...
Agricultural marketing fund (net) . - . . _ . . . . . .
Distribution of wheat and cotton for relief...
Adjusted service certificate fund i
Civfl service retirement fund i
....^.-..i.
Foreign Service retirement fiind i..
District of Columbia 2
$2. 222. 598.87
$1,892, 373. 34 $2,181, 629.85
$510. 972.86
$21,477, 373. 26
$27,318. 601.16
30. 274. 66
25. 082. 33
58. 097.82
369, 112.82
424. 545.62
3, 113.71
856, 750.45
1, 361. 648. 69
1,305, 770.76
15, 225,568. 81
18.881, 863. 78
1.162, 510. 84
18,948, 616. 66 36, 551,192. 71 28. 040,010. 67 27,183, 496. 40
267, 504,959.19
287,945, 002. 64
29,967, 631. 63 28.483, 654. 59 31, 273,975. 83 63,276. 269.17
436. 722,284.25
466.788. Oil. 52
3,404. 632. 58
2,849, 071. 73
3. 535.903.10
44,088, 327. 05
51,639. 260.80
4,106, 794. 86
200. 00
4, 441.14
7, 794. 69
125, 898.90
57, 882.41
13, 333.17
129.81
26,921, 566.10
41.697. 981. 08
28. 715. 686.86
606, 770. 25
357, 617,833.88
349, 561,924.59
28, 111,
836. 55
5, 348,300. 04
6, 265,907. 05
643,047, 57
4.952, 652. 99
81,444. 996.16
74. 579,716. 62
5, 050,
23,829, 985.10
30,134. 772. 76
688, 035.89
16,493, 119. 97 21, 635,436.15
318.975. 817.05
250,981, 139.02
263, 24». 19
3, 630.940.14
6,165. 661. 80
3, 632, 263. 97
52, 700,.
200.47
45,968, 153.14
3, 337,683. 32
435. 00
000,426.15
1.156. 100.07
1.309, 085. 24
1,497, 129. 57
14,701. 343.97
13, 677,841. 57
769,
982, 244.01
59, 805,949. 24 59. 269,484. 36
63, 929, 159. 72 60, 668,028.39
784, 841,819.60
763,154, 886. 30
931.
910,434, 52
500, 554.68
2,135, 849.15
2,844, 955. 03
61, 540,826. 67
28, 518,830. 33
214, 004. 90
35
862,062.92
4,855, 696.69
3,687. 586. 78
3.013, 130. 55
52.545, 270.64
45, 237,407. 39
5,422,
170, 912,415. 92 180, 277.491. 26 196,982, 594.89 191,831,373. 77 246,729,323.80 2, 357,125.406. 75 2, 667,491, 292.86
. 2,448.48
288,637.19
8,666.83
822,018.18
388,892.84
895,188.48
46, 490. 67
170. 590, 397. 74 180. 273,824.43 196,985,043: 37 191, 542, 736. 58 246, 340.931. 46 ,2,356,230,268.27 2,567,536,783.53
587.484.03
29.333. 26
916. 239. 25
097, 389. 43
470, 495. 96
966, 212. 49
15,163,214.70
TRUST
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425. 660,300. 00
35,944, 500. 00
786,804.15
2, 372.094.66
1,217.781.53 . ..965.950.52
4,811, 407.16
2.177.278.06
6,968, 320. 96
1,166,923.27
10,165, 776. 57 22.003. 581.18
872, 663. 97
814,464. 31
963. 470.82 : 1.519,417.76
147, 250,406. 04 157.106. 775. 87 109, 006, 641. 45 192, 493,470.00
430.477,121, e
12.835.039. 07
360.341.440.87
8,997. 518. 64 14.741,154. 43 14.129.503.43
22.936.976.63
120.680,618.94
163,669,427,53
439, 474, 640.14 461, 470, 952. 57 462. 546, 908. 63 493.675,490. 74 [3 6. 306, 623, 064.14 i5,274. 326. 613.62
FUNDS
Total trust fund expenditures
Total general, special, and trust fund expenditures..
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53,988. 00
12, 676.841. 79
17.202.968. 59
5,199,158. 29
57, 763,119. 46
83,921. 552. 08
30.132.238.02
117, 380,192. 33
202.876,340.63.
2,630,512.57
12, 672.728. 59
10, 661,804. 75
82.323, 429. 74 1, 277, 038,
167. 73
767, 735, 208. 65
24B, 645.00
126,000,000.00
354,724. 71
1,816,408.68
1,461,
22,524,114.02
2,165. 82
6,821,147.46
136, 238,855. 68
8,254. 996.45
1, Oil, 368:05
24,442. 01
306, 739.17
34, 240,628. 21
200.000, ooo: 00
100,000. 000.00
20,850,000.00
20, 850,000. 00
215,000.00
416, 000. 00
9.500, 000.00
7.775, 000. 00
446,729, 798.14 448, 417,405. 20 470.738.514,11 5,142.953, 626. 61 35,153, 644, 894. €
105,851,787.97
347, 506. 401.1
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24.144,440.79
6,896,300.00
"600.~6o'
6,671,099.43
14.972,883.71
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599,276.630:87
412. 554, 750. 00
75,000.00
58.128, 509. 61 139,077,017.45
5, 000. 00
1,634,892.16
2, 628, 324. 29
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1932
July
August
September
1933
October
November
December
January
PUBLIC D E B T *
T r e a s u r y bflls
Certificates of i n d e b t e d n e s s
Certificates of i n d e b t e d n e s s (adjusted service certificate
series)
T r e a s u r y notes (foreign service r e t i r e m e n t fund s e r i e s ) T r e a s u r y notes (civfl service r e t i r e m e n t fund series)
T r e a s u r y n o t e s ( C a n a l Zone returement fund s e r i e 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 sayings securities
First Liberty b o n d s .
:
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 . .
.Postal savings b o n d s . .
Other debt items
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 R e s e r v e b a n k notes
Total public debt expenditures-
.—.
fund
$206,656.000.00 $312,621,000.00 $127,923,000,00 $207, 657,000.00 $311.329. 000.00
3.812,150.00
4,063,800.00 228,747,650. 00 701.464,800.00 335,019,450.00
23,700,000.00
10,000,00
22,900.000. 00
8.000.00
300,000. 00
10, 300,000.00
14,000.00
300, 000.00
2,569,400.00
963,800. 00
2, 528. 25
9,112.00
2. 657. 25
17,743. 00
64, 200.00
84,960,00
46,950. 00
144, 900. 00
17.160.00
839,160.00
200.00
3, 730,330. 00
13,600. 00
3,420. 00
3, 017,865. 00
749,800. 00
5,500.00
2, 624. 75
7, 685. 00
- 500,00
56.950. 00
67,950. 00
1. 000.00
9, 650.00
200.00
70.72
3,013, 858.00
241,636,830. 25
668, 787, 685. 26
843,906,488.47
-.
-
$98, 529,000. 00 $234,681,000.00151,156,400.00
2,320,050.00
7, 500, 000.00 129,500,000. 00
20,000,00
10,000. 00
300,000.00"
400,000.00
7, 500,000. 00
12,000. 00
500,000.00
4,000.00
671,950. 00
6,200,000.00
15, 000. 00
400, 000. 00
2,251. 25
18,541.00
2,444, 26
11, 222. 00
36,200. 00
72,850.00
26,800. 00
83.300. 00
6,200. 00
2,120. 00
700. 00
3, 764, 676. 00
11, 750. 00
680. 00
40,00
1, 446,120.00
4.406,550.00
2,041,350. 00
3, 283. 75
16, 534. 00
1,000.00
36, 260. 00
46,300. 00
101.400. 00
94.350. 00
2.900. 00
8.350. 00
9,400.00 !
780.00 i 1,057, 280,00
70.00 :
170,00
3,121,990.00
3,696, 540. 00
555, 266,937. 25
325, 695,356. 25
882.147, 699. 50 378, 284, 657. 75
357,860. 00
587, 472, 550.00
33,886, 650. 00
2,952.60
10, 257.00
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T A B L E 7.—Expenditures, by months, classified according to organization units, for the fiscal year 1933—Continued
Oi
1933—Continued
February
March
April
Total
May
June
Fiscal year 1933
Fiscal year 1932
hj
PUBLIC D E B T *
Treasury bflls
$205,492, 000.00 $191,100.000. 00 $232, 869, 000.00 $307, 274.000.00 $283. 331, 000. 00 $2, 719, 362. 000. 00 $2.150, 724,000. 00
Certificates of indebtedness
143, 045, 600.00 750, 290, 350. 00
9, 769, 950.00 238, 936.800.00 370,153,950. 00 2.938, 780,850. 00 3. 762,259,650. 00
Certificates of indebtedness (adjusted service certificate fund
series)..
410,100,000. 00
16, 800. 000. 00
4.900, 000. 00
242.900, 000. 00
2, 600,000.00
6, 200, 000. 00
4, 800, 000.00
136,000. 00
142, 000. 00
Treasury notes (foreign service retirement fund series)
9.000. 00
20, 000.00
10, 000. 00
14.000. 00
14,400,000. 00
Treasury notes (civfl service retirement fund series)
700, 000.00
43,100. 000. 00
500, 000. 00
47,800, 000. 00
300,000.00
1, 000,000.00
Treasury notes (Canal Zone retirement fund series)
4, 000.00
6,000. 00
650. 00
Treasury notes
989, 600. 00
475, 523,
1, 792, 200. 00
3,146,900. 00
1, 224, 200. 00
724, 550.00
605,069, 350. 00
550. 00
Treasury bonds
500. 00
94, 269,
3, 600.00
42.833, 800. 00
6, 896. 300.00
35,994. 00
2.313. 76
32, 978. 25
War saving securities
a
3,313. 60
2, 988. 75
2. 649. 25
3. 071.00
22, 017. 00
Treasury savings securities
356,412. 00
9, 918. 00
24.089, 00
10, 932. 00
176. 993. 00
18,943, 00
First Liberty bonds
314.200. 00
1, 700. 00
200.00
913,450. 00
45,400. 00
654, 350. 00
Second Liberty bonds
62, 750. 00
53.900.00
36,950, 00
164. 700.00
750. 00
Third Liberty bonds
68,000. 00
75,700.00
89,400. 00
114. 650. 00
1,095.
1,447,100. 00
108, 300. 00
Fourth Liberty bonds
100. 00
118,000. 00
1. 300.00
5, 300. 00
Victory notes
137,900. 00
6,350. 00
8. 650. 00
28, 950. 00
9, 600. 00
22, 950. 00
152, 600. 00
455; 120. 00
3,120.00
Postal savings bonds
-.•
2. 740. 00
3, 700.00
480. 00
880.00
1.914. 660. 00
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 notes
Total public debt expenditures
221. 61
3, 500.960.00
356,900,
806. 97
2,474,044.00
180. 00
4, 546, 950. 00
100, 832,01
5, 519,839,00
964, 632, 342. 47
255, 499, 530. 75
565, 581, 515. 01
460.00
4, 560, 555. 00
103, 750. 31
44. 382. 726, 00
54,024.44
37,454,052. 50
707.173. 365. 75 i 6, 645, 412, 707. 66 4 6.948,705.003.69
Note.—Excess credits in italics t o b e d e d u c t e d .
1 Since July 1, 1932, deductions from salaries credited to the civil service, foreign service, and Canal Zone retirement funds and the earnings from investments of such funds
and of the adjusted service certificate fund have been classified as receipts, whereas prior to that date such items were used to offset expenditures for the respective funds.
2 Expenditures for the District of Columbia representing the share of the United States are charged against the amount to be advanced from the General Fund untfl the authorized
amount is expended. After that they are charged against the revenues of the District under trust funds.
3 Revised to cover all expenditures of the Reconstruction Finance Corporation, including paj'^ments against credits established for the corporation through the purchase of
its notes under section 9 of the Reconstruction Finance Corporation Act.
* Includes sinking fund and other debt retirements mentioned above.
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317
REPORT OF THE SECRETARY OF THE TREASURY
Specific receipts and expenditures
TABLE 8.—Comparison of detailed internal revenue receipts for the fiscal years
1932 and 1933
[On basis of reports of coUections, see p. 276]
Source of revenue
Income tax:
Corporation i
Individual-.Total.,
Estate tax: Transfer of estates of decedents.
Gift tax: Transfer of any property by gift...
Distilled spirits, etc.:
Distilled spirits (nonbeverage)
Still or sparkling wines, cordials, etc.
Grape brandy used for fortifying sweet wines.
Rectifiers; retail and wholesale liquor dealers;
manufacturers of stills (special taxes) 2
MisceUaneous coUections relating to distiUed
spirits
_.
Fermented hquors (Revenue Act of 1918)
Total
1933
$629, 566,115. 55
427,190, 581. 99
1, 056, 756, 697. 54
Stamp taxes (not elsewhere enumerated):
Bonds of indebtedness, issues of capital stock,
deeds of conveyance, etc
_..
Capital stock and similar interest sales or
transfers
_
Sales of produce (future delivery).
Playing cards
Use of yachts and boats (domestic and foreign).
Total
Manufacturers' excise taxes (Title IV, Revenue
Actof 1932):
Lubricating oils
Brewer's wort, malt, grape concentrates, e t c .
Matches
Gasoline
Electrical energy
Tires and inner tubes
Toilet preparations, etc
Articles made of fur
Jewelry (watches, clocks, opera and field
glasses, e t c . ) . . . . .
Automobile trucks
Other automobiles and motor cycles
Parts or accessories for automobfles
Radio sets, phonograph records, etc
Mechanical refrigerators
..
Sporting goods
.
—
Firearms, shells, and cartridges..
.....
Cameras and lenses
—
Candy and chewing g u m . . .
•—
Soft drinks
..
Total..
$394, 217, 783. 93
352, 573. 620.18
746, 791, 404.11
Increase (+) or
decrease (—)
-$235, 348, 331. 62
-74,616,961.81
-309, 965, 293. 43
47, 422, 313. 00
29. 693,061. 89
4, 616. 661. 96
-17.729,251.11
+ 4 , 616, 661. 96
7, 906, 945. 22
186, 563. 29
73, 650. 65
6, 744,923.17
208, 627. 22
48, 094.13
-1,162,022.05
+22,063. 93
-25, 656. 52
505, 704.13
877, 851.18
+372.147.05
14, 207,679. 50
226, 608. 98
31, 659. 71
317, 533, 080. 02
6,846, 301. 69
58, 030,155. 75
1, 700, 502. 85
2, 730. 06
398, 578, 618. 56
+24. 500. 28
+ 8 . 779. 29
-760.088.02
+80, 948. 77
+33,079, 629. 82
2, 069, 863. C
35, 230, 441. 67
8, 703, 963. 27
66, 600. 26
8, 779. 29
7, 943,875. 25
80, 948. 77
33, 079, 629. 82
31, 099. 98
Nonintoxicating liquors (act of Mar. 22, 1933):
Fermented vinous or fruit-juice hquors
Fermented malt Uquors.
.._
Brewers; retafl and wholesale dealers in malt
liquors (special taxes)
Total
Tobacco:
Cigars (large)
.
Cigars (small)..
Cigarettes (large)
Cigarettes (small)..
_.
Snufl of aU descriptions
_
Tobacco, chewing and smoking
:
Cigarette papers and tubes..
MisceUaneous coUections relating to tobacco.
Total
\
+35, 230, 441. 67
11, 304.995. 91
173, 730. 47
21. 267. 58
328, 418. 413. 58
6, 404, 999. 69
55,450, 340.99
958,145. 34
7.165. 69
402, 739.059. 25
-2.902.683.59
- 5 2 , 778. 51
-10,392.13
+10.885. 333. 56
-441, 302. 00
- 2 , 579.814. 76
-742.357.51
+ 4 , 435. 63
+4.160, 440. 69
+2,(
9,198, 539. 57
16, 034, 755. 59
+6,836, 216. 02
17, 696,129. 86
959, 319. 64
4, 386, 830. 50
33,188, 494. 94
4, 206, 597. 74
3, 908, 354. 20
239,859. 22
57, 578, 061. 69
+15, 492, 365.08
. +3,247,278.10
-478,476.30
+239,859. 22
+25, 337. 242.12
16, 232.924. 81
5,707,904.63
2. 871.992.13
124.929,412. 02
28, 562, 739. 33
14,980,084.52
9,602, 539. 37
7, 546, 274. 34
+16, 232.924. 81
+5, 707,904. 63
+2, 871,992.13
+124. 929.412.02
+28, 562.739. 33
+14, 980,084. 52
+9. 602.639. 37
+7, 546,274. 34
3,068, 494. 24
040.02
1, 654,
12.573, 922.08
3,597, 276. 24
2, 206.763. 39
2, 111,868. 76
2,701.680. 08
896. 833. 02
170, 002. 29
4,150.227. 65
4.186.447. 33
+3,068,494. 24
+1,654. 040.02
+12,673,922.08
+3,597, 276. 24
+2.206, 763. 39
868. 76
+2, 111,
+2,701,680. 08
+896,833. 02
+170, 002. 29
+4,150,227. 65
+4,186,447. 33
32, 240, 819. 57
247.761,426.25
+247.751,426. 25
1 Includes $7,614.31 for 1932 and $4,262.03 for 1933/:income tax on- Alaska.raflroads (act of July 18, 1914).
8 Includes $230.40 for 1932 and $60 for 1933 on account of stflls or worihs manufactured.
J
318
REPORT OF THE SECRETARY OF THE TREASURY
TABLE 8.—Comparison of detailed intefnal revenue receipts for the fiscal years
1932 and 1933—Continued
1932
Source of r e v e n u e
MisceUaneous taxes ( T i t l e V , ' R e v e n u e A c t of
1932; n o t elsewhere e n u m e r a t e d ) :
T e l e p h o n e , telegraph, r a d i o , cable, leased
wires, e t c . .
T r a n s p o r t a t i o n of oil b y p i p e l i n e .
A d m i s s i o n t o t h e a t e r s , concerts, cabarets, e t c .
Leases of safe-deposit boxes
Checks, drafts, or orders for t h e p a y m e n t of
money
Total
1933
Increase ( + ) or
decrease (—)
$14, 564.756.17
7,467.297. 50
15.520.512.30
2.365.040.83
38,456.493.49
$1,868,605.97
+$14, 564,756.17
+7,467,297. 50
+13,661,906. 33
+2,365,040. 83
+38,456,493.49
+76,616,494.32
78,374.100. 29
5.505. 52
1.858.605. 97
17.066. 70
I n t e r n a l r e v e n u e coUected b y collectors of c u s t o m s .
MisceUaneous:
A d u l t e r a t e d a n d process or r e n o v a t e d b u t t e r ,
8,837.00
mixed flour, a n d filled cheese
1.744.736. 78
Oleomargarine, including special taxes
621,162. 86
Narcotics, including special taxes
Collections on account of p r o h i b i t i o n enforcem e n t , i n c l u d i n g penalties, fines, offers in
490.773. 26
c o m p r o m i s e , etc
. .
9,204, 587.04
C l u b d u e s a n d i n i t i a t i o n fees
87,358.40
Pistols a n d revolvers
D e l i n q u e n t taxes collected u n d e r repealed
79,025.51
laws
..
14,477.18
R e c e i p t s from other misceUaneous sources
12.150.958.03
Total
1. 657, 729,042. 64
G r a n d total
-11.661.18
15,5n.97
1.347.190,45
457,067.63
+6,674.97
-397,546.33
-64,096.23
529.788.84
6,679,260.95
35.388. 89
+39,016. 58
-2,626,326.09
- 5 1 , 9 6 9 . 51
44.612.64
6.805.06
9.116. 626.42
1,619,839,224.30
-34,412.87
-7,672.13
-3,035,331.61
+62,110,181.66
-Internal revenue receipts, by sources, for ihe fiscal years 1916 to 1933^
TABLE 9.-
[On basis of reports of collections, see p. 276]
I n c o m e a n d profits 2
Year
Estates
Individual
1916
1917.
1918
1919
1920
1921--1922--.
1923
1924 _
1925
1926
19271928
1929 - . 1930-:-1931-19321933
$845,426,352
879,124,407
911,939,911
882,727,114
1,095,541,172
1,146,844,764
833,647,798
427,190,582
362. 673. 620
:
Tobacco 8
Year
1916—.-1917-1918
1919
1920.
1921 . . .
1922-1923
1924
1925
1926
1927 - .
1928
1929 - .
1930.1931 . .
1932
1933
•
-
$88,063,948103,201,592
156,188, 660
206,003,092
295,809,355
255,219 385
270,759,384
309,015,493
325,638,931
345,247,211
370,666,439
376,170.205
396,450,041
434,444,543
450,339,061
444,276.503
398,578,619
402,739,059
For footnotes, see p, 319.
Corporation
$916.232,697
1,094,979,734
1,308,012,533
1,291,845,989
1,235,733,256
1,263, 414 466
1.026,392,699
629,566,115
394,217, 784
Documentary
stamps
$38,110,282
8,254,342
21,874,734
43,751,340
81,259,366
69,864,073
55,919,044
61,490,152
58,526,017
46,068,399
49,800,825
32,603,083
43,818,496
58, 797,727
72,909,377
41,960,037
27,853,989
53,429,848
Total
$124,937,253
387,382,344
. 2,852,324 866
2.600.783,903
3,956,936,004
3,228,137,674
2 086 918,465
1,691,089,535
1 841 759,317
1,761,659,049
1,974,104,141
2.219,952,444
2,174,573.103
2,331,274,428
2 410,259.230
1,860,040.497
1,056,756.697
746,791,404
$6,076,575
47 452,880
82,029,983
103,635,563
154.043,260
139,418,846
126,705,207
102,966,762
< 108,939,896
* 119,216,375
100,339,852
60,087,234
61,897,141
64,769,625
48,078,327
47,422,313
4 34,309,724
P l a y i n g cards
Admissions
$819.654
820,897
1,276,505
2,091,791
3,088,462
2,603,941
2.787,921
3,385,227
3,731,537
3,183,385
4,213,414
4,742,469
5,010,712
5 375 804 i
4,819,293
4,993,559
4,386,831
3,908,364
$26,357,339
50,919,608
76,720,555
89,730,833
73,384,956
70,175,147
77,712,524
30,907,809
23,980,677
17,940,637
1 7 79.4. QF.'?.
fi
na^'n.fiR
i , 230,667
2,778,864
1,858,606
15,520,512
Distilled spurits
a n d fermented
Uquor s3
$247,453,544
284,008,513
443,839,545
483,050,854
139,871,150
82 623 429
45,609,436
30,358 086
27,585,708
25,904,775
26,452,029
21,195,552
15,307,796
12,776,728
11,695,268
10,432,064
8, 703,963
43 174,317
Dues
$2.259,057
4,072,549
5 198,001
6,159,818
6,615,634
7,170,731
8,009,861
8,690,588
10,073,838
10,436,021
10,352,990
11,245,255
12,521,092
11,477,723
9,204 687
6,679,216
REPORT OF THE SECRETARY OF THE TREASURY
TABLE 9.-
319
-Internal revenue receipts, by sources, for the fiscal years 1916 to 1983Continued
Special taxes«
Sales of
manufacturers
a n d dealers«
Year
1916..
1917
1918
1919
1920-1921
1922..
1923
1924..
1925
1926..
1927
1928.1929
1930.1931
1932
1933
Year
„—.-..
— —.
Checks
a n d safedeposit
boxes
1916 1917
1918 . .
1919..1920 . 1921...1922 .
1923
1924 1925
1926 . 1927
1928 . .
1929.....
1930
1931
1932
$40.821,534
1933
$4.218.979
775. 078
36, 636, 607
79.400.266
267, 968. 579
229. 397. 837
174, 361, 288
185,117, 058
200, 921. 721
• 140. 877, 326
150, 220.488
66.850,109
61. 951, 694
6.723, 791
2, 676, 261
149.744
96,195
243, 615,880
Insurance
$6,492,025
14, 608, 881
18, 421, 764
18, 992, 094
10, 855,404
Nonalcoholic
beverages,
soft d r i n k s , etc.
$2.216,181
7,182, 219
57,460.956
58, 676,973
33. 504. 284
10,131. 897
10. 418, 866
Corporation
capital stock
$10,471,689
24, 996, 205
28,775, 750
93, 020,421
81, 525,653
80, 612, 240
81, 567, 739
87. 471, 692
90.002. 595
97, 385, 756
8, 970. 231
8.688, 502
5, 956, 296
46, 967
4.186..447
Oleomargarine 3
$1,485,971
1, 995, 720
2, 336, 907
2. 791, 831
3. 728, 276
2.986, 465
2.121.080
2, 264, 531
2,814.104
3.038. 928
3,070, 218
3.164. 219
. 3.407.600
3, 611.153
3.919, 388
2. 681,428
1, 744. 737
1.347.191
All others
Opium and
narcotics 3
$245.072
277.165
185.359
726,137
1, 514. 230
1,170. 316
1,269,090
1,013, 736
1,067, 341
1.090. 933
981, 739
797,825
690. 432
605, 336
588, 682
607.340
521.163
457. 068
..
Receipts
under the
National Prohibition A c t
$641,029
2,152,387
1, 979, 687
729.244
856,395
660,888
416,198
502. 877
925, 252
727,006
1,105.172
586,160
490. 773
629,789
$6,908,108
5, 237,044
2. 691, 587
4,721, 298
9, 913,281
8,686, 540
8, 662. 760
8,035. 683
7, 814, 414
5,811,558
4. 546,978
7, 967
9, 763
239,859
Miscellaneous 7
Transportation,
telephone, teleg r a p h , radio
a n d cable
$70, 736, 550
237, .839, 572
289, 348,087
301,512,414
198,790, 249
30, 380,784
34, 662, 429
22.032.054
Total
$512, 723, 288
$480,477
892.681
809. 393, 640
1,091,814 3, 698, 955.821
1,501.004 3,850,150,079
3,045,183 6,407. 580, 252
1,975, 968 4, 595, 357,062
3,881,416 3,197, 451,083
3.125,078 2,621,745.228
4. 232, 637 2, 796.179. 267
12.156.929 2.584,140. 268
870, 777 2, 835.999.892
2.009. 640 2, 865, 683,130
1. 636,969 2. 790, 536, 638
636. I l l 2,939,054,376
265. 651 3.040,145,733
166.518 2.428,228,764
n o ; 569 1, 557. 729.042
56,923 1,619,839,224
iFor figures for 1863 to 1915, see annual report for 1929, p. 419,
^Includes receipts from munitions manufacturers' tax. 1917. $27,663,940, and 1918, $13,296,927. Separate
figures for corporation and individual income taxes not available prior to 1925.
3 Includes special taxes on manufacturers and dealers, except for tobacco taxes for 1927 and following
years.
. Includes gift tax as follows: 1925, $7,518,129; 1926, $3,175,339; and 1933, $4,616,662.
4
* Includes collections from taxes on sales under act of Oct. 22,1914, "Excise taxes" under the war revenue
and subsequent acts, and also special taxes on the sale of and the manufacturers of and dealers in adulterated and process or renovated butter, filled cheese, and mixed flour.
0 Excludes collections on special taxes referred to in notes 3 and 6.
7 Includes receipts as follows: (a) For 1919. 1920, and 1921 receipts which rremained unclassified at the
time the statistical tables were compiled; (b) internal revenue collected through customs offices for 1921
and following years; (c) delinquent taxes collected under repealed laws, except delinquent collections on
automobiles for 1929 and 1930, included under "Sales of manufacturers.and dealers," and on corporation
capital stock for 1927 to 1930, inclusive, included under "Special taxes"; (d) penalties for 1916, $458,773;
1917, $871,606; and 1918, $985,220; after 1918, all penalties are included with other receipts from the respective
taxes to which they relate.
14820-^33-
-22
320
REPORT OF THE SECRETARY" OF THE TREASURY
TABLE 10.—Internal revenue receipts, by States and Territories, for the fiscal
year 1933^
[On basis of reports of collections, see p. 276]
States, etc.
.\labama
Alaska..
Arizona..
Arkansas...
California...Colorado
Connecticut
:
Delaware
District of Columbia..
Florida....
Georgia.
-..
Hawaii
^.
^^
Idaho
_
Illinois
Indiana
.-.
Iowa.....
Kansas
Kentucky
...
Louisiana
Maine
.
Maryland
Massachusetts
-..
Michigan
-..
Minnesota..
Mississippi
Missouri
Montana
Nebraska
_
Nevada
-..
New Hampshire
New Jersey..;
..
New Mexico....
New York
North Carolina.......
North D a k o t a . . . . . . . Ohio...:
Oklahoma
Oregon...
Pennsylvania
:..
Rhode Island..... —..
South Carolina..
South Dakota
Tennessee
Texas...
.
Utah
Vermont
Virginia
Washington
West Virginia
Wisconsin
Wyoming
..
Philippine Islands
Total..
Miscellaneous
Income taxes 2 internal revenue 3
,
$1, 626.985.18 $1,671,234. 58
44, 677. 69
152.168. 06
290, 166, 61
559.666.10
853. 303, 04
584-. 679. 04
, 473. 239. 63 44. 200.943.92
, 826.317.14
1,879,014, 73
, 567. 548. 06 3,846,876, 79
, 511,456.42
1,008,608.40
, 272,880.96
2,191,227. 60
, 278,971. 32 3, 316.662. 68
, 580. 817.91 2, 891,530. 26
, 662.658. 39
404. 691. 00
467,328,99
225. 452.11
,453.099.76
49, 661,722. 64
, 437, 673, 21 5, 481.90L84
396.972.81
2,140, 403. 29
296, 602. 01
237. 28
4, 751,
,171,846.17
49,958, 208. 04
. 963, 750. 64 5,488. 340.47
037.084. 52
686. 069. 62
949,460. 25
4,162. 465.46
169. 560. 06 14, 219,010. 76
199, 589. 69 25.173. 618.04
027. 765. 27
5, 247,362.14
471. 788. 68
425. 846.16
694, 336. 30 20,111, 679.98
636, 456. 94
505, 871.12
357.136.07
1. 506.346, 56
622.931.42
167. 891. 59
218,133. 28
672, 580. 65
330,437. 60 34,146. 162.46
281,488. 31
223, 597. 24
001. 792. 34
760, 720. 22 136,344, 880.41
220.657.39 200,727, 038.86
231, 361. 28
285,464.88
39.192, 336. 54
992,963,01
19.788. 214, 33
666.108. 22
1.111. 177. 70
354,910. 40
726.88
209. 640.36 48.899. 889. 69
1. 207.
050.950. 61
682, 781. 38
266. 654. 24
345. 080. 54
246. 637.01
4, 573.961. 29
296,086.30
857, 210.42 20.871. 409. 73
579. 042.48
605,379. 78
263. 660.95
677,206.71
376.084. 36 94.121, 757. 22
1.879, 810. 93
025.815. 80
2. 790.941.82
593,751. 57
334. 752. 32 11,499, 372. 21
187. 214.16
,327. 777. 26
746. 791.404.11 873.047,820.19
Total
.$3, 298,219. 76
196, 745. 75 .
849, 821.71
. 1,437,982.08
. 94,674.183.56
6.704. 331.87
18,414, 424.85
12, 520,063.82
8,464, 108.56
633.90
7, 594-.
6, 472,348.17
3,067, 249.39
692. 781.10
106,114, 822. 39
13,919, 676.05
6. 537,376,10
• 9,047.839. 29
64,130. 054. 21
9, 452.091.11
3,723. 164. 04
23.101, 925. 70
49, 388.570..82
54. 373,207.73
15;275. 127. 41
897, 634. 84
39, 706,016. 28
1,142. 328. 06
3.863. 482. 63
1,680, 823. Oi
- 1,790, 713.93
71,475, 600. 05
505, 085. 55
376/346, 672. 75
213, 487.759. 08
452,,018. 67
801. 42
• 69.477,
24. 781,167. 34
2, 667,285. 92
114. 254,637. 28
6.417. 430.05
1.733. 731.99
611, 734. 78
8.820/ 488. 30
34.167, 496. 03
1,436. 252. 90
858, 940. 73
103. 798,963.93
6,254, 895. 28
6,816, 757. 62
19,093, 123. 78
621, 966. 48
327, 777. 26
1.619.839, 224. 30
1 Internal revenue receipts are credited to the districts in which the collections are made. Receipts in
the various States do not indicate the tax burden of the respective States, since the taxes may be eventually
borne by persons in other States.
,.
2 Includes income tax on Alaska railroads (act of July 18,1914) amounting to $4,262.03.
3 Includes collections through customs offices amounting to $5,505,62.
NOTE.—For additional information, see published report of the Commissioner of Internal Revenue for
the year ended June 30. 1933.
REPOET OF THE SECRETARY OF THE TREASTJRY
321
TABLE'11.—Expenses of the Internal Revenue Service for the fiscal year 1933
[On basis of checks issued, see p . 276]
A.
D I S B U R S E M E N T S BY COLLECTORS OF I N T E R N A L R E V E N U E i
District
Alabama
_.
Arizona
Arkansas
.........
Galifornia:
; F i r s t district
-Sixth district
Colorado
Connecticut
:.._..
Delaware
Florida
Georgia
..
Hawau
Idaho..
lUinois:
F i r s t district
E i g h t h district
Indiana.
....
Iowa
;...
Kansas.
Kentucky
Louisiana...
Maine
...
Maryland
....
Massachusetts... - . . .
Michigan
.-.
Minnesota
Mississippi
Missouri:
F i r s t district
Sixth d i s t r i c t . . . . . . .
Montana....
Nebraska
Nevada
New Hampshire..-.-.-N e w Jersey:
F i r s t district
.
Fifth district
N e w Mexico
New York:
First d i s t r i c t . . .
.
Second district
T h i r d district
F o u r t e e n t h district
Twenty-first d i s t r i c t . . . .
Twenty-eighth district.
N o r t h Carolina
North Dakota
Ohio:
F i r s t district
T e n t h district
E l e v e n t h district
E i g h t e e n t h district
Oklahoma...
Oregon
Pennsylvania:
First district..
T w e l f t h district
Twenty-third district...
Rhode Island
South C a r o l i n a . . . ^ . . . .
South Dakota
.-.
Tennessee...
Texas:
F i r s t district
Second district
Utah
Vermont
Virginia
Washington
West Virginia...Wisconsin
Wyoming
Total..
Forlfootnotes, see page 322.
Salaries of
collectors,
deputies,
clerks, etc,2
T r a v e l expenses
Rent
Miscellaneous
Total
$83, 327. 25
. 44,038.72
79,872.01
$5, 428. 71
2,179. 78
13, 358. 46
$4, 000. 00
2, 567.19
$1,198. 94
1. 241. 69
992. 65
$89,954. 90
51,460.19
96, 790. 31
269.098. 71
273. 482. 32
98, 563. 24
149, 463. 48
37, 833. 48
129, 085. 95
89, 818. 30
41, 594, 21
39, 325. 25
10, 034. 57
. 15, 075. 58
6, 781. 09
2. 578. 35
492. 54
8,804.46
8, 485. 66
2. 753,45
4, 001. 40
3.877,07
6. 788. 01
1. 583. 08
1.132.43
403.71
2, 688. 67
891.17
633, 58
505. 63
283,010.35
315, 052. 93
106,927.41
164, 215.93
38, 729. 73
153, 519. 02
99, 675.13
44.881. 24
43, 832. 28
9,183.15
866. 87
2,181. 27
1, 247. 01
1.949. 78
1,872. 37
810.95
437. 22
4,843. 41
8.929.45
4, 763. 06
2, 232. 38
406.10
543.401. 57
129,438. 89
163,956. 77
169,917.34
108, 651.11
151,881.13
104,896. 40
74,854.87
259. 006. 35
493. 267.12
332.555.93
192.458.13
70.191.28
653. 34
756. 01
749. 53
528.62
295. 38
533. 75
145.833.58
97,385.74
75.077.00
106.437.84
36,530.15
64,028,70
1, 687. 04
3, 332.44
602.17
68,330.85
258,958.75
46, 753. 08
2,
3,
4,
2,
1,
2,
2,
1,
507.95
493.19
729. 34
587.13
038. 69
629. 09
795. 20
578.88
317.907.42
434, 337, 72
366.939,96
183,511,52
135,333.40
195, 463.87
121.694,14
49, 345. 65
1, 255.94
1. 692. 75
1, 051. 79
2,863. 52
1,824. 75
661.38
121. 735. 76
103.042.64
76.992.52
273, 719.19
116,432.19
104,844. 50
5, Oil. 87
1. 202. 05
2.483.76
786.11
419. 04
392. 50
1, 016, 57
339.827.26
104,843. 44
279, 539.98
77, 782. 52
64, 769.84
56,642,18
107,132,06
159, 461. 73
151.037.10
59. 277.16
48, 737.39
147,998.75
166,076.19
102,889. 86
232,262. 29
54, 622. 37
9.924,962. 58
626.
117,
146.
156.
90,
136,
98,
70,
249,
446.
278.
180.
57,
546. 31
049.12
174. 36
785. 84
632. 21
333.83
042. 02
039. 82
564. 69
256. 64
895. 00
695. 20
302. 92
6. 946.11
11. 622. 90
6.421.14
11,884.49
15. 069.12
13. 674. 93
6, 043. 43
4. 377,83
4, 698, 26
6, 081, 03
15, 527. 91
9, 530. 55
6.482. 26
139.400. 79
92, 955. 36
62. 550. 39
97, 537. 33
•29.661.98
59; 522. 40
5, 779.45
3. 674. 37
7,177. OS
8.371. 99
3.872. 79
. .3,972.55
65.339.89
231. 294. 57
41. 519.09
1, 303,92
4. 331. 74
4,631.82
308. 788. 37
429.620. 93
326.178. 07
171, 366. 24
128, 209. 78
188, 768. 67
110, 318. 09
41, 582.83
6, 611.10
1, 223. 60
2, 032. 55
7.658.15
6, 084.93
4, 066.11
8.480.85
6,183.94
20, 707. 02
12,940.04
480. 00
726. 00
180. 00
'i,"ooo."oo"
32, 000.00
33, 369. 96
6, 000. 00
4, 600. 00
2. 700. 00
20,000. 00
34, 000. 00
1.900. 00
640.91
919. 71
612. 77
499. 71
029.98
597. 98
2.838.91
5.430.18
3. 327. 96
8, 355. 96
10, 577.46
4. 676.14
327. 709. 76
100, 513. 71
269,979. 33
76, 878, 40
69, 355. 33
49,589. 53
99,951. 69
6.075. 63
3,127. 68
7,049. 89
118. 01
4.995.47
6,660.15
6.163.89
1,030.00
143, 078. 72
130, 374,02
64, 747,84
44.949.02
125. 618.17
151.803, 47
94, 921. 06
215.139. 05
45,186, 26
13, 972. 33
18, 769. 28
4, 026. 02
3.132.16
7, 688. 33
7, 969.19
6. 272. 78
14. 731. 68
5. 503. 00
737. 55
12, 000. 00
3, 579. 00
3. 600. 00
1, 673.13
1,893.80
503. 29
656. 21
2, 792, 25
1, 724. 53
1, 696. 02
2, 391. 56
333.11
, 155,431.98
434.952. 04
209.306,43
125, 273.13
117.
95,
72.
262,
104,
99.
120. 00
27.-00
322
REPORT OF THE SECRETARY OF THE TREASURY
TABLE 11,—-Expenses of the Internal Revenue Service for the fiscal year 1933.Continued
B. DISBURSEMENTS BY INTERNAL REVENUE AGENTS i
Division
Salaries of
agents,
clerks, etc.^
Atlanta
Baltimore
Boston
Brooklyn
Buffalo...
Chicago
Cincinnati
Cleveland
Columbia
Dallas
:
Denver
Detroit
Greensboro
Honolulu...
Huntington
Indianapolis
—
Jacksonville.
Los Angeles
Louisville
Mflwaukee
NashviUe
Newark
New Haven
New Orleans
New York:
Second division
Upper division.
Oklahoma
Omaha
Philadelphia
Pittsburgh
Richmond.
Salt Lake City
San Francisco...
Seattle
Springfield-St. Louis
St. Paul
Wichita...
$98, 665.16
302, 643. 04
607, 581. 50
383, 346. 65
223, 782. 67
544,460, 29
161, 901, 50
257,469.86
50, 622.12
•.355,24L57
102,126. 70
299, 661. 70
101,378. 79
41, 989. 66
80,146.14
148.969. 92
140,066. 93
571.305. 73
100, 200, 39
154, 547, 96
166, 038.09
318,958,33
231, 840. 36
116, 393.86
850, 273.13
813,945. 06
165,302. 68
201. 636. 05
576, 036. 02
305, 280.32
130,263. 25
99,257. 24
292, 812. 28
241, 089, 77
90,819.51
266, 355.17
173,855. 22
84,421. 76
-.
^..
Total
Travel
expenses
9, 850, 673.
Miscellaneous
Rent
Total
$5,964. 72
12, 781. 98
25, 061.92 $17,850. 00
4,413. 99
15, 331. 37
9, 546. 00
9, 238. 38 10, 652. 26
9,459. 66
14,809. 92 10,846.44
5,449. 79
32, 500.93 '"3,'3i4.'76'
12, 501. 61
18, 668.17 'ii/osofoo'
9, 580. 78
3, 934. 25
8,069.87
9, 261.11
5,040. 00
17, 668. 63
16, 530.42
20. 270,90
5,962. 54
8, 912, 47
13, 061. 64
279.15
9, 566. 64 10, 212. 00
1. 224. 56
9,115. 66
11.061.18
$748. 22
866. 69
3,866.09
2, 916. 33
2,060. 76
6,300.89
1,106. 53
3,411.96
509. 67
3,031.19
935. 28
2,902.06
718. 97
331. 68
1,002. 92
725. 58
1, 830.89
4,177.33
761.37
1, 257.97
1, 587.97
6,137.44
1, 799.99
765. 27
$105, 378.10
316, 280. 71
654,358. 51
390,676. 97
260,720.80
570, 651.81
172,467. 69
286, 538.18
56, 581. 68
394,088.39
115, 562. 59
332,311. 93
111, 678. 54
46, 256.49
89, 218. 93
158,946. 61
164, 605. 45
612,284.38
106.924.30
164, 718, 40
180,956. 75
343.874.31
243,980. 57
128,220.30
45, 662.95
32,979. 96
450. 00
8, 511. 63
7, 200.46
1,288.27
902. 64
3, 500. 53
2,365. 73
1,179. 72
828.36
3,534. 84
1,785.31
929. 29
1,056. 70
1, 291.45
462. 35
906,863.89
863, 071. 26
190,157. 39
217,191. 93
605,475. 35
328, 373. 24
147, 795. 86
111, 019, 67
322.109, 76
257, 670.86
104, 864. 38
276, 288.15
190,221.17
93,182. 09
2,406.18
8,945. 77
23,116.44
14, 653. 24
14. 500. 80
12.127.19
10,469. 88
9, 959. 07
12, 544. 63
9, 758. 36
13,115. 58
5, 816. 28
15, 074, 50
8. 297. 98
27 453.423.81
11,439. 00
8,600. 00
5,883. 00
975.00
13, 218. 00
5, 037, 42
3, 060. 00
83, 578.
223.880. 85
33
10.611, 656. 26
C. DISBURSEMENTS BY THE DISBURSING CLERK OF THE TREASURY DEPARTMENT AND DIRECT SETTLEMENTS THROUGH THE OFFICE OF THE COMPTROLLER GENERAL, CLAIMS DIVISION i
Salaries *
$8. 599. 279. 09
Total
Travel
, expenses
$343,831.52
Rent
$8,862.33
Miscehaneous
$264, 798. 52
Total
$9, 216, 771.46
D. RECAPITULATION i
Disbursements b y -
Salaries
Travel
expenses
Rent
Collectors 2 $9,155,431. 98 $434,952. 04
Agents
453,423.81
3 9,850, 673. 27
Disbursing clerk, Treasury
Department, and General
Accounting Office.. .
4 8. 599. 279. 09
343,831. 52
Total..
27,605.384.34 1,232,207.37
Miscellaneous
$209.305.43
223,880.85
$125.273.13
83, 578. 33
$9,924,962, 68
10,611,656, 26
8,862. 33
442,048.61
264,798.52
473, 649. 98
9,216,771.46
29, 753, 290.30
Total
Ci.AiMs APPROVED FOR PAYMENT FROM THE REFUNDING APPROPRIATIONS
Appropriation
1931 and prior
years
Arhount approved. _
1932 and prior
years
1933 and prior
years
$6, 673,172.49
$24, 604,582.70
$20,207,090.73
Total
$51,484,845.92
1 From the appropriation " Collecting the internal revenue, 1933."
2 $80,019.07 retirement deductions included.
3 $382,565.22 retirement deductions included.
< $317,643.09 retirement deductions included:
NOTE.—For additional information, see published report of the Commissioner of Internal Revenue for
the year ended June 30,1933.
323
REPORT OF THE SECRETARY OF THE TREASURY
TABLE 12.—-Customs duties (estimated), value of imports entered for consumption, and ratio of duties to value of dutiable imports and to value of all imports,
for the calendar years 1923 to 1932 i
[On basis of reports of the Bureau of Foreign and Domestic Commerce; dollars in thousands]
Value of i m p o r t s entered for consumption
Estimated
duties
Calendar year
R a t i o of
dutiable
to total
Total
$666,664
532,286
551,853
590.045
574,840
542,270
584, 771
461,885
370. 771
259, 60D
1923
1924...
1925
1926 . .
1927
1928...
1929
1930
1931
1932..--
R a t i o of duties t o
v a l u e of-^
Dutiable
$3,731,770
3,575,111
4,176,218
4,408,076
4,163,090
4.077, 937
4,338,572
3,114,077
2,088,456
1.326, 093
$1,566,622
1,456.943
1,467,390
1,499,969
1,483,031
1,399,304
1,458,444
1,032, 954
696.762
439. 557
Dutiable
imports
Percent
4L98
40.75
36.14
34.03
35.62
34,31
33.62
33.17
33.36
33,17
Percent
36.17
36.53
37.61
39.34
38.76
38.76
40.11
44.71
63.21
. 59.06
Total
imports
Percent
15 18
14.89
13 21
13 39
13.81
13.30
13.55
14. 83
17.76
19.59
1 For figures for 1867 to 1899. see annual report for 1930, p. 523; for 1900 to 1922, annual report for 1932*
p. 382.
TABLE 13.—Customs duties {estimated), value of dutiable imports, and ratio of
duties to value of dutiable imports, by tariff schedules, for the years 1923 to 1932 ^
[On basis of reports of the Bureau of Foreign and Domestic Commerce; dollars in thousands]
Estimated
duties
Value of
dutiable
imports
R a t i o of
duties t o
imports
Value of
dutiable
imports
Estimated
duties
R a t i o of
dutiesto
imports
Calendar year
SCHEDULE
1923
1924
1925
1926 - 1927
1928..
1929
1930
1931
1932:
$26,989
24, 492
27>465
28,681
27,997
28,011
33,910
25,859
20. 279
16, 041
- -
1.—Chemicals, oils,
and paints
$90,123
77,016
93, 746
98,328
98,312
92, 633
110,462
73.337
52, 913
36.437
P e r cent
29.95
31.80
29.30
29.17
28.48
30.24
30.70
35.26
38.33
44.02
S C H E D U L E 3.—Metals a n d m f r s .
S C H E D U L E 2.—Earths, earthenware, a n d glassware
$23,626
22,098
24, 629
28,908
. 28,217
25,865
27,014
20, 624.
13, 421
8,326
$60/182
54,481
66, 391
61,089
68,260
53,321
55.304
41, 646
25.694
15, 285
P e r cent
39 09
40 56
43 60
47.32
48 43
48.51
48 86
49.28
62 23
54.47
S C H E D U L E 4.—Wood a n d mfrs.
•
1923 *
1924 --.•
1925
1926
1927
1928 1929
1930
1931...
1932
-
...
•
-.
-...-..-•
......
-
$35,013
35,240
38,961
48,528
47,179
46,251
54,664
36,367
23.062
12, 355
$103,307
96, 768
113,684
147,010
135,403
131,921
154,022
97, 214
68.518
32,810
P e r cent
33.89
36.21
34.27
33.01
34.84
35.06
35.48
37.41
39. 41
37. 66
$4,001
4,161
4,164
4,307
4,535
4,191
4,301
3,557
2.389
1,687
.
.Per cent
21 95
$18,230
22.97
18,116
• 22 42
18,570
18,004
23. 92
19,879
22.81
16,917
24.77
17, 411
24.70
17,140
20.75
12, 749
18.74
'7,618
22.44
1 The amount of customs duties is calculated in the Bureau of Foreign and Domestic Commerce on the
basis of reports showing the quantity and value of merchandise imported. Total estimated duties and total
value of dutiable imports wfll be found in Table 12, For figures for 1890 to 1899, see annual report for 1930,
p, 525; for 1900 to 1922, annual report for 1932, p, 383.
324
REPORT OF THE SECRETARY OF THE TREASURY
TABLE 13.—Customs duties {estimated), value of dutiable imports, and ratio of
duties to value of dutiable imports, by tariff schedules, for the years 1923 to 1932—
Continued
Value
E s t i m a t e d 1 d u t i a b lof
e
duties
imports
Calendar year
R a t i o of
duties to Estimated
duties
imports
S C H E D U L E 5.—Sugar, molasses,
a n d ma nuf a c tur e s of
1923
1924
1925
1926
1927.;
1928
1929
1930
1931
1932
$128.064
135,906 1
139,103
146,691
131,199
118, 572
131,190
116, 809
99, 631
76, 061
Percent
36.19
40. 23
62.84
71,28
58.91
67.85
83.97
99.97
133.16
166.21
$353,873
337,862
221, 347
205, 659
222, 703
174, 760
156, 232
116, 844
74,819
45, 762
S C H E D U L E 7.—Agricultural
p r o d u c t s a n d provisions
$61,578
60,093
60, 568
64, 373
64, 072
64.140
68, 055
59. 595
56. 613
43, 418
1923.
1924
1925
1926
1927
1928
1929
1930
1931.
1932
Percent
25.981
25.55
23.30'
23.84
22.54|
22.7ir
22. 90
27.97
42.14
47.89
$236, 976
236,198
259, 917
270,063
284, 253
282, 375
297,161
213,035
134, 337
90,666
21,946
18,083
• 15.347
13, 666
14. 561
. 15,681
15,627
13,457
13, 595
9,168
68, 207
59,981
49,999
39,842 •
40,461
42, 456
42, 855
33, 282
28,653 1
19, 249
Percent
32.18
30.15
30.69
34.30
35.99
36.93
36.46
40. 43
47,45
47. 63
S C H E D U L E 11.—Wool a n d m a n u factures of
1923
1924
1925—
1926
1927
1928
1929
1930
1931
1932
91,466
• 62,582
71,019
73,965
67, 219
. 57,172
61,815
40,877
24.483
13.270
—
.,
-
162, 016
123,904
162,458
148,187
127.707
115,181
121,636
70,357
32.339
15.771
Percent
56.45
60.51
43.71
49.91
1
52. 64
49.64
50.82
58.10
75.71
84.14
SCHEDULE 14.—Pulp, paper, and
books
1923
1924
1925
1926
1927
1928
1929
1930
1931
1932
.
- -
- -
°
•—
4.667
4.813
4.416
5,241
5,417
7,881
6,099
5,024
3,361
2,183
19, 217
18, 729
18. 682
21, 463
22.138
25.910
24,089
19,428
12,927
8,187
S C H E D U L E 6.—Tobacco a n d
manufactures
$35,831
33,941
35,428
38. 076
40, 016
39, 316
39.105
40,141
32, 310
22. 481
$64,881
67,530
69,943
70, 789
68, 632
62, 319
60.116
56,162 '
43. 201
27. 314
Per cent
24.29
25.70
23.64
24.42
24.47
30.42
25.32
25.86
26.00
26.66
Percent
56. 22
50. 26
50. 65
53. 79
68. 31
63.09
65. 05
71.49
74. 79
82.31
S C H E D U L E 8.—Spirits, wines,
a n d other beverages
$613
431
492
450
465
483
544
430
376
418
$1, 371
1.066
1.161
1,150
1,350
1,346
1,571
1,363
1,273
1. 149
j
S C H E D U L E 9.—Cotton manufactures
1923
1924
1925
1926
1927
1928
1929
19301931
1932
Value of 1 R a t i o of
dutiable i duties to
imports
imports
Percent
44.67
40.47
42 38
39.13
34,44
35.88
34.63
31.55
29.54
36. 38
S C H E D U L E 10.—Flax, h e m p , j u t e ,
and manufactures
24,632
26,121
25, 684
26,737
26, 525
25,088
24, 600
20, 571
15,927
11, 652
121,126
117, 216
143,907
145,168
126. 524
135,769
129, 409
95, 570
57,780
37, 473
Percent
20.34
22.28
17.87
18.42
20.96
18.48
19.01
21.52
27.56
31.09
S C H E D U L E S 12 a n d 13.—Silk a n d
rayon manufactures
21.692
17, 629
21, 388
24,074
28,815
27,810
27,349
13,418
10.313
4,021
40,794
33, 234
40,304
44,138
51, 293
48,739
47,156
23,073
17, 249
6,747
Percent
53.18
53.05
53.07
54.54
56.18
67.06
68.00
58.16
59.79
59.60
S C H E D U L E 15.—Sundries
86,647
86.695
83,288
86, 448
88,624
81,810
90, 609
65, 256
55, Oil
38,158
226,319
215,846
217. 279
229.078
226.117
215, 657
241, 030
174. 513
144.310
96,189
Percent
38.29
40.17
38.33
37.74
39.19
37.94
37.65
37.39
38.12
40.46
REt'ORT OF T H E S E C R E T A R Y O F T H E T R E A S U R Y
326
TABLE 14.—Customs receipts, expenditures, and entries, fiscal year 1933 ;
Expenditures 2 (reported by collectors)
District
Duties on imports 1
Excessive
duties refunded
Drawback
paid
Expenses
Total
number
of entries
684. 70
$296.61
1.342
$17, 378.11
Alaska (no. 31).
4,182,57
166, 226.46
800, 448. 40
8,066
Arizona (no. 26)
$10,92L62
2, 598,993,82
514, 959.27
5, 669.15
62,276
Buffalo (no. 9)
4, 680.031, 04
65,593.99
73,218.76
428, 016. 50
76.008
Chicago (no. 39)....''.
98. 679,92
46.41
6, 440. 35
4.306
Colorado (no. 47)
17, 653.14
356. 153.40
11,110. 62
3, 380. 28
2.263
Connecticut (no. 6)
43, 242.40
226. 168. 07
2,416. 78
9,992
Dakota (no. 34)
184, 212. 06
219, 038.66
3,498. 08
6,087
Duluth and Superior (no. 36)
89, 531.17
315, 039, 91
251. 32
12.818
El Paso (no. 24)...
211, 757. 01
2, 509,504. 94
6. 671. 79
7, 340. 90
40,699
Florida (no. 18) — 382, 517. 29
3,484, 997. 35
29,949.93
1, 386. 20
5.965
Galveston (no. 22)
210, 35L91
10, 060. 93
963. 56
3, 993,203. 00
2,613
Georgia (no. 17)__
73, 489. 47
363. 69
17,179. 09
1, 314,
405. 65
12.485
Hawau (no. 32)
131, 059.85
110. 938. 45
857. 55
765
Indiana (no. 40)
19, 068. 45
230. 72
96. 91
281
Iowa (no. 44)
31, 128. 08
11. 489,13
14, 615.95
1, 451. 47
2,040
Kentucky (no. 42)..
709. 348. 45
14, 098.68
37,834. 48
103, 769.17
50,430
Los Angeles (no. 27)
3.091, 647. 54
310, 051, 60
1, 665. 20
466, 421. 35
43,803
Maine and New Hampshire (no. 1).
426, 446. 84
103, 380. 73
9.087. 643. 74
103,831. 53
40.924
Maryland (no. 13)
497, 592.40
164,842. 27
18, 284,210. 07
175, 370. 43 1,181, 693, 53
Massachusetts (no. 4)
91.186
18,141. 87
46, 468. 69
1, 774.107.90
Michigan (no. 38)
59,122
821, 107, 29
305, 083. 63
847.86
3,941.89
Minnesota (no. 35)
18.116
53, 961.76
794, 248.14
397. 61
789, 29
1,154
Mobile (no. 19)
65, 287. 00
139, 021.13
332,81
4, 535
Montana and Idaho (no. 33)
160, 506. 03
32, 366,90
11,499, 270. 62
69, 046.16
31, 698
New Orleans (no. 20)
564, 888. 78
133, 343,009. 41 3, 725, 226,48 5, 214, 903. 03
New York (no. 10)....
7,163, 958.98 1,008,654
8, 596,697. 25
54, 536. 86
1.402,85
8,664
North Carolina (no. 15)
54, 754. 58
1, 538,160.19
173,175. 71
25, 539,90
24, 749
Ohio (no. 41)
168, 128. 87
348, 595. 70
216. 20
1,385
Omaha (no, 46)...
11, 660. 41
406, 206. 82
15,196. 37
16, 756. 24
7.948
Oregon (no. 29)
106, 962. 07
18,196, 508. 92
836, 212.34
151, 890. 43
60.862
Phfladelphia (no. 11)
842. 767,00
1,121, 512.64
2,497. 57
4, 297. 01
4,002
PittsburghVo. 12)
48, 645.45
2, 292,702. 52
19, 671, 66
4, 617. 70
216, 750. 03
14, 496
Puerto Rico (no. 49).
1,069, 272. 81
10. 301. 51
2, 917.36
42. 038. 54
1,873
Rhode Island (no, 5)
509, 422. 75
2,423. 41
8, 845, 69
• 74, 638,84
3,157
Rochester (no. 8)
69, 016.96
610. 31
34, 870, 89
1,096
Sabine (no. 21)
701, 330.81
1 25
2.076.17
345, 623. 32
24. 919
St. Lawrence (no. 7)
776. 09
1, 241,
32, 701. 71
25,826! 14
98, 876. 03
17. 008
St. Louis (no. 46)
319, 002. 64
5, 211. 90
259, 335. 55
14, 705
San Antonio (no. 23)
122. 640. 60
2, 027.42
169, 897.91
5, 036
San Diego (no. 26)
264, 942.17
756, 974.81
5, 997,252. 21
103,814
San Francisco (no. 28)
682, 719. 62
513, 553. 08
22, 205. 61
1, 778. 72
517
South Carolina (no. 16)
71, 214. 90
1,813. 60
23, 060.32
^02
Tennessee (no. 43)
107. 53
7, 399. 62
19, 345. 55
2,275
XJtah and Nevada (no. 48)
3, 270. 21
383, 780. 22
559, 382. 03
45,684
Vermont (no. 2).^
9, 343.17
165, 581. 02
6, 947,288. 29 •
3,898. 40
24.375
Virginia (no. 14)
612. 02
1, 556,
21, 975. 28
53, 373. 32
605, 404. 52
36, 767
Washington (no. 30)
18, 945.12
6,126. 62
346, 871. 72
50, 637. 93
8,428
Wisconsin (no. 37)
250, 501, 722. 80 4, 923, 377. 97 7, 590, 971. 73 18, 067, 984.10 1,996, 578
Total 3
SUMMARY OF COLLECTIONS AND E X P E N D I T U R E S
Collections:
Customs receipts:
Duties on imports
$260,501,722
Miscellaneous fines, penalties, etc*
798,838
Total.
: . . 251,300,660
Collections for other departments, bureaus, etc.
• ^^^
Tonnage tax for the Department of Commerce
1, 398,931
Head tax for the Department of Labor
.
_.
757,444
Miscellaneous collections for other bureaus, etc
..^
609,573
Total
2, 765,948
Total customs collections
^
264.066.608
Expenditures from customs appropriation:
= = = = =
Expenses as reported by collectors
18,067,984
AU other, including customs agency seirvice and bureau salaries, etc
1,626.212
Total
19, 594.196
Less refunds to customs appropriation on account of reimbursable expenditures
..
459,291
Total exclusive of reimbursable items. _
19,135.901
1 Customs receipts, on the basis of reports of collections, are credited to the districts in which the collections are made. Receipts in the various districts do not indicate the tax burden of the respective districts,
since the taxes may be eventually borne by persons in other divisions. The duties on a warrant basis
during the fiscal year 1933 amounted to $260,514,771.77.
2 As shown on the accounts of the Bureau of Customs.
8 Figures for Puerto Rico not included in totals.
- - -^:"< Figures include $5,882 in fees or charges paid under all acts of Congress.
326
REPORT OF THE SECRETARY OF THE TREASURY
TABLE 15.—Panama Canal receipts and expenditures for the fiscal years 1903 to 1933
[On basis of warrants issued, see p. 275]
Expenditures
Year
1903
1904-- 1905.1906
1907
1908
1909
1910
1911
1912
1913
1914
1915
1916
1917
1918--.— —
1919
1920
1921
1922
1923
1924
1925
1926
1927 . - 1928
1929
1930
1931
1932 - .
1933
Total
R e c e i p t s covered i n t o t h e
Treasmy i
Construction,
maintenance,
a n d operation 2
$371,253,06
380.680.10
1.178,949,85
1,083,76L49
706, 402,42
3, 214, 389,48
1, 767, 284, 44
2.982,823.92
4,070.231, 27
698, 647, 87
4,130, 241. 27
2,869,995.28
6,150,668.59
6,414,570. 25
6,777,046. 55
9,039.670.95
11,914,361.32
12,049, 660.65
17,869, 985. 25
27,124,613. 33
22.903, 732. 44
24,291, 917.87
25, 894, 701. 46
28.834,346.42
28,831, 447.24
28,971,643.03
26, 634, 687. 74
22,448, 911. 67
23,183, 754. 40
$9,986.00
60,164.500.00
3,918,819.83
19,379,373.71
27,198,618.71
38,093,929.04
31, 419,442.41
33,911,673.37
37,038,994.71
34, 285, 276. 50
40,167,866.71
31. 702, 359.61
24, 677.107. 29
14,888.194.78
16,199, 262.47
13,549,762. 66
10.954,409.74
6, 281. 463.72
16,480,390.79
3,041,035.40
3,870,503. 37
7, 391, 711.97
9. 300, 509. 73
8, 669, 333, 57
7. 863, 376, 03
10,909,442. 27
10,220, 913. 25
10,497, 935. 33
10, 303, 765.15
10, 904,319. 70
11.417. 757.84
352. 679.178. 60
554, 712.024. 66
Fortifications
T o t a l general
expenditures
Interest paid
on P a n a m a
C a n a l loans
$30,608.76
1.036.091.08
1,823, 491, 32
3,376,900, 86
4,767, 605.38
2,868,341.97
3.313. 532, 56
7, 487, 862,36
1, 561,364,74
3. 433, 592.82
2,088,007.66
896, 327.45
950,189. 20
393,963.37
872,689. 93
1,153, 322. 38
586,043.94
1,165,632, 53
943. 986. 31
999, 413.77
916, 979.29
779, 868.12
614,916. 00
$9,985.00
3 60,164,500.00
3,918,819.83
19,379,373. 71
27,198.618.71
38,093.929.04
31, 419,442,41
33,911,673.37
37, 069,603.46
36,321.367, 58
41,991,368,03
36,079,260,46
29, 444,712,67
17,756,636.76
19,512, 795,02
21,037.624,92
12, 515, 774,48
9, 715,056.54
18,568,398.45
3, 937,362.85
4.820,692.57
7, 785,675. 34
10,173,199.66
9,822.655. 95
8, 449. 419. 97
12, 075, 074.80
11,164,898, 66
11,497,349,10
11, 220, 734. 44
11,684,187,82
12, 032, 673. 84
$785.268.00
1,319,076.68
1,692.166.40
1.691,107. 20
3, 000,669.60
3, 201,055. 81
3,194.105.95
3.199.385.05
3,189.024.79
3,103,260.67
2.976,476. 56
2, 984,888.33
3,040,872,89
2,994,776.66
2.996. 398.14
2.997, 904.81
2,992,461.19
2,988, 918.80
2, 989. 698. 76
2, 991, 988. 25
2, 987, 329.95
3,002,235.80
2,991,375. 23
2, 992,366. 42
2,989.627.15
2 969 049. 75
42, 060, 730. 77
696,772, 755. 33
72. 691. 541. 56
1 Beginning with the fiscal year 1924, the amounts shown in this column have been revised to include the
sums received as dividends on capital stock of the Panama Raflroad owned by the United States.
2 The amounts shown in this column have been revised to include the payments to the Government of
Panama under the treaty of Nov, 18,1903, of $260,000 per annum, the first payment being made during the
fiscal year 1913, and simflar payments continuing each year since that date; but do not include the payments
to the Government of Colombia growing out of the construction of the Panama Canal of $5,000,000 per
annum during the fiscal years 1923 to 1927, inclusive, an aggregate sum of $26,000,000, as provided for under
the treaty of Apr, 6, 1914, Includes expenses of civfl government, Panama Canal and Canal Zone.
3 This amount includes the $40,000,000 paid to the New Panama Canal Co. of France for the acquisition
of the property, and the $10,000,000 paid to the Republic of Panama in connection with the Canal Zone
as provided for under art. 14 of the treaty of Nov. 18,1903.
REPORT OF THE SECRETARY OF THE TREASURY
327
T A B L E 16.—Actual receipts for the fiscal year 1938 and estimated receipts for ihe
fiscal years 1984 and 1985, by sources
O r d i n a r y receipts
A c t u a l , 1933, on
basis of daily
T r e a s u r y state- E s t i m a t e d , 1934 Estimated, 1935
m e n t s (unrevised) a n d of
w a r r a n t s issued
G E N E R A L AND SPECIAL F U N D S
Revenue receipts:
Internal revenue:
I n c o n i e taxes...
Miscellaneous internal revenue:
E s t a t e tax
Gift tax
Spirits a n d fermented liquors
Tobacco m a n u f a c t u r e s
D u e s of clubs (athletic, social, a n d sporting)Admission to theaters, concerts, cabarets,
etc
S t a m p taxes, including playing cards
Oleomargarine, process b u t t e r , etc
Miscellaneous, including prohibition a n d
narcotic collections, d e l i n q u e n t taxes
u n d e r repealed laws, etc
Lubricating oils.-Brewer's wort, m a l t , grape concentrates,
etc
Matches
Gasoline '
Electrical energy
^
Tires a n d inner t u b e s
Toflet preparations, etc
Articles m a d e of f u r . .
..
J e w e l r y (watches, clocks, opera a n d field
glasses, etc.)
Automobile trucks
Other automobfles a n d m o t o r cycles
P a r t s or accessories for automobiles
R a d i o sets, p h o n o g r a p h records, etc
.
Mechanical refrigerators
Sporting goods, cameras a n d lenses
F i r e a r m s . sheUs, a n d c a r t r i d g e s . . .
C a n d y a n d chewing g u m
Soft d r i n k s
T e l e p h o n e , telegraph, radio, a n d cable
facflities, leased wires, etc
T r a n s p o r t a t i o n of ofl b y pipe line
Leases of safe-deposit b o x e s . .
Checks, drafts, or orders for t h e p a y m e n t
of m o n e y
N a t i o n a l I n d u s t r i a l R e c o v e r y A c t taxes 2.
T o t a l misceUaneous internal r e v e n u e . . .
$746, 206,444. 95
$864,000,000.00
29. 693, 061. 89
4, 616, 661. 96
43.174. 31^6. 92
402. 739. 059. 25
86,000, 000. 00
2,000, 000. 00
243. 900, 000. 00
423,000, 000. 00
C u s t o m s (excluding t o n n a g e tax):
Distifled spirits a n d fermented l i q u o r s .
AU other 3
Total customs.
Miscellaneous:^
Miscellaneous taxes:
Federal Reserve a n d F e d e r a l intermediate credit b a n k s franchise t a x . . .
T a x on circulation of national b a n k s
T o n n a g e tax
All other
T o t a l miscellaneous t a x e s .
For footnotes, see p. 330.
117,000,000.00
2,000,000.00
319,800. 000. 00
445,000.000. 00
6, 679, 260. 95
6.000,000. 00
7.000,000.00
14. 520. 512. 30
57. 338, 202. 47
1, 362, 702. 42
15, 500, 000. 00
72,400, 000. 00
1. 500, 000. 00
17. 200.000. 00
92,800,000. 00
1. 500,000. 00
1, 283,638. 90
15, 232,924. 81
. 000,000. 00
22,900, 000. 00
1.000,000. 00
25, 900, 000,00
5, 707,904. 63
2,871,992.13
120, 099,103. 44
26, 562, 739. 33
13, 980, 084. 52
9,102, 539. 37
7, 646, 274. 34
5, 400, 000. 00
7, 000, 000. 00
145,000, 000.00
32, 900.000. 00
25, 500, 000. 00
13,800.000. 00
11, 500, 000. 00
5.200,000.00
7, 000,000. 00
151,000.000.00
33, 500,000.00
26,700, 000. 00
16,800,000.00
14,500,000.00
3, 068,494. 24
1, 654, 040. 02
11, 573, 922. 08
3, 097, 276. 24
2, 206, 763. 39
2.111,868.76
2.871, 682. 37
932. 221. 91
3, 650, 227. 65
3,686,447.33
4.800, 000. 00
3, 200, 000. 00
24, 300, 000.00
4, 200, 000. 00
2.800. 000. 00
4, 600, 000. 00
3, 700, 000. 00
2, 500, 000. 00
4, 600, 000. 00
4,900, 000. 00
000. 00
5, 600.
3.800. 000.00
34,400. 000. 00
5.300.000. 00
3.400, 000.00
5,700, 000.00
4, 300.000: 00
3.100. 000. 00
6.100.000. 00
6,100,000.00
13, 564, 756.17
7,467, 297. 50
2, 365, 040. 83
17, 200, 000. 00
10, 000, 000. 00
2, 800,000. 00
21. 600.000. 00
10,000,000.00
2, 800,000. 00
37,456,493. 49
38, 000,000. 00
153, 700, 000. 00
44,000.000. 00
80,000, 000. 00
1.
858, 217, 511. 61 1, 396, 600, 000. 00 520.100,000. 00
P r o c e s s i n g t a x o n f a r m p r o d u c t s (special
fund)..
:
_
T o t a l internal r e v e n u e -
1,265,000,000.00
403, 000,000. 00
548,000,000.00
3,333.100, 000. 00
1, 604,423, 956. 56 2, 663, 600, 000. 00
250, 750, 251. 27
84, 000,000. 00
89,000, 000.00
310, 000, 000. 00 382, 000, 000. 00
250, 750, 251. 27
399, 000, 000. 00 466.000.000.00
2, Oil, 417.89
3, 415,840. 63
1,414, 377. 06
8 849, 058. 86
4. 500.000.00
1,456,000.00
817. 500. 00
4. 500.000.00
1,455,000. 00
817, 600.00
4.44
6. 772, 500.00
6,772,600. 00
328
REPORT OF THE SECRETARY OF THE TREASURY
TABLE 16.—Actual receipts for the fiscal year 1988 and estimated receipts for the
fiscal years 1934 cmd 1985, by sources—Continued
Actual, 1933, on
basis of daily
T r e a s u r y state- E s t i m a t e d , 1934 E s t i m a t e d , 1935
m e n t s (unrevised) a n d of
w a r r a n t s issued
O r d i n a r y receipts
GENERAL AND SPECIAL FUNDS—Continued
Revenue receipts-Continued.
M i s c e l l a n e o u s <—Continued.
Interest, exchange, a n d dividends:
I n t e r e s t on b o n d s of foreign g o v e r n m e n t s
u n d e r funding agreements
I n t e r e s t on obligations of Reconstruction
F i n a n c e Corporation p u r c h a s e d b y t h e
Secretary of t h e T r e a s u r y
:
^
I n t e r e s t on p u b l i c deposits .
. .
I n t e r e s t on m o n e y loaned from construction loan fund
.
D i s c o u n t on T r e a s u r y obligations redeemed a n d p u r c h a s e d
D i v i d e n d s on capital stock of t h e P a n a m a
Railroad owned b y t h e United S t a t e s . . .
AU other _
...
.
$67,190, 207. 22
•C«)
(8)
$65, 000, 000. 00
281,950.00
$65,000,000. 00
67,450. 00
3, 600, ooo:00
3, 400,000. 00
1, 085.152. 06
2.800,000. 00
6 1.870, 583. 98
2, 000,000. 00
1, 394, 338. 00
1,000, 659. 00
T o t a l interest, exchange, a n d d i v i d e n d s
on capital s t o c k . . .
103, 336, 406. 01
72, 276, 288. 00
69, 468,109. 00
Fines a n d penalties:
E n f o r c e m e n t of N a t i o n a l P r o h i b i t i o n A c t
(Judicial)..
R e c o v e r y of value of oil in case of U n i t e d
States against p e t r o l e u m companies
•Aiiother..
1,909, 265. 02
400,000. 00
5 1,371,994.72
1, 396, 520. 00
5, 000, 000. 00
1, 596, 520. 00
3, 281, 259. 74
1, 796, 520. 00
6, 596, 520. 00
1, 569,136. 25
4,190,719.15
2, 349, 346. 00
4, 062,127. 42
5 1, 486,140.15
13, 657, 468. 97
5 1, 045, 256. 88
1, 600, 000. 00
3, 862, 575. 00
2, 300,000. 00
4, 600, 000. 00
1,650,163.00
14,012,738.00
748, 802. 00
1, 600, 000. 00
3,862, 575. 00
2, 800, 000. 00
4, 600, 000. 00
1, 659, 563. 00
14. 522,138. 00
658, 811. 00
T o t a l fines a n d penalties
.
'
Fees:
Clerks, U n i t e d States c o u r t s . - .
Consular a n d passport
Naturalization
.
Patent-. AU o t h e r .
T o t a l fees
Forfeitures. L
;
Assessments:
. O n F e d e r a l Reserve b a n k s for salaries
a n d expenses, Federal Reserve B o a r d . . .
On Federal H o m e L o a n b a n k s for salaries
a n d expenses
Salaries a n d expenses, national b a n k
examiners
F e d e r a l Coordinator of T r a n s p o r t a t i o n ,
salaries a n d expenses
AU o t h e r .
-.
. . .
Total assessment..
_
Reimbursements:
,
B y D i s t r i c t of C o l u m b i a for a d v a n c e s for
acquisition of l a n d s u n d e r sec. 4, a c t
M a y 29, 1930, as a m e n d e d
.
Collections, reclamation fund
All other
Total reimbursements
Gifts a n d c o n t r i b u t i o n s :
Forest Service cooperative w o r k
C o n t r i b u t i o n s a n d a d v a n c e s for river a n d
harbor improvements
AU o t h e r . T o t a l gifts a n d c o n t r i b u t i o n s
Sales of G o v e r n m e n t p r o p e r t y — p r o d ucts:
Scrap a n d salvaged materials, c o n d e m n e d
stores, w a s t e p a p e r , refuse, e t c . .
_..
AU o t h e r . T o t a l sales of G o v e r n m e n t p r o p e r t y —
products
For footuotes, see]p. 330,
24.369,109. 63
2, 255,853.81
3. 765, 499. 31
2, 017, 465. 39
(«)
(6)
300, 000. 00
317, 000. 00
5 1, 634,106. 69
5, 973, 429. 28
396, 000. 00
956, 370. 00
1, 652, 370. 00
920. 207. 00
1. 237. 207. 00
1, 000, 000. 00
2, 349, 240. 80
5 2, 596,131.85
5, 945, 372. 65
1,000,000.00
2, 900, 000. 00
1,939. 662. 00
5,839, 662. 00
531.212.00
3, 200,000. 00
1, 935,823. 00
5, 667, 035. 00
2, 321, 857. 20
2, 344,402. 42
(•)
(7)
(7)
(0
1, 065,837. 32
5 580, 465. 52
3, 990, 705. 26
59, 035. 00
59, 035. 00
8, 285.00
8, 285. 00
1, 336, 867. 82
5 1, 743, 566. 44
1, 210,860. 00
1, 296, 551. 00
1. 210, 260. 00
1, 291, 015. 00
3, 080, 434. 26
2, 507, 411.00
2, 501, 275. 00
329
REPORT OF THE SECRETARY of THE TREASURY
TABLE 16.—Actual receipts for ihe fiscal year 1983 and estimated receipts for the
fiscal years 1984 and 1985, by sources—Continued
Actual, 1933, on
basis of dailyTreasury state- Estimated, 1934 E s t i m a t e d , 193.5
ments (unrevised) and of
warrants issued
Ordinary receipts
GENERAL AND SPECIAL FUNDS—Continued
Revenue receipts-Continued.
Miscellaneous *—Continued.
Sales off services:
Alaska R.R. fund receipts.
Laundry and dry-cleaning operations
Tolls and profits, Panama Canal._
AU other
$1.381.122. 49
1,096, 255. 36
19, 970, 514. 89
5 1,169, 481. 54
$1, 205,000.00
1,060,000. 00
22, 611, 424. 00
1,120, 490. 00
$1.247,000.00
1.060, 000.00
24, 600,000. 00
1,131, 930. 00
Total sales of services
23, 617, 374. 28
25, 996,914.00
28, 038, 930. 00
3, 256, 334:31
s 1, 481, 545.96
3, 250,000. 00
1, 282,040.00
3, 250, 000. 00
1, 282.490. 00
Total rents and royalties
4, 737,880. 27
4,532,040.00
4. 532,490.00
Permits, privileges, a n d licenses...
5 1, 733, 936. 54
1. 738, 320. 00
1, 796, 920.00
1,431. 635.89
2, 695, 238. 99
236, 572. 53
312,000.00
2,824,000.00
237. 904.00
312. 000. 00
3, 004, 000.00
237,904.00
. . .
R e n t s a n d royalties:
Receipts under mineral leasing act
AU other
M i n t receipts (profits o n coinage, toulllon
deposits, etc.)
Forest reserve f u n d
Postal receipts, P a n a m a Canal __
United States share off Bistrict off C o l u m bia receipts
73, 743.84
4.437,191.25
Total misceUaneous revenue receipts
..
Total revenue receipts
Nonrevenue ieceipts:
Miscellaneous:
Realization u p o n assets:
A r m y costs d u e t h e United States
from G e r m a n y
R e p a y m e n t of i n v e s t m e n t s :
Agricultural credits and rehabilitation, emergency relief (repayments
to appropriations)
Loans to farmers in storm, drought
and flood-stricken areas (repayments
to appropriations)
Deposit by U.S. Shipping Board
Merchant Fleet Corporation under
sec. 306 (h), Economy Act June 30,
1932
Principal of bonds of foreign governments under funding agreements...
Payments from foreign governments
under debt apreements
Afl other
Total repayments of investments
Sales of public l a n d s
Sales of G o v e r n m e n t property:
Funds deposited for construction
loans under sec. 11, Merchant Marine
Act, 1920
AU other
Total sales of Government property.
Total nonrevenue receipts, exclusive
of trust funds
182, 527. 409. 83
3, 373, 904. 00
3, 553„904. 00
141.306, 504. 00
145,354,124.00
2. 037, 701, 617. 66 3, 203.906. 504. 00 3,944, 454,124.00
54. 674. 31
3, 202. 310.00
13, 699,440,00
1, 635, 639. 41
3, 773, 900. 00
200,000. 00
13, 526,000. 00
307,100.00
1,014, 952.42
1, 938, 240.00
(«)
(«)
s 20,000, 000.00
9. 387,215.00
(8)
14, 301,160.00
36, 744, 399. 37
102, 560. 55
46, 687.116. 00
14,808, 250. 00
103,000.00
103, 000. 00
2,405, 200. 31
61, 673, 607.97
4,182.067.00
1,857. 760.00
1, 600,665.00
4,078,808, 28
6.039.827.00
1,600,665.00
40,980,442. 61
56.032. 252.00
30, 211, 355.00
31. 567. 518.98
6 588,048,56
Total general and special fund receipts- 2, 078, 682,060.17 8 3,259,938,756.00 8 3,974,665,479.00
Adjustment between cash and war1,014. 681. 59
rant distribution..
Total general and special fund receipts, on basis of dafly Treasury
2.079, 696, 741, 76 3,259.938, 756.00 3,974. 665,479.00
statement (unrevised)
F o r footnotes, see p . 330.
330
REPORT OF THE SECRETARY OF THE TREASURY
T A B L E 16.—Actual receipts for the fiscal year 1983 and estimated receipts for the
fiscal years 1984 (^nd 1985, by sources
O r d i n a r y receipts
Actual, 1933, on
basis of daily
T r e a s u r y state- E s t i m a t e d , 1934 E s t i m a t e d , 1935
m e n t s (unrevised) a n d of
w a r r a n t s issued
TRUST AND CONTRIBUTED F U N D S
N o n r e v e n u e receipts—Continued.
MisceUaneous—Continued.
$68,040,000.00
G o v e r n m e n t life insurance f u n d . .
$71. 095, 648. 26
$68, 490, 000. 00
2, 256, 000. 00
Adjusted service certificate fund
5. 793. 971. 61
3, 700, 000. 00
Civfl service r e t i r e m e n t fund:
30.497, 605.11
30,000,000. 00
30, 000, 000. 00
Contributions
11,890, 000. 00
I n t e r e s t on i n v e s t r a e n t s .
9, 752, 298. 53
10, 662,000. 00
Deposits, funds d u e i n c o m p e t e n t beneficiaries,
1,661.631.42
60, 000. 00
Veterahs' Administration
1
60, 000. 00
2, 000, 000. 00
Proceeds of sales a n d leases of I n d i a n l a n d s , etc.
1, 966, 865. 37
2, 000, 000. 00
31, 705, 000. 00
D i s t r i c t of C o l u m b i a
32, 336, 605. 00
33, 356, 950. 72
3,877,000. 00
C o n t r i b u t e d funds
4, 270, 000. 00
(0
4, 309,079.00
AU o t h e r .
4, 330, 4.58. 00
5 5,418, 789. 45
154,137,079.00
T o t a l t r u s t a n d c o n t r i b u t e d funds r e c e i p t s . . 159.643. 760. 47
155,848,063. 00
A d j u s t m e n t b e t w e e n cash a n d w a r r a n t distribution
884, 321. 67
T o t a l t r u s t a n d c o n t r i b u t e d funds receipts,
on basis of daily T r e a s u r y s t a t e m e n t (un154,137,079.00
revised)
. .
158,659,438.80
155,848, 063. 00
T o t a l o r d i n a r y receipts, exclusive of postal
2, 238, 356,180. 56 3, 415, 786, 819. 00 4,128,802, 558. 00
revenues
S u m m a r y of general, special, a n d t r u s t funds:
466, 000,000. 00
399,000, 000. 00
250, 750, 251. 27
C u s t o m s (excluding tonnage tax)
1, 604. 423, 956. 56 2, 663, 600, 000. 00 3, 333,100,000. 00
Internal revenue
329, 702, 558. 00
3vS3,181, 972. 73
353,186,819. 00
Miscellaneous r e c e i p t s . .
T o t a l o r d i n a r y receipts
2,238,356,180.56 8 3,415,786,819.00 8 4,128,802,558.00
SUMMARY OF R E C E I P T S CLASSIFIED BY D E P A R T M E N T S AND E S T A B L I S H M E N T S
Legislative establishment...
Executive and independent officesDepartment of Agriculture
Department of Commerce
Department of the Interior
Department of Justice.
Department of Labor
Navy Department
Post Office Departnient
Department of State
Treasury Department 12
War Department
__.
Panama Canal
District of Columbia
$902, 030. 00
$918, 950. 00
136.070, 670. 00 117, 326,661. 00
5, 981,635. 00
5, 236,661. 00
13,535, 595. 00
14.899. 769. 00
13, 111,965. 00
1 14,
0 392. 225.12
12,726, 535. 00
4. 018,450. 00
197,424. 23
4. 357,750. 00
1 12,
1
4, 499,520. 00
3,924, 520.00
6, 009.870. 68
7, 804,970. 00
2,811, 795. 00
4, 884, 765.08
17, 500. 00
2, 17, 784. 36
17, 500.00
4,122, 840. 00
4,122, 840.00
4, 480, 536. 22
450. 00 3,881, 201,143. 00
1, 993,411,065. 69 3,163, 200.
19. 545,925. 00
13 8,339, 908. 24
10,156, 876. 00
25,012, 404. 00
23, 183, 754,40
25, 023.828. 00
31, 705,000. 00
33, 430, 694. 56
32, 335,605. 00
2, 238, 225,820. 648 3,415,786,819.00 i 4,128,802,558. 00
130.359.92
Adjustment between cash and warrant distribution...
$1, 060, 322. 29
430,100.04
n26,.207,430. 86
8,179, 939. 87
Total ordinary receipts, on basis of daily Treasury statement (unrevised) exclusive of postal
2, 238. 356.180. 56
revenues
1 Estimated at 1 cent per gallon, i.e., exclusive of one half cent, included under the National Industrial
Recovery Act taxes.
2 Receipts for the temporary revenue provisions of the National Industrial Recovery Act are estimated
for the periods prior to their termination following the proclamation on Dec. 5, 1933, of repeal of the eighteenth amendment.
3 Includes receipts from duties levied by sec. 601 of Revenue Act of 1932 (47 Stat. 261).
^ Miscellaneous receipts classified by departments and establishments on p. 330.
5 For further detafls, see table 2, p. 281.
6 Under the provisions of sec. 6 (b) of the Banking Act of 1933, approved June 16,1933, no moneys wfll be
covered into the Treasury.
7 Certain amounts included for 1933 under Gifts and Contributions are shown for 1934 and 1935 under
Contributed Funds.
8 The total amounts owing to the United States on account of obligations of foreign governments are
$328,000,000 and $335,000,000 for the fiscal years 1934 and 1935, respectively. To the extent that receipts
from foreign governments exceed amounts included in the estimates, there wfll be a corresponding increase
in total receipts.
9 Includes $7,554.20 Civflian Conservation Corps receipts, and excludes $8,238,425.52 Shipping Board
receipts stated under Department of Commerce, and $130,312.51 receipts for the following accounts stated
under Department of the Interior:
American Red Cross
$46,272.48
Federal Board for Vocational Education
45,044.14
Public Buildings and Public Parks of the National Capital
38,995.89
10 Includes $8,238,425.52 Shipping Board receipts. See note 9.
11 Includes $130,312.61 referred to in note 9.
12 Includes customs and internal revenue receipts on cash basis.
13 Exclusive of $7,554.20 referred to in note 9.
331
REPORT OF THE SECRETARY OF THE TREASURY
T A B L E 17.—Appropriations for 1984, compared with estimates of appropriations
for 1985, by organization units
[On basis of the latest information received from the Bureau of the Budget]
1934 appropriations
Organization unit
Regular, including revised permanent annual
and trust funds
[Allotments from 1935 estimates,
including perNational Indus- manent annual
trial Recovery
Act appropria- land trust funds
tion to Nov. 1,
$2,800, 000, 00
Legislative establishment
$16,910,720.00
Executive Office
369, 483. 00
Independent oflQces:
American Battle Monuments Commission...
129, 000. 00
Arlington Memorial Bridge Commission..
0)
Board of Mediation
120, 000. 00
Board of Tax Appeals
490, 000. 00
1, 050, 000. 00
Civil Service Commission
Commission of Fine Arts
(0
Employees' Compensation Commission
4, 200, 000. 00
Farm Credit Administration..
100. 000, 000. 00
42, 900, 000. 00
Federal Board for Vocational Education.
Federal Home Loan Bank Board.^
(0
Federal Ofl Conservation Board
436, 000. 00
Federal Power Commission..
400, 000. 00
7,803. 00
Federal Radio Commission
276,150. 00
Federal Reserve Board
640, 000. 00
Federal Trade Commission
1, 627, 293. 00
General Accounting Office
506.000. 00
1,185, 000. 00
George Rogers Clark Sesquicentennial Commis3, 280, 000. 00
sion
0)
Interstate Commerce Commission
6, 690, 000. 00
Mount Rushmore National Memorial Commission
(0
National Advisory Committee for Aeronautics
247. 944. 00
695, 000. 00
National Industrial Recovery..
(3)
Administration
""i',2lo',m'.bo
Central Statistical Board, administrative expenses
.
20,000.00
Civfl Works Administration
* 400, 000,000.00
Commodity Credit Corporation, purchase of
capital stock
3.000.000. 00
Emergency conservation work (Civilian Conser322. 687, 315. 00
vation Corps)
.
20, 000. 00
Executive Council, administrative expenses
2. 500,000. 00
Federal Emergency Relief Administration
Federal Emergency Administration of Public
Works:
6, 812, 205. 00
AdminivStrative expenses
60, 000.000. 00
Reserves
^.
50, 000, 000. 00
Tennessee Valley Authority
Public Bufldings Commission
(0
Public Bufldings and Public Parks ofthe National
Capital.
_
0)
880,000.00
Smithsonian Institution
9. 000. 00
U.S. Geographic Board..'
U.S. Shipping Board
(«)
U.S. Supreme Court Building Commission
...
3,490, 000. 00
U.S. Tariff Commission
800, 000, 00
Veterans' Administration:
85. 773, 000. 00
Salaries and expenses
319. 230. 000. 00
Army and Navy pensions
123. 000, 000. 00
Military and naval insurance
Civfl service retirement and disabflity appro20.850. 000.00
priated fund
70, 890, 000. 00
Government life insurance fund
50, 000, 000, 00
Adjusted service certificate appropriated fund.
Hospital, Roanoke, Va., and reconditioning
1, 865, 000, 00
hospitals and homes
3, 985. 000. 00
All other
33.211,399.00
1, 759, 500,00
District of Columbia
210, 612. 207. 00
455, 924, 689, 00
Department of Agriculture
8 36, 928; 575. 00
12, 754. 554. 00
Department of Commerce
8 68, 307,120. 67
173. 026, 785. 00
Department ofthe Interior
For footnotes, see p . 332.
$17,493, 892. 60
379,419.00
(2)
125, 564. 00
602. 116. 00
1,476, 000. 00
(2)
4, 368, 410. 00
2, 389, 666. 00
(2)
317, 420. 00
360. 678. 00
666. 885. 00
1, 242. 730,00
3.461, 920.00
(2)
5, 430,970. 00
(2)
726,492, 00
(2)
(2)
924. 024, 00
9,440, 00
(7)
840,898. 00
76,649,907.00
291,994,184.00
112, 300, 000. 00
20, 850, 000. 00
68, 040, 000. 00
50, 000, 000.00
1. 416, 000. 00
35,821,013.94
897, 668; 662. 00
32. 303.406. 00
46. 712. 506. 00
332
REPORT O^ THE SECRETARY 01^ THE TREASURY
TABLE 17.—Appropriations for 1984, compared with estimates of appropriations
for 1985, by organization units—Continued
1934 appropriations
Organization unit
Department of Justice
.
Department of Labor
_
Navy Department..
....
Post Office Department, postal deficiency, payable
from Treasury
State Department
Treasury Department:
CoUecting the revenue (customs and internal
revenue)^......
....
Refunds, drawbacks, etc., of revenue
Subscriptions t o Paid-in surplus. Federal land banks
Preferred shares, Federal savings and loan
associations...
Capital stock. Federal Deposit Insurance
Corporation...,.
Payments to Federal land banks, reductions
in interest rates on mortgages..
Public buildings, construction, operating expenses, repairs, equipment, etc
Other items under Treasury Department
War Department (includes Panaima Canal)
Interest on public debt
........
Sinking f u n d . . . .
:
Other public debt retirements chargeable against
ordinary receipts
.
Allotments from
National Industrial Recovery
Act appropriation to Nov. 1,
1933
$41, 954, 050. 00
14,181, 365. 00
309,667,160.00
$979,845. 00
1.903.480. 00
274, 765, 924. 00
$31, 950,804. 00
14.048,145. 00
288, 030, 725. 00
97,000,000.00
12, 311, 719. 00
7, 600. 00
1.961, 000. 00
92, 014, 240. 00
11,042,098. 00
46. 043,917. 00
62, 615, 700. 00
50,700,000.00
71,196,800.00
50, 000, 000.00
50,000,000. 00
150,000,000.00
15.000,000.00
81, 919,025. 00
59, 328, 211. 00
362, 303, 249. 00
725, 000,000. 00
439,658,221.00
39,150, 360. 00
26, 075, 663. 00
310, 590, 378. 00
18, 635,150. 00
46, 614, 324. 00
294, 235, 959. 00
824,349,000.00
525.738,850.00
25,000.00
94,412,100.00
Total, Federal projects.
2, 243, 908, 242. 00
Approved projects for:
States and municipalities..
Other public bodies
Public bodies, housing
;...
Public bodies, private projects
Public bodies, relief—highway projects..
Railroads
--
Allotments
260,156, 434. 00
97, 532,833. 00
48,487, 958. 00
13,193, 000. 00
8,931, 000. 00
176,808,000.00
Total, public bodies projects.
605,109, 225. 00
Total allotments..
Unallotted
2, 849, 017, 467. 00
450,982, 533. 00
Total, excluding Postal Service payable from
3,732,50.4,650.67
postal revenues
Post Office Department, payable from postal revenues. 616,198,378. 00
Grand total
1935 estimates,
including permanent annual
and trust funds
Regular, including revised permanent annual
and trust funds
3, 919, 806,015. 54
685,000,000. 00
9 4,348,703,028.67 3, 300, 000. 000. 00 4, 504, 806, 015. 54
1 Appropriation included under the Department of the Interior for Budget purposes pursuant to Executive Order No. 6166 of June 10, 1932. See note 7.
2 Estimates provided for under the Department of the Interior pursuant to Executive Order No. 6166 of
June 10, 1932.
3 Appropriation of $3,300,000,000 provided for this purpose is shown under aUotments in second column.
4 Allotment made subsequent to Nov. 1, 1933.
* Appropriation included under the Department of Commerce for Budget purposes pursuant to Executive Order No. 6166 of June 10,1932. See note 5.
6 Includes $310,000 for U.S. Shipping Board referred to in note 4.
7 Estimates provided for under Department of Commerce pursuant to Executive Order No. 6166 of June
10. 1932.
8 Includes $12,568,650 referred to in note 1 for the foUowing activities:
Arhngton Memorial Bridge Commission.
.
$198,000
Commission of Fine Arts
.....
8,800
Federal Board for Vocational Ed.ucation
8,602,700
George Rogers Clark Sesquicentennial Commissions
346,650
Mount Rushmore National Memorial Commission..
_
_..
10,000
Public Bufldings Commission
.
....;..
80,000
Public Bufldings and Public Parks ofthe National Capital
3,322,500
0 Exclusive of $3,300,000,000 included under aUotments in second colunin.
PUBLIC
DEBT
Public debt outstanding
T A B L E 18.—Public debt outstanding J u n e 80, 1983, by issues
[On basis of daily T r e a s u r y s t a t e m e n t s (revised), see p . 275]
A m o u n t issued
Detafl
INTEREST-BEARING
A m o u n t retired
O
Amount outstanding
O
DEBT
Ponds:
2 percent consols of 1930
:
..
2 percent P a n a m a C a n a l loan of 1916-36
2 percent P a n a m a C a n a l loan of 1918-38
.
3 percent P a n a m a C a n a l loan of 1961
...
3 percent conversion b o n d s of 1946-47
.
2yi percent postal savings b o n d s (fifth to forty-fourth series) -
$646. 250,150. 00
54.631,980.00
30.000,000. 00
50.000, 000.00
28.894, 600,00
52, 697,440.00
$599, 724,050,00
48,954,180, 00
25. 947,400,00
49,800,000, 00
28,894,500.00
52, 697, 440. 00
$46. 526,100. 00
5.677.800.00
4.052, 600. 00
200,000. 00
Ul
$806,017, 570.00
F i r s t L i b e r t y loan
3J^ percent b o n d s of 1932-47C o n v e r t e d 4 percent b o n d s of 1932-47
C o n v e r t e d 4M percent b o n d s of 1932-47
Second converted 4 K percent b o n d s of 1932-47...
F o u r t h L i b e r t y loan 4M percent b o n d s of 1933-38.
1, 989,455, 650.00
56,243,150.00
$1, 392. 227.350.00
5,002.450.00
532.490.450.00
3,492,150.00
-
>
6.964, 681,100.00
696,485,950.00
1,933, 212,400,00
6, 268,095,150.00
763,962,300.00
1,047,088,500.00
494,898,100.00
494,864,750, 00
359,042,950.00
594.230,050.00
821,406,000.00
800,424,000.00
4,979.000.00
10,254.000.00
6.811,000.00
40,719,560.00
6,049,000.00
49. 314.000.00
1.908.500,00
40, 929, 300.00
768,983,300,00
1,036,834,500.00
489,087,100, 00
464,135, 200,00
352,993,950.00
544,916,050.00
819,497, 500.00
759,494, 700.00
8,201, 307, 550.00
Treastiry bonds:
4M percent b o n d s of 1947-52
4 percent b o n d s of 1944-54....-Z% percent b o n d s of 1946-56
Z% percent b o n d s of 1943-47
ZVs percent b o n d s of 1940-43
ZVs percent b o n d s of 1 9 4 1 - 4 3 - . . .
" 3 1 ^ p e r c e n t b o n d s of 1946-49.....
3 percent bonds of 1951-55
.
T r e a s u r y notes:
3 percent, series A-1934
21^ percent, series B-1934..
3 percent, series A-1935—-.
3M percent, series A-1936..
2 % percent, series B-19362 K percent, series C-1936-.
3M percent, series A-1937..
3 percent, series B-1937....
F o r footnotes, see p , 335.
..
o
o
*^
5, 215,942, 300.00
CO
244, 234, 600. 00
345, 292.600.00
416. 602.800,00
365, 138,000, 00
360. 633,200,00
572, 419, 200.00
834, 401,500,00
328:900,00
244.234, 600. 00
345,292. 600: 00
416, 602. 800. 00
365,138, 000. 00
360;533, 200. 00
572,419, 200. 00
834,401, 500. Op
508,328, 900. 00
d
00
CO
CO
TABLE 18.—Public debt outstanding June 30, 1988, by issues—Continued
Detafl
A m o u n t issued
INTEREST-BEARING DEBT—Continued
Treasury notes—continued.
2% percent, series A-1938-.
<2>g percent, series B-1938..
$277, 516, 600.00
623. 911. 800. 00
4 p e r c e n t civilser.vice r e t i r e m e n t fund, series 1934^38....
4 percent foreign service r e t i r e m e n t fund, series 1934-38..
4 percent C a n a l Zone returement fund, series 1936-38...".
226.800.000.00
2,119.000. 00
2,267,000.00
A m o u n t retired
GO
00
Amount outstanding
pi
$277. 516.600. 00
623. 911.800. 00
O
4, 548,379. 200. 00
226, 800.000. 00
2.119.000. 00
2. 257; 000. 00
$10,000.00
O
$4, 779.555, 200.00
Certificates of i n d e b t e d n e s s :
Tax:
1
•
•
•
• '
'
469, 089, 000. 00
451,447, 000. 00
254.364, 500.00
473, 328,000.00
460, 099, 000.00
4 percent, series TAG-1933
I K percent, series TS-1933
•• • •. ^ p e r c e n t , series T D - 1 9 3 3 — . . . — . . . . . .
-....—....
. 43^ percent, series TD-2-1933
M percent, series T M - 1 9 3 4 :
.............^.....;.
w
469,089.000. 00
451, 447,000. 00
254.364, 500. 00
473.328,000. 00
460, 099,000. 00
zn
2.108, 327, 500,00
Special:
4 percent adjusted service certificate fund, series 1934..
129.900,000.00
T r e a s u r y bflls ( m a t u r i t y v a l u e ) , series m a t u r i n g J u l y 5, 1933
..-.—:
^..i.
J u l y 12; . 1 9 3 3 . - . . . . . — . .
.—..-.1.
: J u l y 19, 1933
J u l y 26, 1 9 3 3 . . . . . .
. — . .
A u g . 2, 1933....
A u g . .9, 1933
....
......
-.
A u g . 16, 1933
Aug., 23, 1933
.........
...^L......
A u g . 30. 1 9 3 3 . . . . . - —
Sept. 6. 1 9 3 3 . . . . . . .
:..——-...
;..'......;.....
Sept. 20, 1933
...^
^.-..;.-............
Sept. 27, 1933
100, 096,000. 00
75. 733, ooo: 00
75, 188, 000.00
80, 295,000. 00
60, 655. 000. 00
75, 067. 000. 00
75, 442. 000. 00
60, 078, 000.00
100, 352, 000.00
75, 529,000.00
100, 361,000. 00
75. 697,000.00
37.900.000.00
o
92.000,000.00
:H
2, 200,327, 500,00
100, 096. 000. 00
75. 733, 000.00
76, 188, 000. 00
80. 295, 000. 00
60, 655, 000. 00
75, 067. 000. 00
75. 442, 000. 00
60. 078, 000. 00
100. 352, 000. 00
75, 629, 000. 00
100. 361, 000. 00
000.00
75,
o
tel
954.493,000.00
teJ
CQ
T o t a l interest-bearing d e b t o u t s t a n d i n g
;...
22,157. 643.120, 00
MATURED D E B T ON WHICH I N T E R E S T HAS CEASED (PAYABLE ON PRESENTATION)
Old d e b t m a t u r e d , issued prior to A p r , 1, 1917 i-.
4 percent second L i b e r t y loan of 1 9 2 7 - 4 2 - 1 . . . ; - - 4 K percent second L i b e r t y .loan .of 1927-42
- ._
i}4 percent t h i r d L i b e r t y loan of 1928.
3M percent Victory notes of 1922-23
-.
4^,per.cent V i c t o r y notes of 1922-23..
T r e a s u r y r o t e s , at v a r i o u s interest r a t e s . . . . . . . ^
1, 504,850. 26
751,400. 00
1.675,100. 00
3.971,500.00
11,150. 00
952.300. 00
4.884,750. 00
Certificates of indebtedness, at various interest rates
Treasury bills
Treasury savings certificates
.
.
1
..
1
,'
34,032,450. 00
17, 555, 000. 00
572, 325. 00
65,910,825. 26
Total butstanding matured debt on which interest has ceased
D E B T B E A R I N G NO I N T E R E S T (PAYABLE ON P R E S E N T A T I O N )
Obligations required to be reissued when redeemed:
IJnited States notes
Less gold reserve...
346, 681, 016. 00
156, 039, 088. 03
Obligations that wfll be retired on presentation:
Old demand notes..
National bank notes and Federal Reserve bank notes assumed by the United
States on deposit of lawful money for their retirement
,
Fractional currency
Thrift and Treasury savings stamps, unclassified sales, etc
n
o
53,012.50
119.102,864.00
1.986, 072. 26
3. 334, 341,91
•=1
315.118, 218. 64
Total outstanding debt bearing no interest
22. 538. 672,163. 90
Total gross debt 2
Matured interest obligations, etc.:
Matured interest obligations outstanding .
. . . . . . . . . .
Discount accrued on Treasury (war) savings certificates, matured series
Settlement warrant checks outstanding
.
.
. . . .
Disbursing officers' checks outstanding
39, 517.199. 56
4,146, 685. 00
1,283.663.45
104, 722,956. 67
.
Balance held by the Treasurer of the United States as per daily Treasury statement
for June 30, 1933
:
Deduct net excess of disbursements over receipts in reports subsequently received
O
190, 641,927. 97
tel
zn
tel
o
teJ
149. 670, 504. 68
22. 688. 342, 668. 58
862, 205, 220. 61
8, 427, 445. 39
»^
w
i
o
853. 777. 775. 22
t ^
Net debt, including matured interest less obligations, etc.3
21,834, 564,893. 36
1 For detafled information and amounts outstanding June 30,1929, see table 24 in annual report for 1929, p. 456. For amounts retired subsequent to 1929, see table 26, p. 353, of
this report and corresponding tables in reports for 1930 to 1932.
2 The total gross debt June 30, 1933, on the basis of dafly Treasury statements (unrevised), was $22,538,672,560.15, and the net amount of public debt redemptions and receipts
in transit, etc., was $396.25.
3 No deduction is made on account of obligations of foreign governments or other investments.
tel
1^
tel
>
zn
d
00
00
Ol
^00
iOP
'0:>
T A B L E 19.—Description of the public debt issues outstanding J u n e 30, 1988
.•':'•"
T i t l e a n d authorizing act
D a t e of loan
[ O h ' b a s i s b f dafly T r e a s u r y s t a t e m e n t s (revised), s e e p . 275]
te
W h e n r e d e e m a b l e R ain- of
/ , or p a y a b l e
terest
I n t e r e s t p a y m e n t Average price] A m o u n t authorreceived
ized
;.
date
A m o u n t issued
A m o u n t outstanding
.:tti
•tel
:^
-INTEREST-BEARING
'.''l,.'^ -
O
DEBT
CONSOLS OF 1930
A p r . l , 1900..
Act Of M a r . 14,1900 (31 S t a t s . 48)
Percent]
2,
Jan., Apr., July,
A f t e f A p r . 1,1930.-.
a n d Oct. 1,
$100.5116...
$839,146, 340
$646. 250,150. 00
$599. 724, 050. GO
Io
tel
PANAMA CANAL LOAN
•^
A c t s Of.June 28, 1902 (32 S t a t s . 484), a n d
Dec. 21; 1905,(34 Stats..5).
Acts of A u g . 5, 1909 (36 S t a t s . 117); F e b . 4,
1910 (36 S t a t s . 192); a n d M a r . 2, 1911 (36
Stats. 1013).
A u g . 1, 1906... After A u g . 1,:1916:
on A u g . 1,1936.
N o v . 1, 1908... After N o v . 1,1918;
on N o v . 1, 1938.
J u n e 1, 1911... On J u n e 1, 1 9 6 1 . . .
Feb., M a y , Aug.,
a n d N o v . 1.
do
$103.513
$102.436
130, 000,000
30. 000,000. 00
25.947.400.00
M a r . , J u n e , Sept.,
a n d Dec. 1.
$102.682
290, 569,000
50, 000,000.00
49. 800, 000.00
54,631,980.00
48. .954.180. 00
zn
tel
o
•
^
"tel
•- ' " "POSTAL SAVINGS BONDS
A c t of J,uue, 25, 1910 (36 S t a t s . .817)
.CONVERSION
BONDS
O n a n d after 1
year, 20 years
from issue..
J a n . . 1, 1916
a n d 1917.
30 years froin issue.
Par...
Indefinite
52, 697,440.00
,52.697,440.00
28, 894. 600. 00
28,894. 500.00
,989,455, 550. .00
1. 392. 227, 350. 00
tel
&)
tel
Jan., Apr., July,
a n d Oct. 1.
Exchange at
par.
LOAN
F i r s t 4 ' s , . a c t s o f Apr..24, 1917 (40 S t a t s . 35),
Sept. 24; 1917 (40 S t a t s . 292), as a m e n d e d .
F i r s t 4M's, acts of A p r . 24,1917 (40 S t a t s . 35),
Sept.-24,1917 (40StatS'..292)vas a m e n d e d .
F i r s t second 4i^'s, acts of A p r . 24, 1917 (40
S t a t s . 35), Sept. 24, 1917 (40 S t a t s . 292),
as a m e n d e d ,
N o v . 15, 191.7..
On a n d after J u h e
' 15,1932: on J u n e
15, 1947.
... Ida.;...-! ; - .
M a y 9, 1918...
Oct. 24, 1918...
3H|
4
4M|
•dOl:.
iy\
Tar...-----.
Conversion
par.
) J u n e a n d D e c . 15.. ; . .a.td 6
...-do---.-.
0, 538.945,460
.do.
O n a n d after Oct.
15. 1933; on Oct.
15, 1938.
iVA A p r . a n d Oct. 1 5 . . P a r -
I
1, 989, 455. 650
568,318,460.00
5.002, 460. 00
>^
1.989,456, 550
555, 212, 300.00
532.490.450. 00
Ul
1. 413. 566. 550
^ .3. 492.150. 00
3,492,150. 00
12. 016,484,950
6.964, 581,100.00
6, 268.095.150. 00
.FOURTH LIBERTY LOAN
Act bf Sept. 24, 1917 (40 S t a t s . 288), as
amended. , .
K!
tel
F i r s t 3 H ' s ; a c t of A p r . 24, 1917 (40 S t a t s . 35). J u n e 15, 1917..
^
2H J a n . a n d J u l y 1..
-
A c t of Dec. 23, 1913 (38 S t a t s . 269)
FIRST LIBERTY
J a n . 1, J u l y l ,
•1913-33:
, , T R E A S U R Y BONDS
j^'ct Of Sei)t! 24, 1917 (40 S t a t s .
amended:,
, ,.
i]4: p e r c e n t b o n d s of 1 9 4 7 - 5 2 . . .
Oct. 16, 1922...
4 per^cent b o n d s of 1 9 4 4 - 6 4 . . . .
D e c . 15, 1924..
: ZH p e r c e n t b o n d s of 1946-56;.
M a r . 15, 1926-.
3M p e r c e n t b o n d s of 1943-47-.
J u n e 15, 1927..
3 K ' p e r c e n t b o n d s of 1940-43-.
J u l y i6, 1928..
ZVs p e r c e n t b o n d s of 1941-43..
M a r . 16, 1931..
3M p e r c e n t b o n d s of 1946-49..
J u h e l 5 , 193K.
3 p e r c e n t b o n d s of 1951-55 . . .
S e p t . 15, 1931..
• : ,
•On a n d after Oct.
15, 1947; o n Oct.
15, 1952.
O n a n d after D e c .
15,1944; on D e c .
15,1954.
O n a n d after M a r .
15,1946; on M a r .
16,1956. ,,
Q n a n d after J u n e
15,1943; ori J u h e
15, 1947.
On a n d after J u n e
15,1940; on. J u n e
15,1943.
O n a n d after M a r .
15,1941;.on M a r .
15,1943.
O n a n d after J u n e
15,1946; on J u n e
15, 1949.
O n a n d after Sept.
15,1951; on Sept.
15, 1955.
f...-do
4M
511.864.000
252, 098, 300
511.864.000.00
}
252.098, 300. 00
224, 513. 500
532.420, 300
224, 513, 500. 00
532,420, 300. 00
< Exchange at
I par.
'Par
Exchange at
4
J u n e a n d D e c . 15..
par.
$100.503M M a r . a n d Sept. 15. $ 1 0 0 . 5 0 . - . —
290.154. 700
.494,898,100
f $100.50
ZVs J u n e a n d D e c . 15.. < E x c h a n g e a t
Par
d o - . . - - - - . - . . . < Exchange at
[ par.
Exchange at
Z%
M a r . a n d Sept. 15.
par.
-do-
1,036,834, 500.00
290.164. 700. 00
494,898.100.00
I
489,087,100. 00
Hi
O
249, 598,300
245, 256.450
249,698,300.00
j
245. 256.450: 00
454,135, 200. 00
251. 521.400
107. 521, 550
251. 521.400. 00
I
107, 521. 550. 00
352.993,.950. 00
594, 230. 050. 00
544,916.050.00
821,406. 000. 00
819,497. 600.00
800.424.000.00
759,494, 700. 00
244. 234.
600. 00
346. 292,
600. 00
416.602,800.00
365.138,000.00
360. 633.
200. 00
672.419,200.00
834,401,600.00
608.328,900.00
277.616,600.00
623,911,800.00
244.234, 600. 00
345. 292, 600. 00
416.602. 800. 00
365,138, 000.00
360. 533. 200, 00
572.419, 200.00
834,401, 500.00
508,328, 900.00
277, 516. 600.00
623,911, 800. 00
.dOi.
35,800, pop. CQ
I
35,800,000.00
.-do..
32,400.000.00
32,400,000.00
I par.
ZVs
33/s
3
J u i i e a n d D e c . 16..
M a r . a n d Sept. 15.
758,983, 300. 00
Par.
.do-
n
o
tel
H9
594, 230,050
821,406,000
800.424, 000
W
teJ
zn
tel
o
^
tel
TREASURY N O T E S
A c t of S e p t . . 24, 1917 (40 S t a t s
a m e n d e d : :'•
Series A - 1 9 3 4 . . . . .
Series B-1934..
Series A - 1 9 3 5 - - - . . . . - - - J
SeriesA-1936
Series B - 1 9 3 6 . - - - - . . . ;
..
Series C-1936
Series A - 1 9 3 7 . . - . . . . : ; . .
Series B-1937
Series A - 1 9 3 8 . - . ; ^ ; - .
;.
Series B - 1 9 3 8 . . . .
Civfl service r e t i r e m e n t fund:
Series 1934
-;---.Series 1936
F o r footnotes, see p . 342.
o
teJ
M a y 2, 1932... Q n - M a y 2, 1934..
A u g . 1, 1932... On A u g . 1, 1934.:
J u n e 15, 1932.. O n J u n e 15. 1935..
A u g . 1. 1 9 3 2 . . . On Aug, 1, 1936..
D e c : 15,1932... O n D e c . 15.1936;.
M a y 2. 1 9 3 3 . . . O n A p r . 16.1936..
S e p t . 15,1932.. O n S e p t 15,1937..
Oct. 15. 1932... On A p r . 15, 1937..
F e b . 1, 1 9 3 3 . . . O n F e b . 1 . 1 9 3 8 . . .
J u n e l 5 , 1933.. O n J u n e 16,1938..
Various d a t e s
from J u l y 1,
1929.
Various d a t e s
from
June
30. 1930.
After J year from
d a t e of issue; on
J u n e 30:1934.
After l - y e a r from,
d a t e of issue: on
. J u n e 30,1935.'
Nov. and M a y 2..
F e b . a n d Aug. 1 . .
J u n e a n d D e c . 15.
Feb. and Aug. 1..
J u n e a n d D e c . 16.
A p r . a n d Oct. 1 5 . .
2ys
a a n d e p t 15..
ZH Mp rr,, a n d SOct.. 1 5 . .
A
3
Feb. and Aug. 1..
2L J u n e a n d D e c . 15.
2V8
J u n e 30...
3
2M
3
3M
2U
.do..
Par....
.....do..
do.....do..
....:do..
dodo..
dodo_.
..—do..
Not
exceding
$7, 500. 000.000
outstondingat
a n y one t i m e
t ^
tel.
Ul;
CO:
CO;
TABLE 19.—Description of the public debt issues outstanding June 30, 1988—Continued
T i t l e a n d a u t h o r i z i n g act
INTEREST-BEAEING
D a t e of loan
W h e n redeemable
or p a y a b l e
R a t e of
interest
I n t e r e s t p a y m e n t Average price A m o u n t a u t h o r ized
received
date
CO
CO
00
A m o u n t issued
A m o u n t outstanding
tel
DEBT—Continued
TREASURY NOTES—Continued
Civfl service r e t i r e m e n t f u n d — C o n t i n u e d
Series 1936
Series 1937
Series 1 9 3 8 . . . . . . . . .
Various d a t e s
from
June
30, 1931,
Various d a t e s
from
June
30, 1932,
J u n e 30, 1933..
After 1 year from
d a t e of issue; on
J u n e 30, 1936.
After 1 year from
d a t e of issue: o n
J u n e 30, 1937.
After 1 y e a r from
d a t e of issue; on
J u n e 30, 1938.
Foreign service r e t i r e m e n t f u n d :
V a r i o u s d a t e s After 1 y e a r from
d a t e of issue; on
from J u l y 1,
• J u n e 30,1934.
.1929;
Various d a t e s After 1 y e a r from
d a t e of issue; on
from
June
J u n e 30. 1935,
30, 1930.
Various d a t e s After 1 year from
d a t e bf issue; on
. from
June
J u n e 30, 1936,
30, 1931.
V a r i o u s d a t e s After 1.year from
d a t e of issue; on
from
June
J u n e 30, 1937,
30, 1932.
J u n e 30, 1933.. After 1 year from
d a t e of issue; on
J u n e 30, 1938,
Series 1934....
Series 1 9 3 5 . . . . . : l . . .
Series 1 9 3 6 . . . . . . .
Series 1 9 3 7 . - . . .
Series 1938..
C a n a l Zone returement f u n d :
Series 1 9 3 6 - . - - .
Series 1937.-^.^.;...•—
Series 1 9 3 8 . — . ' . . l u .
.
Various dates
• from A u g . 6,
1931.
Various dates
.: f r o m
June
. 3 0 , 1932,-.
J u n e 30; 1933..
After 1 y e a r I r o m
d a t e of issue; on
J u n e 30, 1936.
After .J.-, year from
d a t e o f issue; on
J u n e 30, 1937.'
Afterclvyear from
d a t e of issue; on
J u n e 30, 1938.
Percent]
4
e30
Par
$64,200,000.00
do
do
do
do .
do......
do
do
.
.
44.000, 000. 00
50,400:000,00
454.000. 00
N o t exceeding
$7,500,000,000
outstanding at
a n y one t i m e .
454i000.00
509, 000.00
.do.
.—.do.
44,000,000. 00
50. 400, 000. 00
_. ..do
.
$64,200.000:00
440,000. 00
654, 000,00
do
do.
do
62, 000,00
62,000. 00
do
do
2, 004, 000.00
1,994,000. 00
. 179,000. 00
179,000. 00
•*. . '84,000.00
;84,000. 00
.do......
—do-.
tel
zn
tel
o
^
tel
. 6 5 4 , 000. O
Q
do.. - . -
....do.:
w-
'! 509,000. 00
440, 000. 00
o
tel
.dp—..
^^
o
tel
tel
>^
tel
>
zn
CERTIFICATES O F I N D E B T E D N E S S
A c t of Sept. 24, 1917 (40 S t a t s . 288), as
amended:
Tax:
M a r . 15, 1933..
Series TAG-1933
Sept. 15. 1932..
Series TS-1933
Dec. 16. 1932..
Series T D - 1 9 3 3 . . .
M a r . 15, 1933..
Series TD2-1933
Series TM-1934
.. J u n e 16, 1933..
Special:
A d j u s t e d service certificate fund, J a n . 1, 1 9 3 3 - . . ;
' ^ series 1934.
On A u g . 15, 1933.
On S e p t . 15, 1933.
O n D e c . 15, 1933.
.....do-_-.^;
On. M a r ; 15, 1934.
4
. \ u g . 15
do.
469, 089, 000. 00
451,447, 000. 00
254. 364. 500. 00
473, 328. 000. 00
460, 099, 000. 00
IK M a r . a n d Sept. 15. . . . . . d o .
J u n e a n d D e c . 15..
do
iH
M a r . a n d Sept. 15.
Jan.1
On d e m a n d ; on
J a n . 1, 1934. .
dodo.
do.
-do.
469,089,000. 00
451,447,000. 00
254,364, 500.00
473,328,000. 00
460, 099, oop. 00
tel
92. 000.000. 00
Q-
y^
129.900, 000. 00
o
T R E A S U R Y BILLS 1
Act of Sept. "24, 1917 (40 S t a t s . 288), as
amended:
Series m a t u r i n g :
J u l y 5, 1 9 3 3 . . . .
J u l y 12, 1933
J u l y 19, 1933
J u l y 26, 1933..
A u g . 2, 1933
A u g . 9. 1933
.•
A u g . 16, 1933
...
A u g . 23, 1933
A u g . 30. 1933..
" Sept. 6, 1933
Sept, 20, 1 9 3 3 . . . . . . . . . .
Sept. 27, 1933
Apr.
Apr.
Apr.
Apr.
May
May
May
May
May
June
June
June
5, 1933... O n J u l y 5, 1933...
12, 1933-. I O n J u l y 12, 1933..
19, 1933-. O n J u l y 19,1933..
26, 1933.. O n J u l y .,26, 1933..
3, 1933-.. O n A u g . 2, 1933-10, 1933.. O n A u g . 9, 1933-.
17,1933.. O n A u g . 16, 1933.
24. 1933.. O n A u g . 23, 193331, 1933.. On A u g . 30, 19337, 1933... O n Sept.. 6, 1933..
21, 1933.. O n Sept.. 20, 1933.
28, 1933.. On Sept,. 27, 1933.
1. 351
.766
.490
.514
.488
.481
.448
,422
,321
,271
.243
.273
J u l y 5. 1933....
J u l y 12, 1933...
J u l y 19, 1933...
J u l y 26, 1933...
A u g . 2, 1933...
A u g . 9, 1933...
A u g . 16, 1933..
A u g . 23, 1933-.
A u g . 30. 1933-.
Sept 6, 1933—
Sept,. 20, 1933-.
Sept 27. 1933-.
$99,659.
$99,806-.
$99,876-.
$99,870-.
$99.877..
$99,878.
$99.8.87.
$99,893$99,919.
$99,932.
$99,939.
$99,931.
N o t exceeding
$10,000,000,000
outstanding at
a n y one t i m e .
teJ
H3
100.096, 000.00
76, 733,000.00
75.188, 000. 00
80, 295,000. 00
60, 655,OOO.'OO
75, 067.000. 00
75, 442.000.00
60.078. 000. 00
100. 352,000. 00
75,629, 000. 00
100, 361,000. 00
75, 697,000. 00
T o t a l interest-bearing d e b t . .
100.096, 000,00
75,733, 000. 00
75.188, 000.00
80. 295,000. 00
60,'655, 000.00
75,067, 000.00
75,.442, 000.00
60,078, 000.00
100, 352,000. 00
000.00
75, 529.,
100, 361,000.00
75, 697.000.00
22.157,643,120.00
M A T U R E D D E B T ON W H I C H I N T E R E S T H A S
CEASED
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OLD D E B T 2
M a t u r e d prior to A p r , 6, 1 9 1 7 . . . . . .
1.266,000.26
LOAN OF 1 9 0 8 - l S
A c t of J u n e 13, 1898" (30 S t a t s . 467).
O n A u g . 1, 1918...
198, 792, 660. 00
167, 760. 00
LOAN OF 1925
Acts of J u l y 14, 1870 (16. S t a t s . 272), as
amended:
J a n . 14, 1875 (18 S t a t s . 296)
For footnotes, see p. 342,
F e b . 1, 1 8 9 5 . . . After F e b . 1,1925.
162. 315, 400. 00
.
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>
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:^
. 62, 650. pO CO
CO
T A B L E 19.—Description of the public debt issues outstanding J u n e 80, 1933—Continued
D a t e of loaii
T i t l e a n d a u t h o r i z i n g act
M A T U R E D D E B T ON W H I C H I N T E R E S T
W h e n redeemable^ R a t e o f
inor p a y a b l e
terest
I n t e r e s t p a y m e n t Average price A m o u n t a u t h o r received
ized
date
Oo"
A m o u n t issued
A m o u n t outstanding
^-'
HAS
CEASED—Continued
POSTAL SAVINGS BONDS
J a n . 1, J u l y 1,
1911-13.
A c t of J u n e 26, 1910 (36 S t a t s . 817)
20 years from d a t e
. of issue.
$2.389.120. 00
2H
$19.440.00
SECOND LIBERTY LOAN
Second 4's, act of S e p t . 24, 1917 (40 S t a t s .
288).
Second 4 i ^ ' s , act of S e p t . 24, 1917 (40 S t a t s .
288), as a m e n d e d .
N o v . 15, 1917.- CaUed N o v .
1927.
do--.
M a y 9, 1918.--
15,
4
3.807.865, 000. 00
751, 400. 00
iH
3. 707, 936, 200. 00
Zfl.
o^
THIRD LIBERTY LOAN
A c t of Sept. 24. 1917 (40 S t a t s . 288), as — - d o
amended.
On S e p t . 15. 1928--
4.176. 650, 050. 00
iH
3, 971. 500.00
M a y 20, 1919.. Called J u n e 16,
1922.
S y m b o l s A to F
do
caUed D e c , 15,
1922; balance of
loan
matured
M a y 20, 1923.
V i c t o r y n o t e s , ZH
Victory notes, i H
• - . . ' • ' T B ^ E A S U R Y . N O T E S , . ....
A-1924
.
B'-192i: . . ' 1 1 . . .
A-1925* '
"*''
A-1926..-.
Pi-1925
'"'
B-1926
C-1925.—....;;.-..—1'
A-192Z
B-1927::
A-1930-32
Series,B.1930732..
Sefies 'C-1930-32" • - "^
Series 1 9 3 2 ; . : - —
.
....
-^ ^
.-.:-:. —
ZH
11,150.00
Kj.:
iH
952,300. 00
6-^
_..-.._..
'
-
-
•
•
-
ffi-:
tei_
-
.
- — -.
O n J u n e 15, 1 9 2 4 . .
. .5H
O n S e p t . 15,.1924..
O n M a r . 15, 1925..
O n M a t : 15,. 1926..
O n D e c . 15, 1926_.
O n S e p t . 15, 1926..
O n J i m e 16, 1 9 2 5 . .
OnD.ec. 15,1927.O n M a r . 15, 1927..
iH
Called M a r . 15,
3H
1931.
S e p t . 16, 1927.. . . - . . d o . . .
J a h ; i 6 , 1928... Called D e c . 16, zVi
1931,
Dec. 15, 1 9 3 1 . . O n D e c . 15, 1 9 3 2 . .
ZH
J u n e 15,1921..
S e p t . 16, 1921..
Feb;i,1922...
. . . . M a r . 15,-1922..
J u n e 15, 1922..
A u g . 1, 1 9 2 2 . . .
Dec. 15, 1 9 2 2 . .
J a n . 15, 1923...
M a y 16, 1923..
M a r . 15, 1927..
teJ>
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VICTORY N O T E S
Series
Series
Series
Series
Seri^
Series
Series
Series
Series
Series
ffi-^;
1,676.100. 00
.m
IP.
21.200.00
13, OOO.-OO
37, 200.00
4..,600.00
42:900:00
7, 700.00
27. 600.00
22.800.00
311.191, 600.00
390.706.100.00
60i: 599,600:00
617.769, 700. 00
335,141,'300. 00
486,940,100. 00
469, 213, 200. 00
366,981,600.00
668, 201,400.00
1.360,456.450.00
432, 750.00
619,496, 700.00
607,399, 650.00
.346.800.00
755,300:00
600, 446, 200. 00
3,123.300.00
49, 6 0 Q : 0 0 '
t4>'
tel.>^->
cc-
cl^
^r
y<
'^
' C E R ' T I F I C A T E S O F INDEBTEDNESS
Certificates of indebtedness
.
Various
Yarious..^-
34,032:450:00
Various
,^ ,^ . T R E A S U R Y BILLS •
Treasury'bills
. . . . - . - . . . . . . . - --'.Idd.---,..!-
Issue of Dec. 15, 1921
Issue of Sept. 30, 1922
Issue of Dec. 1, 1923
'.
P'ec. 15, 1921.. 5 yeai:s from date
of issue,
: Sept. 30, 1922.- - . . - d o - -.
do
Dec. 1, 1923
3M-4H
138, 288, 376. 20
80,926.60
tel
,M
3-4
3M-4M
205, 662.046. 20
159,511,791.25
306.226:00
185,175.00
;o
65, 910, 825. 26
Total matured debt on which interest
has ceased."
17, 555:'000. Qo
...dp.L
TREASURY SAVINGS CERTIFICATES
o
tel
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:m
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jCO
[^-
•^^.
1 - - ^ ^ '
. T A B L , B 1 9 . — D e s c r i p t i o n of the public debt issues-outstanding J u n e 30, 1938-^Continued
CO
to
•'
Authorized.
Issues on
•-• to be out-, deposits,
standing at
including
one time
reissues
Detafl
Authorized
to be outstanding at
present time
Amount outstanding/
tel
o
NONINTEREST-BEARING D E B T
OLD D E M A N D NOTES
Acts of July 17, 1861 (12 Stat. 259); Aug. 5, 1861 (12 Stat: 313); Feb. 12j 1862 (12 Stat. 338)
$60,000,000 3 $60,030,000'
$53,012. 50
50,000,000 3 368, 724.080
* 1,986,072.26
Acts of July 17, 1862 (12 Stat. 592); Mar. 3, 1863 (12 Stat. 711); June 30, 1864 (13 Stat. 220) — . — .
— .-..:......_..
LEGAL T E N D E R NOTES
Acts of Feb. 25,1862 (12.Stat. 345); July 11,1862 (12 Stat. 532); Mar. 3,1863 (12 Stat. 710); May 31, 1878 (20 Stat. 87);
Mar. 14; 1900 (31 Stat. 45); Mar. 4, 1907 (34 Stat. 1290)
;
'. .-:
346,681,016.00
'
.- -
- ..
:.:
:
. .
" Gross:debt as shown ori statement of:the public debt June 30, 1933
...t
>
450, 000,000
• '
Vi
"
•
119,102.864.00
3,334.341.91
Indefinite
471.157.306.67
i
.
£....
. . . . ;.
22, 694, 711. 251.93
156,039, 088: 03
..
22,538,672.163.90
i Treasinry bflls are sold on a discount basis on conipetitive bidding. The average sale price of these series gives an approximate yield on a bank discount basis,
,2 Foi* detafled information and amounts outstanding June.30,1929, see table 24 in annual report for 1929, p. 456. For amounts retired subsequent to 1929, see table 26, p. 353, of
thisrepbrtandcorresponding tables in reports for 1930 to. 1932.!;;'v^^^
:
• ; :3 Including reissues.
' ' ;,.
. .
'*
..
< After deducting amounts officiaUy estimated to have been lost or irrevocably destroyed.
...
;• ,
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The act of July 14, 1890 (26 Stat. 289), provides that balances standing with the Treasurer of the United States to the
respective credits of national banks for deposits made to redeem the circulating notes of such banks, and all deposits
thereafter received for like purpose, shall be covered into the Treasury as a miscellaneous receipt, and the Treasurer
of the United States shall redeem from the general cash in the Treasury the circulating notes of said banks which
may come into his possession subject to redemption, .* * * and the balance remaining of the deposits so covered
shall, at the close of each month, be reported.on the monthly public debt statemerit as debts of the United States
bearing nO interest
'
.
Thrift and Treasury savings stamps, unclassified sales, etC-.
..i.-...^
.:
-.
--..
Totaldebt '
Less gold reserve
$346, 681, 016
NATIONAL BANK NOTES ( R E D E M P T I O N ACCOUNT)
Total noninterest-bearing debt
'o
tel
FRACTIONAL CURRENCY
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REPORT OF THE SECRETARY OF THE TREASURY
343
TABLE 20.—Interest-bearing - debt outstanding Jume 30, 1933, by kind of security
, 1 ..and. callable period or payable date
[On basis of dafly Treasury statements (revised), see p. 275]
Callable period or
payable date
Security
Certificates of
indebtedness
and Treasury
..
bills
Notes a n d
bonds
Cumulative
total, post-war
•issues
PRE-WAK ISSUES
Panamas- . -..'
Panamas
.P o s t a l Savings 2...
Consols
Conversion b o n d s .
Panamas
-
$48,954,180
25.947,400
52. 697.440
699, 724,050
28,894, 500
49,800.000
. Julyl,'33-Aug.l.'36.
Julyl,'33-Nov.l,'38.
Julyl,'33-Julyl,'53.
After J u l y 1 , 1 9 3 3 . - . .
J a n . 1, '46-'47-_ J u n e 1,1961
.—
. -
,
806.017,570
T o t a l pre-war Issues
POST-WAR ISSUES
Treasury bills.;.Do.
Do
Do
Do
—
Do
-..
Certificates of i n d e b t e d n e s s , series
TAG-1933,
'^
T r e a s u r y biUs - ^ .
Do
—
Do
Do.
.'.;;...
:...
Certificates o f i n d e b t e d n e s s , series
TS-1933
;..
Treasury bills..--:...
Do
——
Certificates of iridebtedness:
Series T D - 1 9 3 3 .
Series •TD2-1933.
F i r s t L i b e r t y loanCertificates o f i n d e b t e d n e s s , series
TM-1934.
Fourth Liberty loan.
T r e a s u r y notes:
Series A-1934..
Series B-1934 .
Series A - 1 9 3 5 . '
Series' C-1936;:
_
SeriesA-1936; . . . . i
Series B - 1 9 3 6 . ; . . . . . .
Series B-i937:
Series A-1937
Series A - 1 9 3 8 — . : . . ^ L . . .
Series B-1938.;
: i T r e a s u r y -bonds; • . . , . .-•.-. .
Do.—.......-...^:;
Do...i...^:4.:
=1...
Do . Certificates of i n d e b t e d n e s s , a d j u s t e d service;:
Treasury b o n d s . : .
Do
Do....-....-.:
Do
— ... ....^
.
T r e a s u r y n o t e s ; • civfl service,
foreign service, a n d C a n a l Zone.
J u l y 6, 1933
..J u l y 12. 1933
J u l y 19, 1933 .
J u l y 26, 1933
—
A u g . 2, 1 9 3 3 . . . .
A u g . 9, 1 9 3 3 . . . . .
A u g . 15, 1933.
$100.096.000
75.733,000
75; 188.000
80, 295.000
60,655.000
76,067. 000
469, 089. 000
$100, 096, 000
. 175,829.000
251,017. 000
331, 312, 000
391, 967, 000
467, 034,000
936.123, 000
75, 442,000
60, 078. 000
100,352, 000
75. 529, 000
1, Oil. 565. 000
1.071, 643. 000
1.171, 995. 000
1, 247. 524,000
Sept. 15, 1933..
Sept. 20, 1 9 3 3 - . — . .
Sept. 27, 1 9 3 3 - . . . . . -
451,447.000
100, 361.000
75. 697, 000
1, 698. 971.000
1. 799, 332, 000
1.875,029.000
Dec. 1 5 , 1 9 3 3 . . - - - - D e c . 15. 1933
- .
D e c , 15, *33-June 15,
'47.
M a r . 16, 1934.
254, 364, 500
473, 328. 000
2,129, 393. 500
2,602,721,600
4, 535, 933, 900
A u g . 16, 1 9 3 3 . . . . . . . .
Aug. 23,1933...
Aug. 30,-1933
Sept. 6,1933.:.. •
.
1,933,212,400
M a y 2, 1 9 3 4 . . . . . . . . .
A u g . 1, 1934
J u n e 15,.1936
.
A p r . 16, 1936.A u g . 1, 1936. . . .
D e c . 15, 1 9 3 6 . . . . . . . .
A p r . 16, 1 9 3 7 . . . . . . .
Sept. 16, 1937 .
F e b . 1, 1938
.
J u n e 15, 1 9 3 8 . : . . . . . :
J u n e 15. 1940-43. . .
M a r , 15,1941-43......
J u n e 15, 1 9 4 3 ^ 7 . * - . . .
D^c. 15,1944-54
1945 3 . - . . . . . . ^ . . . . , . . ^
4.996.032, 900
460.099,000
A p r . 15, '34-Oct. 15,
'38.
6, 268,095,150
11,608.362. 650
11, 853, 655, 250
12. 270, 258, 050
12,842. 677. 250
13. 207.815, 250
13. 568, 348,450
14,076, 677, 350
14.911.078. 850
16.188, 595.450
15.812, 507. 250
16.165, 501, 200
16. 710,417, 250
17.164, 552.450
18.201.386.950
18, 293, 386,950
819.497. 600
489,087,100
768.983.300
759, 494,700
231,176,000
19.112.884.450
19. 601, 971.650
20,360, 954. 850
21.120, 449.550
21. 351. 625, 560
92.000.000
(<)-_-..—..........
3,154,820,600
. . . „ „ . . -
. . . .
11,264,128,050
244, 234,600
345, 292, 600
416, 602, 800
572.419, 200
365,138,000
360, 633, 200
608,328,900
834.401. 500
277. 516. 600
623.911,800
,.
352,993,950
644,916,050
454,135. 200
1, p36, 834, 500
June 15:1946-49.....
M a r . 15, 1946-56
Oct. 15, 1947-62Sept. 15, 1961-55..
T o t a l po.stTwar issues . . . .
Grand t o t a l ; . . . . . ' .
•
18,196,805,050
3,164,820,500
19,002,822,620
1 Matured-debt on which interest has ceased amounted to $65,910,825, of which $34,032,450 was certificates of indebtedness; $17,555,000, Treasury bflls; $4,884,750, Treasury notes; $2,426,500, second Liberty
loan bonds- arid:$3,971,500, third Liberty loan bonds. Debt bearing no interest was $316,118,219.
2 Callable and tJayable dates, for iall issues of postal savings bonds fall within the period indicated.
3 Funds "avaflable for the adjusted service'certificate fund are invested and reinvested in special shortterm securities which are redeemed frona titne to tiriie to meet current obligations. These transactions wfll
occur until the:adjusted service certificates:mature about 1945..
* Funds acquired during year are invested in short-term securities:'. Therefore, these issues in varving
amounts wiU be outstanding indefinitely.
1
RI^P6RT'OF
THE
SECRETARY OF T H E
TREASxiiif
TABLE ^21.—Principal of the^, public dept, outstanding at rthe end^of,each fiscally ear
;
:.,^C ::;:
; . ' : [ p n basis of daiiy Tre^^
,:";:;;;"Jtine3Qt^''. ;' ,
.
. Interest-':
.bearing 2
1
J
Matiired
,.
: Noninterest•: bearing 3.,
'
'
-
•
-
.
•
•
.
-
'
•
'
:
.
:
• • T o t a l gross • J Gross debt
• : debt
...
per capita
$59.642. 412 1
$162, 249
$59,804,661 1 ' $2:36
. ; 1:62
'42.044.517.
• •'42, 243. 765>' ' -199. 248
k32
•' ^35,.588,'499
35.418.001
•
170.498 1
- • L.16
3i;974;081 :...
-''31.805.180 .'
. 168,901i856.i}r;^.4:..^;;r.i..::i '
.
- 28;'701.v375 ;
^c
1/01
i 8 5 7 . r . . i i 3 ^ ; l ^ : ; . ; . : . ''^' •• 28.503;377
.197,998
• 44.913,-424: - - ^ ;:i;r53
i858.Mi;;i;ii^:—:J44.743.256
170,168
:
.58.'498.-381.
i869;:L.;.:.^..i:r..;:>.
^ ' V 58/333; 156
^ 165,.'225
..- ^-iL-93'
. 64,843.831 ' ;^:'-': 2.'06
64. 683. 256
160, 575
i860
90, 582. 417
2.83
90, 423. 292
159.125
1861
524.177,955
16.03
$168,591,390
365,356,045
, .'J,r230,620:
1862
1,119,773.681
3af.56
707.834. 255
171.970" ^ * 411,767,456'
1863
1.815,830,814
53.33
455, 437. 271
1.360.026.914
366, 629
1864
2.677.929,012 :.
468,090.180 .
;^7.07
v2. 217. 709,407
f •2.,129i,.425
1866r.:^d—liJ:.!.-.--:
2,766,763,929 . ,
.429,211,734
77.69
2,322,116,330
4.436, 865
1866-.j.--JV.-^-i^2:650.168;223 •
409.474,321
73.19
2,238.954,794
1.739,108
1867 - . . : : — ; : . — . . . .
2,583i446.456
390,873.992
- V . 69.87
1. 246, 334
2,191,326,130
1868.
2.545, UO, 590 i
388,603,491
67,41
5,112.034
2,151, 495, 065
1869
2;'436,453.269
'3;-569.664 . .-397.002; 510
63.19
2.035.881.095'• '
1870.
2,322.052.141
399, 406, 489
58,70
1,948, 902
1,920, 696. 750
1871
2, 209.990.838
401.270,191
54.44
7.926. 547
1,800.794,100
1872
2,161. 210. 345
402. 796.935
51.62
i873;';-.i^;;:^^'.';....::j:
1.696. 483.950^ ' ' '61V929. 460
2.159, 932, 730
431. 785, 640
60.47
' -1.724.930.750
- 3; 216, 340
i874i::i;:.i;^
2,156. 276. 649
436,174, 779
49.06
1. 708. 676, 300
11.426.570
1876
—
2,130.845. 778
47. 21
430, 258,158
1,696,685.450
3.902.170
1876
2,107,:759, 903
- v./45.,47
,393,222.793
1.697.888. 500
16,648. 610
1877
2,159. 418,315 1 • :'.-,r,r .•45.:37
•
373, 088. 595
1,780,735.650
6. 594.070
1878. . 2,298,912.643: ^ , . ^ ; ! 47.05
1879.-...^:.-'i'.^ — . . - — d ^ 1.887,716.110.:
374.181^163
-,37,015,380
2,090,908,872
4L69
373. 294,567
1,709.993.100
7,621. 205
1880.'. . . - . . . - . . . . • - ; - —
2,019, 285; 728
. .39.35
386,994, 363
1.625. 567. 750
6, 723. 615
1881
1, 856, 915,.644 r
36.37
390.844, 689
1882
1.449.810.400
16, 260, 655
1,721,968,918
32.07
389,898, 603
1883
1. 324.229.150
7,831,165
1.62.5.,"307; 444
1884^^.:.:..!..
29.60
393, 087,639
L 212.563,850; , r/19,655.955
1,578.651,169
28.11
1885i:^.^....
: - r . : . i •';. 1.182.150.950 « .
392. 299, 474
4.100.745
1', 555, 659. 550
it
27.10
413.941.255
1886
1,132.014,100
9.704,195
li.465, 485. 294
24.97
1887...
— IL-.-i
451, 678,029
1^007.692.360
6,114,915
1. 384, 631, 656
23.09
445,613,311
936. 522.500
2, 495, 845
1888......J
1,249,470,511
20.39
1889-;^^-^
J.i£».^.- - •'
431. 705, 286
815.863,990
'1.911,235
1,122, 396, 584
17.92
409. 267,919
711.313.110
.1.815.555
1890 - • . - . : . . - . . 1
r^
16.75
1891i^.di?.ir....:...-i:|
393,662,736 , 1,005,806,561 '
c 610. 529,120:, . . , : , 1.6.14; 705
968, 218,841
380, 403, 636
14.88
1892 - :- - . . . .
585,029,330
2, 785, 875
961„431,-766, - .- 114,49
1893
585,037,100
2, 094, 060 = 374, 300, 606
15: 04
,380.004,687 , 1,016,897,817,
1894
1
635,041.890
1, 861, 240 .
1.096(913.120 .^..-.,,1-15,91
716. 202,060
1, 721, 590 .: 378, 989;470 ,
1895
1
. 1,222,729,360 . , • 17.40
3.73,728,570
847. 363,890
1,636,890
1896
. .
1.,226. 793.713. Yr v.!r.l7. 14
378, 081, 703
847, 365,130
1. 346. 880
1897
1,232,743.063' .
384.112,.913
; 16.90
847,367.470
, 1,262,680
1898:.i^v.i—.'.£.-.- V
1,436,700,704. • ' . -19. 33
389, 433. 654
1.046,048,750
1, 218, 300
1899
1,263, 416. .913' ; .238.761,733
16.56
1.023, 478,860
1.176. 320
19001,221,572,245
233,015,585
1901-i.-L
J - . . - '•
987.141.040 .
1.415,620
15.71
1.178,031.357
245, 680,157
931.070. 340
1.280,860
14.89
1902.
1,1.59.405.913
243,659,413
.: •914.541.410
•.^1.205,090
.... 14.40
1903:^..:..^.
Li.....
1,136,259,016
13.88
239,130, 656
895,167.440
1,970,920
1904..
1.132.:357;095'
895.158, 340
1, 370, 245 ,. 235; 828,510
13;.60
1905
1
1,142, 522.970, , . ^ 13.50
1.128,136 : • 2.) 6, 235.695
1906
895.159.140
1,147,178,193
. . .13. 33
1,086,816
251, 257, 098
1907
894, 834, 280
1.177. 690, 403 < , .t 13. 46
.^
4,130,015
276.056.398
1908.-.-1
— — : -t
897,503,990
1.148.315,372.. V •;;.•• -12.91
2. 883, 855
232,114,027
913. 317.490
1909
—J
, l.,146,939;,969. '" i
2,124,895 •. 231.497.-584
12.09
1910
913, 317. 490
1,153, 984, 937.^. 1,879.830
236,751.917
1911..^^
.:...'. . •
12.28
915,353,190
1,193,838,505
1. 760, 450
228,301,285
12. 48
963.776,770
1912
. 1,193, 047, 745 • . ... 12.26
' 1, 659, 550
225. 681. 585,
1913-...^
•-..- :
965.706,610'.
1.188. 235. 400
• - 1,552,560
218. 729. 530
12.00
1914-..r............. .
967.963.310
M. S3
1,507,260
, -219,997,718 , ; . l . 191.264,068;
1915
969, 759,090
1916
1,473,100 . • 2.52,109,>878 ., 1,225,145. 568a ,'- .y^ -11 96
971, 662, 590
1917
14,232,230
248, 836, 878 -.i;-:2;975.618.'>585., -Ji •. 28 57
2, 712, 549, 477
. ,20,242,550
237,603.733; . . 12. 243; 628. 719^ .':v •; 115. 65
1918.1.
. — - .-.11,985,882.436
•.25;482,034;:419; r ;N'V;> 240.(19
236,428,775
1919
25,234.496,274
11,109,370
\920^-.-.......:.^.:..^^
230,075,350 1 24. 297,918,412
24.061,095.-362 - - - 6,747,700
228. 32
23,976,250,608 ... •:r:r221,09
i92it--. ' : . : . ^ . : e 23; 737.362.080
,: 10,939,620 . 227,968,908
22. 964,079.190
1922..^^:.--.--^.....^r
• 227,792,723
22.711,035,587
•• 25,250,880
208. 97
22,349,-687,7.58.
- 243,924j844
1923
22.007,590,764
98.172.160
;. 2 0 0 1 0
1924
.;239i 292, 747 .21.251,120.427 •- vt.186.86
20, 981,586,430
30, 241, 250
1926
275,122,993 s 20,»516,272;i74; - o V, 177'82
20. 210,906,251
30, 242. 930
1926..^..
. . . / . . . . 1 9 , 3 8 3 . 7 7 0 , 8 6 0 . ; 13.327.800
246,084,419. - 19.643,183.079: \-... 167.70
18,510,174.266', „ :• ;166.04
1927
244,623,064
18,260,943,966
14, 707. 235
1928-^j ^ . i . j . ^.a7.317,695,097
•45,331.660
241^263,806- M 1.7.604,290,503 :,^
146.69
16.931,197.748
1929-.-...
16.638,941,380
50. 751, 399 '
241,504,969
139 40
16,185.308, 299
1930..W.J
^ 16; 921.892, 350
31,715,370
231,700,579
.
131.38
16,801,485.143
1931.— . . . .
16.519,588,640
.51,822.845
230.073,658
135.42
19.487.009. 766
1932
19.161.273.540
, 60. 086. 685
265.649.641
156 12
22,638,672,164
1933....
22.157.643,120
65,910,825
315,118,219
179. 32
1853
i854;^:-.'L:i;:i3j-;-;:;.;
I865L-;:^I^:L.-.-:.;..;
See footnotes on next page.
345
REPORT OF THE SECRE.TARY OF THE TREASURY
(Footnotes for table 21)
'^i'#igures for 1853 to 1885, inclusive, are taken" from * S t a t e m e n t ' o f receipts and
*
expenditures of the Government from 1855 t o ' 1 8 8 5 and principal of public debt from
1791 to 1885," compiled from the official records of t h e Register's office.
L a t e r figures
are taken from the monthly debt s t a t e m e n t s and revised figures published in the a n n u a l
reports of the Secretary of the Treasury.
2 Exclusive of the bonds issued to t h e Pacific railways (provision having been made
by law to secure the T r e a s u r y against both principal and interest) and t h e Navy pension
fund (which was in no sense a debt, the principal being the property of t h e United
States).
• Includes old demand n o t e s ; United States notes (gold reserve deducted since 1900),;
*
postal currency and fractional currency less the amounts officially estimated to have be.eh
d e s t i o y e d ; and also the deposits held by the Treasury- for t h e r e t i r e m e n t of Federal
Reserve bank" notes< and national bank notes which prior to 1890 were not included in t h e
published debt s t a t e m e n t s . Does not include gold, silver, or currency certificates or
T r e a s u r y notes of 1890 for redemption of which an exact equivalent of coin or bullion
was held in the Treasury.
u ,
.
.
PUBLIC D E B T
OPERATIONS
T A B L E 22.—Public debt retirements chargeable against ordinary receipts during
< ihe fiscal year 1938, and cumulative totals to J u n e 30, 1932 and 1938, by
sources and issues
f
[On basis of dafly Treasury statements (revised), see p. 275]
Detail
Face a m o u n t
retired
P u r c h a s e s and/or r e d e m p t i o n s for 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, 1932.
$3,991,683,050.00
$3,984, 394.811. 61
$29.232, 826.83
1,903,000,00
4,993,300. 00
1.893. 810.90
4,911,817.54
24,369:25
24,068.35
418, 764. 000.00
418,764,000.00
-Fiscal year 1933:
'
Purchases:
Treasury bonds:
31/g percent of 1946-49.;
^ 3 percent of 1951-55
i
R e d e m p t i o n s — T r e a s u r y notes, ZV4 percent,-series 1932.-. . . I
1
Total.'
*-
^}
1
Accrued in tersest paid
425,660, 300.00
C u m u l a t i v e t o t a l ' t o J u n e 30,'1933.
Purchases and/or r e d e m p t i o n s of bonds,etc.,from
' cash r e p a y m e n t s ' o f prmcipal b y foreign G o v ^ e r n m e n t s , being r e p a y m e n t s of loans u n d e r
t h e L i b e r t y b o n d aot^j (received u n d e r ratified
or unratified d e b t affreeraents)* '
' C u m u l a t i v e total to J u n e 30, 1932
^Fiscal year 1933-.' ;
P u r c h a s e s — T r e a s u r y bonds, 3 percent
'
of 1961 6 5 . . . ; . . '..
.
425. 569, 628.44
48, 437.;60
4.417,343,350,00
1
C u m u l a t i v e total to J u n e 30, 1933. .
Principal a m o u n t
paid
4,409, 964, 440. 05
29,281.264.43
424.084. 220.88
2,849.310.41
433,072.150.00
;
30, 977,000 00
30.007.871. 03
267, 065','05
464,049,160. 00
.
454.092,091.91
3.116. 37.5. 46
... ..
1
•
Purchases and/or r e d e m p t i o n s from franchise
tax receipts derived from F e d e r a l Reserve
banks
C u m u l a t i v e total to J u n e 30, 1932
Fiscal year 1933:
P u r c h a s e s — T r e a s u r y bonds, 3 percent
of 1951-55
-.-
I 147,772,383. 57
,
399, 384.12
20,130. 66
419. 514. 78
2 2, 496, 472. 30
3, 682. 96
2 2, 504, 713.31
.
2, Oil, 398. 47
1 149,138, 263. 79
2 2, ,504, 713.31
"Cumulative total to J u n e 30, 1933
See footnotes on next page.
\
2,036. 750. 00
Purchases and/or r e d e m p t i o n s from^net earnings derived b y t h e U n i t e d States from F e d eral i n t e r m e d i a t e credit banksC u m u l a t i v e total to J u n e 30, 1932
Fiscal year 1933, no r e t i r e m e n t s . . .
C u m u l a t i v e total to J u n e 30, 1933.
-
1 149, 809,133. 57
C u m u l a t i v e total to J u n e 30, 1933 . . -
' R e d e m p t i o n of bonds, etc , received as repay- m e n t s of principal b y foreign G o v e r n m e n t s ,
u n d e r ratified d e b t agreements"Cumulative total to J u n e 30, 1932
Fiscal year 1933
T r e a s u r y bonds, 3 pei cent of 1951-55-..
1 147.126, 865.32
-
2 2,496, 472.30
3, 682.96
205,446.800 00
205,446,800. 00
1,646, 300.'00
1,546,300.00
11,661.32
206.993.100. 00
206,993,100. 00
646, 446.13
.
6?4.784.81
3^6
REPORT OF THE SECRETARY OF THE TREASURY
TABLE ;22.—Public .debt retirerhenis chargeable against ['ordinary receipts during
the fiscal year 1988,• and cumulative totals to: Jurie'J30, 1932 and 1938, by
sourcies and issues---Continued \ ,•'.
°. :. :,
,
,
: Detafl
Face a m o u n t •
retired
^
R e d e m p t i o n of b o n d s , etc., received as interest,
p a y m e n t s on obligations of foreign governm e n t s u n d e r ratified d e b t a g r e e m e n t s :
C u m u l a t i v e total to J u n e 30, 1932..
Fiscal year, 1933:
T r e a s u r y b o n d s , 3 percent of 1951-55
Principal a r h o u n t
paid '
Accrued interest p a i d
$3.650. 336:93
641,485. 78
66. 276.650. 00
641,485. 78
3 10, 619,865. 30
1,000.00
700.00
5, 300.00
1.000. 00
700. 00
5,300. 00
1.000. 00
2, 500. 00
10,100. 00
1,000.00
2, 600. 00
10,100. 00
20,600.00
of
500. 00
.
21,100. 00
•10,540,965.30
C u m u l a t i v e total to J u n e 30, 1933..
500. 00
21,100.00
Total......
T o t a l purchases a n d r e d e m p t i o n s :
C u m u l a t i v e total to J u n e 30, 1932
^Fiscal year, 1933.
.
i....
C u m u l a t i v e total to J u n e 30, 1933
66, 276, 650. 00
20, 600. 00
MisceUaneous sources:
T r e a s u r y b o n d s , Z% percent
1940-43
3. 660, 617. 65
3 10, 519,865. 30
Fiscal year, 1933:
Forfeitures:
First 3H's
First 4 ^ ' s - F o u r t h 43^'s
•.
T r e a s u r y bonds":
3 H percent of 1941-43.
3 H percent of 1946-49.
3 percent of 1951-55
10.281.62
907. 732. 500.00
66, 276, 650. 00
C u m u l a t i v e total to J u n e 30, 1933
R e d e m p t i o n of b o n d s , etc., received as gifts,
forfeitures, or from misceflaneous sources:
C u m u l a t i v e total to J u n e 30, 1932
. ...
1, 363,350. 00
66, 276, 650. 00
R e d e m p t i o n of b o n d s , etc., received for estate
taxes:
C u m u l a t i v e total to J u n e 30, 1932
Fiscal year, 1933, no r e t i r e m e n t s . .
$906. 369.150. 00
1, 363,350.00
907, 732,500. 00
C u m u l a t i v e total to J u n e 30, 1933
$906, 369,150.00
10, 540,965. 30
3 5, 763; 644, 76.2.18
••461. 604. 800. 00
6, 225, 249, 562 18
3 5~'746, 714,835. 41
, ,460. 519. 647.94
6, 207, 234,483. 35
- 37.411,810.84
357,576 25
37. 769,387. 09
1 Includes $1,240,699 09 applied to the gold reserve.
2 Includes $1,819,363.31 applied to the gold reserve
3 Amounts exclude $4,842,066.45 written off the debt Dec. 31,1920, on account of fractional currency estimated to have been lost or destroyed in circulation.
TABLE 2Z.—Summary of transactions in intefeSt-bedring and noninterest-bearing securiiies fiuring the fiscal year 1983:
[ O n b a s i s of d a i l y . T r e a s u r y s t a t e m e n t s (revised), see p . 276]
>•
,.J
'
''
- ;
Class of t r a n s a c t i o n s
I . T r a n s a c t i o n s in interest-bearing securities (as affecting t h e o u t s tandihg'^publi'c d e b t ) :
A . 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 30,1932.
:.._.. —:...........
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 y e a r 1933:
/,
1. U p o n original s u b s c r i p t i o n against cash r e c e i v e d . . . . . . - . . i - .
2. U p o n exchange, etc., for securities of e q u a l p a r v a l u e r e t i r e d . . : . . . . •
3. U p o n a d j u d i c a t e d claims for r e p l a c e m e n t
.....,..4. T o t a l securities issued
.—..
.
,
r-J ;^ ..:.-........;.:
..
9,603.196,320.00
7. 543.039, 25'o;00
616,660.00
.-.-.
17.146,852, 230,00
;.
36, 308,125, 770. 00
6,661.465,890.00
7, 543,039, 25P. 00
616,660.00
^
.----......;...;
..:..-.-..
......v:
...-..;
.
-
r
-
;
^
..:
.:
.;
.
:
.,
.,
14,105,121,800.00
45,360,850. 00
22.157,643.120.00
36.308,125,770:00
securities a n d securities w h i c h m a t u r e d prior to J u l y 1, 1932 (as afl'ecting t h e a c c o u n t a b i h t y o f t h e T r e a s u r y D e p a r t m e n t
,
• •
.,
' : , . , .
in 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 .
-.
in F e d e r a l R e s e r v e banks^arid o t h e r ; T r e a s u r y agencies (exclusive of t h e 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 )
B . I n t e r e s t - b e a r i n g securities received from B u r e a u of Engravings a n d P r i n t i n g d u r i n g t h e fiscal year 1933
7,954.740,700.00
6,4 4,072.8p0.00
o
tel
>a
ffi
tel
zn
tel
o
^
tel
H
I
o
14, 358,813,600.00
:
22, 866,917.180.00
.:....
:.....:..
..-..
..'.-..L.
....
......
....;
C . Securities received for r e t h e m e n t d u r i n g t h e fiscal year'1933: .
1. A c c o u n t r e d e m p t i o n :
; •
,
:.• J\
(a) I n t e r e s t - b e a r i n g securities (see iterii I , , D - 1 , a b o v e ) . ; . . . .
(6) Securities m a t u r e d prior t o J u l y 1, 1 9 3 2 : ^ . i . . . . . . ; : . ^ . . . .
(c) Securities bearing n o interest
..............;.:;
..:.
2. A c c o u n t exchange, e t c . , for securities of e q i l a l p a r v a l u e issued:
(a) I n t e r e s t - b e a r i n g securities (see i t e m I;,D^2, above).:^
(6) Securities m a t u r e d prior t o J u l y 1,' 1932
O
tel
ffi
30, 1932:
2. T o t a l securities on h a n d J u n e 30, 1 9 I B 2 . . . J L . . — ; : . :
6,661,466,890.00
1 39, 795,052. 45
33,244.00
•_.-,
7, 543.039,250. 00
257.950.00
tel
•tel
CO
;....;..
:
.:...:.......
d
"
;.........
1 I n c l u d e s m a t u r e d T r e a s u r y (war) s a v i n g s securities of w h i c h $258,342.45 w a s charged t o i n t e r e s t a n d $176,800 t o p r i n c i p a l .
•.
.
-..
4. T o t a l securities retired
...iSl.i.:..
E . Securities o u t s t a n d i n g J u n e 30, 1933, w h i c h m a t u r e d diiring t h e fiscal year
F . T o t a l interest-bearing securities o u t s t a n d i n g June30,.1933
I I . T r a n s a c t i o n s in interest-bearing
and its agents):
A . Securities on h a n d J u n e
1. U n i s s u e d :
(a) Securities
(b) Securities
$19;i61, 273.640; 00
^
I n t e r e s t - b e a r i n g securities retired d u r i n g t h e fiscal year 1933: . : f :
:.
1, A c c o u n t o f r e d e m p t i o n
.
...;;.....
2, A c c o u n t of exchange, etc., for securities of e q u a l p a r v a l u e ' i s s u e d . - . .
3. 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 )
G. T o t a l i n t e r e s t - b e a r i n g securities a c c o u n t e d for (items..D-4, E , a n d F ) . . .
tei
•
;
....:...:.
..'
:•-
C . T o t a l interest-bearing securities to a c c o u n t for (items A a n d B 4 ) ;
D.
..:
:co
XABLE 23.—Summary of transactions in interest-bearing and noninterest-bearing securities during the fiscal year 1933—Continued
CO
Qb
Class of transactions
I I . T r a n s a c t i o n s i n i n t e r e s t - b e a r i n g securities a n d securities w h i c h m a t u r e d p r i o r t o J u l y 1,1932—Continued.
C . Securities received for r e t i r e m e n t d u r i n g t h e fiscal y e a r 1933—Continued.
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, 1932
tel
$616,660,00
6.400,00
4. T o t a l securities received for r e t i r e m ^ t
.
14.145, 214,446. 46
I
O
51,370, 945,126, 45
D . T o t a l securities to a c c o u n t for (item I I , A-2, B , a n d C-4)
E . Securities issued d u r i n g t h e fiscal year 1933:
1, U p o n original s u b s c r i p t i o n against cash received:
(a) I n t e r e s t - b e a r i n g securities (see i t e m I, B - l , above)
-2. U p o n exchange, 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)
.........,...^^^
'
(6) Securities m a t u r e d prior to Jiily 1, 1932
...
._.........:;:
;
.
I...
3. . U p o n a d j u d i c a t e d claims for r e p l a c e i n e n t ;
; ::,
. ' ( o ) I n t e r e s t - b e a r i n g s e c u r i t i e s ( s e e l t e m I ; B-3, above)
-—
--.
r
--.-.
''
'•'
(6) Securities m a t u r e d prior to J u l y 1, 1 9 3 2 . . .
....:....•......-......-.^.:i..;..
--';--.......
4:;.-Total:securities issued
.
.....--...:....v.....
.
..
F . Securities delivered to Register of t h e T r e a s u r y d u r i n g t h e fiscal y e a r 1933:
1.. A c c o u n t r e d e m p t i o n :
^ -/•'• (a) i n t e r e s t - b e a r i n g s e c u r i t i e s (see iteiri l l , C-l (a), ab^oye)
..
.
,
; ' (6) Securities riiatured prior to J u l y 1, 1932 (see i t e m I I , C-l (6), a b o v e ) . - . : . . . .
....i..........l..
..
..
.; : ;
(c) securities bearing n o i n t e r e s t (see i t e m C-l (c), a b o v e ) . . .
:........
.:.....
....• • ' 2 : A c c o u n t of exchange, etc., for securities of e q u a l p a r v a l u e issued:
(a) I n t e r e s t - b e a r i n g s e c u r i t i e s (see i t e m I I , C-2 (a) above)
....'
:..........--;_
-...-_ — . . .
-.._.....
(6) Securities m a t u r e d prior to J u l y 1, 1932 (see i t e m I I , C-2 (6), a b o v e ) . .
......
1
.
....-.:
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 ) :
',-: .(fl):.Intefest-bearingsecurities ( s e e i t e m I I , , C - 3 (a), above)
— --.
' f i b ) ' SecUrities;:matured prior to J u l y 1,-1932 (see i t e m I I , C-3 (6), a b o v e ) — ; . . - . j . . . .
.
—..........
;
-J..
. 4. XJriissued securities (excess s t o c k ) :
' •
•
^
•
(a) B y D i v i s i o n of L o a n s a n d C u r r e n c y
.
:.
.....
, . (6) B y F e d e r a l R e s e r v e b a n k s a n d o t h e r T r e a s u r y agencies (exclusive of t h e Division of L o a n s a n d C u r r e n c y ) . . . . — -... 1.
5. T o t a l ' s e c u r i t i e s deliyered to Register of t h e T r e a s u r y
H-l
Q
.:...:...;.
;...;
.........:
.
tel
9,603,196,320. 00
7, 543, 039, 250. 00
257,950.00
6i^,-^660. 00
-'"6:400: OP
tel
zn
tel
o
17,147.116, 580.. 00
I
6,561,465,890. 00
39,795,052.45
33,244:00
o
7,543.039,250.00
257,950:00
tel
tel
616, 660.-00
;-eHJio^oo
1, 026, 948, 270. 00
3, 727.130,.:i50. 00
•'18,899,292,866.45
G. Securities on h a n d J u n e 30, 1933:
1, U n i s s u e d :
• -^ ' '•
l
,.
•
(a) Securities in Division of L o a n s a n d C u r r e n c y . . _
..-..>..:vi^-..>..J...::.1.'L.<I:.'-.:•:
•....•...._..:.
....:.;..
(6) Securities i n F e d e r a l R e s e r v e b a n k s a n d o t h e r T r e a s u r y agencies (exclusive of t h e 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 )
2, T o t a l s e c u r i t i e s o n h a n d J u n e 30, 1 9 3 3 - i ; ^ . . . — ..L
.^..;.^......—.^...^....^....-..........;....^^^........u....
..
15,324,635,680.00
H , T o t a l securities a c c o u n t e d for (items E-4, F-5, a n d G - 2 ) : . . : : . J . J . . . ^ . ; . ; . . . : . . : : . : . : : ; . ; . . : v — — : . : . : : : - . ; : . r A r . . . .
61, 370, 945,126.46
I
8, 656, 208, 530. O
O
6,668,327,150.00
tel
t>
CO
Gl
T A B L E 24.-^>Sw.mmar?/ of transactions in interest-bearing securities, by form of issue, during the fiscal year 1933
''
•' '
'..: v=A :
'
V. Account^
'
'
[On basis of daily Treasury statements (revised), see p. 276]
• "-
Liberty bonds
a n d T r e a s u r y T r e a s u r y notes
bonds
Certificates of
indebtedness
T r e a s u r y bills
$789, 567,390 $13,460,090,650 . $1,465,253,600 $2,830, 729,900
$615,632,000
$i9,"l6i,'273^-540
Pre-war b o n d s
•"Total/
•
teJ
I . O u t s t a n d m g June.30, 1 9 3 2 . . . — . . . _ . - - . . . . . . — . . . . . . . . ; , . . . .
.
..
I I . Issued d u r i n g 1933: . . ' • .
- ;
\A . Upori' original siibscription,against cash received
B . U p o n exchange, :etc:; for securities Of e q u a l p a r v a l u e r e t i r e d . . . . . . .
C . U p o n adjudicated clairiis fOr r e p l a c e m e n t
18,380,020
179,683,500 "'2,'482,'476,'455"
2,760
613, 900
3,962, 693, 800
2,419, 514.300
2. 560. 227. 500
1,875, 752,000
3.061,895,000
585, 713, 000
9,603,196,320
7, 543,-039, 250
' '616,660
.........-...........:....
197,966, 280
2,483,090,360
6,382,208,100
4,435,979,500
3, 647. 608, 000
17,146.;852;23P
d u r i n g 1933:
'
:
'
A c c o u n t of r e d e n i p t i o n . . .
...:
...
Account-bf exchanges, etc:, for securities of e q u a l p a r value i s s u e d . .
A c c o u n t .of-loss or destructiori' (covered b y insurance or b o n d s of
indeinriity)..........J.
_
1,912, 540
179, 583, 500
42,840,800
2,482,476,450
645.268,900.
2,419, 514, 300
3,163. 554, 650
1,875, 752,000
2, 707, 889,000
585, 713, OOP
6, 561.465;890
7.543,039.250
D . T o t a l issued d u r i n g 1 9 3 3 . ; . . . . . . . . - .
III. Retued
A.
B.
C.
D . T o t a l rethred d u r i n g 1933
.
...
...
IV. Outstanding June 3 0 , ; i 9 3 3 i - . . . . . . ; . . _ . . - - . ; . . . . . . . . . . - . : . . . . . ; . . . . ,
D e d u c t interest-bearing d e b t -which riiatured d u r i n g t h e year
V . O u t s t a n d i n g J u n e '3p, 1933 (per p u b l i c d e b t s t a t e m e n t )
616, 660
2,760
613, 900
181,498,800
2, 526,931,160
3.064, 783. 200
5,039, 306,650
3,293, 602,000
14,1G5,121„800
806,034.870
17, 300
13, 417, 249,860
4, 782,678, 500
3,123,300
2,227, 402.750
27. 075. 250
969,638,000
15,146,000
22, 203t003,970
45, 360,850
806, 017, 570
13, 417, 249, 850
4, 779, 555. 200
2,200,327,500
954, 493,000
22,157, 64'3;i2P
O
i
6
I
zn
tel
o
>
d
tel
I
tel
tel
t>
zn
TABLE 25.—Changes in interest-bearing debt, by issues, during the fiscal year 1933
CO
;cn
o
[On basis of dafly T r e a s u r y s t a t e m e n t s (revised), see p . 275]
I
Detail
Outstanding
J u l y 1, 1932
Issues duririg
year
Redemptions
d u r i n g year
Transfers to riiatured d e b t June
30, 1933
Outstanding
J u n e 30, 1933
:tel
:>Tj
Pre-war bonds:
2 p e r c e n t consols of 1930
2 percent . P a n a m a C a n a l loan of 1 9 1 6 - 3 6 —
2 percent P a n a m a C a n a l loan of 1918-38
3^ p e r c e n t ' P a n a m a C a n a l loan of 1961
3' percent conversion b o n d s of 1946-47..
2}4 percent postal savings b o n d s ( t h i r d t o forty-fourth series).
T o t a l pre-war b o n d s
Liberty bonds:
: F i r s t L i b e r t y loan of 1932-47:
31/^ percent
-•
Converted 4 percent
• Converted i H percent
Second c o n v e r t e d 4i^ p e r c e n t
F o u r t h L i b e r t y loan, 4 j ^ , p e r cent of 1933-38.
Total Liberty bonds
Treasury bonds:
i H percent .of 1947-52...
4 p e r c e n t of 1944-64.:
ZH percent Of 1946-66...
Z ^ percent of 1943-47...
ZVs percent of 1940-43. .•35^ percent o l l 9 4 1 - 4 3 - . .
31-^ percent of 1946-1949.
3 percent.of 1951-1956--.
• Totail Ti-eaSUry b o n d s - .
T r e a s u r y riotes: ' . .
ZH percerit, series 1932..-3 percent, series A-1934
2 H percerit, series B-1934..
3 p e r c e n t , series -A.-1935
ZH percent, series A-1936.
2 H percent, series B-1936.
2J4 percent, series C-1936.
ZH percent, series A-1937.
O
$599. 724. 050
48, 954,180
25,947, 400
49.800. 000
28.894. 500
36,247. 260
$18, 380, 020
$1,912, 540
$17. 300
.'^599. 724. 050
48.954,180
25.947.400
49,800.000
28,894, 500
52,697,440
789, 567. 39p
18. 380, 020
1.912,540
17.300
806,017, 570
1, 392, 228, 350
5,002,450
532,491,150
3, 492,150
6, 268,100,450
'5,'300'
1, 392. 227,350
5,002.450
532, 490.450
3,492,150
6, 268,095,150
8,201,314,550
7,000
JO
tel
:ffi
tel
zn
teJ
8, 201, 307. 550
700
tel
Pi
O
758,983.300
1,036,834,500
489, 087,100
454,136, 200
352.994.460
644, 917.050
821. 403. 000
800,421,600
600
1,000
• 1,905,500
40,926,800
5, 258, 776,100
42,833,800
600, 446, 200
244, 234, 600
597, 322,900
345. 292, 600
416. 602,800
365,138,000
360. 533. 200
572,419.200
834,401. 500
758. 983,300
1.036,834, 600
489, 087-.100
454.135. 200
352, 993,950
644.916. 050
819,497, .500
769.494, 7Q0
'tel
tel
5, 215, 942. 300
tel
Ul
3,123, 300
244. 234.600
345, 292.600
416, 602,800
365,138, 000
360. 533.200
572, 4,19.200
834, 401.600.
508, 328,900
277,616,600
623,911,800
3 percent, series B-1937.. 2fi percent, series .A.-1938.
2 ^ percent, series B-1938.
Total Treasury notes.
r
t^ Certificates of i n d e b t e d n e s s :
Tax:,. ••;:,.,
, U i percerit, series;T.S-1932
CO
3 percent, series T S 2-1932
I
31^ p e r c e n t ; series TO-1932
3M percent, series T M - 1 9 3 3 . . . .
L
2 percent, F i r s t series m a t u r i n g M a r . 15, 1933^
• I M percerit, series TJ-1933
4 percent, series T A G - 1 9 3 3 . . . .
IM percent, series TS-1933
......^—• M percent, series; T D - 1 9 3 3 .
..---....
i H percent, series T D 2-1933
•• K.-percent, series TM-1934
Loan::
'
.
•: 33^i percent, series A-1932
.^
' 3 % percent, series A-1933
_
2 percent, series B-1933
Total.certificates of i n d e b t e d n e s s .
T r e a s u r y bflls, series m a t u r i n g :
J u l y 13, 1 9 3 2 . — — : . ; —
July 2 0 , 1 9 3 2 . . . . . . — .;..;
J u l y 27, 1 9 3 2 . - - — —
A u g . 10, 1 9 3 2 . ; . . . . . . . . ; . .
Aug. 17,-1932.„...
-....
A u g : 24, 1 9 3 2 . . . . : . . . . - . . . . . . . . .
^Aug. 31, 1932
Sept. 28, 1932
.
Oct. 11, 1932
:
.
Oct. 19, 1932
Qct. 26, 1 9 3 2 ; . . . . . . .
Nov: 9 , 1 9 3 2 : . . . ; . . . — . — . . . . . . : - . - .
N o v : 16,1932—-.:.....-.....
N o v . 23, 1 9 3 2 . - . . . . — ^ - . - - : . . . . . . . . . ^ .
N o v . 30, 1 9 3 2 . ; - . . . . . . . . . .
.....
Dec. 28, 1 9 3 2 . . . ; . . . . . . .
' J a r i . l l , 1933
J a n . 18, 1 9 3 3 . . .
..
J a n . 25, 1933..
F e b , 8, 1933
F e b , 15, 1933
F e b . 23, 1933...
M a r . 1, 1933..
M a r , 29, 1933
1, 261, 283, 600
3,887, 641, 800
508,328,900
277,516.600
623,911,800
3,123,300
313,125, 000
396, 704. 000
332.901, 500
• 653,'634,500
31,020.150
364,468, 500
314, 279. 500
398,225, 000
333.492, 500
660,715,500
33, 960.900
373,856,500
597,322.900
1,154.500
1. 621,000
591,000
7.081,000
2. 940, 750
9,398,000
2i 725, 729; 900
227, 263, 500
143.599, 600
235, 948, 000
2,108, 327, 600
76, 200,000
75, 600,000
51, 550, 000
76:744,000
75, 000, 000
60,050, 000
100, 022,000
100,466,000
75, 278. 000
75,923,000
83.317,000
75. 217, 000
75,016, 000
62,360,000
100,600, 000
100, 665, 000
75.954.000
75,110, 000
80, 295.000
76, 056,000
75,480:000
60.000, 000
100, 000. 000
100,039,000
^
469,089, 006
451,447, 000
254.364,5P0
473, 328,000
460,099, 000
469,089,000
451,447:000
254,364,500
473, 328;000
460, 099.000
227, 631, 000
144, 372, 000
239,197,000
4,648, 379, 200
367, 500
772, 500
3, 249, 000
2, 698, 654, 650
27. 075. 250
76. 200.000
75, 600. 000
51.450,000
76, 729,000
74,966.000
60, 050, 000
99,822.000
100,425, OOP
75,148,000
76,923, 000
83, 317,000
75, 217.000
75, Oil, 000
62,350,000
100, 300, 000
100,450.000
76,894, 000
75,055,000
80,096, 000
74,924,000
72, 480,000
60,000,000
98.827.000
98, 275, 000
100, 000
15,000
34,000
200, 000
41, 000
130, 000
2,108,327,600
o
hri
k^
ffi
zn
tel
o
td
tel
O
tel
ffi
tel
5,000
200, 000
215, 000
60, 000 *
55,000 1
200, 000
132,000
3, 000, 000
1,173. 000
1, 764. 000
tel
;>zn
CO
c^
T A B L E 25.—Changes in interest-bearing debt, by issues, during the fiscal year 1933—Continued
Detail
P utstanding
J u l y 1, 1932
Issues d u r i n g
year
Redemptions
d u r i n g year
CO
<Ox
Transfers to m a tured debt June
30. 1933
Outstanding
J u n e 30, 1933
—T r e a s u r y bills, series m a t u r i n g — C o n t i n u e d ,
A p r . 12, 1933
A p r . 19, 1933
A p r . 26, 1933..
-.
.M a y 10, 1 9 3 3 . . . .
M a y 17, 1933
M a y 24, 1933
M a y 31, 1933
J u n e 7, 1933
J u n e 21, 1 9 3 3 . . . . . . . .
J u n e 28, 1933
J u l y 5, 1 9 3 3 . . .
J u l y 12, 1933..
J u l y 19, 1933
J u l y 26, 1 9 3 3 . . . A u g . 2, 1933
.A u g . 9, 1933.
.A u g . 16, 1933
A u g . 23, 1933...
Aug, 30, 1933...
Sept, 6, 1933
Sept. 20, 1933
Sept, 27, 1933
T o t a l T r e a s u r y bflls .
Special issues:.
T r e a s u r y notes:
Civfl service returement fund series
Foreign service r e t i r e m e n t fund s e r i e s . . .
C a n a l Zone r e t i r e m e n t fund series
Certificates, of, indebtedness:.
Adjusted'service certificate fund series;.
S h o r t - t e r m (Federal Reserve b a n k s )
$75,090,000
75,032, 000
80,020, 000
75, 228, 000
75,202,000
60,074, 000
100, 613,000
75.216.000
100,569.000
100,158, 000
100,096,000
75,733, 000
75,188, 000
80, 295,000
60, 655, 000
75,067, 000
75,442, 000
60,078, 000
100,352, 000
75, 529, 000
100, 361, 000
75, 697, 000
$615,632,000
$74,461,000
73,066.000
79.101,000
74,885,000
74.527,000
59,623,000
99,485, 000
75,167,000
99,693,000
99,373,000
3,061,895, 000
2, 707,889, 000
$629,000
1,966,000
919, 000
343.000
675,000
451,000
1,128,000
49,000
876, 000
785,000
• - - o
::::::::::::
|
------ o
tel
$100,096,000
75, 733,000
75,188,000
80, 295,000
60, 655,000
75,067,000
75,442,000
60,078,000
100, 352,000
75, 529,000
100, 361,000
76, 697, 000
954,493,000
=
200, 300,000
1, 606,000
2,064,000
74, 300, 000
655, 000
. 197, 000
td
tel
47,800,000
, 142,000
4, 000
22€i 800,000
2,119,000
2.257,000
CO
g
2
g
g
\Z
jf:
g
^
^
i^
HB
ffi
tel
td
-tel
105,000,000
229,900, 000
222,000, 000
242,900, 000
222,000.000
92,000,000
>
T o t a l special issues.
308, 970, 000
527, 052,000
512,846,000
323,176,000
td
T o t a l all s e c u r i t i e s . .
19,161, 273. 540
9,603,196, 320
22,157,643,120
Kl
6, 561,465,1
45:360,850
zn
T A B L E 26.—Transactions i n noninterest-bearing securities, by issues, during the fiscal year 1933
[On basis of dafly Treasury statements (revised), see p, 275]
R a t e of
interest i
T i t l e of issue
Outstanding
J u l y 1, 1932
Issued a c c o u n t
of original
subscription
R e t i r e d acc o u n t of redemption
Issued a n d
retired acc o u n t of exchange, etc.
Transfers from
interest-bearing d e b t J u n e
30, 1933
Outstanding
J u n e 30, 1933
.
MATURED. DEBT ON WHICH I N T E R E S T HAS CEASED
I. P r e - w a r b o n d s , etc.:
C o m p o u n d interest notes (1864-66).-F u n d e d Idari of 1907 (refunding)
Refunding certificates (1879)
l-year notes of 1863
L o a n of 1908-18...
L o a n of 1925. . .
- Postal savings b o n d s
All other issues 3
__
Percent
26
4
..
4
5
3
4
2H
__ Various
$60.00
400.00
140.00
10.00
. 1,080.00
100,200.00
2,020.00
103.910.00
4
iH
864, 550.00
2,216,300.00
113,150.00
541,200.00
$79,050.00
39,150.00
3,080,850.00
5,067,250.00
664,350.00
1,095,750.00
118,200.00
146,150.00
2.426,500.00
3,971,500.00
8,148.100.00
.
1,750,100.00
264,350.00
6,398,000.00
19.200.00
1.096,500.00
8,050.00
144,200.00
11,150.00
952, 300.00
1,115,700.00
152,250.00
963, 450.00
24,200.00
43,100.00
30,700.00
7,800.00
15,000.00
26,700.00
77, 300.00
759,750.00
3,000.00
200.00
3,100.00
3,200.00
7,300.00
3,900.00
27.700.00
327.000.00
21,200.00
42,900.00
27,600.00
4, 600.00
7.700.00
22.800.00
49.600.00
432,750.00
T o t a l L i b e r t y loan b o n d s
ZH
.
.
. . .
T o t a l Victory n o t e s . . . . - - . . .
I V . T r e a s u r y notes, series: .
A-1924
.
.
B-1925
.
C-1925
.
.
A-1926
B-1926
A-1927
B-1927
A-1930-32
..:
- _ . - .
.
43/4
..
53/4
.
in
. ---
O
tel
751.400.00
1.675,100.00
iH
.
Total
T h i r d L i b e r t y loan
-iVi
-..
For footnotes, see p. 356,
$150.450!00
345,700.00
8,660.00
30,030.00
157,760.00
62, 650.00
19,440.00
724.160. 26
$156,510.00
346,100.00
8,800.00
30,040.00
158,840.00
162,850.00
4,160.00
724,160. 26
T o t a l pre-war b o n d s , etc
I I . L i b e r t y loan b o n d s :
Second L i b e r t y loan:
Second 4 ' s .
__
Second i H ' s
I I I . Victory notes:
Victory 3%'s
Victory 4%'s. .
td
1, 591, 460. 26
. .
td
tel
o
•
$17,300.00
.
17,300.00
1, 504,850. 26
ffi
tel
CO
tel
o
td
tel
o
^
ffi
tel
td
zn
d
td
Ki
CO
CO
ZVi
:ITABLE 26.—Transactions in noninterest-bearirig securities, by issues, during the fiscal year
1938—Continued
CO
ox
' :•.
<; \-cri
Rateof
interest}
T i t l e of issue
'••••• i-p \ i ^ n
••''•' : • ; i i i v . '
Outstanding
J u l y 1, 1932
Issued a c c o u n t
of original ..
subscription
Outstanding-'.:
June-30, 1933V
$346,800 GO
755; 300. bo
3,123, ,300.00
50.200 00
3,123; 300.06
'
Transfers'from
interibst-b.earing d e b t : j u r i e
30,1933 '
$3,123; 300.00
R e t i r e d acc o u n t of redemption
Issued a n d
retired acc o u n t of exchange, etc.
4,884,750 PP
MATURED DEBTVON WHICH INTEREST HAS CEASED—continued
Percent
iH
[ZH
I V . T r e a s u r y notes,-.series—Continued.
B-193Q:-32'
C-i93Q--32'-'
1932 :.•'"'^.
All other issues *,.
' 'Total T f e d s u r y notes
.
.
..
-• TJ2-'l93i
.
.
.............
; .
.
.;
.
.
:
,
:
— —
•
-
HH
:iH
3,000.00
11,500.00
21,400.00
- 32;000.00
101,000.00
62,000.00
146.000:00
.90,000:00
11,600.00
60,500.00
.55,500:00
;25,000.00
.2'64;000.00
919;000.00
795,000.00
3,786,000.00
529,-000.00
18,148,^OPO:00
2,000.00
10,500.00
8,700.00
-3,000.00
• 12,500.00
'28,500.00
23,600.00
19,500.00
2,000:00
22,000.00
21,500.00
•iH
•HH
•
m
:• i m
' •;.5H
• •'•iii
...•
. . .
.......-...-.. — ....
'
7,746,450.00
-
I
tel
:;:,:-TS^I932.^..-.
'
9,507,900.00
I
CO
.. :
1
1
. . . . . .
•• •..;.:. TS2-m2^.^,..^^w.Kr
TO'-1932
- ;
TM-1933i...^p..^.:.,H-.-;-.-..;—'rj-19^3...;-..;...;.--.-'.:.-...:
. F i r s t - m a t u r i u g M a r . l 5 , 1933
56,266.60
.-..
..
.'......
-V'^TS-fe.-
.- ^ l y ^ r
$626,150.00
6,744,900.00
Various
V . Certificates.bf iridiBbtedness:
T a x issues,-;series:
TD-19'22
.
.
. . .
•"T.M-li9'2^
......
•TT-I9'29;
----TS-1929
-: TD'-i9;i9 ..-.
---—--...'
TL)2-i929
.. ;T]vt-;i^3p
...............
. :. T M 9 3 0 ...-.-.
^................
- ' T6-i9'3'0'
-. . . . . . - - . - - - . . . .
V. TD-i930
. —^ -
TDrl^3l..TS2-1931
•••I T M ^ ^ 3 2 . ^ . . . .
T'D2-1931
•^^.fJ-l^
$972,950.00
7,600,200.CO
• :
'm
'm
:;|H
; 'vi^
• Jm
IH
2•
Various •
i4,:ooo.oo
139,500.00
916,000;00'
'526:ooo:oo
2, 549, 500.00483i.5C0.O0;
13,351,000.00:
::^-:;!;ii::::
32.'566; 66
M, oob. 66
"'i,'i54."566.'66'
.....
1,521,000.00
591,000.00
7.081-,000.00
.'9r398;,000;00
2,940,750.00
.- .-'^ '• '.v ;~'"
1,000.00
12.700.00
29 000 Oo
88,500.00
23.'5P0- QQ
122,500.00
70,.500.1X)
9,500.00
38,'500 00
."34,^000.-00
11,000.00
124,^:00
. 3,000.00
269,000.00
1,235-500.00
45." 500.00
4,797,000.00
1,154,500.00
1,621,000.00
591,000.00
-7,081,000.00
•9, 398, OOOrOO
• 2,940,750.00
32,500:.00
-. • : '^'^'
^
tel
f
O
.tel
>^
ffi .
•pi
•tel
I
L o a n issues, series:
C-1921
A-1932
.
A-1933
B-1933...;-i.,...^..
All o t h e r , i s s u e s . ^ ^ . . . : . . i . . . . . . ,
6
1,500.00
•
. - 2
.
Various
T o t a l certificates of i n d e b t e d n e s s .
V I . T r e a s u r y bflls, series m a t u r e d : i
M a r . 17, 1930;i
J u l y 17; 1 9 3 i ; . . . . . : . . — — .
Dec. 30, 1 9 3 b . .
L........
J a n . 13,1932;;
J a n . 25, 1 9 3 2 . . . .
F e b . 8,. 1932...
F e b . 16; 1932:..
.-.
F e b . 24, 1932...
M a r . 2:1932:
Mar:30;i932
A p r . 13, 1932;
..
A p r . 27, 1932...
M a y l l , 1932.
M a y 18,1932..
M a y 26> 193'2.
J u n e 1} 1932.;.
' J u n e 29, 19:32
J u l y 27, 1932.
A u g . 10, 1932.
A u g . 17i 1932-.,...-Aug. 31; 1 9 3 2 . ; - - . ; - . .
Sept. 28; 1 9 3 2 ; ; ; . ; ; . : .
O c t . 11, 1 9 3 2 . . . . _
Nov. 16,1932.;:...:.;.
N o v . 3 0 , 1932..
Dec. 2S, 1932::..:
J a n . 1 1 , 1933
.-.
J a n . 18,:i933..
J a n . 2 5 , 1933.
..
F e b . 8, 1 9 3 3 ; : ; : . . . . : . ; : : ; - .
Feb. 15,1933.........
,..
Mai-. 1; I 9 3 3 : : . . . : ; : ; . . . . ; ; : :
M a r . 29, 1933
A p r . 12, 1933
A p r . 19, 1933
A p r , 26, 1933
.—....
M a y 10, 1933
M a y 17, 1933
M a y 24, 1 9 3 3 . - M a y 31, 1933
J u n e 7, 1933.;-'.L-J.:.....
F o r footnotes, see p . 356.
367,500.00
772,500.00
3. 249.000.00
" 8,^666 .'66'L
2.S091,400.00
3,276
LOOl,
1. 217
2.384"
2. 687,
2.009
2.024
2. 281
2. 585
3. 253:
2. 879
2.483;
2, 665
2.761
2.709
2,495
2.079
.630
.676
.425
.321
.408
.385
.485
.325
:233
.192
.140
.195
.217
.206
.134
.085
.204
.236
: :. 182
, .177
.228
.646
.990
4. 259
500.00
367,500.00
772.500.00
3,249,000.00
8,000;:00
27.075.250.00
34,0.32,45p.0Q^
1.000.00
zy
18.134,200.00
1,000.00
30. 000.00
25; 000.00
20, 000.00
52, 000.00
164;000.00
112. 000:00
85, 000.00
150, 000.00
258, 000.00
452, 000.00
241, 000.00
162, 000:00
948, 000.00
1,028, 000.00
5,469, 000.00
4, 696,000.00
1.000:00
30, 000:00
25, 000.00
20, 000.00
' 2 ; 000.00
164, 000.00
37. 000:00
76, 000.00
5,000.00
157, 000.00
402, 000.00
154, 000.00
90,boo. 00
901, 000,00
1,028,000.00
3, 785,000,00
4,607, 000.00
t«
tel:
^^
O
§:
50,000,00,
75,000; 00
10,Q00;0O,
145; 000.00
101,000.00
50,000.00
87,000.00.
72,000:00.
47,000.00
100,000.00
15,000.00
34,000.00
200,000.00
41,000.00
130,000.00
6,000.00
200,000. 00
215.000.00
60,000.00
65,000.00
200,000.00
132,000.00
3,000,000.00
1,173,000.00
1,764,000.00
629,000.00
1,966,000.00
919,000.00
343,000.00
676,000.00
451,000. 00
1,128,000.00
49,000.00
o
tel
1,684,000.00
89,000; 0 0
100,000:00
15,000.00
34; OQb. 00
200,000.00
41,000.00
130,000.00
5,000.00
200,000.00
215, OGO. 00
60, oob. 00
65, Odo. 00
200, Obo. ob
132,000.00
3,000,000.00
1,173,000.00
1,764,000.00
629,000.00
1,966,000.00
919,000.00
343,000.00
675:000.00
451,000.00
1,128,000.00
49,000.00
S
tel
CO
tel
td
tel
Q
>
td.
Ki-
o
tel
^
ffi
tel
tel
>
zn
d
td
CO
CTl
TABLE 26.—Transactions in noninterest-bearing securities, by issues, during the fiscal year 1988—Continued
M A T U R E D D E B T ON WHICH I N T E R E S T H A S
Retired account of redemption
Issued and Transfers from
interest-bearretired account of ex- ing debt June
30, 1933
change, etc.
Outstanding
June 30, 1933
td.tel
^=
CEASED—continued
O
Percent
1.'830
L717
VI. Treasury biUs, series matured—Continued.
June 21, 1933 June 28, 1933
,,
Total Treasury bflls
VII. Treasury, (war) savings securities: '
Treasury savings certificates:
Issue of December 15, 1921
Issue of September 30, 1922
Issue of December 1,1923
0
$876,000 00
785, 000. 00
100,450. 00
380,475. 00
268,200 00
'-
17, 555.000.00
19,526. 00
74, 250 00
83.025. 00
.
749,125.00
80,925.00
306. 225.00
185.175:00
176.80O 00
60,086. 685. 26
.......
$876,000.00
785,000.00
15,145. ooa 00
$11,473,000 00
$13,883,000.00
Total Treasury (war) savings securities
Total matured debt
Issued account
of original
subscription
Rate of -Outstanding
interest i' July 1, 1932
Title of issue
CO:
39. 536. 710. 00
572:325:00
$264. 350.00
45.360,850.00
65, 910;825. 26
n
o
tel
Hffitel
zn^
tel
o
td.^
tel:
^.
DEBT B E A R I N G NO I N T E R E S T '
I.
II.
III.
IV.
V.
United States notes (less gold reserve)-.
..
Old demand notes
National and Federal Reserve bank notes.
Fractional currency
Thrift and Treasury savings stamps (unclassified sales, etc )
Total debt bearing no interest
44, 382.726. 00
1.855. 31
33, 244. 00
190, 641. 927; 97
53; 012. 50
119,102,864.00
1.986,072. 26
• 3.334,341.91
93.886, 503. 58 « 44.417,825.31
315.118.218:64
190, 641. 927.97
53,012. 60
69, 601, 467. 50 $93, 884,122. 50
1,987, 927. 57^
3. 365. 204. 83
2,381.08
.
.';...
.'
265, 649; 640. 37
6:
tel
H:
ffi
tel'
^
1 Treasury bifls are sold on a discount basis on competitive bidding. The average sale price of these series gives an approximate yield on a bank discount basis.
- "
2 Interest compounded.
'
^
. '
;- 3 Represents issues in which there were no transactions during the fiscal year; for ariiouht of each-issue outstanding (unchanged since June'30, 1929), see annual report for 1929,
p. 478.
i .-X
'
' ' ' . - . . - - ' . . ' . ' .
\ ••'
4 Represents issues in which there were nd transactions during the fiscal year; for amount of each issue outstanding (unchansred since June 30, 1932), see annual report for 1932,
p-418.
,.
,.
'
^
•
-
-.-
^
^
^
-
- -
.
'
:
>
_
„
-
..^
tel:
zn.
cltd'
REP,ORi:-;QF THE SECRETARy QF THE TREASURY
357
T A B L E 27.—Issues, maturities,, and redemptions of interest-bearing securities,: ex-
clusive of trust fund and other special issues, J u n e 1932 through October .1938
[On basis of daily T r e a s u r y s t a t e m e n t s (unrevised), see p . 275]
Amount
R a t e of
interest i A m o u n t issued m a t u r e d (or
redeemed)
Date
1932
June 1
1
15
15
15
29
29
July 1
1
13
13
20
20
27
.. 27
Aug. 1
1
1
10
10
17
17
24
24
31
31
T r e a s u r y bills m a t u r i n g A u g . 31, 1932
.
T r e a s u r y .bills issued M a r . 2, 1932
T r e a s u r y notes, series A-1935-.
.
Certificates of indebtedness m a t u r i n g J u n e 15, 1933..
Certificates bf indebtedness issued D e c . 15, 1931
T r e a s u r y bills m a t u r i n g Sept. 28, 1932
T r e a s u r y bills issued M a r , 30, 1 9 3 2 . . .
Postal savings b o n d s , series 43.
.-.
Postal savings bonds, series 3T r e a s u r y bills m a t u r i n g Oct. 11, 1932
T r e a s u r y bills issued A p r . 13, 1932
-..
T r e a s u r y bills m a t u r i n g Oct. 19, 1932..
T r e a s u r y bills is.sued A p r . 20, 1932
...
T r e a s u r y bills m a t u r i n g Oct. 26, 1932
-.
T r e a s u r y bills issued Apr. 27, 1932
T r e a s u r y notes, series B-1934..
T r e a s u r y notes, series'A-1936...
Certificates of indebtedness, issued F e b . 1, 1932
T r e a s u r y bills maturirig N o v . 9, 1932...
T r e a s u r y bills issued M a y 11. 1932
T r e a s u r y bifls m a t u r i n g N o v . 16, 1932.-T r e a s u r y bills issued M a y 18, 1932
-T r e a s u r y bills m a t u r i n g N o v . 23, 1932
T r e a s u r y bifls issued M a y 25. 1932
T r e a s u r y bills m a t u r i n g N o v . 30, ]932-_
T r e a s u r y bills issued J u n e 1, 1932
Miscellaneous r e d e m p t i o n s before m a t u r i t y
Pe'-ceni
0.321
2.495
3
VA
2%
.408
2. 079
2H
2K2
.385
1.049
.400
.621
.466
.630
T r e a s u r y notes, series: A - 1 9 3 7 . . . . . . ;
..............
Certificates bf indebtedness :m"aturing Sept. 15, 1933.
Certificates of indebtedness issued Sept. 15, 1931
Certificates of iridebtedness issued D e c . 15, 1931
T r e a s u r y bills m a t u r i n g D e c 28, 1932.
T r e a s u r y bills issued J u n e 29, 1932
T r e a s u r y bflls m a t u r i n g J a n . 11, 1933.
T r e a s u r y bills issued J u l y 13, 1932..
T r e a s u r y notes, series B-1937
Certificates of iridebtedness issued M a r . 15, 1932
T r e a s u r y bifls m a t u r i n g J a n . .18, 1933
T r e a s u r y bflls issued J u l y 20, 1933.
T r e a s u r y bills m a t u r i n g J a n . 25, 1933
.
T r e a s u r y bills issued J u l y 27, 1932T r e a s u r y bflls m a t u r i n g F e b . 8, 1933
Tre.-^sury bflls issued A u g . 10. 1932
Trea.sury bills m a t u r i n g F e b . 15, 1933---..
T r e a s u r y bflls issued .A-ug. 17, 1932
T r e a s u r y bills m a t u r i n g F e b . 23, 1933...-_
T r e a s u r y bfllsis.sued A u g . 24, 1932
T r e a s u r y bills m a t u r i n g M a r . 1, 1933
..:
T r e a s u r y bills issued A u g . 31, 19.32__--.
Miscellaiieous r e d e m p t i o n s before m a t u r i t y -..
324, 678, 500
100, 466, 000
."'s.'oeo.'gso'
'75,'923,'666'
75, 600,000
75,217,000
"75,'6i6,'666"
62. 350, C O
O
'ioo,'500,'666'
• F o r T r e a s u r y bills, average rates on a b a n k discount basis ire shown.
li-
'5i."556.'666
227,631,000 -
"76,'744.'666
75.000, 000
"66^ 656,'666
100,022,000
28. 399,150
2, 257,039,860
IH
3
.233
.408
.192
.385
3
3/8
.140
.400
195
.466
.217
.529
.206
.48i
.168
.419
.134
.325
i,'266.'666
83, 317, 000
.529
.676
.485
,425
.419
,289
.325
.321
3M
\H
'i62.'i69,'666
854,860
75, 278,000
345, 292. 600
365,138, 000
Tptal, September through November.
$101,412,000
416, 602,800
373, 856, 500
W
%
ZH
3H
Total, June through August..
Sept. 15
15
15
15
28
28
Oct. 11
11
15
15
19
19
26
26
Nov, 9
$100.022,000
1,300,210,510
834, 401, 500
451, 447, 000
100, 665, 000
"76." 954,'666'
314. 279, 500
398, 225.000
100. 466, 000
"56," 278,'666
508, 328,900
"75,'ii6,'666'
333,492,500
"75,'923,'666
80, 295, 000
'75,'656.'666'
83, 317,000
'75,'2i7,'666
75. 480, 000
"66,'666,'666'
'ioo,'666,'666'
75, 016,000
'62,'356.'666
100. 500, 000
25.092.100
2,436,737,400
1, 694,156.100
SS8
REL*ORf
OF T H E
SECRETARY
OF T I I E
TAB.LE 2.7;--^:7sisues,, inaturiiies,' arid^xMempiions.ofi^^
TREASUM
'secmiiiies'. ex-
clusive of ifust fund and other special issues,'June 1932 thrOiighOctpdef^^^^^
Continued
' :;;
Date
Issue
1932
Dec. 15
15
15
,28
28
.1933
Jan. 1
: ,. J
ll
. 11
18
25
25
1
Feb.
- 1
' 8
• - 8
15
; 15
23
23
Treasury notes, series B-1936
Certificates of indebtedness maturing Dec. 15, 1933...
Treasury riotes, series.1932
Treasury bills maturing Mar. 29, 1933.....;
Treasury bills issued Sept. 28, 1932..;...
Postal saviiigs bonds, series 44..
Postal savings bonds, series 4
Treasury bflls maturing Apr. 12, 1933
Treasury bills is.sued Oct. 11, 1932...
Treasury bflls maturing Apr. 19, 1933
Treasury bills issued Oct. 19, 1932..
Trea.sury bflls maturing Apr. 26, 1933....
Treasury bills is.sued Oct. 26.19.32
Treasury notes, series A-1938
Certificates ofindebtedness issued Feb. 1, 1932.
Treasury bflls maturing May 10, 1933
Treasury bills issued Nov. 9, 1932
Treasury bills maturing May 17, 1933
Treasury bills issued Nov. 16, 1932
'
Treasury bills maturing .May 24, 1933
Treasury bills issued Nov. 23, 1932
MisceUaneous redeiriptions before maturity
Amount
Rate of
interest i Amount issued matured (or
redeemed)
Percent
2H
H
ZH
.085
.233
2^
.204
192
235
.140
182
195
2%
ZH
.177
.217
.228
.206
646
168
Total, December through February.
Mar;^,l
1
6
15
. . -16
: 15
15
22
29
29
Apr. 6
12
12
19
.- .19
26
• 26
May 2
-.-••:
'
2
3
10
10
17
. . . 17
24
. .24
:; .31
. : 31
,
Treasury bills maturing May 31, 1933:...::
Treasury billsissued Nov. 30, 1932
Treasury bills maturing June 7, 1933
Certificates of indebtedness maturing Aug. 15, 1933..
Certificates bf indebtedness maturirig Dec. 15, 1933..
Certificates ofindebtedness issued Mar. 15, 1932
;...do.-Treasury bills maturing June 21, 1933
Treasury bills maturing June 28, 1933
Treasury bills issued Dec. 28,1932
Treasury bills maturing July 5, 1933
Treasury bifls maturing July 12, 1933..
Treasury bills issued Jan. 11, 1933:...-..,.
Treasury bills maturing. July 19. 1933....
Treasury bills issued Jan. 18, 1933
Treasury bills maturing July 26, 1933
Treasury bflls issued Jan-. 25, 1933
Treasury nol;es, series C-1936
Certificates of indebtedness issued May 2, 1932
Treasury bflls maturing Aug. 2, 1933...
Treasury bills maturing Aug. 9, 1933...
Treasury bflls issueii Feb:8, 1933..
Treasury bills maturirig Aug, 16, 1933
Treasury bills issued Feb. 15, 1933—
Treasury bflls maturing Aug. 23, 1933
Treasury bills issued Feb. 23, 1933
Treasury bills maturing Aug. 30, 1933
^
Treasury bills issued Mar. 1,1933
;
Miscellaneous redemptions before maturity
100,039, 000
1 For Treasury bflls, average rates on a bank discount basis are shown.
$600.446. 200
""i66.'665.'666
10,319, 060
"75.'696,'666
"7V632.'666
""86,'626,'666'
'277.'5i6,'666'
"75,'22S,'666"
"75." 262.'666'
'"66,'674."666"
1.443. 418, 360
990^
134
4 259
^. 4
iH
' ZH
2
1,830
1, 717
.085
1 351
.766.
.204
.490
235
,614
.182
2
.488
.481
.177
.448
.228
,422
,646
.321
.990
Total, March through M a y .
$360. 533. 200
264, 364. 500
100. 613, 000
76,216.000
469.089.000
' 473, 328, 000
100,669,000
100,158,000
' 100, 096,000
75, 733,000'
7,5,188,000
'86,'295,'666'
572, 419, 200,
60, 655, 000
75,067,000
1.07^,980
'75.'954,'666
75.110,000
'86.'295.'666
144.372.000
"75,'656,'666
75.480. 000
60.000.000
35.974.950
1. 324.428.130
.. 100,000,000
' 660,715,600
33. 591.400
100,039,000
76.090,000
'75,'632.'666
80. 020.000
'239,'i97,'666
76, 228,000
75,-442, 000
'75,'262,"666
"66,'078,'666'
^'i66,'352,'666'
2, 694. 298, 200
60.074, 000
100, 613, 000
6,896, 300
1, 681, 698.200
REPQRT OF THE .SECRETARY OF .THE TREAS'URY
TABLE^ 27.-T-ISsues, jnaturU^
'^ ^u,iivk0 trust'f^^
CJontinued
v .
...Date
redemptions of interest-bearing securities, ex1933—
Issue
1933
J u n e 7 T r e a s u r y bills m a t u r i n g Sept. 6, 1933
-7 T r e a s u r y .bills Issued M a r . 6, 1933.--..
..
' . -,.15 ,,.Treasui-y^riotes,' series 'B-1938
.:
• -^ ' 1 5 Certificates of indebtedriess m a t u r i n g M a r . 15, 1934..• . ./15 ,Certificates of i n d e b t e d n e s s issued J u n e 15, 1 9 3 2 . . .
•••-"•--2ilT r e a s u r y bills m a t u r i r i g S e p t . 20. 1933
..-..
21 T r e a s u r y bflls issued M a r . 22, 1933.-.
Treasiit'y bills m a t u r i n g Sept. 27, 1933
T r e a s u r y b.ills issued M a r . 29, 1933
....
July
Posta:rsavings b o n d s , series 45
•...
--..
Postal savings bonds,;series 5
_--T r e a s u r y bills m a t u r i n g Oct. 4, 1933.
:.
T r e a s u r y bifls issued A p r . 5, 1933.
..
. T r e a s u r y bills m a t u r i n g Oct. 11, 1933..
T r e a s u r y bills is.sued A p r . 12. 1,933..
Treasui-y'bills maturirig:Oct. 18. 1933
.
T r e a s u r y bifls issued'Apr. 19. 1933
T r e a s t i r y b i f l s m a t u r i n g Oct. 25, 1933
T r e a s u r y bflls issued A p r . 26, 1933
,.,_
..-.
4^s-,..; -Treasury bills i n a t u r i n g ' N o v . 1, 1933
2 T r e a s u r y bifls.issued M a y 3, 1933
---r,.9- T r e a s h r y b i l l s m a t u r i n g N o v . 8. 1 9 3 3 - - - . . . . . . . . : ; .
:*;9 T r e a s u r y bifls issued M a y 10, 1933.
• 15 T r e a s u r y notes, series B - 1 9 3 5 . . ,
.
:.::
15' .Treasury b o n d s .of 1941
...:..
15 'Certificates:6lindebtedness'issued M a r . 15, 1933...
16 T r e a s u r y bills iriatui-ing N o v . 15. 1933
. 1 6 T r e a s u f y biils-lssued M a y 17, 1933
....
•23 T r e a s u r y bills m a t u r i n g N o v . 22, 1 9 3 3 . . .
23 T r e a s u r y b i l l s i s s u e d M a y 24, 1933.-.^.
.-;
30 T r e a s u r y l^ills:maturirig N o v . 29. 1933:
:'—..—
30 T r e a s u r y bills" issued, M a y 31, 1933;. - - - . : . - - . ; : . : : .
Miscellaneous r e d e m p t i o n s before m a t u r i t y . . . . . ; .
Amount
R a t e of
A m o u n t issued m a t u r e d (or
interest i
redeemed)
Percent
.271
4.259
- 2^i
.W2
.243
1.830
.273
1.717
' 2M
2H
.282
1.361
:359
.766
:392
• ,490
:373
- ,5l4
.345
.319
.481
'm
ZH
4
,.263
: 448:
. 218
-.422
.137
.321
Total,'June through August..
Sept.''6
Oct.
T r e a s u r y bills niaturing, Dec. 6, 1 9 3 3 . . . :
...
T r e a s u r y bills issued J u n e 7, 1933...
.
.. i
Certificates of indebtedriess m a t u r i n g J u n e 15, 1934-.
Certificates^of indebtedriess issued Sept. 15, 1 9 3 2 - : . . .
Treasuf y bifls m a t u r i n g : Dec. 20, 1933
1':..
T r e a s u r y b i l l s i s s u e d J u n e 21,1933
.:._.
T r e a s u r y bills m a t u r i n g D e c . 27. 1933.
;..
Treasurj'^ bills, issued Jiirie 28,1933
T r e a s u r y bills maturirig J a n . 3. 1934
,..
T r e a s u r y b i l l s i s s u e d J u l y 5, 1933
.T r e a s u r y bills^maturing J a n . 10, 1934
..-..:
Treasrify bills issued J u l y 1 2 . 1 9 3 3 . . . - - . - - - - . .
T r e a s u r y b o n d s of 1943-45
::
T r e a s u r y bills m a t u r i n g J a n . 17, 1 9 3 4 . . . . .
Treasurj^ bills issued J u l y 19, 1933
:--.:.-...
T r e a s u r y bills rhaturirigv J a n . 24, 1934.-_:
-.T r e a s u r y bills issued J u l y 26, 1933
:..
MisceUaneous r e d e m p t i o n s before m a t u r i t y
..'..
75, 529,000
75,216,000
623.911.800
-460,099,000
'i66,'36i,'666
.
• H
.m
;:106
. 243
.097
.273
: 102
.282
.117]
-.359
iHrZH
; .127
' .392
, .169
.373
i ' F o r T r e a s u ' r y ' b i l l s , "average rates'On'a b a n k d i s c o u n t basis are s h o w n .
'373,-856, 500
'166," 569,'666
75:697,000
100,168, 000
"i7,'652.'946'
'i66.'^6i6/666
75,453,000
'75,'i72,'666
8Q, 122, 000
''66,'696.'666'
"75H;43,'g66'
"353.'865,'666'
"'i.'ii6.'886
'i66,'696,'666
'-'75,'733.'666
"75,'iss,'666
so, 295, 000
'66,'655,"666
'75," 667," 666
835, 043,100
469, 089.000
75,100,000
"66.'266,'666"'166,'296,'666'
"75,"442,'666
60, 078, 000
100, 352. 000
231,061, 600
3, 243.150,840
.116
::271
Total, September through October.
359
2, Q53,972,980
.75,039,000
'i74,'965.!"666
'i66,'6i5,'666'
75,529,000
220,389,500
100, 361, 000
75, 082, QOO
' 166^656,'666'
- 75,"626,'666'
: ,76,697,000
"'i66,'6i6,'666
75,453,000
645, 465, 800
75,523,000
'•86.'034,'666"
'^"75^172;666
80,122,000
645, 443. 200
1,401,134,300
1.448.176. 700
360
REPORT OF THE SECRETARY OF THE TREASTJRY
TABLE 28.—Sources of public debt increase or decrease for the fiscal years 1915
'. . to 1938
[On basis of dafly Treasury statements (unrevised), see p. 276]
[In thousands]
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
•
Foreign p a y m e n t s
Net,earnr
FranBonds
ings:
Bonds,
a n d notes chise tax
Bonds,
receipts, F e d e r a L
etc., reetc., re- received
Federal intermeceived
for
diate::
Reserve
as repay- ceived
estate
as intercredit
ments
taxes
banks
est p a y banks
of prinments
cipal
Year
Sinking
fund
1915--:;..:-.......1
1916
1917
1918 .
1919-1920
1921
1922
1923.- .
1924-..
1925
19^
1927
.-..
1928
1929
1930
1931
1932-1933
Total--
Year
1915'
191.61917
1918--.;.........-1919
1920
1921 . .
1922-1923 . ;
1924.....
.
1925
1926
1927
1928
1929
:
1930
1931
.
1932
.
1933
Cash
repayments
of principal
' Miscellaneousy
gifts; for.feitures,
• etc.
-..;.:.iC.;L
$7, 922
72, 670
73,939
64, 838
32.140
38, 509
386
4, 394
19, 254
19,068
571
61,135
48, 246
$261,100
.276, 046
284,019
$68,753
295,987
87,914
$22,965
306,309
135, 970
22,823
317.092
136, 260.
29, 000
333. 528
134,962
25,000
354. 741
135, 307
27,429
370, 277
137, 747
37,895
388, 369
69,456
40, 335
391, 660
412, 555
425. 660 " ' 3 6 , ' 9 7 7 ' " " i , ' 5 4 6 " " " i , ' 3 6 4 '
4.417,343
464, 049
Total public
d e b t retirements
chargeable
• against'
ordinary
receipts
206, 993
S u r p l u s or
deficit 2 of
receipts
• (general,
special, a n d
t r u s t funds
combined) 3
, $.1,134
$93
2,922
3,141.,
$13
60, 7^4;
' ' i'5, 010
26.349
60,333°
^-•'^^3^3
21, 085
10,815
; "
355
6, 569
3,635
93
. •8,897. ;
. 114
208
47
. - ' 5 9 ' . • ,.'509
63'
• -Sis:, :
5,578
: 414:
2
250 . , , ; 369,3,090
20. , , 2, 667 ' ; : • 266
'• - 160
.
61
73-, ^ 4:283
18,
85
53
%... ' , ; 2 i ;
21
'^'/2;637'
907, 733
Increase or
decrease 2
in General
Fund
balance
.—,-,-..--..
---:-.--•---:
"'""IW,
:y:3^
66, 277.
" " " ' $ ! . " i34'
8,015
78, 746
..
427,123
422, 695
402, 850
458, 000
466, 538
487, 376
519,565
540, 255
649,604
653,884
440,082
412.630
461,605
Total ; .
6,230.092
26.873.339
2, 605
15.383
Increase or ;
;;General
decrease 2 ' T o t a l gi-Qss: • . ' F u n d
. d e b t • ; :r balance
ingress
debt
•
$48, 478
853,357.
: 9,033,254
13,370,637
212, 475
86, 724
313, 802
309, 657
505, 367
250,505
377, 768
635, 810
398,828
184, 787
183, 789
902,717
* 3,153,097
* 3,068,267
149,809
-
. . ,
.
,
$82,262
897,116
447, 487
333,342
893,963
, 191,977:
277,573
98,834
135,528
17, 576
7,834
24.055
31,470
61,186
8,106
153, 337
54,747
445, 008
$33,783
1,750,473
' 9,479,607
13.029. 281
1,185,185
• - .321,871
1,014,069
613,674
1,098,894
734,619
872, 978
1,131,309
907,6I4
673, 205
745,779
615.972
2. 685.721
3.051,670
704, 063
,
$1,191,362' - ••$158,142
240. 404
1, 225,146
. 2.975, 619
1,137. 520
12.455, 225 '
i, 585:0Q7
25, 484, 506
1, 251, 6S5
24, 299. 321
357, 702v
23,977, 461
549, 678 \
22.963.382
*' 272,106
22, 349, 707
"370,939
21, 250,813
235,411'
20. 516,194
217,836
19, 643. 216
210,602
18.611,907
- 234,057
17,604. 293
265, 527
16.931,088
326, 713
16.185, 310
318,607
16, 801,281
471,944
19, 487.002
-417.197
862.205
22, 538, 672
21, 347. 310
1 Includes $4,842,066.45 written off the debt Dec. 31, 1920, on account of fractional currency estimated to
have been lost or destroyed in circulation.
2 Deficit and decrease in italics.
',
3 For explanation of funds, see p. 276.
4 Revised to cover all expenditures of the Reconstruction Finance Corporation including payments
against credits estabhshed for the Reconstruction Finance Corporation through the purchase of its notes
under section 9 of the Reconstruction Finance Corporation Act,
361
REPORT-OF THE SECRETARY OF THE TREASURY
u - ^ 1 ^-^.^^'.^ l-'^e.^-
••• .'-^'
.--
• .v^ , [In,thousandsl- .
„ ,,.
•. .
, ,
^^
— •„
RECAPITULATION
Retirements from—
Charges against ordinary r e c e i p t s . . . . . . . . . . . . .
Surplus of receipts
.
Total
Increase in debt on account of—
Deficit in ordinary.receipts...
Increase in general fund balance..-
.—-
$6,230,092
3,507,990
—
$9,738,082
--
Total
-
-
N^tincreasfc:-..,.,...
Qrjoss debt•'•'»•- •
<30,381,329
704,063
-
-
.-
-
—
21,347,310
—
-;.
^''^^MB
.-
-
-
.v,"...'..
31,085,392
„ „„„
"'*juri^3o;i9i6;....;.;...•....;....
— :
^ ^Jurie30,1933...-.;;>.;.0
,.;,.,
Net i n c r e ^ e J . . . - - - . - - . . . . - . - - .
NOTE—For footnote, see p. 360.
.
..-.
.—
-
-
22,538,672
21,347,310
-
T A B L E 29.—Transactions on account of ihe cumulative sinking fund during the
fiscal year 1938
[On basis, of daily Treasury statements (revised), seep. 275] .
^-tlnexpended balance July 1, 1932....
-Appropriation for 1933::. :"
:' ' .
T. Initial c r e d i t - . . . : , : . :
-.-.
(21^ percent 6f .the aggregate amount of Liberty
-,;..
bonds and yictbry notes outstanding on July 1,
. 1'92'Q, less an, amount equal to' the par amount
'i'.'^
of,any obligations of foreign go-vernirients held
by the Uniteid States on July 1, 1920.)
. /'Secondary credit;-::--......^
..^
(Thb: interest; which would have been payable
during the fiscal year for which the appropriation is mad6 on the bonds and notes purchased,
redeemed, or paid out of the sinking fund during
such year or In iprevious years.)
/.• •,
;
• • .,.
,
. ,
Total available,. 1933
,
Securities retired in 1933:
Treasury bonds*
'
- - • '31-^ percent of 19'4frT49.:;--.
....x..-.
( • . 3 percerit of 1951-56..;
::
^ Treasury notes, 314 percent, series 1932...:
Total
:.
.
; . —-
'
-...-
• $47.71
$253,404,864.87
172,170,10017
'
425,574,965.04
425, .575,012.75
-^^^ amount Principal cost
$1,903,000.00 $1,893,810.90
4,993,300.00
4,911,817.54
. 418,764,OOO 00 418,764,OOO 00
.....
.
425,660,300.00 425,569,628.44
425,569,628.44
^ Unexpended.balance i^une 30, 1933
5, 384. 31
TAB,LE SO.r^Trdnsactions on account of the cumulative sinking fund for the fiscal
^•'"-,'. •
!.',.-.
• .
years 1921 io 1988
'.•,'•'
' ' .'
-,'-' .'•'[
Total
Appropriation
available 1
\ -..Year • -
vi92i''
•;:
.
1922..
i923
1924
1926
1926.1
1927
.
1928..-....;
1929..
1930.......
1931..;..:..:.....;
]932
1933
';
' [Onbasis of daily Treasury statements (revised); see p. 275]
.
....
,
;
.
-.--.;..
'....
D e b t retired
(par a m o u n t )
E x p e n d e d (principal cost)
$256,230,010 66
274, 516, 965.89
284,156,439.19
294,927,023. 26
306, 666,769. 52
321.184.577. 22
336,890.916. 27
356.081.401.18
370, 241.327. 02
382.925.568.19
392.162, 206.17
410.850,121. 31
425, 675,012,76
$261, 250, 250
27.5,896.000
284.018,800
295,987, 360
306,308.400
317.091.750
333, 528,400
354.741.300
370,277.100
388,368, 950
391, 660,000
412. 664, 750
425, 660,300
$254.844, 576. 50
274.481.902.16
284.149, 754.16
294,927.019. 57
306,666.736.01
321,184.468.20
336,890.832. 47
355,080. 563.11
370. 241, 297.84
382,925,400,49
392.152.187,50
410.860,073. 60
425, 569,628.44
4,409.969, 824, 36
4.417.343,350
4,409.964,440,05
1 Unexpended balance each year included in appropriation available for next year, but excluded from
total. Unexpended balance $5,384.31 at end of 1933.
362
REPORT OF THE SECRETARY OF THE TREASURY
TABh'E. Sh.—Securities retired through the cumulative sinking fund, par amount and.,
principal cost, to June 80, 1983
[On basis of daily T r e a s u r y s t a t e m e n t s (revised), see p . 276]
Principal cost
Par amount
Issue
Liberty bonds:
First 3H'S-..
First 4 ' S - . . . .
..
First 4 K ' s . .
Secorid 4's
...;...
Second 4 J ^ ' s . . . . . .
..-..
Third'4K's
F o u r t h 41^'s
.-._.-Victory notes:
ZH'si.
..-.
• 4%'s.:..
:
Treasury bonds:
33^ percent of 1940-43:..
3 H percerit of 1941-43
1.
. 334 percent of .1943-47
- 3-H percent of 1946-49..
. 3 p e r c e n t of 1951-65
T r e a s u r y notes:
5 H p e r c e n t , series B-1924
4 ^ percent, series Arl925
iVi percent, series B-1925
i ] 4 percent, series C-192,5
i H percent, series A-1926
i H percent, series B-1926
i y i p e r c e n t , series A-1927
45.^ percent, series B-1927
3 H percent, series A-1930-32.
3 H percent, series B-1930-32.
. 3 H percent, series C-1930-32.
31^ percent, series 1932
$11,000
151.000
324,050
670,900
374,735,400
,.261.876,000
23,943,660'
$11.000.00
143,503.09
325,948.13
671,196.27
.374,988,667.88
1. 268,640,946.97
.' 23,757,185.28
.
.
106,186,900,
610.584,150
6,045.000
49, 309.000
38,901, 560
1,903,000.
4,993,300
5,935,096.05
48,443,927.18
38,169.967.24
1,893,810 90
• 4.911,817.54
103.000,000
101.000,000
11, 316,900
113,199,900
1,018,300
9,564,200
26,798,000
60, 217,900
. 691, 284i 850
41,989,300
359,556,100
418,764,000
103,028, 635. 62
101,004, 123. 63
11; 279, 715. 38
113,196, Oil. 61
• 1,018, 300. 00
. 9,485, 492. 59
" 26.880, 711.16
;r60,217. 900.00
687,390, 338. 29
41. "682, 698.99
358,811, 853. 00
418,764, OOOOO
4.417.343,350
-Total
104,542,256.28
604,769,347.07
4. 409.964.440 05
Interest on the public debt
TABLE 32.—Interest on the public debt payable, paid, and outstanding unpaid for
the fiscal year 1938
[On basis of dafly T r e a s u r y s t a t e m e n t s (revised), see p . '275].
Issue
Pre-war loans
L i b e r t y a n d Victory loans
Treasury b o n d s . . .
T r e a s u r y notes
Certificates of i n d e b t e d n e s s
T r e a s u r y (war) savings securities 1
T r e a s u r y bills 1
Total1 Amounts represent discount treated £
. 2 Adjustment, deduct.
Outstanding
unpaid, June
30, 1932
$334,352,15
26, 774.873.94
5,481, 584. 37
733, 715. 59
1. 283,825. 31
4,405,420. 00
I, 013,771,36
Due and payable d u r i n g
1933
P a y m e n t s dur- O u t s t a n d i n g
unpaid, June
ing 1933 •
. 30, 1933
$16,852, 725.74 $16.816.954. 37
338,110,612.80 336. 310.054.82
187,173,170 05 184,482,125. 37
74,282. 732. 64
74.248.607. 44
73.058,367. 00
72, 712.018. 03
2 392. 56
268.342. 46
4,416,909. 34
4. 416,909. 34
$371.123. 52
28, 675,431,92
8,172,629. 05
767,840 79
1, 630.174, 28
4,146,685,00
693,893.125. 02
43, 663,884. 66
689, 243. Oil, 82
363
REPORT ' P THE SECRETARY OF THE TREASTIRY
O
TABLW 33.—I nterest: paid. 071..the. public debt,, by issues, for the fiscal years. 1931
:•: .. . : \
:
'
-
-•''••••-
Title
'•
Debt urimatured as of June 30, 1933:
^•' Consols of 1930.^il-...
''•'. Panartia Canal loan bf^ 1916-36
:»' Panarria Canal Ibaribf 1918-38....
H Pa;narila Canal; loan bf 1961
*
••'-• Cbriversion bonds of 1946-47..
'^;' 'Postal savings h o r i d s ^ - :
First Liberty Loan bonds . .
'-'• Efrst Liberty Lban bonds (converted)
'••' ' • ' ' '
L)b.'L;:
t o . l 9 3 3 } \ . ... :,
• :'
.:. . : [On ;basis of warrants issued, see p. 2761
;:^.-...::..^
F i r s t L i b e r t y L o a n b o n d s (second con>i'verted) .
;-i- •
Fourth Liberty Loan borids..
T r e a s u r y b o n d s of 1947-52
-Trestsury b o n d s .6f-19'44-54
.
T r e a s u r y b o n d s oM946-.56
T r e a s u r y b o n d s of 1943-47
...
"-' ^ ^Treasury' b o n d s of 1 9 4 1 - 4 3 . . . . . 1
'^ Trea'surj^ b o n d s of. l940-43i
.....
^' T r e a s u r y b o n d s of^ 1946-49
.
•• T r e a s u r y b o n d s of'1961-55
r.: 'Treksury n o t e s . : . i . i : . ' . .
;- -Treasury notes, a d j . serv. cert, series.
,' • T r e a s r i r y notes, civ.-serV; r e t . s e r i e s . . . .
;'- ' T r e a s u r y : n o t e s , for. s e r v ; r e t . series
'K T r e a s u r y riotes.'Canal Zone r e t . series
::- T r e a s u r y bills s j . ^ - ' : . : : ; . . - .
......
•'' ' T r e a s u r y certificat'es";. J . .
D e b t naatured as of Jiine 30,'? 1933: • Old d e b t , m a t u r e d , issued prior t o A p r . 1,
''^' -''^^ 1 9 1 7 . ; . . ^ - . . . . . . . . . ; f e . : v : . . . : . - : . . :
Second L i b e r t y L o a n b o n d s .
Second L i b e r t y L o a n b o n d s ( c o n v e r t e d ) . _
Third Liberty Loan bonds
. ..
Victory Liberty Loan n o t e s . . . I : . £ . : L . - ; j r i
T r e a s u r y notes, a t various interest r a t e s . .
Certificates. of i n d e b t e d n e s s , a t y a r i o u s
• interest Tates..-:-::•.-;.
...i...--•...._.
Certificates of i n d e b t e d n e s s ,
adjusted
service series
T r e a s u r y savings c e r t i f i c a t e s . . - - . . . . .
..
Thrift a n d Treasury savings stamps
Rateof
interest
Percent
$11,990,183. 25
2
979, 675. 70
2
519, 082. 22
2
1, 493, 608. 50
3
866, 427. 75
3
495. 681. 25
2.^
3K2 48. 528, 988. 44
202,174.19
4
22, 891, 047.89
iH
1932
$11,994,223.25
978,464.10
.618, 722. 30
1.492, 434. 75
865, 452. 75
621.661.60
48,870, 615. 64
206, 074. 69
22. 557. 235. 91
1933
$11,996,139.00
978,846, 00
,
518„383.60
1,471,820 25
865,270. 60
, . 986,213,00
48, 441,- 586. 38
201,916. 85
22. 226, OIL 76
146.878.84
150, 738. 09
149, 049. 69
iH
i H 266, 961, 876. 96 265, 250,-533:90: 265.019,138.65
32,085,722,18. ,31, 920, 008. 79
i H 32,192, 016. 65
40,836.912.00. ^40,^750,.354.00
41, 500, 752. 00
4
18, 304,992. 52- 18,246,622.08
ZH 18,343,527.70
16, 091, 009. 98
15,050, Q02. 32
16, 598, 228. 04
ZVs
19,888,-916.4618, 293, 444. 97
2 8.51
ZVs 12,021,731.15
11,780,100 7411.579,908.75
ZVs
24,456,103,67
25, 028,979. 71
2 255. 78
11,848,614.82
'23 612, 904. 76
8,494,645.81
.
68,321.67
"i5,"899,"578.'8i'
33, 355, 561. 64
4
7, 624, 273. 23
8,787,758.90
6,367, 780 834
64,678.69
60, 518. 35
• 84, 752. 99
4
•66,385,89.
84,985.31
3,535.083.05
8,910,674.75
4,416,909.34
^7,243.81
' 643,313.71
•
••^^
•^
>'
•••'
Total..
• 1931
":
.......
iH
• ZH-iH
4, 339. 01
35,817. 00
121, 868.15
336, 383. 54
23,073.36
39, 938, 280. 38
34, 9.5'7, 543. 89
4
Z, 952. 49
28, 693. 00
67,382. 77
203, 275.13
2 0 410 11
9, 216; 847. 66
32,873,998:97
3,018.641.12
• 970,980 81
•, .i 22.50
426, 763. 61 ' " " 3 4 6 , ' i 3 8 . ' 6 8 '
610, 758, 025. 42
599, 722, 595. 24
5,282.12
33, 290.00
62, 201. 62
162, 708.19
16, 322. 53
65, 222, 788. 57
66, 491) 539; 01
5, 577,166. 31
258.'342.'45
689, 243, Oil. 82
1 Foi: details for the fiscal years 1918 to 1930, see annual reports for 1929, p. 503; and 1932, p. 426.
2 Deduct excess of credits, collection of interest accruals, and counter warrant adjustments.
3 Sold on.a discount basis,,
, . . , . .
364
REPORT OF THiE SECRETARY OF THE TREASURY
TABLE 34,—^Amount of interest-bearing debt outstanding, ihe computed 'annual
interest charge, and ihe computed rate of interest, for ihe fiscal years 1916 to 1938,
and by months from July 1931 to June 1933
[On basis of d a i l y T r e a s u r y s t a t e m e n t s (revised), see p . 275]
Interest-bearing
.
debt
Y e a r e n d e d J u n e 30—
1916
1917.•
1918.--.
1919
1920
:..
1921-....
1922
:.....
1923
1924_-_
1925--.....
1926.
1927__
1928
1929.1930
, .1931--^.....;
1932.-,-.
1933
M o n t h ended—
1931—July
August
September..
, October
November..
December..
1932—January
February...
March......
Aprfl
May
June
July
.
August
September..
October
November..
December..
1933—January
February..March
Aprfl
May
June
C o m p u t e d ann u a l interest
charge
$971, 562, 590
2, 712, 549, 476
11, 985, 882, 436
25, 234, 496, 273
24, 061, 095, 361
23, 737, 352, 080
22, 711, 035, 587
22, 007, 590, 754
20, 981, 686, 429
20, 210, 906. 251
19, 383, 770, 860
18, 250, 943, 965
17, 317. 695, 096
16, 638, 941, 379
15, 921, 892, 350
16, 519, 588, 640
19,161, 273, 540
22,157, 643,120
$23, 084, 635
83, 625, 482
468, 618,544
1, 054,204, 609
1, 016,592, 219
917, 903
1, 029,
962, 896, 535
927, 331, 341
876, 960,673
829. 680,044
. 793,423, 952
722, 675, 553
671, 353,112
656, 654,311
606, 031, 831
588, 987, 438
671. 604,676
742, 175, 956
16. 522. 060.880
16, 585, 493,880
17.048, 078, 680
17, 028, 360,180
17,040. 063, 880
17, 628, 489.430
17, 615, 271, 290
17.820, 334, 290
18.189. 798.090
18, 287, 411.840
18, 728, 685, 540
19,161, 273.640
19, 297. 374,840
19, 758. 170, 390
20, 296. 069, 990
20.485, 202, 040
20.476, 034, 090
20,448, 138,190
20, 454, 107,920
20, 584, 310. 620
20, 991. 640, 520
21.086, 995, 520
790,420
21, 468.
643,120
22.157,
. 587.477, 244
586,114, 096
601,090, 554
602, 462,109
607, 683,462
630, 637. 299
630.148.410
642, 255,354
663.038.425
661, 675,410
667,423, 596
671, 604, 676
675,077, 227
686, 256,470
702. 834.883
706, 876, 866
705, 806,132
696, 632.815
696, 871,414
698, 842.039
719, 225.989
721,262,126
732, 466, 777
742,175,955
Computed
r a t e of
interest
Percent
2.376
' - 3:120
;,• 3.910
4.178
4. 225
4. 339
4.240
: 4.214
4.180
•4.105
4.093
3. 960
3.877
3. 946
3.807
, 3.566
• 3. 505
... r 3, .350
.". 3.556
' 3 . 534
3. 526
.
3.538
3. 567
3. 699
3.598
.3.605
. 3.646
3.618
3.564
. - 3.505
3.498
3.473
3.463
3.451
3. 447
3.407
3. 407
3.395
3.427
3.421
3. 412
3. 350
N O T E , — F o r m o n t h l y figures b a c k to J u n e . 1916, see 1929 report, p . 509, a n d corresponding tables in later
reports.
A ,
365
REPORT OF THE SECRETARY OF THE TREASURY
CONDITION OF THE TREASURY EXCLUSIVE OF PUBLIC DEBT
LIABILITIES
TABLE 35.—Current assets and liabilities of the Treasury at the close of the fiscal
years 1981, 1932, and 1933
[On basis of daily Treasury statements (revised), see p. 275]
1931
1932
$798,176, 561. 79
2, 897, 902, 307. 20
$969, 695,808. 33
1, 988,864, 870. 38
$847, 753,854. 92
2,386,459,156.59
3, 696, 078, 868. 99
2, 958, 560, 678. 71
3, 234, 213, Oil. 51
1,701,514,389.00
1, 776, 690, 377. 86
156,039,088. 03
61,835, 014.10
1,490, 698, 969. 00
1,235,736,771.58
156,039, 088. 03
76, 085,850. 10
1, 230, 717,109. 00
1, 771, 485, 595. 89
156,039,088.03
75, 971, 218. 69
3, 696, 078,868. 99
2, 958, 560, 678. 71
3, 234, 213, Oli. 51
-
498, 497, 281. 00
501, 022, 745. 00
607,190,969. 00
.-
493, 349, 026. 00
1, 239, 750 00
3, 908, 505. 00
487, 216, 201. 00
1, 222,150 00
12, 584, 394. 00
498, 497, 281. 00
501,022, 745. 00
507,190, 969. 00
61,835, 014. 10
3, 908, 505. 00
3, 523, 480. 00
1, 402,130 00
42, 487. 00
17,890, 685. 00
5, 692,865. 40
4, 607,052. 57
11, 644, 572. 85
472, 686.16
76, 085, 850.10
12, 584, 394. 00
2, 279, 960. 00
1, 406,880. 00
26, 298. 00
16, 578, 916. 50
8, 490, 555. 75
4, 755, 770 67
18, 237, 324.17
556, 401, 43
75.971, 218. 59
26,186, 665. 00
3, 960. 271. 00
17,070, 215. 00
513.088. 00
19, 694, 260. 00
9, 372,110. 40
5, 677, 679. 96
25.839.415. 92
493, 398. 53
111, 019, 478. 08
141, 002, 350. 62
46, 573, 240. 96
821, IOL 86
3,758,367.94
1.946. 472. 95
35, 587,765. 37
13, 209, 387. 45
1933
GOLD
Assets:
. Gold coin..
Gold bullion
...
Total
Liabflities:
Gold certificates
• Gold fund. Federal Reserve Board
" Gold reserve..
Gold in General Fund
•
Total..
. SILVER
Assets: Silver dollars' .
..
Liabilities:
Silver certificates
• T r e a s u r y notes of 1890
. ...
Silver dollars in General F u n d . . .
Total---'
479, 817, 980.00
1,186, 324. 00
26,186, 665. 00
GENERAL FUND
Assets:
• Gold--..--Silver doUars
U n i t e d States notesF e d e r a l Reserve notes
F e d e r a l Reserve b a n k notes
National bank notes..
S u b s i d i a r y silver
Minor coin. . . . . . .
.
Silver bullion
..
Unclassified, collections, etc
-.
.
....J..
T o t a l in T r e a s u r y oflQces
'
.
In Federal Reserve banks:
T o credit of T r e a s u r e r
States.
.
In trarisit..
.
. ..of t h e
.
.
United
...
184,778,322.40
47, 394,342. 82
5, 704,840.89
48, 797,152.82
I n special depositaries a c c o u n t of sales of
T r e a s u r y b o n d s , notes, a n d certificates
413,124, 488. 64
405, 648, 239. 95
836. 516.161. 69
I n general a n d limited d e p o s i t a r y b a n k s (except foreign):
T o credit of T r e a s u r e r of t h e U n i t e d
States
T o credit of other G o v e r n m e n t oflicers
I n transit
6, 961, 902. 51
20.146, 357.09
1,108,341.05
7,388.443. 31
18,415.160 97
1.192.068,15
7,304, 771. 67
22.019,925. 31
1, 286, 554. 71
T o t a l in d e p o s i t a r y b a n k s (except foreign)
.
-
28, 216, 60O 65
26, 995, 672. 43
30, 611, 251. 69
738,882, 65
677, 374. 23
1,294.97
767,400.16
62.50
738,882. 65
678, 669. 20
767, 462. 66
851, 940 85
1, 208, 207. 44
1,016, 930. 94
61, 646. 25
723, 377. 41
706, 561. 60
882.105. 50
1, 264, 457. 66
48, 653. 20
T o t a l in F e d e r a l R e s e r v e b a n k s
In treasury, Philippine Islands:
T o credit of T r e a s u r e r of t h e
States.
. -.
In transit...
United
T o t a l in t r e a s u r y , P h f l i p p i n e I s l a n d s . . .
I n foreign depositaries:
T o credit of T r e a s u r e r of t h e U n i t e d
States
T o credit of other G o v e r n m e n t officers
I n transit
T o t a l in foreign depositaries
T o t a l assets in General F u n d
..
3,077,079. 23
1.491, 585. 26
2,195, 216. 36
603, 570,872. 07
681, 421, 368. 35
1,103, 664, 567. 62
366
REPORT OF THE SECRETARY OF THE TREASURY
TABLE 35.— Current assets and liabilities of the Treasury at the'close of the fiscal
years 1931, 1932, and 1988—Continued
-,• ^ ;. - - .
1932
1931
~
1933
GENERAL FUND—Continued
Liabilities:
Deposits:
R e d e m p t i o n of F e d e r a l R e s e r v e notes (5
percent fund, g o l d ) .
R e d e m p t i o n of F e d e r a l R e s e r v e b a n k
notes (5 percent fund, lawful m o n e y ) . . .
R e d e m p t i o n of n a t i o n a l b a n k notes (5
percent fund, lawful m o n e y )
R e t i r e m e n t of a d d i t i o n a l circulating notes,
act of M a y 30, 1908
B o a r d of trustees. P o s t a l Savings S y s t e m .
.$30,166.138.13
$44,066,151.32
•'»
7.392,000.00
• ; 36.888. 706. 91
29,415,523.48
29,849,699.78:
1, 350 00
20, 673, 996. 23
T o t a l r e d e m p t i o n a n d t r u s t funds in t h e
General F u n d
1.350.00
1, 350 GO- •
42.255,971.16 ' Y -• 81, 662.349. 37
~ 80,257,007.84
Uncollected i t e m s , exchanges, etc
T r e a s u r e r ' s checks o u t s t a n d i n g
.
....
P o s t Office D e p a r t m e n t b a l a n c e . . . . . .
Balance to credit of p o s t m a s t e r s , clerks of
courts, etc
;..
''
$59,689,661.-26
•
131.796,682..20
-: 170,010,557.60
1, 236, 569:94 *"
633, 658. 67
. 564,878.-85 .• . : 582,932. 8 L •
-7, 700, 491. 93
• 6.480.031.36 •
<liy737.^'480 34
•817,950.82
'. 6, 554, 52L 63
57,834, 242. 26
Total...
51,120,013.02
. •; 60,766,282.01
66,733,171.71
466,580,692.62
58,419,547.13.
391,206; 129. 02
r-i- 79,876,234.80
^ <853, 777, 775. 22
603,570,872.07
T o t a l liabilities, General F u n d . . . . . . . . . . . .
B a l a n c e in General F u n d i
-.
.........
581,421,358-. 36: • 1,103,664,567.62
1 Balances in General F u n d for years 1791 to 1922 are s h o w n on p . 481 of t h e a n n u a l r e p o r t for t h e fiscal
year 1922.
• ,,
. ,.,,•.-•• - / . . - • •• • • ' , - ; . • . • ' : . , , ; : ; - . ' - i ; - • ' '
TABLE 36.—Net balance in the General Fund at ihe end of each month .from Juiy
1929 to September 1988 ^
-^^-•••H^'^'J
[On basis of dafly Treasury statements (unrevised),,see p. 275]. . . =. t.;'5 •, -. L
Fiscalyear
..:
'..:.;.,
E n d 01 m o n t h
1930
July
August
September
October
November
December
January
February
March
Aprfl
May
June
..
.
....
..
$150,932, 756
88,365. 247
407, 637,361
. . 204, 512,841
123/894, 244
172, 996,078
98, 928, 297
54, 262, 505
368, 767,815
156, 637, 720
104, 609, 501
318, 607.168
1931
1932
$188,275,986' $273,331;614 $144,951,863- :: ^833,932,960
133,-791V198
•338,731,250 -l,rl99, 515, 473
103,667,155
862,119,, 223'- " 1,145, 554,763
602. 778;'618
331,163,294
754:73p.499'
203, 056, 867" 292.062.263^
589.729,504 ., V ,
83,787, 586 1149; 744,876
306,803, 320
474, 689,-659 '• 554,761:995 • v "
327/482.803
155,792,897
339.929,501
150,397. 680
375,859, 437- 221,480,376
492,926; 476''
542,428,597
647.420. 773
240,752,692'
330, 797,827 •292.465,209
364.431.211
41.060,314
383,877,525
471, 943,983
417,197,178 - 862; 205, "221
i For monthly figures back to October 1915, see annual report for 1930, p. 598.
1934
1933
•
•
'
REPORT OF THE SECRETARY OF THE TREASURY
367
TABLE 37.—Securities owned by the United States Government, June 80, 1988 ^ .
Foreigri obligations:
Funded bonds:
Under the debt funding agreements as authorized by the
acts of Congress approved Feb. 9, 1922, Feb. 28, 1923, Mar.
12. 1924, May 23, 1924, Dec. 22, 1924, Apr. 28, 1926, Apr. 30,
1926, May 3, 1926, Mar. 30, 1928, Feb. 4, 1929, Feb. 14, 1929,
and Dec. 18, 1929:
Principal amount
held
-A-Ustria
$23,752,217.00
Belgium
400,680,000 00
Estonia
16.466,012.87
Finland
8,546,000 00
France
. . . . . . 3,863,650.000 00 :
Great Britain
....4,368,000,000.00
Greece
31,516,00000
. ..
Hungary........
1.908,56000
Italy
2.004:900.000 00
Latvia.
- 6,879,464.20
.
.
Lithuania
6,197.682.00
Poland........
206,057,000 00
Rumania 2
:
.
63,860,560 43
Serbs, Croats, and Slovenes
•.
61,625:00000
' "
$11,064,038,496.50
.Unfunded obligations: 3
For cash advances made under authority of acts of Congress
. • approved Apr. 24, 1917, and'Sept. 24,1917, as amended:
' '•
Czechoslovakia 4
..
61,974.04LlO
Russia
.
.
187,729,750 00.
249,703,791.10
For surplus war supplies sold on credit by Secretary of "War
under authority of acts of Congress approved July 9, 1918,
and June 5,1920:
Czechoslovakia ^
20,604.302. 49
Nicaragua....
289,898.78
Russia.:.
-.
406.082.30
21, 300, 283. 57
For relieif supplies sold on credit by American Relief Administration under authority of act of Congress approved Feb.
26 1919'
• Armenia.
.-.
.
...
8.028,412.15
Czechoslovakia*
.
.
..
........
6,428,089.19
Russia
4,465,465.07
18,921, 966. 41
For relief supplies sold on credit by U.S. Grain Corporation
under authority of act of Congress approved Mar. 30, 1920:
Armenia
3,931.605.34
Czechoslovakia 4
2,873,238.25
6, 804, 743. 59
German bonds:
For account of reimbursements of the
costs of the U.S. Army of Occupation
and the awards of the Mixed Claims
Commission, under the ^ funding. agreement of June 23, 1930, as authorized by
'
the act of Congress approved June 5; 1930
(bonds are in reichsmarks, which for the ,
purpose' of this statement are converted
at 23.82 cents to the reichsmark):
Army costs
RM997,500,000
Mixed claims 5. _... RM2,040,000.000
Private awards
(estimated)..
1,415,000,000
Government
awards (estimated)
625,000,000
11,360, 769, 28i: 17
237,604. 50O 00
148,875,000 00
RMI. 622, 500,000
386.479, 500. 00
Total foreign obligations
Capital stock of war emergency corporations:
Capital stock of the Emergency Fleet Corporation
Less cash deposited with the Treasurer of the United States
to the credit of the corporation
11,747.248, 78L 17
60,000, OOO 00
20,110,307.31
Capital stock of the U.S. Housing Corporation, issued
Less amount retired plus cash deposits covered into Treasury
under act approved July 11, 1919
43, 655,177. 65
Capitalstock of the U.S. Spruce Production Corporation
War Finance Corporation (in liquidation):
Capital stock outstanding
Offset by cash on deposit with Treasurer of United States
to credit ofthe corporation
145,463.40
For footnotes, see p. 369.
14820—33
25
70,000,000.00
10,000.00
29,889, 692. 69
26, 344,822. 35
99,993.00
368
REPORT OF THE SECRETARY OF THE TREASURY
TABLE 37.—Securities owned by the United States Government, June 30, 19S8-^
Continued
Reconstruction Finance Corporation:
Capitalstock
3H% notes due Nov. 1,1933
$600,000,000 00
1,685,000,000 00
Less cash deposited with the Treasurer of the United States to
the credit of the corporation
Equipment trust 6 percent 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:
Minneapolis & St. Louis R.R. C o . .
Obligations of carriers acquired pursuant to sec. 207 of the Transportation Act approved Feb. 28,1920, as amended:
Chicago, Milwaukee, St. Paul & Pacific R.R. Co
Kansas, Oklahoma & Gulf Ry. Co
Minneapolis & St. Louis R.R. Co
Washington, Brandywine & Point Lookout R.R. Co
Waterloo, Cedar Falls & Northern Ry. C o _ . - — - — ^ i - -
Principal amount
held
2,086,000, O O 00
O
o 27,040,763.72
2, 057,959. 236. 28
100,800.00
$3,207,00000
212,600 00
1,250,000 00
60,000 00
500,000.00
6,219,50000
Obligations of carriers acquired pursuant to sec. 210 of the Transportation Act, approved Feb. 28,1920, as amended:
'.:
'''•
Alabama, Tennessee & Northern R.R. Corporation...^...
161,500.00
Aransas Harbor Terminal R y .
44,304.67
Charles City Western Ry. Co
140,00000
Chicago & Western Indiana R.R. Co
6,169,000 00
Des Moines & Central Iowa R.R., formerly the Inter-Urban Ry.
Co
633,500 00
Fernwood, Columbia & Gulf R.R. C o . . - . — - — —
I-^ ' • 14,000:00
" '
^
Fort Dodge, Des Moines & Southern R.R. Co
.--—
-^
200,00000^^
Gainesville & Northwestern R.R. Co
75,000.00
< • ?
Georgia & Florida Ry., receivers of
792,00000
Minneapolis & St, Louis R.R, Co
1,382,00000
' '' Missouri & North Arkansas Ry. Co
3,500,000 00
National Railway Service Corporation
-.-1,464,916.10
Salt Lake & Utah R.R. Co
872,600 00
Seaboard Air Line Ry. Co
—.....—
-14,443,887.84
Seaboard Bay Line Co
- : — — . : -.
1,256,00000
..
Shearwood Ry. Co
-.—
-------i.-7,50000
Toledo, St. Louis & Western R.R. Co., receiver oL
140,000.00
Virginia Blue Ridge Ry. Co
— — ..^— ^
106,00000
Virginia Southern R.R. Co—..-..-.
38,00000
Waterloo, Cedar Falls & Northern Ry. Co
1,260,000 00
Wichita Northwestern Ry. Co
.........i
381,760:00 '
v:
Wilmington, Brunswick & Southern R.R. C o — --90,000 00
.•
-^—^—.' :.-- ; .33,161,967.61
Capital Stock ofthe Panama R.R. C o - — —— — — — . : — — — . 7;000,000.00
Capital stock of the Inland Waterways Corporation (acquired pursuarit to the act approved June 3,1924, as amended by act of May 2 9 , 1 9 2 8 ) . . — - ; - — . ' - - . — - ' - . : — - , . 12,000^ O O 00
O
Capital stock of the Federal land banks (on basis of purchases, less -. '
' -•
repayments to date):
.
^ . . .
.;, \ .
. .r , .
„
Springfield, M a s s . - .
^..^ . > . ; . . • '
$32,853:75 . ' . : ^ r .
Berkeley, CaliL..
.-.-..
.i
'81,42050
. : ^^
.
.
: •——^
1..-^.114,274:25
Capital stock of Federal land banks, act of Jan. 23,1932: *
'
'"
'
Springfield, Mass
-t................j...
—.. 6,654,765.00 y
Baltimore, Md
.:-.-—.—..———.6,728,;670.0O
' -^ :
Columbia, S.C
—
-..————
13,188,276.00 ''
Louisville, Ky
8,210,125.00
New Orleans, La
12,878,416.00
St. Louis, Mo
9,637,62000
St. Paul, Minn
19,102,905.00
Omaha, Nebr
9,662,075.00
Wichita, Kans
7,134.160 00
Houston, Tex
9,475,695.00
Berkeley, Calif
7,211,175.00
Spokane, Wash
14,883,675.00
124,767,465.00
Capital stock of Federal home loan banks, act of July 22,1932:
Cambridge, Mass
2,500,000 00
Newark, N.J
3,000,00000
Pittsburgh, Pa
4,300,00000
Winston-Salem, N.C
4,100, O O 00
O
Cincinnati, Ohio
9,000,000 00
Indianapolis, Ind
4,400,000 00
Evanston, 111
6,100,000 00
Des Moines, Iowa
2,200,000 00
Little Rock, Ark
3,800.000 00
Topeka, Kans
1,500,000 00
Portland, Oreg
1,110, O O 00
O
Los Angeles, Calif.
960,000 00
42,970,000.00
For footnotes, see p . 369.
REPORT OF THE SECRETARY OF THE TREASURY
369
TABLE 37.^^Securities owned by the United States Government, June SO, 1983—
, ..
,
Continued
Principal amount
.
' .
.
held
Capital stock of the Home Owners' Loan Corporation, act of June 13, 1933
$1,000,000.00
Capital stock of Federal intermediate credit banks acquired pursuant
to the Agricultural Credits Act of .1923, approved March 4, 1923:
Springfield, Mass
-.-..
.:
$5,000,00000
Baltimore, Md
.....
........
5,000.000.00
Columbia, S.C
5,000,00000
Louisville, Ky
.
-:.-....-..-.:.....-...
5,000,00000 .
New Orleans, La
......-......-....--:
.
6.000.000 00
St. Louis, Mo
.
6,000.00000
St. Paul, Minn
•.
.
5,000,00000
Omaha, Nebr
._.--........
5,000,00000
Wichita, Kans
-.-..
5,000,000 00
Houston, T e x . . . . . . . . . . . . .
-....:-.-..
...
5,000,00000
Berkeley, Calif-^.......
-..
6,000,000 00
Spokane, W a s h . . . . . . . . . . .
6,000,000 00
.
:
60,000,000 00
Notes received by the Federal Farm Board evidencing outstanding advances made from
the revolving fund created by the-Agricultural Marketing Act
465,452,216.77
Securities received by the Secretary of War on account of sales of surplus war supplies..
828,000.00
Securities received by the Secretary of the Navy on account of sales of surplus property.
4,924,381.40
Securities received by theUnited States Shipping Board on account of sales of ships, etc.
157,453,786.16
Grand t o t a L : . J — . . -
.1...
.....:
14,776.624,896.68
Amount due the United States from the. Central Branch of the Union Pacific R.R. on
account of bonds issued (Pacific R.R. Aid bonds, acts approved July 1,1862, July 2;
1864, and May 7,;1878):/:
,
.
.
Principal
....i.._:
Interest
:..........
;
;.--
1,600,000 00
1,730,033.17
;' ,
Total--
;.^.;_....
.
MEMORANDUM
......;;.;........-.-....-.
3,330,033.17
1 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,
2 Original amoun.t ($66,560,660.43) included bonds aggregating $21,970,560.43 representing interest accruing
and remaining unpaid during first 14 years, payment of which, under the funding agreement, is extended
over the last 48 years.
3 The figures do not include interest accrued and unpaid.
* Indebtedness of Czechoslovakia has been funded under the agreement of Oct. 13; 1925, but the original
obligations have not been exchanged for the new bonds of that Government.
^ 6 Division of German bonds between private awards and Government awards is an estimate based upon
best iriformation available at this .time. When Mixed Claims Commission has completed its duties, a
• more accurate division may bemade.. Awards generally bear interest at 6 percent per annum. Bonds do
not bear interest, but the aggregate face amount, thereof wfllbe sufficient to cover payment of the principal
and interest due on the total awards finaUy entered by the Mixed Claims Commission. Bonds for privateawards are held in trust; the proceeds thereof when received at maturity to be distributed by the Treasury
to the claimants. Bonds mature on Mar. 31 and Sept. 30 of each year in the principal amount of RM20,4Q0,000 each. No payments are to be made on Government awards untfl all private awards are paid in full.
6 Exclusive of $6,000,000 credited by the Treasurer of the "United States to the corporation's account on
July 1, 1933, on account: of the purchase of the corporation's obligation dated June 30, 1933; exclusive also
of $8,186,860 on the books,of the Division of Bookkeeping and Warrants representing funds of the Farm
Credit Administration derived Irom allocations by the Reconstruction Finance Corporation.
370
REPORT OF THE SECRETARY OF THE TREASURY
TRANSACTIONS WITH RAILROADS
^
-^
TABLE 38.—Obligations of carriers acquired pursuant to seciion 207^ of the Transportation Act, 1920, as amended, receipts ^ on account of principal, and'^^obligations outstanding June 30, 1933
^
Carrier
Arin Arbor R.R. Co..
:...
Baltimore & Ohio R.R. Co
.:.:.
...
Bangor & Aroostook R.R. C o . . . . . . . . . .
;.:.--.:
Bostori &;Maine R.R..-....^-,.
.
Central Vermont Ry. Co
......:;
ChartiiBrs Southern Ry. Co
;.'.:.::...'
Chesapeake & Ohio Ry. C o . _ . . . . — . . . . . .
Chicago & Eastern Illinois Ry. Co:^---;
Chicago Great Western R.R. C o - - . ; . . . .
Chicago; Milwaukee & St. P a u l R y . Co. (now Chicago, Mflwaukee, St, Paul & Pacific R.R. Co.).--'---Chicago, Rock Island & Pacific Ry. Co.
Cleveland, Cincirmati, Chicago "& St: Louis Ry. Co
Delaware.^& Hudson C o . . .
Detroit, Toledo & Ironton R.R. C o - . ; . .
Erie R.R. Co.
—-.;;...:....-.-:
Gulf, Mobile & Northern R.R. C o . - ; : — . . . . .
Hocking Valley Ry. Co..
..:;.
International & Great Northern Ry: C6., receiver
.
Karisas, Oklahoma & Gulf Ry. C o . . . . . .
Maine Central R.R. C o . . .
......;.
M:inneap,olis & St. Louis R.R. C o . . . . . . : : .
Missouri-Kansas-Texas R.R. C o . - . . . . . ;
Missouri Pacific R.R. Co
1:.......
Monongahela Ry. Co...
;
...l...New York CentralR'.R: Co
:-..::.::;..New York, Chicago & St. Louis R.R. C o . . . . . .
New York, New Haven & Hartford R.R. Co
:.;.--.
New York, Susquehanna & Western R.R. Co-- .
Norfolk Southern R.R. C o . Pennsylvania R.R. Co—
Pittsburgh, Cincinnati & St. Louis R.R. Co...
Seaboard Air Line Ry. Co.
....
St. Louis-San Francisco Ry. Co
r----T---; r-.-r
St. Louis Southwestern Ry. Co
......;
:...:.:::;;—--.
Texas & Pacific Ry. Co
-.-Virginian Ry. Co
Wabash Ry. Co
Washington, Brandywine & Point Lookout R.R. Co..-.
Waterloo, Cedar Falls & Northern Ry. Col
Western Maryland Ry. Co
Wheeling & Lake Erie Ry. Co
-. —
Total
Obligations
originally
acquired
$550,000
9,000.000
325,000
1,030,000
700,000
400, 000
9, 200,000
3,425,000
950,000
20. 207, 000
8,000, 000
3, 500,000
1, 500, 000
700,000
8, 725, 000
480, 000
700,000
2, 400,000
1. 629, 337
750,000
"1,250.000
4, 750,000
3,000,000
1,900,000
26. 500,000
1,000,000
64, 316, 500
100,000
200,000
70, 225,000
18, 250,000
2.000,000
3.000,b00,
' 7oQ;ooQ
4, 400. 000
2,000,000
1,500,000
60,000
500,000
2,000,000
900,000
282, 712,837
Receipts on
account of Obligations
principal loutstanding
- prior-to...
June 30,_...
June 30,19301]
1933
"$550,000'
9,000,000"
325,000
1, 030,000
700,000
' 400,000
9,200,000
' 3.425,000
950,000
17,''000,
.8,000,
^ 3,500,
1, 600,
700.
8, 725;
480,
700,
2,400,
1,416;
. 750,
' 4.750,
3,000,
1,900,
26, 500,
1,000,
64, 316,
100,
200.
70, 225,
18, 260^
2.000.
3. OOQ,
' ^700,
4,400.
2,000,
1, 500,
y.'f'¥.'.'.''
....—-,^
$3,207, ooo;
:?"';
"
'"2i2.'566;
'i,'256,'666^
56,'666
500,000
2,000,
900,
277,493, 337
5, 219. 500
1 No receipts during 1931, 1932, and 1933.
NOTE.—Table revised in the annual report of the Secretary of the Treasury for 1932 to include obligations collected by the Director General of Railroads.
371
REPORT OP THE SECRETARY OF THE TREASURY
TABLE 39.—Obligations;held[on June 30, 1932 and 1938, on account of loans ^ io
carriers under sectipn 210 of iKe Transportation Act, 1920, as amended, and repaymenis on such loans, during the fiscal year 1933, together with cumulative figures
showing, the total amount of loans and repayments to June 30, 1933
Loans outstanding
June 30, .
19321
Carrier
Alabama, Tennessee & Northern R.R. Corporation
Aransas Harbor Terminal Ry
.
Charles City:Western.Ry. C o . . . . . . ^
Chicago & Western.Indiana R . R ; CO
Des Moines & Central Iowa R.R. Co. (formerly the Inter
urban Ry. Co.)....;...
;...';
Ferriwood, Colurhbia & Gulf R.R: Co
Fort Dodge, Pes;Mqines & Southern R.R. Co
Gaihesville & Northwestern R ; R , : C O .
Georgia & Florida R y : (receivier)iS...
Greerie County, R.R, Co
..^:;...:
.
:..
Minrie'apolis & St, Louis R , R : Co-.
------Missouri.& North Arkansas Ry. Co.
...:..;:.
National Raflway Service Corporation account:
Minneapolis &,St. Louis.R; R . C O . . . .
...
Wheeling & Lake Erie Ry. C6...^
Salt Lake & Utah .RrR. Co.....:.
1
Seaboard Air.Lirie Ry, Co...L..;:..l
Seaboard-Bay Line;(Cb
..;........
Shearwood Ry. C o . .
.....
Toledo, St. Louis & Western R:R:. CO
.
Vir|inia Blue Ridge.Ry. Co.-.;........
Virginia Southern R;R. C o l . . . . . . . . . ;
Waterloo, Cedar Falls & Northern:Ry, C o . . .
Wichita, Northw;estern Ry. Go...>.
Wilmirigton,;Bruriswick & Sputhjern R.R. Co
.
,
:.
..-.
Repayments,
fiscal year,
1933
$161,60O 00
44, 304. 67
140, 000. 00
6,169,000. 00
633, 500. 00
16, 000. 00
200, 000. 00
75, 000. 00
792,000. 00
$151,50O 00
44,304. 67
140,000,00
6,169, OOO 00
1,000.00
6, 000.00
1, 382,000. 00
3,50Q, 000. 00
6,000.00
194,168. 35
1, 660, 380. 08
872, 600.00
14,443.887.84
1,256,000 00
40, 755. 65
348,877; 68
7, 500.00
186, 000. 00
106, 000. 00
38,000. 00
1,260, OOO 00
381, 760 00
90, 000.00
33, 605, 590. 94
Loans outstanding
June 30,
1933
46,000. 00
443, 633. 33
633,500;00
14,000.00
200,000, 00
75,000, 00
792,000. 00
1, 382.000. 00
3, 500,000.00
153, 412. 70
1,311, 602. 40
• 872,600. 00
14, 443, 887,84
1,256, 000, 00
7. 500. 00
140, 000. 00
106, 000. 00
38, 000. 00
1,260, OOOOO
381, 750,00
90, 000.00
33; 161,957. 61
Cumulative tqt,als,,'all,companies, to June 30, 1933:
' Repaymerits--..:.
350,600,667.00
317,438,709,39
.^-.....
Loans"outstanding June 30, 1933
-...
33,161,957,61
1 No new loans were made duririg 1933 because the time for making application haid expired-
'Cf>::
STOCK AND CIRCULATION OF MONEY IN THE UNITED STATES
TABLE 40.—Stock of moneyj money in the Treasury, in the Federal Reserve banks, and in circulation at ihe end of each fiscal year from 1913
CO
to 1938 1
[000 omitted, except per capita figures]
M o n e y o u t s i d e of t h e T r e a s u r y
M o n e y held in the Treasury
Stock of
money
J u n e 30—
1913
1914
1916
1916
1917
1918
1919
1920.
1921
1922
1923
1924
1925
1926
1927
1928
1929
1930
1931...
1932
1933
-.
-
-.
-
.-—
$3,777,021
3,797,825
4,060,783
4,541,730
6,678,774
6,906,237
7,688,413
8,158,496
8,174,528
8,276,070
8,702, 788
8,846,542
8,299,382
8,428,971
8, 667,282
8,118,091
8,638,796
8,306,664
9,079,624
9,004.605
10,078,417
Total 2
$1,834,112
1,845,670
1,967,666
2,366,636
2,859,396
2,976, 251
2,907,812
2,379, 664
2,921,089
3,515,583
3,821,846
4,248,438
4,176,381
4,210,358
4,169,056
3,725,650
3,789,886
4;021,937
4, 227,735
3.493,122
3,797,692
Amount held
in t r u s t
against gold
a n d sflver
certificates
(and Treasu r y notes of
1890)
$1,475,783
1.507,179
1, 619,429
2,057,409
2,063,391
1,407,694
906,673
704,638
919,643
1,000,578
1,150,168
1,628,139
2,059,799
2,139,770
2,096,205
1,986,761
1,864,373
1,978,448
2,196.103
1,979,137
1,711,721
Reserve
against
H e l d for FedUnited
S t a t e s n o t e s eral R e s e r v e
• banks and
(and Treasagents
u r y n o t e s of
1890)
$160.000
150,000
152,977
152,979
162,979
162,979
162,979
162,979
162,979
152,979
152,979
162,979
153,621
154,189
165,421
156;039
166,039
166.039
156.039
156.039
156,039
$626, 295
1, 206, 082
1, 416,086
1,184,276
1, 537,857
2.108,887
2. 285,170
2, 260,891
1,762,744
1,717,348
1,712,003
1, 387,6.50
1, 562,426
1,796, 239
1,776, 690
1, 235, 737
1,771,486
I n circulation
AU o t h e r
$20b, 329
188,391
195, 269
146,147
116,731
210, 496
432, 074
337,771
310,610
253.139
233, 629
206,429
210, 217
199,060
195,427
196,199
217,049
91, 211
98,902
,122, 209
158,446.
Total
$3,418,692
3,459,434
3,702,547
4, 242,603
4,882, 769
5,337,681
5,687, 275
6,483,470
6,173,082
. 6,761,065
6,031,111
6,226, 243
6,187,049
6,358,384
6,604,431
6,379, 202
6,603,283
6,263,075
7,047,992
7.490.620
7,992,446
Held by Federal R e s e r v e
banks and
agents
$382,965
593,346
816, 365
855,984
810,636
1,016,881
1,262,089
1, 29?, 893
1, 207,836
1,376,935
1,367,691
1,473,118
1,753,110
1, 582.676
1,856, 986
1,741,087
2, 226,059
1, 795, 349
2,271,682
Amount
$3,418,692"
3, 459,434
3, 319,582
3,649,258
4,066,404
4,481, 697
4,876,638
5, 467,589
4. 910,992
4,463,172
4,823, 275
4,849,307.
4,815,208
4,885, 266
4,851, 321
4,796, 626
4,746.297
4. 521,988
4,821.933
5.695,171
5,720,764
P o p u l a t i o n of
continental
United
States
(estimated)
Per capita
$35.12
34.93
32.96
36.63
39.06
42.33
46.96
6L38
45.29
40.61
43.18
42.64
4L73
4L71
40.90
39.97
39.08
36.71
38.86
46.63
46. 51
97,337
99,027
100,725
102,431
104,145
105, 869
106,136
106, 422
108, 446
109.893
111, 693
113, 727
115,378
117,136
118,628
120, 013
121, 456
123,191
124,070
124,822
125, 693
1 The figures in this table differ from the monthly circulation statements for the following reasons: (a) Beginning June 30,1922, the form of circulation statement was revised so
as to include in the holdings of the Federal Reserve banks and agents, and hence in the stock of money, gold bullion and foreign gold coin held by the Federal Reserve banks and
agents, and to include in the holdings of the Federal Reserve banks and agents, and hence exclude from money in circulation, all forms of money held by the Federal Reserve banks
and agents, whether as reserve against Federal Reserve notes or otherwise. For the sake of comparabihty the figures in this table for earlier years have been revised to include these
changes. For full explanation of this revision, see annual report for 1922, p. 433. (b) The form of the circulation statement was revised again beginning Dec. 31, 1927, so as to
exclude earmarked gold coin from the stock of money, and hence from raoney in circulation; to include in the holdings of the Federal Reserve banks and agents, and hence in the
stock of money, gold held abroad for the account of the Federal Reserve banks; and to include in all categories, minor coin (the bronze 1-cent piece and the nickel 6-cent piece), Beginning on Dec. 31, 1927/ the circulation statement is dated for the end of the month instead of the beginning of the succeeding month, as was the practice theretofore, and figures on
the revised dafly Treasury statement basis for "money held in the Treasury" instead of the unrevised basis are used. For the sake of comparabflity the figures in this table for
earlier years have been revised to include these changes. For full explanation of this revision, see annual report for 1928, pp. 70-71, and for figures for years prior to 1913, pp. 550-651.
2 The amount of money held in trust.against gold and silver certificates and.Treasury notes pfl890 should be deducted from these totals before combining them with total money
outside of the Treasury to arrive at the stock of riibriey in the Uriited States. > "
^
.^
,.-.-v i ,,
o
n
o
zn
o
o;
>
zn
TA.BiM0..^Stock of money^^^^^^
at the end of each fiscal year from.1.913 I9 ^988 } ..
^
Standard .
Gold coin
a n d bullion 2 sflver dollars
J u n e 30 —
1913 . - 1914
1916
1916
1917
1918
1919 1920
1921 . 1922
1923
1924
1926
1926 . - 1927
1928
1929 .
19301931- —
1932
1933— —
.
.
-
-..
.
..
$1,870,762
1,890.657
1,985, 539
2. 444, 636
3. 220, 242
3.162.808
3.113,306
2, 865,482
3,274, 730
3, 784, 652
4,049, 554
4,488, 391
4,360, 382
4,447, 397
4,587,298
4,109.163
4, 324, 351
4, 534,866
4.955,921
3.918, 596
4. 317, 554
• $668,273
668.272
668, 272
568, 271
568,270
499, 516
308,146
268,857
288. 788
381,174
491,887
603, 755
522.061
633, 491
537,944
639, 962
539, 961
639.960
539, 958
540, 008
640,007
Subsidiary
sflver
$175,196
182.007
185, 430
188, 890
198, 275
231,857
242.870
258,855
271, 314
271, 211
269.186
277, 614
283, 472
228, 923
295, 590
299,010
304.187
310,978
308, 619
304,883
298, 634
[In thousands]
United
States notes 3
$346, 681
346,681
346, 681
346, 681
346, 681
346, 681
346, 681
346, 681
346, 681
346, 681
346, 681
346, 681
• 346,681
346, 681
346, 681
346, 681
346, 681
346, 681
346, 681
346, 681
346, 681
M i n o r coin
$66,961
59,636
61,327
63.909
69, 688
78,146
82.909
92.479
98, 622
98, 693
99,056
102.445
104, 004
108, 891
113, 295
116, 689
120, 640
126,001
12b, 887
126.493
126, 746
,
Federal Reserve notes 3
$84,261
176,168
647, 408
1, 847. 580
2,687, 667
3.405, 877
3,000, 430
2. 555, 062
2, 676, 902
2, 339, 048,
1,942, 240
1,995, 206
2, 077,473
2, 002, 811
2,194, 970
1, 746, 501
2.101. 578
3,028, 397
3. 336, 866
;
Federal Reserve b a n k
notes 3
$9,066
12,790
15,444
187, 667
201, 226
160,772
80,495
22,083
10. 596
7,176
5,713
4, 854
4,155
3,711
3,260
2,974
2,772
141,326
'National
b a n k notes 3
$759,168
750, 672
819,274
744,175
716,420
724, 205
719,277
719.038
743, 290
758, 202
747, 440
778, 012
733, 366
702, 669
704.146
699, 621
704, 294
698, 317
697, 004
736, 674
970, 601
Total
$3,777,021
3. 797,825
4. 050. 783
4. 641, 730
6, 678. 774
6, 906, 237
7, 688,413
8,158,496
8,174, 528
8, 276, 070
8, 702. 788
8, 846, 542
8, 299, 382
8. 428,971
8. 667. 282
8,118, 091
8, 538, 796
8, 306, 564
9. 079, 624
9. 004, 605
10,078,417
P e r c e n t a g e of
gold t o t o t a l
money
49.53
49.78
49,02
53.83
56. 71
45.80
40.49
35.12
40.06
45. 73
46.53
50; 74
62.54
62.76
52.93
60.62
50 64
54,59
54. 58
43,52
42.84
1 See note 1, p. 372, For figures for years prior to 1913, see annual report for 1928, pp. 552-553.
2 Does not include gold bullion and foreign coin outside of the vaults of the Treasury, Federal Reserve banks, and Federal Reserve agents, except gold held abroad for the
account of the Federal Reserve banks. Excludes earmarked gold coin and bullion. (See note 1, p. 372.)
3 Gold certificates are secured dollar for dollar by gold held in the Treasury for their redemption; sflver certificates are secured dollar for dollar by standard sflver dollars held
in the Treasury for their redemption; United States notes are secured by a gold reserve of $156 039,088 held in the Treasury. This reserve fund may also be used for the redemption of
Treasury notes of 1890, which are also secured dollar for dollar by standard sflver dollars held in the Treasury; these notes are being canceled and retired on receipt. Federal Reserve
notes are obligations of the United States and a first lien on all the assets of the issuing Federal Reserve bank. Federal Reserve notes are secured by the deposit with Federal Reserve
agents of a like amount of gold or of gold and such discounted or purchased paper as is eligible under the terms of the Federal Reserve Act, or, from Feb, 27,1932. until Mar. 3,1934,
of direct obligations of the United States if so authorized by a majority vote of the Federal Reserve Board. Federal Reserve banks must maintain a gold reserve of at least 40 percent, including the gold redemption fund which must be deposited with the United States Treasurer, against Federal Reserve notes in actual circulation. Federal Reserve bank notes
are secured by direct obligations of the United States or commercial paper, except where lawful money has been deposited with the Treasurer of the United States for their retirement.
National bank notes are secured by United States bonds, except where lawful money has been deposited with the Treasurer of the United States for their retirement. A 5 percent
fund is also maintained in lawful money with the Treasurer of the United States for the redemption of national bank notes secured by Government bonds.
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TABLE 42.—Money in circulation, by kinds, at the end of each fiscal year from 1913 to 1933 '
CO
[In t h o u s a n d s ]
i4^
Gold coin
J u n e 30—
Gold certificates *
$608,401 $1,003,998
1,026,149
611, 546
821,869
687, 637
624,939
1,050,266
666,545
1,082, 926
637,230
611.190
474,875
327, 562
474,822
259,007
447, 272
200, 582
415,937
173, 342
404,181
386,466
393, 330
801, 381
402,297
1,00.4,823
391, 703
1,057, 371
384,957
1,007,075
377,028
1,019,149
368,488
934,994
367, 236
994,841
363.020
996. 610
462. 763
, 715.683
320, 939«
265, 487
1913.
1914.
1915.
1916.
1917.
1918.
1919.
1920.
1921.
1922.
1923.
1924.
1925.
1926.
1927.
1928.
1929.
IPSO.
1931.
1932.
1933.
»See n o t e 1, p . 372.
Standard
silver
doUars
$72,127
70,300
64,499
66,234
71. 764
77,201
79,041
76, 749
66,883
67, 973
67,262
64,015
54,289
61. 577
48, 717
46, 222
43,684
- 38,629
34,326
30.115
27, 995
Silver certificates '
$469,129
478,602
463,147
476,279
468,365
370,349
163,445
97,606
158,843
266, .335
364,268
364,414
382, 780
377, 741
375,798
384, 677
387,073
386, 915
377,149
352.605
360, 699
Treasury
notes of
1890«
$2.667
2,428
2,246
2,098
1,970
1,851
1,745
1,656
1,676
1,610
1,460
1,423
1,387
1,356
1,327
1,304
1,283
1,260
1,240
1,222
L186
Subsidiary
sjlver
$154,458
159, 966
159,043
171,178
193, 745
216,492
229,316
248,863
235,295
229, 310
247.307
262, 995
262,009
270,072
275,605
278,176
284,226
281,231
273.147
256,220
256,865
F o r figures for, years prior t o 1913, see a n n u a l r e p o r t for 1928, p p . 654-565.
United
States
notes *
$337,216
337,846
309, 796
328,227
311, 695
291,859
274,119
278,144
259,170
292, 343
302, 749
297, 790
282, 678
294, 916
292,205
298,438
262,188
288,389
299, 427
289.076
Federal
Reserve
notes 2
$70,810
149,152
506, 756
1,698,190
2,450,278
3,064,742
2, 599, 598
2,138, 715
2,234.660
1.843,106
1,636,108
1,679,407
1,702, 843
1„626, 433
1,692, 721
a , 402,066
1. 708.429
2,780, 229
3,060, 793
Minor
coin
$64,964
67, 419
58,516
62,998
68, 411
74,958
81, 780
90, 958
91, 409
89,157
93,897
96, 952
100,307
104,194
108,132
111,061
116,-210
117. 436
117. 393
113,619^
112, 532
Federal
Reserve
bank
notes 2
National
bank
notes 2
Total
$715, 754 $3,418,692
715,180
3,459, 434
782,120
3,319. 582
716, 204
3,649, 258
$1,683
690, 635
4,066,40^
3,702
4,481,697
. 691,407
10, 970
4,876,638
639, 472
155, 014
5,467, 689
689.608
185, 431
4,910,992
721. 421
129. 942
4,463,172
727, 681
71, 868
4,823, 275
711,076'
19, 969
4,849,307
733,83fi
10,066
4.815,208
681,709
6,921
651,477 % 4,885.266
6,453
4,851, 321
650,-067
4.606
4, 796,626
4,029
. 650,212
4, 746, 297
652,812
- 3, 616
4, 621,988
660, 779
3,206
4.821,933
648,363
2.929
5.695,171
700.894
2.746
'919. 614
5. 720. 764
125, 846
> F o r description of s e c u r i t y held.for r e d e m p t i o n , see n o t e 3, p . 373.
tel
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TABLE 43.—Stock of money, money in the Treasury, in the Federal Reserve banks, and in circulation, by kinds, June 80, 1983
M o n e y outside of t h e T r e a s u r y
M o n e y held i n t h e T r e a s u r y
K i n d of m o n e y
I n circulation 2
Amount
Reserve
h e l d in t r u s t
against
H e l d for
against gold
United
a n d sflver States notes F e d e r a l R e serve b a n k s
certificates ( a n d T r e a s a n d agents
(and T r e a s u r y u r y n o t e s
notes of 1890)
of 1890)
Stock of m o n e y
Total
AU o t h e r
Held b y
Federal Reserve b a n k s
a n d agents i
Total
Amount
Per
capita
Population
of continental
United
States
(estimated)
td
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G o l d coin a n d buUion
Gold certificates
S t a n d a r d sflver.doUars..-.
.^
Sflver c e r t i f l c a t e s : . ; . _ — — . . ; i .
Trea.sury n o t e s of 1 8 9 0 . . . . . . . ' . ' . .
Subsidiary sflver.—;
Miiiorcoin.........'....-......
Uriited States n o t e s . . . . ^ . - . . . . .
F e d e r a l reserve n o t e s . . . . . — . . :
Federal Reserve bank n o t e s . . . .
National bank n o t e s . . . . . . ^ . . . L
3 $4. 317. 554, 384$3, 234, 213, 012 $1, 230,717,109 $156,039, 088 $1,771, 485, 596 $75,971,219 $1,083, 341, 372 $762,402, 751 $320, 938, 621 $2.55
265,486, 779
2,11
965, 230, 330
1, 230, 717,109
4(1, 230, 717,109)
.^. .^y540,007,398 ;^^..5q7,19Q,,969 ^;Q 481y.004,;^04 •^^-.t^-'^m-i . . ^ • . C . ^ l f . - ^ O i . . . 26,1^86, 665 i r ,32;816,429 .;;VA 4;:820,'v948 - y ,27,995,481 • :>.22 Jjt.'r!^^
"*'(479,817,98Q)
360, 699,178
479,817,980 . 119,118,802
2.87
• 4 ( 1 ; 186. 324)
1,186,324
.01
1,186,324
^298,634.122 , . ^9,372,110
9, 372,110
.256,865, 246 :5.?2.„04
32,^396,767
289,562,012
^.L.
--^—P^
•;i26;746, 231 •: ^ 5, 677,680 r - | § •i;8,'536,1712
5.677,1680 • ; 121,:068,^551
112,631,839 : .90
Br73.^.911;>640
;346,:681,016 ; : ; ;3^96Q,27i
\ 3,960,'27;i 1 342,720,'.745
268,-809,105 i:"2.;14
259,'002,840 3, 060, .793, 296 .•:24..;36
3i:336,:366,350 :...:; 1 7 ; 070,215
17,070,215 3, 319r:796;135
14.967,1845
;^14l;325,934 i : V-^513,088
:.
613,v088
140,812,846
125,845,001 I >l:00
31,293,312
:;97Q,601,088 •;:,f 19,694,260
: 19,694,'26Q .- 950..9fl6,:828
919,613,516 - • 7 . 3 2
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,:: - ; T o t a l J u n e 30,-1933:.. . . . • ; ' 10j;Q78,^16,623 efe797;691,605 1,-711,721,413 m , 039. 088 ^i; 771,485, 596 6168, 445,'508 i7^992;^446^3^1 2,271,681,947 5. 720.:764,384 . :45;,51 125,693; 000,
td
Comparative totals:
- ^ . May 31,1933........... --..
; ; J u n e 30,1932 ? . . .
..-_...
: October 3 1 , 1 9 2 0 . . . . . . . . . . .
; .March 3 1 , 1 9 1 7 . . . . . . . . . . . .
June30,1914
- . . . . . . ..
J a n u a r y 1,1879... - . . . . . . . .
-
10ri72;960.108 53; 799, 746,458 , 1,720.388.-6Q2
9,004,504,534 53, 493,121,805 • 1,979,137, 320
8, 479;620,824 52, 436,864. 530 . - 7 1 8 , 6 7 4 ; 378
5,396;:596, 677 52,952,020.313 -2,681,691; 072
3,797,825,099 51,845,569,804 1,607,178,879
i, 007,084,483 6 212,420,402
: 21, 602,640
.
.
.
^
—
-
:
%
-
:
•
-
156,039,088 i i ; 756, 768,446 {166, 550',*322 k , 093i^632, 252 2, 28i;'3li;':641
156, 039, 088 1,236,736,772 :i22,20.8r:625 .7,490,;520,-049 1,795, 348.^674
152.9.79, 026 : i , 212,360,791 352,850;336 .6.761;430,;672 1, 063;216, 060
152,979, 026
117,360>;216 ,5,126,267,436
953,321.522
150, 000, 000
188, 390. 925 3, 459,434rl74
ioo, 000, 000
. 90,817;762
816, 266, 721
.
.
.
..
.
-
.,
. .
5.812,319,611 7.46; 27 U25,'621,00b
5,695.171.375 ; ^ 6 . 6 3 124,822,000
5,698,214.612 ;.53.21 107,096,005
4.172.945, 914 , 4 0 23 103, 716,000
3,459;.434,174 - 34. 93 99,027,000
816,266,721 . 16.92 48,231,000
,
. . . .
-,„
^
-
. .: ' .
.: '
:
'•
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.
''
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6 T h i s t o t a l includes $44,066,151 gold d e p o s i t e d for t h e r e d e m p t i o n of F e d e r a l r e s e r v e riOtes ($i;832;490 i n process of r e d e n i p t i b n ) i $36,888;707 lawful m o n e y d e p o s i t e d for t h e r e d e m p t i o n of n a t i o n a l b a n k notes ($19,632,712 in process of r e d e m p t i o n , i n c l u d i n g notes chargeable to t h e r e t i r e m e n t f u n d ) , $7,392,000 lawful m o n e y d e p o s i t e d for t h e r e d e m p t i o n of F e d e r a l
R e s e r v e b a n k notes ($513,002 i n process o f r e d e m p t i o n , i n c l u d i n g notes chargeable t b t h e retireriierit f u n d ) , $1,350 lawful m o n e y d e p o s i t e d for t h e 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 $58,917,106 lawful m o n e y deposited as a reserve for p o s t a l s a v i n g s (leppsits.
7 Revised.
NOTE.—For description of security Mdfor.redeniption,see>note 3, p..373>: :
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1 I n c l u d e s m o n e y h e l d b y t h e Gubatn a g e n c y of t h e F e d e r a l R e s e r v e B a n k of A t l a n t a , :
•,-.
' ; , :;
:.;''.''.'
:'
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':;
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'
2 iricludes a n y p a p e r cirirrency h e l d o u t s i d e t h e coritinental l i m i t s of the:Uriited S t a t e s . '
• ' .= •
,
- .
. _
3 D o e s riot iriclude gold b u l l i o n or foreign coiri o t h e r t h a n t h a t h e l d b y t h e T r e a s u r y , F e d e r a l Reser-^e b a n k s , a n d F e d e r a l R e s e r v e a g e n t s . Gold h e l d b y F e d e r a l R e s e r v e b a n k s '
i m d e r earniarkfbr^oreigri a c c o u n t is excluded, a n d gold held a b r o a d for F e d e r a l R e s e r v e b a n k s is iri^^
'
'
* T h e s e a m o u n t s are n o t i n c l u d e d i n t h e t o t a l since t h e m o n e y h e l d i n t r u s t a g a i n s t gold a n d sflver certificates a n d T r e a s u r y n o t e s of 1890 is i n c l u d e d u n d e r gold coin a n d b u l l i o n
a n d s t a n d a r d sflver dollars, r e s p e c t i v e l y .
6 T h e a m o u n t of m o n e y h e l d i n t r u s t a g a i n s t gpld a n d sflver certificates a n d T r e a s u r y n o t e s of ISOOshould b e d e d u c t e d fforii t h i s t o t a l before c o m b i n i n g i t w i t h t o t a l m o n e y o u t -
sideof the Treasury, to arrive at the stock" of riioney in the United States.:.":.
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MISCELLANEOUS
CO
T A B L E 44.—Principal af ihe funded and unfunded indebtedness of foreign governments to me United States, the accrued and unpaid interest
thereon, and payments on account of principal and interest, as of Nov. 15, 1988
Unfunded indebtedness i
F u n d e d indebtedness
Country
Total indebtedness ( p a y m e n t s T o t a l p a y m e n t s
on principal
received
deducted)
P r i n c i p a l (net)
Austria Cuba
Czechoslovakia
Estonia - -Finland
France
Great Britain
Greece
-•
Hungary
Italy.
Latvia
Liberia
Lithuania . .
Nicaragua
Poland
Rumania
Russia
Yugoslavia
Total--
$20,215,129.02
23,752,217.00
. 408,680,000. G
O
P a y m e n t s on account
Indebtedness
$23,752,217.00
$862,668. GO
400. 680,000,00
52,191,273.24
12. 286, 751. 58
165,391,108,90
19,984,092. 26
2165, 391,108.90
16,466,012.87
1,248,432.07
3 17,490,008.06
8,546.000.00
3, 289,612. 77
8,803„295. GO
3,863, 650,000.00
3,940,809,365. G 486,075,891. G
O
O
4,565,469,481.58 2,017,348,817.09 4, 368,000,000.00
31, 516,000.00
3,157,312.01
32, 573,537.51
1,908,560.00
468,466. 32
3 2,022,52L45
2,007, 651, 54L 74
,2,004,900.000 00
99,829,880,16
6,879,464, 20
753,049.07
3 7,199, 063.16
36,471. 56
6,197,682.00
3 6,466,008.11
1,230,956. 58
168, 675.84
414, 375.87
206,057, OOO 00
22,646,297. 55
3 218,872,625,00
63,860, 560.43
4,791.007, 22
2 63,860,560.43
4 8,748,878.87
337,213,136,08
61, 625,000.00
2,588, 771.69
61, 625,000,00
Accrued
interest
Principal
Interest
Indebtedness
Principal
(net)
P a y m e n t s on account
Accrued
interest
Principal
Interest
o
$11,959,917.49 $8, 256,211.53
—.
$862, 668. 00
$8,000,000.00 17,100,000.00
$2,057, 630. 37$18,543, 642,87
10,000,000. G 2, 286, 751; 68
O
304,178.09
1,441.88
1,023,995,19
1,246.99019
454,000. 00
257, 295. 00
309, 315. 27
2, 526,197. 50
77,159, 365.00 161,350,000. 00
64, 689, 588. i s 221,386,302.82
38, 650,000.00
197,469,481. 58 232,000,000 00
202,181, 641.66 357,896,657.11
1,057, 537. 51
2,922,67 1,159,153,34
981,000. 00 1,225, 270, 518.42
1,014, 236. 00
113,961,45
73,995. 50
753,04
393. 717.78
2,751, 541.74 37,100,000. 00
364,319.28 67, 598,852.62
4, 766, 708, 26
319,598.96
9,200.00
130,828.95
613,020,12
10,471.56
26,000.00
234, 783. 00
268, 326.11
1, 546.97
994, 626.61
124,477.09
289,898. 78
141,950,36
26,626.48
12,815, 625.00 1, 287, 297. 37
19, 310, 775,90
2,048, 224,28
2,700,000. 00
29,061.46
1,798,632.02
263, 313. 74
192, 601, 297. 37 144,611,838, 71
8, 748,878.87
1, 225, 000. 00
727,712,65
636,059.14
19, 679,914.17
$14,490, 000.00
.
11,888, 508,973.91 2,737,707,104.88 611,229,429,605,40 6 301, 236, 727.64 475,057.858. 04 1,309, 305,852.24 204,851,113. 64 152,991, 627, 33281,990,396,99 671,352,997.61
1
1 Payments of governments which have funded were made prior to the dates of the funding agreements.
2 Difference between principal of funded debts and amounts here stated represents deferred payments provided for in the furiding agreements, for which gold bonds of the
respective debtor governments have been or will be delivered to the Treasury.
*
3 Increase over amount funded due to exercise of options with respect to the payment of interest due on original issue of bonds of debtor governments.
4 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 reply of
the Secretary of the Treasury dated June 2,1922, in regard to loans to the Russian Government and liquidation of affahs of the latter in this country, appear in the Annual Report
of the Secretary of the Treasury for the fiscal year 1922, as exhibit 79, p. 283, and in the combined annual reports of the World War Foreign Debt Commission, exhibit 2, p, 84.)
6 Includes amounts postponed under provisions of joint resolution of Dec. 23, 1931. (For amounts postponed see p. 35 of report of Secretary,of the Treasury for 1932.)
o
zn
o
td.
td
O
H
tel
>
zn
cj
n
377
REPORT OP THE SECRETARY OF THE TREAStTRY
TABLE 45.-^—Estimated money cost of the World War to the United States Govern,
ment io June 80, 1988
To June 30, 19211 (revised)Continuing costs:
Veterans' Administration.;
Interest on war debt.
Settlement of War Claims Act of 1928
.
$26,298,000,000
6,164,000,000
9,033,000,000
88,000,000
Total to June 30, 1933....
40,683,000,000
1 The President, under proclamation dated Nov. 14, 1921, declared the end of the war with Germany
to be July 2, 1921, the date on which the joint resolution of (Congress terminating the state of war was
approved. The figures contained herein are on the basis of warrants issued. They make allowance for
estimated normal expenditures under the War and Navy Departments on a peace-time basis; receipts on
accourit of the sale of war supplies and surplus Government property, and assets held on June 30. 1921, a
large part of which has subsequently been converted into cash and covered into the Treasury,
Necessarfly some of the figures represent approximations, since no cost records relating to the war were
maintained. Details will be found on pp. 609 to 612 of the annual report for 1930.
TABLE 46.—Estimated amount of securiiies outstanding, interest on which is wholly
exempt from normal income iax and surtax of ihe Federal Government, by years, on
Dec. 81, 1912 to 1982,^ by type of obligor
'
.J
TOTAL OUTSTANDING ISSUES
:
• •
[000,000 omitted]
Year
Total
Dec. 31,1912
.
1913
.
1914.......
.
.
1916
.
•
1916..
.
1917
.
1918
:
1919
1920. - - . - . . . . .
1921
.
1922 . . . . .
:.1923
1924 - - . .
1925
.
1926 . . . . . .
1927
.
...
1928
1929
1930.:
1931 . .
...
-- - .
1932
...
$4,967
6,516
6,767
6,131
6,574
8,610
8,763
10,446
10,927
11,860
12.495
13,712
16, 337
16,426
17,429
18,687.
19,681
21,698
23,041
26,265
(0
States,
Territories
counties, a n d insular
cities, etc.2 possessions
$3,967
4,614
4,761
6,121
6.658
6,977
6, 267
6.816
7,440
8,609
9,233
10,101
11, 512
12,557
13, 376
14,480
15,442
16, 556
17, 569
18,301
(0
$35
36
37
39
44
46
46
48
67
76
119
125
131
144
156
169
164
167
166
164
161
United
States
Government 3
Federal
farm loan
system 4
$966
967
969
971
972
2,461
2,307
3,235
3.038
2,749
2,294
2,294
2.294
2,168
2,164
2.165
2,167
3,166
3,486
6,011
8,063
$27
153
348
392
516
849
1,192
1,400
1 657
1,733
1 773
1,808
1,810
1,831
1,789
1.645
H E L D IN SINKING FUNDS OR OWNED BY U N I T E D STATES G O V E R N M E N T
D e c 31.1912
1913
1914
1915
1916
1917 . . . .
1918
.
1919
1920
1921
1922
1923
1924
1925...;
1926
1927
1928
.
.
1929...
1930
1931- . .
1932
......
..
-.::
.-.
.
- -
-
.
.
. . . . .
. . . . .
For footnotes, see p. 378.
-
$616
682
748
798
869
969
1,116
1.306
1,466
1,586
1,633
1,748
1,871
1,996
2.056
2,179
2,326
2,467
2,616
2,729
(0
$615
681
747
797
858
968
1,054
1,167
1,282
1,399
1.616
1,639
1,767
1,902
2.038
2.161
2.308
2,456
2.606
2,718
i})
1
16
10
$61
138
182
183
113
102
102
79
4
378
REPORT OF THE SECRETARY OF THE TREASURY
TABLE 46.-—Estiniated amount of securities outstanding, interest on which is wholly
exempt from normal income tax and surtax of the Federal Government; by years,
on Dec. 81, 1912 to 1932,^ by type of obligor—Continued
^
^ ,..^^ _. '
N E T ^OUTSTANDING ISSUES
•
•
D e c . 31, 1912
1913
1914
1915
1916
1917
1918
1919
1920
1921
1922
1923
1924
1925
1926
1927
1928
.
, 1929
1930.;..
1931
1932
$4,341
4,834
5,009
6,333
5,715
7,541
-.
7,647
-9,140
-9,462
10.264
10,862
11,964
13,466
14.430
: ...
15,373
. ,16,4.08
-.
.• 17,255'
- - - . : . . . . . 19,231
----20,425
--.:.- ,
22,536
-
-..
.:.
.
-:.---
-:---
'
-.
(1) -
" *-'-^
^
United
Federal
States
,Goverri- ' farm'^loan
y em
m e n t ? , ' s 1 ^s t "t" 4
States,
Territories
counties, a n d i n s u l a r
cities, etc.2 possessions
Total
Year.
'
.....
$34
$3,342
$965
34
3,833
967 - - ; - r 7 S 3 . r - 4,004
•
36 V •::-: 969
4,324
971
38
4,-700
972
• 43
6,009
2,461
$27
44
:5,203
92
46
\ : 2,'307v '
' 5,648
••' •'
" • ' i t
' •3,235'
210
6,158
210
56
' 3 ; 038"
7,110
72
333
2,749
7,717
736
ii6- • • ' 2,294
8,462
,
118
1,090
2,294
9,755
119. - - 2.294
1,298
10,656
129' ^
1,478
2,168
11,338
142
1,729
- 2,164
161
12.319'
:
1,773
:;,2.i65;
146
13,134
1,808
;2,167
14,101 ' •• . • ' • : a 5 5 - ;
1,810
• 3,165'
14,953
1,831
- 166
- "3;48515, 683
1,789
'153^
6, O i l ;
- (1)
.
1,645
•••"'• : - 8 , ^ 0 6 3 •
.
;i^
1 Estimates for States, counties, cities, etc., are not included for Dec.^31,1932; since it:is anticipated that
compfled statistics on the debts of States, counties, cities, etc:, wflVbe avaflable at ari early date in the
decennial census, "Financial Statistics pf State and Local Governments: 1931-32."
2 Includes estimated amount of outstanding flbatirig debt of States, counties, cities, etc.
Includes short-term debt in the form of Treasury bills, certificates of indebtedness, and Treasury notes.
Does not include stocks.
'
TABLE ^7.—United States securiiies outstanding, interest on which is exempt from
normal income tax, but not surtax, of the Federal Government, on June 30 and
Dec. 31, 1917 to 1988.
' .^
[000,000 omitted]
[On basis of dafly Treasury statements (revised), see p. 276]
Year
1917
1918
1919
1920
1921
1922
1923
1924
1925
J u n e 30
---
.
_
-
$9,599
22.439
20,949
20,803
20,417
19,714
18,688
17,940
Dec.31
"$4,655
18.515
22.360
20,707 1
20,440
20,189
19.350
18,418
17, 727
Year
1926
1927
1928
1929
1930
1931
1932
1933
J u n e 3Q
.- .
•
D e c . 31
$17,016
$16,454
15,728
16,182
14,690• . 14,343
13,864
13,137
11,608
ir;573
12.125
" 11,:814
12,034
12,068
12,025
.379
.,REP,ORT„ OF THE, SECRETARY OF THE TREASURY
,,^.TABLE 48,—A^e^ exjpenditures.for Federal aid to States, on basis of warrants issued
^T^^^v^^W^Pi^^M^^i-^^Qj anc^;Gpcfcs issued,:fdr the fiscal years 1^82 alnjdil988, and
'""''^ WiriiimnM ^ appropHaie&ffor^^
yedrrl 934\ classified by ap^fopridUpiisfrom
which direct paymerits'are' made tO'Stales and by the more imlpprtant of the appro^
priations providing for expenditures hy,the Government in cooperation with States,
municipalities, and other civil organizdiioTis for investigative, regulatory, protective,
' or construction'work
[Item numbers refer to'exhibit 72, p. 437, of the annual report for 1930, which lists the appropriations
iproviding^for-Federal aid to States, and presents by class of appropriation the reference to the organic
or first appropriation act, the last appropriation act up to and including 1931, and summaries of allot--ments and expenditures]
••
•
• • • -
Item
-no.
„ v '
-I
•••
,
, .
A p p r o p r i a t i o n titles
^ 1920
1932
1933
19341
•
:r4
I. A P P R O P R I A T I O N S
FROM
WHICH
D I R E C T P A Y M E N T S A R E M A D E TO
STATES
^
v
INDEPENDENT
OFFICES,
, Federal Board for Vocational
w"^
^
Education
.
^
Cooperative vocational education in
agriculture..-i^.-"
Cooperative vocational e d u c a t i o n in
trades' a n d industries
.'.
Cooperative vo'cational education,
<i6\ .
teachers, etc ' . .
. . . ..'
Cooperative vocational education in
- h o m e economics ..
.^r.^M^-2^ Cooperative.^ vocational rehabflita:
, V' tion'of persons disable.d i h i n d u s t r y .
'•,^ J
•JC
J2li •
1
$3,721,966.97
$3,394, 579.05
780,096. 35
2.989, 447. 83
2,652,629.22
2, 542, 500. 00
619, 556. 42
1, 076, 042.14
940, 713. 77
' 930,700 00
746, 227. 77
736,582.06
: 997,908..68;
993,219.96
2,106, 782. 79
-^
-^[ ^ ' "
r"
;
-*
, •
$3,190,000 00
$707,130 02
9, 530,'593. 39
661, 500. 00
'
8, 717, 724. ,00 '
969,000 00
.8,293:700 00
^
' Federal Power Commission
3
P a y m e n t to States u n d e r
, w a t e r power,act
Federal
----,---.-
70,567.21
4
P a y m e n t s for p r e v e n t i o n a n d
search venereal diseases-
2 66,160 00
..,75,727.76
^'^Interdepartmental Social H!,giene
Board
•
.
"
'
^ - . ' • ' ^ : '
re1, 7.59, 262. 72
Veterans' A d m i n i s t r a t i o n
^ ..?r \
*
S t a t e a n d Territorial homes for disabled soldiers a n d sailors
,
3 600,000.00
3 785.946.91
757,965.18
4, 356, 591. 65
4. 358,915.17
4.381, GOO G
O
8, 633, 248. 27
8, 607.325. 94
8, 738,096.00
1, 240, 608. 99
568,256. 51
2 940,000. 00
30,884.14
1, 717, 049.14
21. 221. 30
1,659,278.22
.2 25,000 00
1, 587, 513.00
96.406. 78
96, 752. 00
74,730.00
DEPARTMENT OF AGRICULTURE
r "
6
7
8
9
^ P a y m e n t t o States, H a w a h , and;
^, Alaska for agricultural e x p e r i m e n t ;
' s t a t i o n s (formerly carried u n d e r '
'"titles: " G e n e r a l expenses. States
- xPtelations Service", for 1920-1923;:
" G e n e r a l expenses, Oflace of Exp e r i m e n t S t a t i o n s " , for 1924-1926;
J ' P a y m e n t s to States for.agricultural experiment s t a t i o n s " , for 1927-,
1929, a n d " P a y m e n t to States a n d
H a w a i i for agricultural experiment
1, 440, 000. 00
stations " for 1930-1931)
Cooperative agricultural extension
4,471, 593. 71
•work
P a y m e n t s to States a n d Territories
1,069,886. 88
from t h e n a t i o n a l forests fund
P a y m e n t s t o school funds, Arizona
a n d N e w Mexico, national forests
78,867.32
fund:.
Forest-fire cooperation
Cooperative d i s t r i b u t i o n of forest
p l a n t i n g stock
For footnotes, see p. 381.
380
REPORT OF THE SECRETARY OF THE TREASURY
TABLE 48.—Net expenditures for Federal aid to. States, on basis of warrants issued
for the fiscal year 1920 and checks issued for thefiscal,yedrs 1982 and 1983, and
amounts appropriated for the fiscal year 19^4r classified by appropriations from
. which direct payments are made to Slates and by the more important of the appropriations "^providing for expenditures hy the Government in cooperation with States,
municipalities, and other civil organizations for investigative, regulatory, protective,
or construction work—Continued
Item
no.
Appropriation titles
1932
1920
1933
1934 1 .
D E P A R T M E N T OF AGRICULTURE—COn.
10
Cooperative construction of rural
$20,305,622 75 $129,805,334 82 $103,607,866.94 $35 000,000,00
post roads
(See also items 24, 25, and 26
under class II.)
Federal-aid highway system, advances to States
58, 912,432 48 62,131, 961 24'
27, 365, 970 66 204, 792, 556 27 181,051, 577 32
50, 746, 339.00
D E P A R T M E N T OF T H E INTERIOR
11 Colleges for agriculture and mechanic arts
2,500,000 00
12 Payments to States from receipts
under mineral leasing act13 5 percent. funds to States (public
lands)
- 15 Goos Bay wagon-road-grant fund
16 The Oregon and California landgrant fund
'... 17 Payment to Oklahoma from royalties, ofl and gas, south half of Red
River
2, 500, poo. 00
2,560,000 00
2, 550, 000. O
Q
2, 550, 000.00
1, 317,480.68
1,208,488.28
2 1,250,000 00
ll, 903.08
6, 079 40
9,010.54
17, 677 75
745. 778 97
167, 764 46
29,700.29
4, 660, 942.42
10, 342.86
3.963,283.89
2 8' 000. G
O
18,000.00
200,000. G
O
2 10,000. G
O
4,036,000.00
'.
D E P A R T M E N T OF LABOR
United States Employment Service *-
1, 500, 000.00
NAVY D E P A R T M E N T
19 State marine schools, act Mar. 4,1911-
176, 689.36
loo; 000,00
189,130 69
.210, 400.00
30,000.00
75,000.00
75,000,00
75, 000.00
2, 663,485. 27 34, 777, 555. 26 33,169, 936, 73
35,484, 864.00
TREASURY D E P A R T M E N T
21 To promote the education of the
blind (American Printing House
for the Blind)
WAR D E P A R T M E N T
22 National Guard appropriations »
23 State and Territorial homes for disabled soldiers and sailors. . . .-
1, 094, 584.44
(«)
(»
3, 758,069.71 34, 777, 555. 26 33,169,936.73
Total, Classi
-
(3)
35,484, 864.00
37, 696, 775. 24 254, 793,161.46 228, 000, 345. 57 101, 012, 453.00
II. APPROPRIATIONS FOR COOPERATIVE WORK WITH STATES
DEPARTMENT OF AGRICULTURE
24
Cooperative construction, etc., of
roads and trails, national forests-.- 1,699, 043.82
25 Federal forest road, construction
2, 550, 513. 26
26 Forest roads and trails
12, 287, 546.06
27 Cooperative fire protection of forested
watersheds of navigable streams. .86, 886. 73
28 Cooperative farm forestry
67, 066.41
6, 636, 227.12
60, 624.98
64,787.00
4, 336, 443.81 12, 354, 612.47
6, 696, 852.10
4, 522,187.00
See footnotes on p. 381.
4, 457,400.00
REPORT OF THE SECRETAR-y OF THE TREASURY
381
TABLE'48.-^A^e^ 6x^^
States, on basis of warrants issued
jpr iKe fiscal year 1920 and checks issued for the fiscal years 1932 and 1933, and
' dindUriU^o,ppropriated for the fis^^^^ 1934, classified by appropriaiions from
Mich direct payments are made to'States and by the more important of the appro1 pfiaiionsprbmdirig for expenditures by the Government in cooperation with States,
mumcipaiities, and oth^r civil organizations for investigative, regulatory, protective,
or construction work—Continued
Item
no.
Appropriation titles
1920
1932
1933
19341
TREASURY DEPARTMENT
Public Health Service
29
30
31
. .
Preventing the spread of epidemic
diseases
Interstate quarantine service...
Studies of rural sariitation
...
'' '^;-
,
•
••
$495, 792, 75
$280,549.66
5,097.70
67,6n,80
64,627.64 7 1,929,417,29
,_665,418,09
Total, Class I I . . .
Grand total...
, 2, 277, 478. 75
4, 901,861.90
14, 632,091.22
$278, 749,43
33, 356,24
109,220.78
$333,650.00
38,454, 00
150, O O 00
O
421, 326.45
522,104. 00
7,118,178,55
5, 044,291.00
^ . - — — . 42,598,637.14 269, 425, 252.68 235,118, 524.12
106. 056, 744.00
•1 In addition to the amounts appropriated for the service for the fiscal year 1934, as shown in this column,
there are under many of the titles unexpended balances of appropriations provided for previous fiscal years,
which are availablelOr expenditure during 1934 to riieet outstanding obligations incurred in such previous
years: The amounts shown do not include any aflotments of funds or payments to States under the
emergency activities of the Government, such as the Reconstruction Finance Corporation, Nat.ional
Industrial Recovery, Agricultural Adjustment AdministratiPn, and the Federal Emergency Relief
Administration.
2 Indefinite (special fund) appropriation based on certain receipts—estimated amount for 1934.
3 Transferred from War Department to Veterans' Adniinistration by Executivis Order of July 21, 1931,
(see Veterans' Administration). Included in appropriation "Salaries and Expenses, Veterans' Administratioh^', beginning with the fiscal year 1934;,sum' of.$600,000 allocated by Veterans' Administration to
cover estimated expenditures for this purpose during 1934.
4 The sum of $400,000,000 has been allotted and transferred to the Department of Agriculture from the
appropriation fpr National Industrial Recovery for emergency construction of public highways and related
projects, from which grants may be made to States, pursuant to sec. 204 (a) of the National Industrial
Recovery Act, June 16,1933.
6 Established by act of June 6,1933 (48 Stat. 113), for cooperation with the States.
^Includes certain-administrative expenses under War Department, as provided for under National
Defense Act of Jurie 3,1916, as amended.
7 Includes medical supplies and relief in drought-stricken areas.
NOTE.—Data for fiscal years 1921 to 1930 are shown in the annual report for 1930, pp. 617-622. and for
fiscal year 1931 in annual report for that year, p. 663.
T A B L E 49.—Expenditures made by ihe Government as direct payments to States under cooperative arrangements during ihe fiscal year 19S3 ^
[The records of the Treasury Department, except in the cases mentioned in notes at end of this statement, do not show the amounts disbursed or aUotted to the States under the
respective appropriations shown in this statement, such matters being under the control of the department or establishment of the Government that administers the activities
covered by the appropriations. The Department, however, for general information has compiled, from its records so far as available, and in the other cases from figures furnished
by the departments and establishments concerned, the following statement, exhibiting by States and Territories the amounts paid to each under the appropriations for Federal
aid to States shown imder class I in the preceding statement (table 48). Any discrepancies between this and the preceding table are due to unavoidable differences in the bases
upon which these figures have been compiled. The amounts in this table, derived from the accounts of various departments and establishments, are not on the same accounting
bases, and are consequently not strictly comparable. This table includes only direct payments to States and does not include amounts expended in cooperation with States,
appropriations for certain of which are included under class II, table 48]
00
to"
U n d e r D e p a r t m e n t of A g r i c u l t u r e
o-
'
•:'•",' . ' '
,':V''"'v-^
":,.:.":'-
Payments to
• Cooperative
P a y m e n t s for
Cooperative
P a y m e n t s from school funds,
Cooperative
distribution
F o r e s t fire
agricultural.
c o n s t r u c t i o n of
t h e n a t i o n a l , Arizona a n d •••cooperation ,
agricultural •
;: pf forest
N e w Mexico,
experiment
r u r a l post r o a d s
; extension w o r k .forests fund
p l a n t i n g stock
: national
Stations,
-.. :
•forests fund
(1)
Alabama...
Alaska..:-...:.:
Arizona.;...
Arkansas.
California
.
Colorado.
Connecticut . .
. .
Delaware
D i s t r i c t of C o l u m b i a
Florida
Georgia:.-....Hawau . Idaho....; — . . . . . . : .
lUinois..
•'
Indiana..^
Iowa.-.:.:
Kansas
.
Keritucky..
Louisiana...
...'.
Maine..:.'
.
M a r y l a n d •'
Massachusetts
Michigan. ; : . . i : - - . . . .
Minnesota.-...
Mississippi
.
(2)
.
. . . .
$90,"600.00
15.000; OQ
90000:00.
90, GOO 00'
90,000; 00
90,000.00
9 0 000; GO
90,000.: 00
$277,*U0;i3
12.000:00
73.764; 77
233,757:07'
213.923:31
104,162.17
9i;486.15
43, 214. 53
.
90, GGO 00
90.000 00
24,000. 00
90.000. 00
89,915..17..
90.0.00: GO
9 0 000,00
9,O,OOO;GO'
9Q,.000:00'
90,0Q0.0d
90.000.00
90,000 00'
9Q,G0O00
90,000:00
•90,000: GO
131,739.98:
307.843. 59
50.138. 45
- 79,183. 01
286.369. ,46
221,432.28
228:055: 5 l
188; 510:53
269.200:78
197,916.66'
94.576.07
122.302:53
85:955.96'
228. 629: 09'
2Q3,-710:50:
250, 619. 60
-.
-
.
:
..:
.. .
..•
..
...
-.
....
•
...
oo.Qoo.oQ;,
(5)
(3).'
"
$32,016.93
$75.47
10, 505. 30 •
47.665:76; '"$20,'879.'22'
^433; 72'
""'173,'406.'00'
149,403.-95
67,981.88
13,603.00
2^224.00
(6)
$531:81
..I
3i7.'59"
1,493.01
2,00000
1.400. 00
'
308.76
2,983;.69
1,781. 89
2.000. 00
2.750.00
.928. 00
6.894.00
58.488.27
$L 577.192.89.
(8)
$1.463..650.73^
..•:.:.'i
66, OOL 2 9 .
39,057. 65
444. 00
66,061. 00
5; 161. 55
1.398.40
(7)
Federal-aid
highway system, advances
for. e m e r g e n c y •
c o n s t r u c t i o n .-.
2.350. 00
2.000.001.480 25:
1,406:00
lj?6L15
^-669.28
2,000.00
2.252. 0 0
2.148.00
'4,'737.'77'
47,046. 00
58; 360. G
O
12.149; 00.
32,508. 00
119;871. 00
95.081. 00
18;59L'03 ' " " " 5 3 8 . ' 3 5 '
'^'"i,"52i.'733"57'' ""i,'227,'945:'74
929.977.4.9
798,662.89
3,396.566; 14
3,698.,35L.3i;:
1.178,167.24.
2,185,64.5.98:
199,301.99
370,196; 56
401.968.10
999,893.39
1.309,949.87.
2,383.353:97
2,716,911; 99
1,014,353. 07
492,862.37'
1,315.840.41
759.959:46
4,696,333.40
1,378, 516.99
3,150,'523.32
2,535.126.77 """2;403-987.'98:
2,435,972.62
2.064,898. 57
1,517,615.33
:965,178.:40
1,744;79L99
1.168; 469:56
1,364,815:44
39o;oi6:o6
792.36L75,
. 427/495.73.
2,48l,'476.40
' 767,048:69:
3,758,-635:13
1.798.198: 67
2,946,'417;36;
1.736i 320 72
1.119, 779; 63;
658,279. 26'
H;
zn
i.
H:
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O
t ^
W
>
zn
Missouri
Montana
Nebraska,'..:....'...
Nevada^i -P.:
New-Hampshire...
New-Tersey - J
'..
New ;Mexico
Ne-w York.
'North Carolina....
'North Dakota
Ohioi...:
...
Oklahoma
....
Oreg;Pn
Peririsylvania......
Phihppine Islands.
.Puerto Rico
Rhode Island
'South Carolina
i South Dakota.:.i..
Tennessee...
Texas.....
Utah.....
Verriiont
: Virginia..
-Washington
. West Virginia..
Wisconsin
Wyoming
TotaL...
000.00
000.00
GOO GO
;ooo.;oo
000.00
000.00
oob:00
QOQ:OO
ooo:00
000. 00
000.00
ooo; GO
000.00
ooo; 00
254,580.00
91,889.88
155,47,4.12
;'46,;489.;95
;;.59,;Q42.25
"i23,*012.^59
, ,76.:294;94
'287,062.01
301.284.20
115,582:88'
296.328.49
.238,540.57
:i02.714. 07
;395.246.55
00
•33; 475; 89
214.440 10
114:441'03
26L244.09.
481,952.77
70,703. 67
68,619.;04
250,408. 53
123,848: 34
181,934.11
209: 644:-39
58,828. 39
4,358,915.17
8. 608,683. 98
90, 000. 00
90. 000.00
90, OGO Qo
,90. 000. 00
90, 000. 00
90, 000.00
90, 000. 00
90. OOQ. 00
;90, ooo:GO
90, 000. GO
90, 000.00
'90 000.
26,052. 00
29,743. 01
1,131.54.
11„897. 8,8
•4.66i,:25
"3jioi/§i"
'•^,'S85."C00'
;i7,058.,00
^ 24.*S77. GO
-2,:027.68
63,481.^00
36,564. 37
693.42
36, 547. 58
1,774.49
"'5;903^00'
13,903. 08
98.288.00
56; 270. GO.
'20,"772.'73
342. 08
""'leJsi'
2,000. 00
2,367.00
'2,'255.'00"
2,606.;G0
'2,'945':00'
2,00000
2,241.00
2;.384.;00
2,i000;00
1,'683.:98
2,775.00
3,020, 058. 58
2,957, 527. 27
2,908, 956.42
l,-382, 302.60
1,' .419,: 190. :i8
i,.15i„.062.66
1,:245, .058. ;57
5,.297,- 698.28
1,83,0,1951.42
1,463; 221.;78
.4,^869; 738.14
.•L:7Q3, 492:'27
1;855,' 778.01
:4,150. 5.84.: 63
1,670, 921. 22
1,637. 171. 24
2,076, 085.45
i9,59, 697.-7.7
V 226,;423.:26
i687.:32
-: 859,
1,669,,<349.^7
2,:527,:2l2.34
1,.628,,;859:21
873. .•888.r73
2.-b79,,;240.;12
slvl84, 77(ilm
. ;946. 288.-.34
2,249, "237:37
388, 068;04
•1-.062, 82L 18
1:217: 751: 66
1:741", 663;14
3; 369, 028.47
628. 6 9 0 1 1
268, 344. ,56
1.163. 685.,76
l,:2.06i 890 62
; 869, 397;,98
2,003, 172.96
L084; 939.98
62,131,961, 24
..^Tj
'';'"268."72
•8,'272; 75
2.134. 41
24.830. 50
• /
i;50
- 3;'08O97
48.'462. 37
, ' 396.^40
; 90:98
35, •302. 92
6,112. 00
. 32,129.00
95,149. 00
26,810. GO
70,693. 00
. 1,300; GO
2, .000. G
O
2,000. 00
2,000. 00
2,000. GO
2,000. 00
1,522.00
' .414; 113:90
a , 088, 720; '55
1.411,. 0 3 0 2 9
2.420. 799. 23
6. 330, 692.65
1,181, 546,86
. 505, 130.(44
1, 538. 556. 73
Ii698, 496; 48
1,177, 605.05
2,'614: 088. 36
L043, 959.29
1,451,963:96
74,065. 31
101,266, 331. 02
568,256. 61
21, 221. 30
"2.'i05.'00
O
.0
'2,'185.'00'
1/733;GO
23-,606il4
' •:847. GO
19,600 01
39; 924. 00
'2.'6o6:-oo'
:^
'^
--H
zn
o
td
;^
;;KJ
1 Columns 1 to 8, inclusive, based upon figures furnished by Department of Agriculture; columns 9 to 13, inclusive, and column 17, based upon warrants issued by Treasury
Department; column 14 based upon figures furnished by,the American Printing House for. the Blind; column 15 based upon figures furnished by the Chief of the Militia-Bureau,
War Department; column 16 based upon figures furbished by the Federal Board for Vocational Education; column 18 based upon figures furnished'by.-the Director of Finance,
Veterans'Administration.
.
'
^
. • ,
.
^
- '
•V : .
'^
:
'
NOTE,—This statement does not include appropriations made by Congress for direct rehef or loans to States on account of floods, hurricanes, fires, drought, etc.
>
zn
cl
00
(X)
00
T A B L E 49.—Expenditures made by the Government as direct payments to States under cooperative arrangements during the fiscal year 1933 ^
Continued
Under
N a v y Department
U n d e r D e p a r t m e n t of t h e Interior
Under
Treasury •
Department
Under War
Department
OO
(X)
U n d e r F e d - U n d e r F e d - U n d e r Veteral B o a r d for eral P o w e r e r a n s ' A d Vocational
CommisministraEducation
sion
tion
"^
Pa
Colleges for fromy m e n t s
receipts
agriculture
under
and meMineral
chanic a r t s Leasing A c t
(9)
Alabariia
Alaska
' -- Arizona
Arkansas. - - - - - - California
Colorado
Connecticut
Dela-ware;
.
D i s t r i c t of C o l u m b i a
Florida.--.;--.
Georgia
Hawaii
Idaho
.
Illinois
Indiana ; .
iQ-wa
'
Karisas.;.-:^;
Kentucky...--_.
Louisiana
..
Maine:; -;-:
;Maryland.;
Massachusetts
Michigari
Minriesota..^...
' Mississippi..;,-.. Missouri.^..--Mbritaria I-;.-•—
-—
Ne.braska..?v—--Neyada-vr.^.'rTr-.—
•
$50,000
50, Q G
O
50,000
50,000
50,000
50,000
50,000
50,000
50,000
50,000
50, 000
50, 000
50,000
50, 000
(10)
6 percent
funds t o
States
Oands)
Payments
u n d e r cert a i n special
funds 2
State
marine
schools
To promote
t h e education of t h e
blind,
American
Printing
H o u s e for
the Blind
(11)
(12)
(13)
(14)
$1,841.61
$115.35
525,849.02
24,783.12
688.09
205. 81
1,413; SO
714. 05
$25,000
75. 86
1,812.74
971. 53
1,259. 40
215. 90
263: 87
3.838.16
1,943. 07
1,871. 10
1,451. 3b
1,943. 07
1,547; 26
636. 03
5o;ooo
50, 000
50, 000 '
"94.'65"
2,'09i.'6i'
50.000
50,000
60,000
50,000
"
55."90'
50, OOO
50, OOQ.
60,000'
50,000
949."40'
- 60,000 :
25,"9i5.'80'
50,000
60,000. " • " " " 8 4 5 . ' 9 0 ' " " " 3 7 0 . " 9 2 "
$2,482. 81
131. 94
19L91
1,775.15
1,847.11
851. 59
815. 61
.-
------
25,000
1,631. 22
3,334: 40
3,046: 53
2,003. 04
1,079; 48
1, 283. 38^
215: 90
623: 70
O
National
Guard
Cooperative
vocational
education a n d
rehabUitation
(15)
State and
P a y m e n t s Territorial
u n d e r F e d - h o m e s for
eral W a t e r disabled
Power Act
soldiers
a n d saflors
(16)
$588,313.99
176,191. 09
. 483,110. 25
1,142, 569. 74
405,785.43
754,465. 52
136,936. 22
150,697. 51
492,179. 52
608,996.18
195,40i; 62
246,779; 69
1,519,38L40
848,849. 97
567,, 550. 26
630,963.11
474, 074. 36
333,196:84
.407,818.86
627,536.51
1,59*4,897. 95
812,400. 47,
928,,07O 94
298.518. 72:
791, 057.10
170,468.97
•246,713.41
21,985:17
$219,982.87
49,110 43
161,491. 58
364.375. 42
75,293.95
85,583:53
28,922. 02
99,877. 30
246,933.45
33,767.70
48.801.17
505,342; 42
233.936:12
196,483.32
103,772.76'
215.543. 27
156.936. 93
55,239. 40
97,004. 07
218,453.93
317,902. 94
203,810 08
184,726.02;
238, 921.01
51, 634. 81
109,325.45
25,142: 53
(17)
'
(18)
Totals
n.
o
>^
(19)
$48.78
, $4,303,363.37
713.47
88,350 71
190 20
3,258,360 78
1,201, 88
,.2,750,516.84
64,924.64 $116,545. 69
10,004,493.62
302,06
12.208. 20
4,187,388. 68
74,106.06* • • 1,73i; 558. 42
754.664.87
150,697. 51
.05
3,248,532.23
6.447.764. 63
1,863,933.11
5,107.23
7,512.46
2,731,373,34
62.812.80
8.592,509.80.
11,398.20
4,617,326.96
31.773.166,096,848.10
5,574,306.74
7,257.60
3,589,698:98
3 783 QS*^ 12
2,511.803.87
2,222,480.81
5,402,282.45
6i:355.12
'
i6."89' i 33,740 06
7,215,280.83
6; 290, 222.12
9.90 i 31,814,89
2,672,132.00
6,020,694.08
"'3,"872,"70' '
" " " i 8 7 . " 4 3 ' ' 5,809,20= ;
6- 139,'564.9lr
5, 664, 517-.09
13,839.60
54."40"
2,590, 6 7 ^ 12
zn
o
>.
n
o
feJ
zn
d
N'ew Hampshire.
NewJersey
........ _
New Mexico.- . . . New. York .
North .Carolina.
North Da:kota .
.. .
Ohio„:......
...
Oklahoma..
.
Oregon..-.-.:.
Pennsylvania
. ..
Philippine Islands
Puerto Rico
Rhode Island
South Carolina
.
South Dakota
Tennessee
...
Texas
.
. . .
Utah
Vermont
Virginia
Washington
West Virgmia
Wisconsin
WyomingTotaL-.
50.000
50,000
50,000
50.000
50 000
50.000
50,000
5,0,000
50,000
50,000
50,000
50.000
50,000
60,000
5Q,000
50 000
50 000
50 000
50 000
50 000
50 000
60.000
50 000
.695.69
.42. 687.21
8,951.78
-.-.
.
25,000
92.35
40.50 $10,342,86
627.85 . 185,382.21
135.81
- - -
. 25,000
i, 199.42
599.71
2,746, 68
3,958.09
419.80
64.14
31,704. 39
-r— —
686.04
4, 099.85
137. 52
1,192. 62
2, 650 000 1, 208,488. 28
9,010.54
1,379.34
1,139. 45
1,659.26
2,938.59
164.97
537, 861. 57
627.76
1,283, 38
4,977.61
2,014,60
: 443.79
3, 598.27
1,943.06
563.73
6,325.45
. 299.86
563.73
195,725.07
100 000
76,000 00
173,443.25
1..54 - 5,752,42
33,486. 01
897.978.48
25.2,382,. 86
19,468..10
218,47"2, 67 •
48,:09.5.;32;
764.993,49
"•f'774r95'
3,531,768.96
252.394:24 " " " 4 7 . I 3 "
.601,190.:40
; 69,102:56
.2,124.30
158,379.83
440,926.36
87,895.99
1,475,553.41
198,064. 76
4,663.63
951,113,52;
• 68, 259, 24 ""2,"962.'06'
9,767. 52
486,908,31
599, 994. .31
2,096,813.97'
36.56. 38,010.66
191,432.06
365,939.97
327:437.41
242,012.76
638, 425. 69
1, 560,734.75
313,400 93
163,921:87
650,206.04
552, 613.86
267,428.68
825,444:06
136,493.87
32, 371,025:64
.43,876.48
;44,973.:70
143,708.53
54,644, 23
224,999.46
413,956.04
42,080,46
36,778. 00
196, 685.07
96,986.93
108, 663.51
228,496.24
36, .829.-59
. 1,"297.29
6,727. 26
L27
1, 579.36
129. 24
44, 576. 06
16,26L00
1,604.80
1. 081,,213,16
:3„471,701.76
3;464,;9810.14
12,636,913.59
4,;799:3Q8.28
2,834,029.00
9;401,567.78
,4,449,567.76
3,93'6,678.77
.9,760,068.89
299.86
288:160.27
1,394,635.10
3,004,202.05
3,201,768.91
6,363,717.71
12,340;246.77
2,436,659,05
1,185,034.11
3,978,131.44
4,021,145.19
2,775,-796.26
6,113:546.46
3,078, 564. 27
8,717,:691, 87
76,727.76
717,150.12
224,501, 217,76
66.69
121.63
6,330.60
-.
11,847.90
6,126.70
•'
1 Columns 1 to 8, inclusive, based upon figures furnished by Department of Agriculture; columns 9 to 13, Inclusive, and column 17, based upon warrants issued by Treasury
Department; column 14 based upon figures furnished by the American Printing House for the Blind; column 16 based upori figures furnished by the Chief of the Mflitia Bureau,
War Department; column 16 based upon figures furnished by the Federal Board for Vocational Education; column 18 based upon figures furnished by the Director of Finance,
Veterans' Administration,
2 Payments shown in this column were from following special fund appropriations:
Oklahoma: "Payment to Oklahoma from royalties, oil and gas, south half of Red R i v e r " . . - .
$10,342.86
Oregon:
"Coos Bay wagon road grant fund"
....
" T h e Oregon and Cahfornia land grant fund".-
>d
O
o
zn
o
>
K!
O
W
..._..
.....
.
.
.
.
17.677.75
167,704.46
185,382.21
NOTE.—This statement does not include appropriations made by Congress for direct relief or loans to States on account of fioods, hurricanes, fires, drought, etc.
>
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Kl
00
00
386
REPORT OF THE SECRETARY
OF THE- TREA<RiY
PERSONNEL.
T A B L E 50.—Number of employees in the departmental service of the Treasury in
, Washington, by months, from J u n e SO, 1982, to J u n e 30, 1988 ^
B u r e a u , oflice, or division
A c c o u n t s a n d Deposits
Appointments..—
B o n d roU (miscellaneous)
-..
Bookkeeping a n d W a r r a n t s
..
Budget..
.
Chief Clerk
, Coast G u a r d - - . .
Comptroller of C u r r e n c y .
Customs
—
Disbursing clerk..
..
.
Engraving and P r i n t i n g . . . :
Federal F a r m Loan 2 . . :
I n d u s t r i a l Alcohol
Internal Revenue
Loans a n d C u r r e n c y . .
Mint..-.
Narcotics—--—
....
..
Public Debt
......
P u b l i c D e b t Accounts a n d Audits.
P u b l i c D e b t (miscellaneous)
Public Health
Register of t h e T r e a s u r y .
Secret Service
Secretary...
Supervising Architect
Supply
...:.!.....:....
Treasurer of t h e U n i t e d States
Total.
B u r e a u , oflBce, or division
Accounts a n d D e p o s i t s
Appointments
...
B o n d roll (miscellaneous)
Bookkeeping a n d W a r r a n t s
Budget
Chief Clerk...
Coast G u a r d
ComptroUer of C u r r e n c y
Customs
..——^
D i s b u r s i n g clerk
Engraving and P r i n t i n g . .
Federal F a r m L o a n 2
.
I n d u s t r i a l Alcohol
Internal Revenue
Loans and Currency
...
Mint..
..
Narcotics
Public D e b t . . .
P u b l i c D e b t Accounts a n d A u d i t s . .
P u b l i c D e b t (misceUaneous)
Public H e a l t h . —
. Register of t h e T r e a s u r y .
. Secret Service
:.
..
.Secretary
Supervising Architect
Supply
T r e a s u r e r of t h e U n i t e d States
Total.
September
' 43
23
6
73
33
"426
194
318
192
26
4,396
137
162
3,386
' 883
13
103
, 24
116
31
201
338
11
46
798
198
43
• 23
6
'••72
• 33
427
194
339
191
'26
4,378
136
152
3,387
' 877
13
102
' 24
116
30
201
336
11
45
.794
197
893
43
22
6
73
32
434
192
342
191
26
4,360
135
150
3,417
'• •872
13,
102
> 24
116
30
200
334
11
45
. ,780
' 199
7432434
194
346
191
: 26"
4,342
135
150
3,424
> '872'
13
103
-23.
116
30
201
332
11
- 46
, 778
203
13,064
13,046
13,038
13,036
July
'^•-4423
6
> 76'
32
•438
196
319
194
'•26
4,412
139
152
3,405
889
13
105
26
116
32
201
339
11
45
805
210
901
13,163
January
Octo- N o v e m - Decern •
ber
ber
ber
August
June
Febru- March
ary
Aprfl
43
23
6
74
34
436
194
348
192
26
4,304
134
150
3,416
874
13
101
24
116
30
198
328
11
45
792
43
22
6
74
34
433
194
352
191
26
4,294
136
149
3,412
872
13
102
24
116
30
199
324
11
45
792
215
43
22
4
74
33
433
194
370
191
26
4, 291
130
148
3,405
872
13
102
. 24
116
29
202
321
11
44
791
215
882
36
430
191
382
190
26
4,267
134
146
3,398
871
13
102
24
116
29
202
318
11
44
790
216
877
13,002
12.987
12,986
12,956
22
.6
74
43
'22^
. 43:'-.;..-^22-^ .:-t>:=*i? 23
.:jf;.i) 6
. 3 5 ^i::m 34
434^
.-195^
• ' ' • 3 ^ ^ >'^'^i'ni%
- a9'2 nt^^ti92
•• ' 2 6 ^ •*^3:;i-£: 26
4,330' 'f> ^4fi313
137'
138
• "150
150
3,4i8 : 3.415
I' ,:373;. -^' • 875
., 13
l-.402i ••U-. J. 102
<-,viv24^' .V
24
116^ ;v
116
30
30
200
198
331
328
11
11
46
45
796
,», 792
201
201
884
13,030
13,013
Increase
C-4)'or de
crease
.(-):(iur.
ing year
May.
June
43
22
, .,6
' 74
37
427
190
391
190
26
4,244
43.
- 22
6
74
, '37,
• '421
190
403
190
25'
4,214
146
3,388
.870
13
102
24
116
29
201
315
11
44
, 789
205
-
146
3,378
:^ "863
^r 13.
101
24
113
29'
, 199
311
, .11
44
786
198
854
12,770
12, 695
'
.7 - 1
.J - 1
P5
1-17
' -6
;.:"+84
.- - 4
. ; -1
.,,-^139
... > - 6
•S'r--27
;;J'5-26
, -4
-1
-3
-3
-2
-28
-1
-19
-12
-47
-458
1 T h e figures in this table show t h e actual n u m b e r of n a m e s appearing on p a y rolls for t h e period covering
t h e last half bf each m o n t h .
. '„ • V
2 Federal Farm Loan transferred from the Treasury Department on May 27, 1933.
. '..'.\"',^
REPORT OF THE SECRETARY
OF T H E
:387
TRE>AStr'RT
T A B L E 51.—Number of employees i n the departmental and field services of the
Treasury on J u n e 80, 1932, and J u n e 30, 1933
J u n e 30,1932
: , - Increase ( + ) or
decrease (—)
Jurie 30, 1933
B u r e a u , oflace, or division
Departmental
Coast G u a r d
;. Custorns
-v
vr F e d e r a l F a r m L o a n L .
\ I n d u s t r i a l Alcohol
1: I n t e r n a l R e v e n u e
.
•* M i n t . . ' - :
i..
.....
•,-vNarcotics
—.
>t| P u b l i c D e b t . . . i
-:-.-;,vPublic H e a l t h . . :
......
> Secret S e r v i c e . - ^ _
-y Supervising A r c h i t e c t . . . . . .
,; lAll others _ , _ . . . . » . - . .
.%.. •.
^•^'
TotaL..-:
.:....
w.K
.
'-v •
196
- 194
139
152
3,405
13
*105
1,407
201
11
805
6,525
13,153
Field
Total
12,462
9,296
111
1^552
8, .371
657
320
. 16
10,971
160
8,086
12, 668
9,490
. 250
1^704
11,776
.670
425
1,423
11,172
171
8,890
6,;626
65,054
51,901
Departmental
Departmental
Field
Total
190
190
10.970
8,943
11,160
9,133
i46
3,378
13
101
1,340
199
11
786
6,341
12, 695
1,494
8,282
515
307
16
9,603
161
8,631
1, 640
11,660. 528
408
1,356
9,802
172
9,417
6,341
48,922
61, 617
Total
Field
- 6 -1,492 -1,498
-357
-353
-139 V,-iii- , -250
-••,;-64
'.-• ^ 6 - • - 5 8
' • • • - 2 7 : " . : - 8 9 . . .^:T-116
' - 4 2 ; : . r-42
-.^i:\-i7
. ^ ^ .' - 6 7
-67
.• - - 2 , '-^i.les" - 1 , 3 7 0
'- + 1 .
'+1
""-\V. . +546:; ,::-h527
: -184..
,. Hl84
-468^ - 2 . 9 7 9 -3,'437
----
. •.•:
•h 1 Federal Farm Loan transferred from the Treasury Department on May 27,1933. ;•';
; :
; '"ll
T A B L E 52.—Number of persons retired or, eligible for retirement, retained i n Ahe
departmental and field 'Services of the Treasury from Aug. 20, 1920, to Aug. 3 1 ,
1933
,
'
•• • ^ ^ ^ •••' " . y " .'••-•:•
Rethed-^
B u r e a u , oflace,' or division
Onaccount of
age
Retained
^^'
Involunt a r y sepaOn account
ration,
of disabflity
15 y e a r s '
service
;Tptal
DEPARTMENTAL.
Accounts a n d Deposits
Appointments
.-.-..
Auditors
Bookkeeping a n d W a r r a n t s . .
.;
Chief Clerk
Coast G u a r d
Comptrofler of t h e C u r r e n c y . Customs
Disbursing C l e r k :
Engravirig a n d P r i n t i n g
General S u p p l y C o m m i t t e e .
I n d u s t r i a l Alcohol
::..
Internal Revenue.
.
Loans and Currency
.:
Mint.-..•-•-.--•-::
.
.
.
1
2
..
1
1
:....
-.
.
Narcotics:
Printing:;
....
Prohibition
.-.._
:.
:
.....
P u b l i c D e b t Accounts a n d A u d i t . : . . .
.
P u b l i c D e b t Service
...
. .
Public H e a l t h . . . : ..:
.:
Public Moneys
...
Register bf t h e T r e a s u r y . . . . . . . : . : ;
....
Secret S e r v i c e . — — .
:
...
Secretary.
:.:..
:
.' .. . ... ..
Supervising A r c h i t e c t Supply:!..
J...
Treasurer
..
:-:
:..
W a r Risk Insurance
.;
..:
-_....
Total departmental... .
•
..
.
.
.-.
.
.-..-..
:.
.
.
.
.—...
....
.:...
:....
3
•
8
....
42
7
96
14
1,.166
-
18
688
1,209
52
327
264
1
•'••
^
• • • • • ' - • - 1 '
16
_ " .
1
3
11
5
26
7
12
2
1
-296
. ..
•
' •
• • ' • • •
7 6 ' -
2
6
98
14
113
16
47
9
2
.1
1
• ' • • • ' • ' •
" - . . . ; :
:
" • ' • ^ ^ 3 , , - ,
.
•
76
73
1
1
2
- 3
5
6
1
50
1
2
22
, .?.
•
,
-
,0
•••
5
- ^ 163
^ lis
'
2
•
•
-
.•
. c : .
<-
,, ,:: '',
••••i'''
•
'••
• • • ;
3
,i
••- ' • "
.--..---
••
2
2
5
•
6
5'''^
1 1
•- 15
" • • : • , ; 3 '
'
'i:"'.^±
-••\i:
^
'•
4
,.:•- .:.:,
•':'•-.•':'
• '^
,^-:.-.;••;
:-.;:-
145
.
•,'•
,
1
3
' 8 8 9
• , ; ; • • • . . " •
5
2
6
6
3
27
9
• '
'
78
10
2
66
14
241
••
1
762
2
225
290
14
85
. - 34
-.-.: --. :'.. i'^
-e-
28_^ " ": 1,966
::':
-—
20
916
1,503
71
516
301
- 2
^:: - : • 27
120
28
66
4
'5
104
,3
• • • '
'
^
•
-
•
•
•
-
..
•
'
^
^
^
"
.
. .
24
3
7
T o t a l field..
Grand total.-
-^-.-..
-.
FIELD
Coast G u a r d - - - . .
.-.
Custodian.
..:
,
Customs--.:...,..-.....,:.
Industrial'Alcohol.-..
.—
Internal Revenue
M i n t ^ a n d Assay
.........
' N a r c o t i c s . . . - ' ;_ .
Prohibition
.
Public H e a l t h . .
' .
..
Subtreasury
1
1
86
9
86
8
35
7
2
580
2
4
81
46
1
1
2. 675
701
166
3,631
15 !
3.841
1,463
183
6,487
!
INDEX
[NOTE.—The year, except when otherwise indicated, refers to thefiscalyear ended June 30]
A
Accounts and Collections Unit. {See Internal Revenue Bureau.)
Accounts and Deposits, Office of Commissioner of:
Administrative officers, November 15, 1933__
Administrative report
.
Acts of Congress, Seventy-second Congress, July 21, 1932, Public No. 302,
section 308, authorizing additional appropriation for sinking fund
Acts of Congress, Seventy-third Congress:
Emergency, review of
March 9, 1933, Public No. 1, providing relief in existing national
emergency in banking
May 12, 1933, Public No. 10, Title III, financing and exercising power
conferred by section 8 of article 1 of the Constitution: To coin
money and to regulate the value thereof
•
June 5, 1933, Public Resolution No. 10, assuring uniform value to the
coins and currencies of the United States
June .12, 1933, Public Resolution No. 11, extending for 1 year the
time within which American claimants may make application for
payment of awards of the Mixed Claims Commission and the
Tripartite Claims Commission
June 16, 1933, Public No. 67, section 210, authorizing additional
appropriation for sinking fund_
•June 16, 1933, Public No. 67, sections 211 to 219, providing for reemployment and relief taxes
June 16, 1933, Public No. 73, extending gasoline tax for 1 year,
modifying postage rates on mail matter, and for other purposes
Adjusted service certificate fund:
Certificates of indebtedness on account of (revised daily statement
Page
xiv
45
186
13
187
191
194
266
186
204
207
Changes, 1933
352
Outstanding, June 30, 1933, description of issues
339
Condition, June 30, 1933
55
Estimated expenditures, 1934 and 1935
19
Expenditures
280, 301, 313
Loans from Government life insurance fund
62
Receipts:
Amounts, 1933 (warrant basis)
2.87
Discussion
7
Transactions, 1933
11, 55
Treasury notes on account of, issued, retired, and outstanding, June
30, 1933 (revised daily statement basis)
334
Adjusted service certificates, financing operations
11
Administration for Industrial Recovery. {See National Industrial Recovery Administration.)
Admissions tax, receipts:
1916-1933
318
1932 and 1933
-_-- 2, 318
1933, actual; 1934 and 1935, estimated
327
Agricultural Adjustment Administration {see also Processing tax):
Emergency expenditures, 1934 and 1935, estimated
..
20
General expenditures, 1934 and 1935, estimated
19
Agricultural aid, expenditures on account of; 1932 and 1933_.
7
Agricultural Commodities Act fees, receipts, 1933 (warrant basis)
283
Agricultural marketing fund, expenditures
6, 7, 280, 297, 301, 313
389
390
INDEX
Agriculture, D e p a r t m e n t of:
" ^ - -Page
Apprppriations, 1934
li_:___2___^-~ 331
.„ Expenditures.--____.;__;i____
1__' 280, 292, 300, 313
Air Service expenditures,. 1 9 3 3 (checks-issued basis):
^'"
.. . Army*Air C o r p s . _ _ ________'
i
296
Commerce D e p a r t m e n t .
;
*_L!_'__'
292
National Advisory C o m m i t t e e for Aeronautics
-S
± . J ^ 290
N a v y Aeronautics Bureau._^
i
294
Aircraftr '
;
•
\
^
» - .^r
Airplanes entering United States, 1933
-___-_
-__: » -^84
Coast Guard reporting system
:.
'
_ i _ - 77
Sanitary control. Public Health Service cooperation
:'
'
1 _ _ ' 133
Alaska. (>See Territories, governnient in.)
Alcohol, production, 1932 a n d 1933
L___^-:__:_.lJ__f_ - 100
Alien P r o p e r t y Custodian, expenditures^, 1933 (checks-issued basis)-_'_-•_' '" 290
Alien property t r u s t fund:
'•"
'
- '
'
-' -rr > ^
^
Condition
i
j
^66
Expenditures.
r
'_>^ ' 301
American Battle M o n u m e n t s Commission: ~ . ^- .
^
Appropriations, 1934_ ______;
..
l.i:^_."'331
• Expenditures, 1933 (checks-issued basis)
i"
»:
290
American National Red Cross:
•
^ -. ^^ v
Expenditures, 1933 (checks-issued basis)
:___*
i
^
^
.
^ = 290
'
- Receipts, 1933, gifts and contributions
2--.i.J
L__^.J- ^ /284
'^
Appointments Division, administrative report
_
1
^
? ^71'
»
Appropriation accounts, change in system of keeping: ^ . ' - ^ '
..
>-- "
^
Discussion
______i__
^ -_'
^ '45
^
Executive order no. 6226, providing for current encumbrance r e p o r t s .
269
Appropriations:
'
^
- ,
"<.-.'
...., 1934, c l a s s i f i e d — . . - ..
J
'
' 331
1935, estimates, classified
;
^-. _
331
' * • Emergency, review of
-__
I
:-15
Federal aid t o States, 1934, classified
^ 379
Architect, Supervising:
Administrative report
_-.;
>
_
141
; • Supplies, 1930-1933, c o s t o f
147
l:^ll Transfer of office to Division of Procurement
1
34
Architect of t h e Capitol, expenditures, 1933 (checks-issued basis)
'_'-_.
290
Arlington Memorial Bridge Commission:
'
' . •
' i . T
^ Appropriations, 1 9 3 4 . . _ _ : - ^
"
_'__'__
33L;
Expenditures, 1933 (checks-issued basis)
:
L
•
^ ' 290""
Armenia, obligations t o United States, status, November 15, 1933- J
1 - ^ 376
Assay offices. {See M i n t Service.)
»- '
Assessments, receipts, 1933, classified (Avarrant basis)
-- l . ' - . '-283
Assistant Secretaries of t h e Treasury, 1933
-' ^xiii
Attorneys a n d Agents, Committee on Enrollment a n d D i s b a r m e n t of:
» ^^l
. , Administrative r e p o r t . _ _ _ _ _1
i--^
91'^
•• * Personnel, November 15, 1933
i
-'-_ ^ x v i
Austria:
Obligations t o United States:
.Payments due a n d p a y m e n t s m a d e
28^
S t a t e m e n t b y Secretary Mills, December 1, 1932, announcing
" • '-'
postponement of p a y m e n t due J a n u a r y 1, 1933
' 208
Status, November 15, 1933
'l-.i
^--7-,-^^, 376"
: ;. P a y m e n t s t o Austrian,nationals, awards of W a r Claims A r b i t e r . - 1 - ' '' 50'
T r i p a r t i t e Claims Commission awards
;
1"- J 51
Automobile t a x , including tax on trucks, tires, a n d p a r t s 'or accessories
{see also Customs) receipts:
:
1933..
.---:i
' - - - 2,327
1 9 3 4 a n d 1935, e s t i m a t e d _ _ . _
--.
327
^:;
. ^
Bank Conservation A c t - . .
Bank holiday:
Discussion
•:..
.„
----
^
B
^
'
"
,
'
•
^
>
.1^^-^
• ^
22
WDEX
391
Bank holiday—Continued.
.
;.
j[gS Executive orders:
:
Page
^In ,00^ MarcfclC),' 1933, providing for the reopening of banks during the .
bank holiday
__.._.^_-,_.__---.______,-__;^_;..__; ; .196
QQ2
March 18, 1933, providing for the appointment of conservators';
Wv:
.. of certain State banks
..-__^__---^-^-__*_ ;- 197
OCcj! Proclamations by the President, declaring and continuing the barik
iW:2 holidayl__-.
1 _ _ . . . . - - . . - - - _ — -_-._-____-___---_;.-_: . 194
Bank notes. {See Federal Reserve bank notes; Federal Reserve notes;: . ' .
l^tNational bank notes.)
; - .
^
.
Banking einergency. (>See Money and banking measures.) :
;•
Bariks. (;See. entries beginning .with word Bank; Federal intermediate,
credit banks; Federal land banks; Federal„ Reserve banks; Joint stock
OCland banks; National banks.)
,Banks for Cooper.at.ives, creation and finanGing_ _ _ _,
^ ____________ •
16
Bases used in tables of receipts and expenditures
__^^_____.. 275
Belgium, obligations to United States:
iir^H Intergovernmental correspondence
-___^_
211
Payments due and payments made.
- _- ___- _
_ _ _ - _ _ — _ ^^
28
ItK Stateinent of Treasury Department, IDecember 15, 1932, covering.payr
O f ; ments due that day and not paid.-.-__.__
CS
—:
.
210
Status, November 15, 1933
1
_^_______.--_--._^_..
376
Beverages, tax, nonalcoholic, soft drinks, etc.,.receipts, 1918-1924 and
m933 (collection basis).
.-._.---__...__ — -- — _-—_
.__319
Board of Tax Appeals. (iSee Tax Appeals Board.)
,
Boats, tax receipts, 1932 and 1933 Xcollection basis)..._
. ....l.317
Bonds {see also Federal land banks; Joint stock land banks; Liberty
C>f'bonds;-Treasury bonds):,. . .
>
, ,'
. • .
,
Forfeitures, receipts, 1933 (warrant biasis)
.
--.-.^
283
l^l Outstanding, June 30, 1933 (revised daily statement basis): .
it"'
Description of issues
....._-^-_.._^._,.-..- ; 336
Ci
Issued, retired, and outstanding, by issues
.
...
. . . . . . 333
^5Yi: Pre-war:
. •; ,• -, - ,
... . „ . • - • - • • .
Changes, 1933, by issues (revised daily statement basis),.-_:.___._
350
It^?
Transactions (revised dail}^ statement basis):
tt!
Interest-bearing, 1933, summary__.,.-_._-I_:._--;-.._____-. V 349
11
^^
Non-interest-bearing, 1933, by issues. .
^._._.-_.-.^._-_ ; 353
UQ^ Transactions, J.une,:_tl932-October 1933, interest-bearing, summary___
357
Bookkeeping and Warrants Division, administrative report_-____K------68
Botanic Garden, expenditures, 1933 (checks-issued basis)__^--_-_----_-^ .290
Brewer's wort, malt, grape concentrates, tax receipts, .1933,, actual; 1934
>a,rid 1935, estimated.;^.^u..^..^^-^..-^;......-.-.-----.
^l....,.,.,.^' ..327
Budget and Improvement Committee:
•
:
il^'^ Administrative report
.i.^...^.-^:.^-^
_..i4:-_--^_._^^-_-._', ,72
i 1 ^r Personnel, November 15, 1933
- - _ _ _ _ — - - - - - - - - - - - - ^ - - - - -^ - xvi
Bullion {see (iZ.so.;.Gold;bullion; Silver bullion), deposits._-'-_-_.._ : 12*6,
Butter (adulterated, process or renovated) tax, receipts, 1932 and 1933
: (collection basis)
__------__-_......_.__I318
C
....
Cable niessages.,.(*See-Telephone, telegraph, radio, arid cable" inessages,
^(baxes.)'""•'""'"•' ' " \ i - . „' "''.,. ," ..,. " ,
/'., ' ; ' ' .,
Cameras. {See Sporting'goods, carrieras, and lenses, taxes!)
Canal Zone:
. . . ^ { . . - y ,'.,.,, ,„-••>
^, n •. .
.'...•:
' .'I
• ',
,
': ^ Receipts, 1933i taxes, licenses, firies, etc: (Warrant basis) _ - _ ; - ; - . _. .
^
282
Retirement .and disability fund:
"
^
Condition, Jurie"3b, 19331
:;___._. —___'—_----_.-;_ ' 58
;^r; y Expenditures
:_-_._ — -_- 280, 302
^•^ ' Receipts, 1933 (warrant basis).
'--.....
^
287
Treasury notes on account of (revised daily statement basis):
Changes, 1933
352
Issued, retired, and outstanding, June 30, 1933
334
.y.^1
Outstanding, June 30, 1933, description of issues...^ - - r 338
Candy arid chewing gum tax receipts, 1933 actual; 1934 and 1935, esti, mated
.
; 1_. _
327
392
INDEX
Page
Capital stock stamp tax receipts, 1932 and 1933, sales or trarisfers (col- " '
, lection basis)
._.____.
_._;..__^
. . 1 _.
317
Capital stock tax:
Provisions f6r_._
18
Receipts, 1917-1930 (collection basis)
319
Refunds, 1933
._.
...._
...I..
103
Certificates of indebtedness:
Changes, 1933, by issues (revised daily statement basis).__;._
--.-' 1 351
Expenditures on account of, 1933, by months (daily statement basis) _ 315
Offering of series, dated:
December 15, 1932, series TD-1933, ^ percent...
— _.._.._
157
March 15, 1933, series TAG-1933, 4 percent
.._._
162
March 15, 1933, series TD2-1933. 4 ^ percent
.
. . . V 162
June 15, 1933, series TM-1934, ^percent
__._
._.
167
September 15, 1933, series .TJ-1934, J4 percent.
.._;...._
174
Outstanding, June 30, 1933 (revised daily statement basis):
By issues
_._._
334
Description of issues
:
- - - - . 339
Subscriptions and allotments among Federal Reserve districts:
Series TD-1933
.l
.....
...__..-_
159
Series TAG-1933-i;
.....__
. . . . I . . : . : ' ' 163
Series TD2-1933
.
.......;
....
1(53
Series TJ-1934
.
_.-__-__...__
175
Series TM-1934
.
_:.._____-:___._
169
Transactions:
1932, June-1933, October, interest-bearing, summary.._^.._
357
1933, interest-bearing, summary (revised daily statement basis)- : 349
1933, noninterest-bearing, by issues (revised daily statement'^'
basis)
.
._.__...
354
Checks, tax on, receipts:
1933 (collection basis)
.
2, 318, 319
1933, actual; 1934 and 1935, estimated
_._.327
Checks-issued basis, explanation
..
..
276
Chewing gum. {See Candy and chewing gum, taxes.)
Chicago World's Fair Centennial Celebration, expenditures, 1933 (checks,
issued basis)
---, .
ll.___J—[
291
Chief Clerk and Superintendent,.Office of, administrative report-_---—_
\73
Cigar taxes, receipts, 1932 and 1933 (collection basis)
__-l—__ .317
Cigarette papers and tubes tax receipts, 1932 and 1933 (collection basis) _ ; '317
Cigarette tax. (^See aZso Tobacco taxes):
j
Receipts:
/
. ',
1932 and 1933 (collection basis)
.- —
- - ^ 2 , 317
, Analysis
--:—-_..—"_
3
Circulars, Department:
'
, ^
No. ,9^2, revised, second and third supplements, special deposits of ' , .
public moneys under the act approved September 24, 1917, as
amended
.
_-.
. . , 267
No. 176, fourth supplement, regulations governing deposits of. public
moneys and payment of Government checks and warrants. .----.- - _ 268
No. 471, Treasury notes, series B-1936, 2% percent, December, 15,
1932
.-_-....._.__-_-_—
157
No. 472, Treasury certificates of indebtedness, series TP-1933, %1:
percent, December 15,1932
^. I ^
__;.__.,_.
158
1 No. 477, Treasury notes, series A-1938, 2% percent, February 1,1933. _ 160
No. 481, Treasury certificates of iridebtedness, series TAG-1933, 4
•
percent, and series TD2-1933, 4Kpercent, March 15, 1933. J . . ; . . - .
162
No. 482, Treasury notes, series C-1936, 2% percent. May 2, 1933
-.
165
No. 488, Treasury notes, series B-1938, 2% percent, June 15, 1 9 3 3 - . . - 167
No. 489, Treasury certificates of indebtedness, .series TM-1934, | i
percent, June 15,1933
- . — J.
.—
167
No. 490, Treasury bonds of 1941, 3K percent, August 15; 1933_.__-.__
171
No. 491, Treasury notes, series B-1935,1% percent; August 15, 1933.__ 17^2
No. 498, Treasury certificates of indebtedness,. series TJ-1934, }i
percent, September 15,1933
:
.
.--.—
175
No. 499, Regulations N o . 9, p a y m e n t s on account of awards against;
f
H u n g a r y entered b y t h e Tripartite Claims Commission
> r^^: 264
INDEX
,
393
Circulars, Departinent—Continued.
Page
No. 501, fourth Liberty Loan, call fbr partial redemption on April 15,
1934....
.
_.___.
176
No. 502, Treasury bonds of 1943-45, October 15, 1933, 4K-3>4 percent
_:
...__._
180
Circulation of money in United States. {See Money.)
d v i l Service Commission:
Appropriations, 1934
-J_____
: - 331
' Expenditures, 1933. (checks-issued basis)
. ^ _ _ - _ _ - _ _ 1: _ - - _— _ _ _ 290
Civil service retirenient and disability fund:
. Condition, June 30, 1933
.--___ — _.
....
56
V Expenditures
.......
.-__._-___-.___--__-_ 280, 301, 313
;; Receipts, 1933 (warrant basis)
--__
.
287
;:' Treasury notes on account of (revised daily statement basis):
:•;,
Changes, 1 9 3 3 _ . . - . _ . . . . . . . . . . . . _ ^ - - .
.. 352
Issued and outstanding, Jurie 30, 1933.__-__
334
Outstanding, June 30, 1933, description of issues
__- 337
Qivil/Works Administration:
Appropriations, 1934-. :,-_..___._^__
331
;; , Estimated expenditures, 1934 and 1935
;-_
20
, Civilian Conservation Corps; {See Conservation Work, emergenc3^)
Coast Guard. (^See a/Iso Personnel):
'
':- i Activities reviewed
38
,^' Administrative officers, November 15, 1933
______--__
xvi
Administrative report74
, . Aircraft reporting system
..
77
Appropriations, 1933--:
80
'"•" ' Expenditures, 1933_________-___
80, 295
Ice-patrol service
75
• Law-enforcement activities
__
"
76
, Life-saving medals awarded
-._,80
= ^ Navigation, protection to
.
..
75
. Operations summarized
..-74
Radio activities
.__76
Reorganization and retrenchment
74
Coast Guard Academy____
78
Coast Guard Institute, activities
..
_ ______;__ i _ _
79
C|oin, United States. {See Gold coin; Minor coin; Standard gold dollar;
- -Standard silver dollar; Subsidiary silver coin.)
Coinage, United States. (/See Mint Bureau, administrative report.)
Colorado River dam fund, condition, June 30, 193366
Commerce Department:
Appropriations, 1934
331
Expenditures
280, 292, 300, 313
Committees, Treasury Department, personnel, November 15, 1933__---xvi
Commodity Credit Corporation, capital stock, appropriation for purchase
.of....___._.__.._._..
; _ - - 331
Comptroller of the Currency:
,, . Administrative officers, November 15, 1933_____
xv
Administrative report.-__80
Conservation work, emergency (Civilian Conservation Corps):
Appropriations, 1934
- - r — 331
^•.^.. Expenditures, 1933-_..____
^_____
__---____. 6, 7, 291
['';, Receipts, 1933 (warrant basis)
1_
, 288
Consular arid passport fees, receipts, 1933 (warrant basis) -_____..______.
283
Contracts, gold-payment clause in. (/See Gold-payment clause in obliga: tions.)
•
Cooperative Federal and State, activities. {See Federal aid to States.)
Copying fees, receipts, 1933 (warrant basis)..
:....,
___.;
283
Corporatiori taxes. (See Capital stock tax; Income tax.)
Cotton and wheat distribution. (See Wheat and cotton distribution.)
Counterfeiting cases.___-_-_._.
...
..-__:__
- - - - 140
Countervailing duties, collections, 1933, analysis.
86
Courthouses, expenditures for. {See Public buildings.)
Courts:
1,. Expenditures, 1933 (checks-issued basis)
__ —-293
Receipts, 1933 (warrant basis)
282
3 9 K
INDEX:
Page
Cuba, obligations t o United States, s t a t u s , November 15, 1933
3
376
Currency:
• '•
t • - /^
•...('
Eriiergency:
. • .-;
- 'f
A u t h o r i t y for issue of
- - - -1 _ _ _
^
•
^
_-_- ^-^^ 191.^
Discussion_
''25"
' "Legal t e n d e r qualities iattached t o a l l c r i r r e n c y issued b y t h e United ^
: '
States
^;'_"_-_l_^_L-Ji_-_'_^_-_-.-_'-_-^
-.
"___'^^ 26
•: Redeemed, deliveries t o Destruction Committee, 1933, b y kinds
j ^^127
Customhouses, expenditures for. (/See Public buildings.)
'^
j
Customs (see also D r a w b a c k ; Narcotics; Vessels):
- " ^'^'
[ Airplanes entering United States, 1933
•
84
\ Antidumping
•
i
-. 85
• ' Appraisements, 1933_L
'
1"
88
Autoiriobiies entering United 'States, 1933
•___:_'
"__- * 84
Countervailing duties, collections, 1933, analysis
:___86
-^' Entries, 1933, b y d i s t r i c t s _ _ .
_______-_:•__;
. _ - > • 325
Expenditures, 1933, b y districts
^__L'i____;
^__ •^-'32•5'
Exports, imports, receipts, 1929-1933__
'J.L'J'^" 37
^ '• - Fines, penalties, arid forfeitures, 1-933, •investigatiVe activities 1
I L . 85, 88
Information exchange
:_.:" ^ 87
; Markirig of iinported articles With country of origin_ _ _
^1..
86
^ ^--• New legislation
:
_ _L
87
Passengers entering United States, 1933
84
P o r t examinations
87
•:ji:^. Receipts:
_
. ,^,^,|
I^;'
1789-1933 (warrant a n d daily s t a t e m e n t bases)
303?
1916-1933 (daily s t a t e m e n t basis) _.
^
/ 2W^
> 1923-1932, .estimated duties,, value of dutiable imports, b v tariff <
U'..:
" schedules--___ J
'
__.__.
1
323
: ,
1923-1932, estimated t o t a l and ratio t o value of dutiable a n d
t o value of all imports
^
. c . . . 323
..i;,
1929-1933 (daily s t a t e m e n t basis, unrevised)
.
.'._
37
X;;
1932 a n d 1 9 3 3 . .
i
2
;^<^;
1932, J u l y - 1 9 3 3 , J u n e , by. m o n t h s (daily s t a t e m e n t b a s i s ) - 1 .
312
;:.
1932 a n d 1933, receipts, refunds, a n d n e t proceeds .(warr^ant
basis)
.
84il;;,
1933, b y districts (collection basis)-.
- - - . s- 32o
[f
1933, duties a n d tonnage t a x (warrant basis)
' 281
,$:: V ^i . 1,933,, fines a n d penalties (warrant basis)
1,
. ^ 282
1933, forfeitures (warrant basis)
1
' 283
'. ;,t
Analysis
__._.^.
. . . . 4, 37
;^,::^
Comparison with estimates
^
"S..
5
Refunds, 1933
.__._
297, 313^
iv Seizures, 1933
...'..
1 . .85,88
: . , , Seizures of imported merchandise bearing American t r a d e m a r k s
86
Smuggling
1 _ _ ^_ _ ^,_ _,^ . ^ _._^^ ^., ^ ^ . - . . .
1
8^
Undervaluation cases
, .8(7
Customs Bureau:
i.^- ^
^^ ^ ^
^,.v Activities reviewed
_-_
. 37
j ; Administrative officers, November 15, 1933
,---^
^ ^^
Administrative report
,.83
Expenditures
'.
295, 325*
; •;,. Investigative activities
i_.
87
•-[::: Supplies, 1930-1933, cost o f . . . . . . _ _ . . _ _ _ 146
Volume of business
^ 84
Customs internal revenue collections, 1932 a n d 1933
,
318
Czechoslovakia, obligations t o United States:
I n t e r g o v e r n m e n t a l correspondence
. . . . - . : ^ r _ _ _ ' J :-. 2I6J
'• P a y m e n t s due a n d p a y m e n t s m a d e - - . . . . . • i . . . . . ^ - - -^^ x 28
''* P a y m e n t s m a d e in silver--_
- s . . - . _ '^ 27
i '^?- S t a t e m e n t of Treasury' D e p a r t m e n t , D e c e m b e r ' 15, 1932, covering ,: ji:v!-JL
:'i':
p a y m e n t s received t h a t d a y ^ . . u
.^^LL..
__i._^
. . . u ^ ; : . . - ';;'210:
l-;-Status_-_^l:_----_---_.'__.I^t.__L-.-.—'—'-.-._
^._..-_..-._---..3^76:
INDEX
• ^3^'i'
^
395
D
Daily s t a t e m e n t of the Treasury:
* .-.^ .Page-,
Changes in form of
^
- - - - - 45; 268
lOiRevised a n d unrevised, explanation of
^
J..--_
275
De.ficit:
179.^-1933, for certain years (warrant a n d daily s t a t e m e n t bases) _._ _ _ , 303
Qil 1932, J u l y - 1 9 3 3 , June, by m o n t h s (daily s t a t e m e n t basis)
^ - - - ; 312
t<riFinancing^of^•-:,^- J^-^__..•.^••.•^;^..J^.,.^.^^^^....^<..
...,.^^......^,_.....-:, 9
Delinquent-tax receipts, 1932 and, 1933 (collection basis) ^_ _ __^'..':. _ _- - r - . • 3.18 .
Depositaries:
;=-,>>';
,.. . - .
,_1
, . .,:.
U^. Changes, 1933____
!__..:.___.____^__
__^^
. - - : - " , . 70
ci; Effect of banking emergency on
. . . . . . . ^ ,. 70
S'f., Interest on deposits
..-•.-•••:. 7 0
U^ Num.ber, a n d a m o u n t of Government "deposits, J u n e 30, 1933,, by;
Hg
classes
--^^._,__;i-..i-_^i,-^,—,_.___,__.______
.__.____,_. ^ 69
D.eposits, Division of, functions
_________-:____;
...
69
I J e p o s i t s of p u b l i c m o n e y s :
>
. . . .
ti: Regular:
;.,,;•
.:•• :
• -,....
• ''• 88 ,,;;.H D e p a r t m e n t Circular N o . 176, ;fpurth supplement _ _ _ _ _ . _ ______
.268
t g Special:
,,
.
r)V'.
D e p a r t m e n t Circular. N o , 92, revised second a n d t h i r d supple^ .
^^
ments
.'.
_ _ _ _ . _ ^ 1 _ _ _ _ . -267
D.estruction Committee, report
_.; - 130
Dj|bursing clerk, administrative' report i: J - _ - : _ . . . . - - _ ' _ - _
•-.^.
-— .
88
Distilled^spirits a n d fejrinented liquors: •'
: , Productiori' of"alfc6hbl;''deriatured aicohol, other distilled spirits, and
'^•^'
wines, 1932 a n d 1 9 3 3 . .
._
.........^1 _________
100
Prdvisidiis fOi' tax o n : : J
. . . ' . ' 1 ________:
___;____________^__17
^'^ Tax receipts (collection.basis):
• -'
y1916-1933.___----___-_;.-___._.-_i:_---i-:____j:r___
318
1932 and 1933, classified
______:.
317
^'^
; 1933/actual;-T934 a n d 1935, e s t i m a t e d _ . _ _ _ ; _ - - - _ - - _ - _ _ _ . : _ - .
327
'^0is6ussic)ri::';C-_L__^;'..;._'___..":_'____ ___•__
_:.________;-;_'__
4
District of-Columbia:
' ^^ Account, transactions, 1925-1933'_ i _ ; - - _ - _-_'-; - - - - - _ - _ _ _
_-_69
••''I'- Appropriations, 1934- -'.''.li'.'..LLi l . U . _ _ - _ - - _ _ _-^ _ : . . ! - . . _ _ ; _ _ _ ; _ i _ _
331
:"'^ E x p e n d i t u r e s - - . : _ - - : _ _ _ _ _ _ _ _ _ ^ _ _ _ : _ _ _ _ ^ - _ - - - - - 280, 297, 300, 313
: - r Receipts, 1933:
''
' '
•
Revenue and nonrevenue, by funds
_-^^____-i_;-_
288
\ ,, ^ ^ United States share of
_:___'_-'_____-___-_-__
. 286
Ejis'trict^'of Columbia teachers' retirement fund:
^
; , .
;;f ^Condition, J u n e 30, 1933
..--..,
_ _ - - - - : - - - - - _ : - _ " 59
^•\ E x p e n d i t u r e s L i ' _ _ I - : ^ i : _ ^ - _ ; _ _ _ i - ; ^ - _ _ - j _ - - ° - - _ _ _ - - - . - _ - - _ - : _ . l l _ 301
Dollar. {See Standard gold dollar; S t a n d a r d silver dollar.)
Drawback:
•
''
Customs investigations, 1933
,
__'—^--J-I88
' ^ Customs transactions, 1 9 3 3 . - - .
.-.-..
_ _ _ _ ! . _ - _ _ _ _ : i _ _ _ _ ; _ ' ' 84
,^:f P a y m e n t s , 1932, by d i s t r i c t s . ; ; i _ - _ _ - _ i - _ _ - ; _ - _ _ ^ _ - - : : - - - ^ ^ _ _ : : _ - _ •
325
J&iocs.tax:•':
• " ' ' '••••"• ' ' - 1 .
If''^^ Receipts (collection-basis):
> ;
'/•
1932 and 1 9 3 3 _ _ _ - _ _ - - : : - - _
_ ; - _ - - J . _ _ _ J j - - l : - ^ ^ 318
;X
1933, a c t u a l ; 1934 a n d 1935, e s t i m a t e d - - - - - - . : — . _ _ ; - _ _ _ _ _ L _ ; ^ ' 327
?<!>•
.
.
. . ;- r
-: , .
E c o n o m y legislation:
.-./..
, ,
.
..< . .
'U Effect of, on expenditures
j.v--^----—--:
^-_---_-,-;•; Provisions of
-_ — — -^
-____/;.
Education^ Office, expenditures^^: 1933 (checks-issued basis)__-_•....--.-_•..•__ ,•
Effi-Ciency Bureau,, expenditures, 1933. (checks-issued b a s i s ) _ _ ^ - _ ^ - - - _ - ^ _ .
Eie'ctrical energy, tax receipts, 1933 a c t u a l ; 1934 a n d 1935, e s t i m a t e d - ^ . . :
Emergency Banking Act
8
17
293
290
327
187
u r
' . ' :'....E^'
•• '
. > •
• •-; " /
.
396
INDEX
Emergency conservation work, expenditures:
Pate
1933 .
.
'
'
7
1934 and 1935, estimated
— "_..
20
Emergency Fleet Corporation, capital stock owned bv United States,
June 30, 1933
._..
Jl
367
Emergency Relief and Construction Act, section 308
186
Employees. {See Personnel.)
Emploj^ees' Compensation Commission:
Appropriation, 1934
...
331
Expenditures, 1933 (checks-issued basis)
^
290
Employment Service, expenditures, 1933 (checks-issued basis)
i.__,_. 294
Engraving and Printing Bureau:
Administrative officers, November 15, 1933
,_ 1
1J ' xv
Administrative report.
....
":
' - 89
Dehveries of finished work, 1932 arid 1933
°
" 89
Expenditures
.
_1
90, 29_5
Estate tax:
Assessments, additional, 1933
103
Claims, 1933, refund and abatement
Ill
Filing of returns
' -.-'^. ^ - r - - - - -- - - -•
30
Public debt retirements from receipts, 1919-1933 (daily stateirieiit;
basis)
. _ — 1 _ 360
Receipts (collection basis):
1917-1933
318
1932 and 1933
__-__
317
1933, actual; 1934 and 1935, estimated
'__:_____.__
327
Analysis
;
4
Refunds, 1933
,
:_
103
Returns investigated and audited, 1932 and 1933
110
Estimates:
Appropriations, 1935, classified..^.'.
331
Receipts:
1934, not included in estimates of December 19321
. 22
1934 and 1935, classified
,._
327
Receipts and expenditures, 1934 and 1935
*
_
19
Estonia, obligations to the United States:
Intergovernmental correspondence. 1
220
Paymerits due and payments made
J
'
28
Statement of the Treasury Department, December 15, 1932, covering
payments due that day and not paid
1
. 21,0
. Status
1
' '376
Executive Office:
Appropriations, 1934
...:.
'.
331
Expenditures
--:
280,290,300,313
Executive orders: v
March 10, 1933, providing for the reopening of banks during the bank
holiday
'
196
March 18, 1933, providing for the appointment of conservators , of'
;.
State banks, members of the Federal Reserve System, which haye > '
not reopened during the bank holiday
.
197
April 5, 1933, forbidding the hoarding of gold coin, bullion, and certificates
;
197
April 20, 1933, relating to foreign exchange and the earmarking and
export of gold coin, bullion, or currency
198
August 28, 1933, relating to the hoarding, export, and earmarking of
gold coin, bullion, or currency and to transactions in foreign ex-'
change
—' 199
August 29, 1933, relating to the sale and export of gold recovered from
natural deposits
-_
1 202
October 25, 1933, relating to gold recovered from natural deposits
203
Expenditures (see also Estimates; Warrants):
Amounts, by classes: .
1924-1933 (charts)
:
., 6
1932 and 1933_ — . . . . . . . . - . 1 - _.
7
1933, by funds (checks-issued basis)
279
Analysis
.
l..
'.'.
2..'.:.
5
Bases used in tables
'.
275
INDEX
Expenditures—Continued.
-" Chargeable agairist ordinary receipts:
,vv
1789-1933, classified (warrant and daily statement bases) — —
" 1916-1933, classified (daily statement basis)___.
,V11:
1932, July-1933, June, classified, by months (daily statement
'"
basis) _-—
1933, actual; 1934 and 1935, estimated
.
1933, classified, by months (daily stateinent basis)_._
y^:.
1933, by funds (checks-issued basis)
.
'^J^^
1933, by organization units and funds (checks-issued basis)
''"
Description of classification by funds
:
Effect of depression on
..
.
1;,1 Effect of economy legislatiori ori._
.
,;; Emergency, 1934 and 1935 estimated
.^—___
;:; General, 1934 and 1935 estimated
Exports 1929-1933 (daily statement basis)
f'-
397
^^se
307
299
312
19
313
279
290
276
6
8
20
19
37
¥
Farm Credit Administration:
^''• Appropriations, 1934. _ _ _
_
331
Creation;
..;__._____.
'.
17
Expenditures:
1933 (checks-issued basis)_-.
_._
280,290
l.^:'::
1933 (daily statement basis)
.
302
1934 and 1935, estimated.__-.
.
19, 20
,
Method of financing expenditures
'..
^
—
16
;,,,, Organization of:
1^,
Banks for cooperatives._..,
...
16
Production credit corporations..
...
16
Transfer of Federal Farm Loan Bureau to
34
Farm Loan Commissioner, Office of: Change of title to Office of Land
,, Bank Commissioner.
1
34
Farmers, loans and credits to:
:
Expenditures on account of:
1932 and 1933
-----.7
Discussion
„_._
6
!:; Financing of
35
Method of financing .
__:
16
,, Transactions, 1933
..__-_
....
..
35
"Eederal aid to States:
^
Appropriations, 1934, classified
379
Expenditures:
, 1920 (warrant basis), 1932 and 1933 (checks-issued basis)
379
1933, by States
382
Federal Board for Vocational Education:
Appropriations, 1934. _ _.
..
.
331
Expenditures, 1933 (checks-issued basis)
290
Federal Deposit Insurance Corporation:
Capitalstock:
'
Authority of Secretary of the Treasury to subscribe to
16
-,
Estimated expenditures for subscription, 1934
21
^
'
Creation of.__
...
24
Federal Emergency Administration of Public Works. {See Public Works
Administration.)
Federal;Emergency Relief Administration, appropriations, 1934.
331
Federal Farm Board:
Expenditures, 1933 (checks-issued basis)
290
Notes receiyed ifor outstandirig advances, June 30, 1933. _
369
t
Transfer to Farm Credit Administration
___._
,
^_
^
17
Federal Farm Loan Board, abolition of_._-_--_-34
Federal farm loan bonds, expenditures for purchase, 1918-1921 (daily
statement basis)
301
^Federal Farm Loan Bureau (see also Federal intermediate credit banks;
i .Federal land banks; Joint stock land banks):
Administrative report.
------92
Expenditures, 1933 (checks-issued basis)-_-295
398
i^r>Ex
Federal F a r m Loan B u r e a u — C o n t i n u e d .
Page
Operations, review of
34
Transfer of, to F a r m Credit Administration
34
Federal H o m e Loan B a n k Board, expenditures, 1933 (checks-issued
basis)
1
291
Federal home loan bariks, capital stock owned by United States, J u n e 30,
1933, by banks
368
Federal intermediate credit banks:
Assets and liabilities, J u n e 30, 1933, by banks
95
Capital stock:
Expenditures' for purchase of, discussion
8
Owned b y t h e United States
_
36, 54, 369
Transactions, 1 9 3 3 . . .
i...'.j
36
Loan a n d discount rates, 1933
95
Operations reviewed
J
36
Short-term credit facilities of, under F a r m Credit Act of 1933
-_.
36
Federal land b a n k s :
'
^
'
Assets a n d liabilities, J u n e 30, 1933, by banks
' 93
Bonds, interest guaranteed by United States, authority Tor issue
17, 35
C a p i t a l stock:
Expenditures:
-^ ^'
^ r^v
1917, 1932, a n d 1933
.
_
'
_
•
301
;
1932
•__.
.__.:____;
^j
'
'
7
Discussion
- _c
^_'
::
'^-'
-t
^6
Owned by United States, J u n e 30, 1933-=- - _ _ _^
36, 368
R e t i r e m e n t of
.
1_
36
Capital stock, additional:
.
, ,
'
Expenditures, 1933, by m o n t h s (daily s t a t e m e n t basis)__L
J
313
E s t i m a t e d emergency expenditures, 1934 a n d 1935 _i
'
1
21
Iricrease in personnel
._
•
35
Operations reviewed
,
^
>
35
Po^wers of, under. Emergency,. F a r m Mortgage Act of 1933_ -L __i.
* - - '35
Surplus paid in:
^
..a
Appropriation for purchase of,> for .financing aid to farmers
' * 16
*
Authority of Secretary pf T r e a s u r y ' t o subscribe to_ _:_'__ J - - l ' - l ' > 36
; Federal Oil Conservation Board, expenditures, 1933 (checks-issued basis) -. •' 290
Federal Power Commission:
, < .- v
^ ' '>
Appropriations, 1934
- >..- 331
Expenditures, 1933 (checks-issued basis)
'
L.-JJ
290
.Federal Radio Commission:
^ .- ^
;i
Appropriations, 1934
;
:
331
I •'•: Expenditures, 1933 (checks-issued basis)
j
- ^ 290
Federal, Reserve Act, legislation amending
J
^•j_i^
' 193
Federal .Reserve bank notes: .;. „.,
Authprit}^ for emergency issue
L.I.L.I__-_ J
^__^ ^ 25
Circuliation, J u n e 30:-'
:•. .
•
. ,, '
1916-1933_1.-1.......
.._i
j _
374
" i933___.
'.
._J__^..:.^
375
Series 1929, received and issued, 1933
..L..
130
"
^
Stock, June 30:
1916-1933
1
. .» .
.
., ,
\ , . >
i___.__^ 3 7 3
;.:
1933.-.,..........-.,--^-.
L^-__v
' Federal R e s e r y k b a n k notes and national bank notes, expenditures on ac-'^
.count"^of, 1933, by m o n t h s (daily s t a t e m e n t basis)
J
«
_
:Federal Reserve banks:
Frarichise tax, receipts, 1933 (warrant .basis) _ _ _.
<
j _. j
Money stock held, 1915-1933
1.1
Open m a r k e t operations in United States securities-authorized by
Act of Congress, M a y 12, 1933
.
_
i.jJ
Tax on deficiencies in gold reserves, receipts,^ 1933. (warrant basis) ___
F e d e r a r Reserve Board (see aZso Gold fund):' •
^ '
Appropriations, 1 9 3 4 _ _ . . ^ . :.
:
Expenditures, 1933 (checks-issued basis)
L.J
Federal Reserve notes:
. -o -^
Canceled, forwarded by Federal.R,eserve ^banks and b r a n c h e s ' f o r
;"
credit of Federal Reserye agents, 1933
'
375
315
282
372
191
282
331
290
151
INDEX
399
, IFederal reserve notes—Continued.
: .-•y.S'i'uU ^^s®
^s
Circulation, J u n e 30:
,
::-^
.•
*
: 1 ^1
.1915-1933_.__:
. _ . . ^ . _ . _ _ . _ . . - _ - - . . : - - ^ - - — - - - - - I - - : . , 374
-<
1933
-.- ^ 375
5 percent fund (gold), J u n e 30,. 1932-^1933 (daily s t a t e m e n t basis)___
13
^j*,
New series, 1933, received a n d issued
130
Stock, J u n e 30:
- ^
1915-1933__:
..___....--.1
373
1933---.-_375
- F e d e r a l Reserve System. (*See Federal Deposit Insurance Corporation.)
ji.Federal savings and loan associations, preferred stock:
•l.J^' Authority of Secretary of t h e Treasury t o subscribe to
16
^S
E s t i m a t e d expenditures for subscription, 1934
:
21
5i Federal Trade .Commission:
r^r.
Appropriations, 1934„.:i= = = . ^ . = . ^ . ^ _ = _ =
'—
331
Expenditures, 1933 (checks-issued basis)
290
^ F e d e r a l Water-Power Act, receipts from licenses, 1933 (warrant b a s i s ) . . .
286
J.Fees, receipts, 1933 .(warrant basis)'__—_,^;283
Financial and Economic Research Section, administrative report
95
Fine Arts Commission:
t':,: Appropriations, 1934
..
.331
V
Expenditures, 1933 (checks-issued basis)
290^
rr Fines, and penalties, receipts, 1933 (warrant basis)
i
282'
;vFinland, obligations to United States:'
'
;!;"
Intergovernmental correspondence
225
P a y m e n t s due and p a y m e n t s m a d e
28
,f
P a y m e n t s m a d e in silver-..;..^-^-_.._-:
27
S t a t e m e n t of Treasurj^ D e p a r t m e n t , December 15, 1932, covering
p a y m e n t s made t h a t day___-^
210
Status, November 15, 1933.__._._
.
i
376
r F i r e a r m s , shells, and cartridges, tax;receipts, 1933, actual; 1934 and 1935,
estimated....
* 327
:-Flood control, receipts, 1933; ContribUtioris
'
285
iFood a n d Fuel Administrations, expenditures, 1918 and 1919 (daily state;;' m e n t basis)..______^__^ ___•__:_^•;':__e^_L
'
3()1
Foreign exchange restrictions:
;, '£; Discussion
26
• ;«:. Executive orders relating to:
April 20, 1933
198
:U
August 28, 1933199
6iP;roclamation, M a r c h 6, 1933
_ ^ - - - _—--i
,
194
?:FOreign government obligations owned by United States (see also Arme- , I
nia, Austria, Belgium, Cuba, Czechoslovakia, Estonia, Finland, France,
, :; Germany, Great Britain, Greece, H u n g a r y , Italy, Latvia, Liberia,
Lithuania, Nicaragua, Poland, Rumania, Russia, Yugoslayia):
^ , ^ Amounts due between July 1, 1932, and J u n e 30, 1933,'and a m p u n t s
.::•-;
actually paid, by countries
28
^^a; Amounts received!
i"-'l_
2
Authority to receive p a y m e n t s in silver
25
;;':^, Discussion
1
5^ 27
r' :,r. Expenditures for purchase, 1917-1922 (daily s t a t e m e n t basis)
301
Funded and unfunded indebtedriess, piincipal, accrued interest,' pay- ' ^ '
c;;:
ments on each, Noveniber 15, 1933, by countries
376
Intergovernmental correspondence _ . . . 1
J
J
2il
r :< u P a y m e n t s , by countries, principal and a'ccrued interest:
i'U
1933
28
'^ Made in silver, J u n e 15, 1933__:'_
"-._—
27
Statement by Treasury D e p a r t m e n t , December 15,' 1932
210
Ul.
-. To November 15, i 9 3 3 - _ - _ : _ _ - _ - - - :
376
Public debt retirements from p a y m e n t s on:
; >:,;:.
, 191.9-1933, repa5''ments (daily s t a t e m e n t basis)
360
3: <
^1
. Discussion
^
L.u..U
'
,6
Receipts:
1923-1933 (daily s t a t e m e n t basis)___:
299
•*:
, Under agreements for funding, bv countries
__'
_
367
Summary, J u n e 30, 1932 and 1933__I
54
Foreign intercourse, expenditures, 1933 (checks-issued basis)
295
14820—33
27
iQO
^liS^iMx
'Fdreign service retirement and disability fund:
Page
Conditiony June 30, 1933
'
:
:i-i_-i.'.
57
:U Expenditures
'280, 301', 313
Receipts, 1933 (warrant basis) .^
>.
^.
287
•: Treasury notes on account of (revised daily statement basis):
Changes, 1933
352
Issued, and outstanding, June 30, 1933
Lj_i_:._:
334
v!^
Outstanding, June 30, 1933, description of issues
338
Forest reserve fund, receipts, 1933 (warrant basis) 1
286
'Forest Service:
'
.
' '1 Expenditures, 1933 (checks-issued basis)
-_j
292
Receipts, 1933, cooperative work (warrant basis) ...^j
'
' 284
Forfeitures, receipts, 1933 (warrant basis):
283
Forgery cases
.
^
;
140
France, obligations, to United States:
Intergovernmental correspondence
225
Payments due and payments made
i..i.'.
'._:
28
Statement of the Treasury Department, December 15, 1932, covering
payments due that day and not paid
210
Status, November 15, 1933.._-.376
Franchise tax, public debt retirements from receipts, 1918-1933 (daily
'« "statement basis)i. J . : . . . ; -.:.....• i^L-.::
i
360
Fuel Administration. {See Food Administration.)
Funds. (;See Adjusted service certificate fund; Agricultural marketing
: 'fund; Alien property trust funds; Canal Zone retirement and disability
fund; Civil service retirement and disability fund; Colorado River dam^
fund; Currency trust fund; District of Columbia teachers' retireirierit
: fund; Foreign.Service retirement and disability fund; Forest reserve
fund; General fund; General railroad contingent fund; Gold fund; Gold
reserve fund; ,Government life insurance fund; Library of Congress trust
fund; Longshoremen's and harbor workers' comperisation fund; National forests fund;:NationalInstitute of Health—Gift fund; Pay of the
^ Army deposit fund; Reclariiation fund; • Sinking fund, cumulative;
Special funds; Trust iunds.)
• ;
Fur articles, tax receipts, 1933 actual; 1934 and 1935j estimated
327
;Gasoline..tax:.
• • .:-l-'V'.'-^"-i.'.'-^:. "''•;' ' ••;'-••..•.. ;•;••Provisions f o r . : . . . ^ - - _ . . - _ . . - - u . v - - . . ^ - - - ^ ^ - - - - : - - - - - - - - - - - - - - 18, 207
*U Receipts:
1934"and" 1935," estimated'.'." II-111111111111111 I I I JI -11 -I - -1
327
- Discussion
. . . . . . . L . . . . 1 . — ____._:...-...-...4
^General Accounting Office:
. : ,
.
<
..
Appropriations, 1934. ^ . _ _ _ . . : . . . . . _ . . .
— _. _: _. --_-.^....
331
Expenditures, 1933 (checks-issued basis)._u. — . . . . . . . . . . . . . . . . . . .
290
General fund:
Accounts, description
. . ; . . _ . _ _ . . • — . . . . . . . — .._.___..
276
Assets and liabilities: •
^ '
•. '
1931-1933, June 30, classified (revised daily statement basis)..
365
1932 and 1933, June 30 (daily statement basis)
..__•—.....
13
Balance:
1915-1933 (daily statement basis)
.____..
_.
360
1929, July-1933, September, by months (daily statement basis).
366
Net changes in, during 1933 (daily statement basis)
___ " 13
General Land Office:
Expenditures, 1933 (checks-issued basis)
.
• ^ _ j - - _ . ^-_... _
293
Fees, receipts, 1933 (warrant basis)
......i....'...^
283
General railroad contingent fund, condition, October 31, 1 9 3 3 . ^ - - . . - - - - 64, 270
General Supply Committee:
Contracts, value of purchases under, 1933
— . - - — ..
96
General supply fund, condition
-.
_ — . . . . . . . . . ^ i — _._
97
Surplus property accountability, 1933
.
______
96
Geographic Board:
Appropriations, 1934
_331
Expenditures, 1933 (checks-issued basis) _ _ . .
..._______
290
lilSfDEX
^,,_,c,
; ^..
•' . . r - : Y : , - ^ . . .
401
r : ,„ •-.,'.•••-. , , • . . • - - "
•;
•:.'? •:.^'-K
,/-;,:-Pa8:e
George Rogers Clark Sesquicentennial Commissiori, expenditures; 1933
. (checksrissiied basis)—_
. -..
..._......._._ ... _.
_-,- _ - _ i.. ^ - » _ •' 291
-George Washington Bicentennial Coinmission,.expenditures, 1933 (checks^^^
'issued )Ssisisj:^4J^^,4.:^^.^^^^z^u u u - v-.-.:^"--^- - - -:-'-'•-'-.-.-?- -•;-- •^'-:--:i':^- .'^.i u . 1. 291
vGermany: , _ _.
.'.
'
. ai':
'\^,' Army costs due from:
^-?:P ' : ? ; • . : ; : . • . :
:
:'i,'
^ Receipts-_ ' - ^ ^ - u - U 4!^UU^,.:..-J . u ;•- - ;:.-•--,- - -..'- ^ — .-..^ '^-il^- - 29
i.
Stateinent by Secretary .,-Mills,;-January^5, 1903,.'^a^
•/^
postponement of payment due March 31, 1933
.-_:^.L_.
210
Mixed claims, receipts...____^-;-;-^..^.s
a-i__..-^i..._...i_._.i^
29
Special-deposit account: 1' -^ , ,,
'
- .
Statement,_September 30, 1933.___r:-._.- — — _;._.-, — . . . _ . - . , 50
,
Trarisactipns
__-__l__.___.
_._._.___
50
Gift tax:
. ; '
1924 act:
' . .
Assessrnents, additional, 1933. . _. _ .._-.-:. _ _
,. _ - - - - - _. . _ - . _
103
.Claims, 1933, refund-.and abatement.. _ - ' . . . . . . . . . _ _ _ _ _ . . . _. . . _
111
1932 act, receipts, 1934 and i 9 3 5 - e s t i m a t e d . . - _ _ - . _ . . _ _ , - . . . . . . . _ .
327
Filing of r e t u r n s . .
.
.
....__.___:-.___---_.-- —^^.30
Returns investigated and, audited, 1932 and 1933-----.-_ — -,.____.
110
Gifts arid contributions, receipts, 1933, classified (warrant basis).
.._
284
Gold:
,
V.
Assets and liabilities, June 30:
1931-1933 (revised daily statement basis).
.._.^.........
365
., .1932; and 1933 (daily statement basis).. . . . . _ . . . _ . . . . .
.
. 13
CGnservation:
;
;:r; Discussion!:.__.^.. .;.f_. J . . . . _ . . . - - . . . _ . . . _ _ _. _ _ . . . . . . . . . .
26
•f.. r.Executive., order s> ;,•:••.,,,:;•,: •
••>--.-'••' ,..•.,..••.
J • .^Aprils, 1933, forbidding
,.;
;;,lion, and gold certificates......^
^........A^......
197
.-; . : April 20, 1933, relating to foreign exchange, and the earmark^
, V V ing and expprt of gold coin or bullion .or currency. .
.
198
August 128, 1933, relating to the hoarding, export, and earmarking of gold coin, bullion, or currency, and to transac- ' !
tions in foreign exchange
199
August 29, 1933, relating to the sale and export of gold
recovered from natural deposits
,202
::<
October 25, 1933, relating to gold recovered from natural
deposits
'
.
_:. _ .
203
Consumption, industrial, 1932, calendar year
...
121
, Deposits, 1933
.:.._..__
...___
122
Electrolytically refined,,1932 and 1933.-..
.......__,._.
121
Export embargo. {See Gpld conservation.)
. ,
Payments, restriction on. (/See Gold conservation.)
Percentage of gold money stock to total money stock, June 30,1913-33._
373
Production, domestic, 1931 and 1932, calendar years
._.__
121
,:' Surrender of. (/See .Gold conservation.)
Treasury holdings, June 30, 1932 and 1933 (revised daily statement
Gold bullion, stock,. June 30, 1 9 3 3 - - - - . : - . . - - . _ . ^ . - .
.--_--__.-.I.II
121
Gold certificates, circulation, June 30:
1913-1933
..-_--.
.....
.
374
1933.1-.-....-_....._.-......_-....::__......___.
375
Gold coin: .
Circulation, June 30, 1913-1933
...._.___
374
Coinage executed, 1933
_..__..__
__^
..
120
Export, 1915-1933
L_____..._____.
.____..
122
Import, 1932 and 1933^:_„___
.
_-.-____.---_
122
Stock, June 30, 1933
-_
121
Gold coin and bullion:
Circulation, June 30, 1933
375
Stock, June 30:
1913-1933
373
1933
'
.__-..^ —.
375
Gold fund, Federal Reserve Board-.
---.
- - - _ _ _ - - - 13, 151
402
INDEX
.<„,::.
l^age
Gold reserve fundjJiyije 30,, 1.933
Gold p a y m e n t clause in obligations:
Dis.cojQtinuaiice of use of: .;
Discussion- - 1
.Public Resolution No. 10, Seventy-third Congress
'
Government employees:
:.:. Reductions in, and restrictions on, salaries, appointments, promotions, etc., under economy legislation
'
Government life insurance fund:
^ 'x: Condition, J u n e 30, 1933; V Expenditures--------.280,
_,:', Loans on a d j u s t e d seryice certificates
.,, Receipts, 1933 (warrant basis)
.
Gp,vernment Printing Office, expenditures, 1933 (checks-issued basis)
Grain Corporation, expenditures:
;;: < 1920-1922 and 1923 (daily-statement basis)
^
1933 (checks-issued basis)
Grape concentrates. (/See Brewer's wort, malt, grape concentrates, taxes.)
G r e a t Britairi: Obligations to United States:
:;
>
Intergovernmental correspondence
^
Payinents due a n d p a y m e n t s m a d e
[
P a y m e n t s m a d e in silver
1
S t a t e m e n t of Treasury D e p a r t m e n t , December 15, 1932, covering pay;- ,
V ,
m e n t s received t h a t d a y
-ri? Status, November 15, 1933
,:...l
1
;Greece, obligations to United States:
P a y m e n t s due and p a y m e n t s m a d e
'
Statements by Secretary Mills:
November 10, 1932, relative to status of obligations due on
. ;
November 10, 1932
-':'
J a n u a r y 14, 1933, announcing p a y m e n t of portion of indebtedness
due November 10, 1932
1
Status..
._
:
w:
H^
'
^,,;
I
i m m i g r a t i o n Service, receipts, .1933 (warrant basis):
Fees ( r e g i s t r a t i o n ) . . .
Fines aridperialtiesL. 1 —..^
"
«
'__'
- ' : Permits-.
_._.._....
^
26
194
17
63
301
63
287
290
302
290
232
28
27
210
376
28
209
209
376
\..
H a r b o r workers. .{See Lpngshoremen's and^harbor workers' fund.)
;Harrison Narcotic Act. ' (/See" Narcotic law enforcement.)
H e a d tax,;receipts, 1 9 3 3 - _ _ . - ^
H,ealth Instituted "(See Natiorial I n s t i t u t e of Health.)
H o m e Owners' Loan Corporation:
.,.,, Bonds-guaranteed as to interest by United States
—i
''
, . C a p i t a l s t o c k owned by United States, J u n e 30, 1933
House of Representatives,^ expenditures,'1933 (checks-issued basis)^
Housing Corporation, Uriited Statesi
'
C a p i t a l stock owned by United States, J u n e 30, 1933
1
J;lv Expenditures, 1933 (checks-issued basis)
:
I
^'Hungary: '
.
^
.• Awards by Tripartite Claims Commission:
*
U - ' '
•r•.^^,
Discussion
'.1
—'
; f:^
.: Regulations No. 9—Payments on- account of awards
J
^-b; ' Awards by W a r Claims; Arbiter to nationals
.1;:; Obligations t o United-States:
'
*
' "
Intergovernmerital' Correspondence
i.
P a y m e n t s due and p a y m e n t s m a d e
^:,,;
S t a t e m e n t by Secretary Mills, November 10, 1932, relative to
s t a t u s of obligations due December 15, 1932 J
i
*
S t a t e m e n t of t h e Treasury D e p a r t m e n t , December 15, 1932,
covering p a y m e n t s due t h a t day and not paid
^
"
1
S t a t u s , November 15, 1933
.
-___:
:•;;-
13
282
17
369
290
367
294
51
264
50
247
28
209
210
376
^ :
•,"'
283
^ 282
286
INDEX
403
iriiports:
Page
:
Revenue producing, leading sources, 1932 and 1933, analysis. —__:.'"_
38
Value of:
.
•
'
''
1923-1932, dutiable, ratio of duties to dutiable, and to value of all
;
imports, by tariff schedules
;'__:__'i_.—
323
1923-1932, dutiable, ratio of duties to value, by tariff'schedules 323
Income tax:
Admiriistratiori' of
'S
'.
u.r
1;
— ^
31
Receipts:
.«
.
1863-1933 (warrant basis)
J
'..
304
1916-1933 (collection basis)
—.i.___..
318
1916-1933 .(daily s t a t e m e n t basis)
-..l — . .
299
1932, July 1933, June, by m o n t h s (daily s t a t e m e n t basis)
312
1932 a n d 1933, by sources (collection"^basis) _.'
U.
317
1933 (wafrarit basis)
1
.'..i
.
281
1933, actual; 1934 and 1935, e s t i m a t e d :
^.»...J
i
327
1933, by States a n d Territories (collection basis)
320
Analysis
1".
_
'_;_"
2
Comparison with estimates
^
-.
1.^1-.
5
Effect of new legislation
'
':___'
_1
" 3
;
Refunds, 1933
^...:.....J...:L:.U:
^__
103
Income tax, corporation:
> . .'
Provisions for_ _
'
1
18
Receipts: "'
•
• '•
"'
'
'
: :•
1925-33 (collection basis)
_::
:_'_'_:___.318
1932 a n d 1933 (collection basis)
--__--.'
—.l'
:.:.
317
Arialysis
.'I.J
"_.'
'
^J
,
3
Iricome tax, individual:
'
" • ' '-* ^
Provisions f o r . . .
._.'i'__'_.'1
'\.[.'.J..'r
1 _.:
18
Receipts:
'
•
' '
' ^ ' '^
1925-1933 (collection basis)
cl
.l'i.—'-lc
318
1932'arid 1933 (collection basis)
— _--,.:._ — _ . _ . J l l . : . 317
Analysis...:
1.
'
iL-.Sl
;
.
3
Income Tax Unit:
•
'
Administrative report
104
Assessments, jeopardy, 1932 and 1933
106
Claims, 1932 and 1933, filed a n d adjusted_106
Deficiency notices (60-day letters), issued, 1*932 and 1 9 3 3 . . 1
106
••
Field audit activities
' .1..'_;_.
108
Overassessments, 1932 and 1933, settled by abateriient, credit a n d
refund
1_ —1
107
Returns pending J u n e 30:
1930-1933, by t a x y e a r s . . _ . , _ . . ^
'—..'
107
1933, priginal and reopeneci, by t a x years
1
108
Revenue, additional, m a d e available, 1932 and 1933
1
105
r Special Advisory Committee:,
Administrative report
U.'..^
'_.I
108
N u m b e r of cases released, 1933
1
ll
109
S u m m a r y of work
r-r-'
^^'^
I n d e p e n d e n t offices:
,
Appropriations, 1934
331
Experiditures
1
1..^
. _ . 290, 300,313
I n d i a n lands and timber fees, receipts, 1933 (warrant b a s i s ) . !
283
Indian moneys, receipts, 1933, classified (warrant basis)
1
I.l.
288
Indian Service:
'
.
'
Appropriations, 1934
IJl
ll
331
Expenditures, 1933 (checks-issued basis)
1
1
1
293
Indians, expenditures for, 1789-1933 (warrant basis)
I.J
307
/Industrial Alcohol Bureau: *
.
, Activities reviewed
1
^
1
l_.l
41
Adnainistrative officers, November 15, 1933
1
xv
Administrative report__
.
r--97
Perinits in force, J u n e 30, 1932 and 1933, by cliasses
__._.
98
Refunds, 1933
• ^ • . . _ . . i . . j _ c . c ' i i J ^ > ^ . . : i . - - . . . . . c - . _ i 8 . - . c . . . v . 297
Inheritance tax.. {See E s t a t e tax.)
• .: , . ;,s
- 1
I n l a n d Waterways Corporation, capital stock owned by United: States,
: J u n e 30, 1933
_.
......
1.......
368
40^^
iNliiEK"
Page
Insurance tax receipts, 1918-1922^ (collection basis)
319
Iriterest, exchange, and dividends, receipts (warrant basis) _ _ 11: i . '
i . . ^>79
Interest paid to United States:
,
o
^ ^
• 1 1933, by source (warrant basis)
^
i
il.i
i_'i'i.:..—•
282
l:' By depositaries
1^
"
^
: . — __
"*
'
.70
Iriterest payable by United States. {See Public debt.)
' '•
Intergovernmental debts. {See Foreign obligations owned by' United •'
^;States.) .
^ ''
' '"
Interior Departriient:
Appropriations, 1934
331
J , Expenditures
280, 293, 300, 313
Internal revenue (see also Income taxes; Internal revenue taxes, miscellaneous, and also titles of specific taxes):
Additional, collected and reported for assessment by collectors' field
.-,
forces, 1933.
.
!.._
115
Assessments, additional, 1933, by class of tax
J
. 103
Cases tried and.decided by Federal courts, 1933
^
117
Cost of adniinistration:
Classified, by districts (checks-issued basis)
."
.~s
321
;;.
Per $100 collected
.
.1
,
— ...
103
" Receipts:
'
. '
'
1792-1933 (warrant basis)
1
l..!...1.
303
1916-1933, by sources (collection basis)
.l._'_
318
1916-1933 (daily statement basis)
1
1_.1_
299
1932 and 1933, by sources (collection basis)
. . . . . . . . . I . _ . . 317
^
1932 and 1933, summary (collection basis)
1 — _^i 11 J.'
102
. 1933 (warrant basis)
_ M . 1 . . . . 1 J . ' : . . . . 281
1933, aptual; 1934 and 1935, e s t i m a t e d - i - - - - - - - - - - . - - i i - - l - - _
327
1933, by States arid Territories (collection basis)
1. _ .c . 1 . _ 320
:,, Refunds:
., ,,
^
^ -^ .
^ ^ ^/
>
'
1933, by class of tax^ Ccollection basis). _ J _ .1
. 1 . 1 . . . . . 11.11.
103
/; ,
1930, by funcis (checks-issued basis) 1
1.11.I'l
;'—«___'_
297
1933, by months (daily statement basis)
.-11,. Jl_._
313
, Repayments:
, > ''
%
; 1933, by class of tax
i
ll.,.,
J.,
103
:,;
Deifined.-.-J-.--..\
1.1.1
.....JJ..
102
Internal revenue taxes, miscellaneous:> ^ ^' , ^ ^
•
. '
.,
,\<l Receipts: ••••'-•' •• •
^ '
?
.
- ,• l"
1 ;•
1932, July-1933, June, by months (daily statcfrient basis),!..1-312
.lAnalysisJ^c-c.;.!.;
:—..J
l l _ . J j _ _ . _ ^ ^, 3
Comparison with estimates
--7--,
I'r,
-1-- 5
, .: Effect pf new legislation
.-T---^
Internal Revenue Bureau (see also Income Tax Unit; Miscellaneous Tax
"Unit): ,1 : .. ,:
'
^^
.
Accounts and CoUections Unit, activities__1
114
Administration of, recent revenue legislation
>_J1_
29
. . . Administrative officers, November 15, 1933
I.J
...l
xv
Administrative report
J
i.l
1
" " 102
.' Bankruptcy cases closed, 1933
J
^ 117
Collectors' disbursements, by districts (checks-issued basis) _ _ _. - J,
321
J• Expenditures, 1933 (checks-issued basis)
i l . I l l — ' 295
:i:r.. Expenses, 1933, classified, by districts (checks-issued basis)
321
General Counsel's Office
^
116
, . Internal revenue agents' disbursements, by divisions (checks-issued,
^
JJ
basis)
.,
. 322
"" Supplies, 1930-33, cost of
^
J-.
147
Interstate Commerce Commission:
. • Appropriations, 1934
1
----^—
331
J
Expenditures, 1933 (checks-issued basis)
ll...1.
^
, 290
Italy, obligations to United States:
,
,/
.
i;, Intergovernmental correspondence
' ..^
_ 247
^; V-J Payments due and payments made
IJ
J
28
;u Payments made in silver.
.1
27
Statement Jof Treasury Department, December 15, 1932, covering
paymerits received that day
J
'
J
... ' 210
. Status, November 15, 1933
376
J
Jewelry tax, receipts, 1933, actual; 1934 and 1935, .estiniated...-,.
.
, 327
Joint stock land.banks:
^' '. . J
^ ^ _ '.:
\di Activities curtailed under Emergency Farm Mortgage Act.-.Jl.
J_o
36
Assets and liabilities, June 30, 1933, by banks
___94
Operations
^ .
.^. J . .
^
93
Justice, ;Pepartment of:
'
J^ .^
,
'
Appropriations, 1934
332
Expenditures
280, 293,* 300, 313
...•
•„
K
KeyeS-Ellioil A c t s . . -
„
•'J:1
"
.
••
\ '
-----!„
'
'
.;
' 141
. .
,
L " -; -" "
y'
'
's
Labor Department: "
'^
'
• • : ' • : . , "
1; Appropriations, 1934
i
332
; '^ Expenditures
i
'..].j...l
J . 280, 294, 300, 313
Land banks. {See Federal intermediate credit banks; Federalland banks;
Joint stock land banks.)
Latvia, obligations to United States:- "
•' " '^ " J
% -'^ t
' Intergovernmental correspondence
l
• — _!__'—
248
Payments due and payments made
^
'----28
Statement of Treasury Departinent, Deceriiber 15, 1932, covering
payments made that day
l i i ^ Ji
_
'
1 ,
i-l
210
1 Status..
J-ll
1
1
l'..-.l...
376
Legislative establishment:
'
'
'
\
]
r^'
: Appropriations, 1934
— 11.!
' J i . 11
^ !..—.!
331
-Jl; Expenditures
—
I . J 280,''290, 300, 313
Liberia, obligations to United States, status, November 15, 19331 . C J J
376
Liberty bonds:
' " "' . •
•
- ^ .. - - .. .,
, Changes, 1933, by issues (revised daily statement basis)..
I.r,"--- 350
J First Liberty Loan, expenditures on'account of, 1933;..by months
' ^ (daily statement basis)
1 J . I .Ll I'll J _!_!!. 11J J . J .
,J J
315
- Fourth Liberty Loan:
''
"
^
' ' [
Call for partial redemption on April 15, 1934
.
J . J 1 : . I . . ' 176
J:.:
Expenditures on account of, 1933, by months' (daily statementbasis)
---'l.i.'Jy..
315
Outstanding, June 30, 1933 (revised daily statement basis):' ^ ; J J ;
Description of issues
..^
'_
' ^ 336
Issued, retired, arid outstanding,' by issues
c'l J J1 - -11J
333
'
Second Liberty Loan, expenditures on account of, 1933, by months
(daily statement basis)
!
il
illJ—_•
315
Third, Liberty Loan, expenditures on accourit of, 1933,-by morit^s
(daily statement basis)
'
'
' J._ll__- ^ 315
Transactions, 1933, noninterest-jDcaring, by issues , (revised daily
;;
statement basis)
li..z.
!__ —__i_ll'_"_:J
-. 353
Liberty bonds and Treasury bonds, interest-bearing,' tfazi'sactions,' 1933,^
summary (revised daily statement basis).J
li'
. . j__i
' 349
Library of Congress:
'
.- »
J;; Expenditures, 1933 (checks-issued basis)!.'
i
!!
.-.._.
290
JJ Receipts, 1933 (warrant basis):
'
'
1 '
*
'
Card indexes, sales of
I.l.1
i
!__ 285
Giftfurid
1
:
!___"
,
'_!._:_
284
Library of Congress trust fund:
'* : .
, Crindition, June 30, 1 9 3 3 - . :
1...i._____1
:.__
60
Receipts, 1933 (warrant basis)
284
Lithuania, obligations to United States:
\ '
Intergovernmental correspondence
J
1
11
i.
253
:, Payments due and payments made
^
:
-.
28
Payments made in silver
'
"
^
1
!_i
27
Statement of Treasury Department, Dec. 15, 1932, covering payments made that da}^
'
210
Status, Nov. 15, 1933
1__._!
,
376
Loans and Currency Division, administrative report:
.•
125
Longshoremen's and harbor workers' compensation fund, condition, June
130, 1933
—.!
Jc
:i
65
406
•
\.'^
INDEX
.
M
J
Malt. {See Brewer's wort, malt, grape concentrates, taxes.)
'
^ .
i'age
Manufacturers' excise taxes (see also titles of specific taxes):
Provisions for.
'.
'
ig
Receipts (collection basis):
1916-1933
.....
...
319
1932 a n d 1933, classified
317
1933--.
1
2
1934 a n d 1935, estimated
^
.^
' > 327
Analysis_ . 1 ____..__....
'
,
::^
4
Marine Corps and N a v y D e p a r t m e n t , purchase of discharges, fees, re-,
. ceipts, 1933 (warrant b a s i s ) .
283
Marine hospitals, expenditures for. {See P u b h c buildings.)
Marine hospitals and Relief Division. {See Public Health Service.)^
Marshals''fees, receipts, 1933 (warrant basis)
1
.1
.
^
283
Matches tax, receipts, 1933 actual; 1934 and 1935, e s t i m a t e d . — .
-:..
327
Mediation Board:
.' "
. . \ .
Appropriations, 1934. . . _ _ _ _
1
J__
331
Experiditures, 1933 (checks-issued basis)
1
^^-___.,..r
1.
290
Military Academy, expenditures, 1933 (checks-issued basis) 1__1
296
Military training of citizens, expenditures, 1933 (checks-issued basis)
296
Mineral leasing acts, receipts under, 1933'(warrant basis)
286
Minor cpin:
Circulation, June 30:
*
'
^
.
1913-1933
— __!.
374
J
1933
.
_-_
V l - - ' - - ' 375
^'; Stock, J u n e 30:
' '
^
^
' "
•'
1913-19331
1' v-373
i.
1933
-;i_____l___J---l
:
J
121, 375
Mint Bureau:
^. ,
Administrative officers, November 15, 1933
!_!_._
xv
AHmin is trative report;.
1
!
.il.
120
M i n t Service:
Appropriations, expenses, income, 1933'
'
1
. . 122
Deposits, income, expenses, and number of employees, 1933, by in- .
stitutions
^
'
.
122
• Expenditures, 1933 (checks-issued b a s i s ) . . .
1
295
Receipts, profits on coinage, etc., °1933 (warrant b a s i s ) . _ — J l . _
' 286
- Refinery o p e r a t i o n s . ___J_121
Miscellaneous receipts (see aZso Receipts). '
- ^ • <'^v-' 1932 a n d 1933
r^----'r,-V ^ ^ 2
Analysis
1
_._!.
4
i ; Comparison with estimatesl
Jr — ^
Miscellaneous Tax Unit:
,- " '' ,
Administrative report
.^
__-_
109
• ; ! C l a i m s received a n d disposed of, 1932 a n d 1933
-!-.
Ill
• * Offers in compromise received a n d disposed of,^1932 a n d ,1933
J.I113,
Mixed Glairiis"^ Comriiissiori* (United States a n d Geriiiany): . - ' , ' J
^ .,J
-Awards, number, ampurit, balance due, classified, Sept. 30^ji933iJ-^- ,* .1;4'7;
Operatibri^s reviewed_ J J J 1 1
'
1
i1 ^J.Jj!- "". 46
P a y m e n t s on awards
.
J 46, 266
Money. {See alsp, Qoin; Coinage; Currency;^ Fractional currency; Gold;
Gold coin; Mirior coiri; Miiit B u r e a u ; ' M o n e y a n d bariking measures.
Paper currency; Silver certificates; Standard gold dollar; Standard silver ^ ^
;dollar; Subsidiary silver):
.. - . . ' ' - . / 'i^^.-^
^••' Circulation:
,.,,.
'' ' ,
. 1
.
V,
1879, J a n u a r y IV total a n d pef capita
^
' . ' 375
••
1913-1933, J u n e 30, by kinds
.
J l _ . ^ . ^^ '374
1913-1933, J u n e 30/.total a n d , p e r capita:_______..-__ —_>_ — _ . . . 372
1914, 'June'30, t o t a l ari'd per capital
1— l i
'
J_ 1 375
J;.
1917, March 31, t o t a l a n d per capita
^
"
^
* ' 375\
1920, October 3T, total a n d per capita
,--.-1
'
375};
1932, J u n e 30, t o t a l and^per capita
,-.---r —
37.5,
" '
^
1933, M a y ' 31:; t o t a l 'arid' per capita
_'
1^
11. i . i J
.375,,
1933, June 30, by kinds
.
, , :^375
1933, June 30, t o t a l and per capita
1 . . ^J 375
INDEX
407
"Money—Continued.
Stock:
1913-1933, June 30, by kinds
.
1913-1933, June 30, held in Treasury and in Federal Reserve
^;
banks...- —
1..
IMoney and banking measures (see also Bank holidaj^; Currericy, emer•' gency; Foreign exchange restrictions; Gold conservation):
'
Appropriations, 1934
u
Discussion.
^
' : Effect of, on work of Bureau of Engraving and Printing
Expenditures, 1933 (checks-issued basis)
Legislatiori:
- ••"
Act of March 9, 1933, to provide relief in emergency in banking.
Act of May 12j 1933, title III, financing and exercising power
conferred'by the Constitution: To coin money and to regulate
J"
the value thereof
1
^'
Public resolution of June 5, 1933, to assure uniform value to the
coins and currencies of the United States
:M6unt Rushmore National Memorial Commission, expenditures, 1933
5Jt|Checks-issued basis)
: :
_
^
•'•'•"
U l
U i
.
.
.
.
.
.
.
. •CJ.^c.,. ,...f...-:.v< .>.
. •
I*age
373
372
331
22
91
291
187
191
194
291
^
^
N
'
'•'"^>.'
:Narcotic farm, activities of Public Health Service
138
.Narcotic law enforcement:
: ,V Drugs exports, 1932 and 1933
124
Harrison law, registrants, June 30, 1933
124
.,,,.Opium and coca leaves imported, 1933
124
'^ IJ Violations of narcotic laws and cases disposed of, 1933
^
124
:Nafcoti6s, studies by Public Health Service
138
.Narcotics taxes:
J Receipts (collection basis)
1
318, 319
" '^ Refunds and repayments
103:
-Narcotics Bureau (see also Personnel): ' Activities reyiewed.
."_ ...
40
"^„^ Administrative officers, November 15, 1933
xv
'v:i Administrative report
123
:Ni^tional Advisory Com.mittee for Aeronautics:
';j: Appropriations, 1934_
'
, 331
• Expenditures, 1933 (checks-issued basis)
.
^
290^
-National bank notes:
o
' .
Circulation, June 30:
;
1913-1933___.!_
374
1933
1
375
. Stock, June 30:
J
1913-1933__-.
.
1
373
; ;1933._:-;.,.__...^
l.-l-...
1
^ 375
INational bank notes arid^^Federal Reserve bank notes, expenditures on..account of,. 1»933,. by .months (daily statement ,basis)
^.
315
-National Barik Redeniption Agency, currency counted iri!to -Treasurer's
;cash,1933-.:
-- —
J
.^..^...^ -151
.Na^iorialibanks:; . ' . , ; , .
, . "
Assets arid liabiiitieslbri date,of each report, June 30, 1932, to June
3Cl933:!_.Ji:.Ji..
J
81
Capital stock changes, 1 9 3 3 1 . 1 . l l . l l
1
83
Charters in force, June 30, 1932 and 1933
_.
83
, .Licensed and unlicensed, March 4, 1933-June 30, 1933
1
82
; .-Liquidations, 1933
!1
_—'
'
83
',: .Tax on circulation, receipts, 1933 (warrant 'basis)
J
282
."National Capital' Park and Planning. Commission, expenditures, 1933
;(ciiecks-iss.ued basis) _
J
1 ^
290
INational cemeteries, expenditures, 1933 (checks-issued basis) —_!
297
-National defense, expenditures
Ul
1
-i-'-7
-National Forests fund, expenditures, 1933 (checks-issued basis)
^ - 1 . . 292
-National Industrial Recovery Act:
^
IJSection 210
:
^
1.il...
186
Sections 211 to 219__
!
204
408
INDEX
National Industrial Recovery Administration:
Page
;; ,\K Appropriations, 1934
^^__i
• ^
331
Expenditures:
; ,
. ^ . « .
^
w
.v \
^
.
.
1933 (checks-issued b a s i s ) . . !
1
* 291
1934 a n d 1935, estimated
.
2a
National I n s t i t u t e of Health:
.. . ' ^
'
> '
:;; Creation I . e .
.^:
'
64
Gift fund, condition, J u n e 30, 1933
j
65'
National .Museuna, expenditures, 1933 .(checks-issued basis)
290'
Natipnal Park Service, receipts, .1933, donations (warrant basis)
1
284
National .parks, receipts, 1933, permits t o enter,(warrant basis)i
286Naturalization fees, receipts, 1933 (warrant basis)
283
Naval Academy,, expenditures, 1933 (checks-issued basis)
.- _ 294
Naval stores grading, fees, receipts, 1933 (warrant basis)
J
283.
Navigation, receipts, 1933 (warrant basis).-..
^
— _283
Navy Department:
•:.U Appropriations, 1934
332
j : Expenditures
- 280, 294, 300, 307, 313
Receipts, 1933, fines a n d forfeitures (warrant basis)
282*
N a v y D e p a r t m e n t and Marine Corps, purchase of discharges, .fees, reIceipts, 1933. (warrant basis)
^
,
^..
283>
Nicaragua, obligations to United States, status, November 15, 1933
376N i t r a t e plants, plan for disposition, expenditures, 1933 (daily s t a t e m e n t
^ a s i s ) . . . . . ^ . . _ i o . _ —__.
1LJ...,..^,...L
..^1.^...
291
Nonintoxicating! liquor taxes (act of Mar. 22, 1933), receipts^ 1933, classified
j;(collection basis)
-I
,
317
j::-:rr .:::/:•
' ' U '
o
..,;., - ^
J
Obligations acquired by United States. {See Foreign goveri^merit obliga'
.J'tions owned b y U n i t e d States; Railroad trans'a'ctions with United States;
Securities.,o.^riedfvby United .States.) J^ „ ; j
,
Obligations 'guarariteed b y 'United States, discu'ssion..1
1.1
^
IT
Qil and gas leases, Indiari moneys, receipts, 1933 (warrant basis)! —1
288
Oil and gas royalties, receipts, 1933 (warrant basis)
286
0il;4ands, protection of interests of United States in, expenditure's, 1933
•I i(cheeks-issue4:basis)...
'
291
Oir transported by pipe line, tax-receipts, 1933, actual; 1934 .and 1935,
estimated^^-c^.^.^.,.^.........J1
^
!_ _ J _ 1. _ !_•_ l!,.,
327
Oils, lubricating,"tax:"
'
'
'
/
.. J, ,-J 1
Receipts:
1933
^
'
' 2 327
,.;,,
1934'and" 1935, est'imat'e'd'.'.'111 ^ 11 I I 11111 ~ I I I 11 l'i I.II^I 11.11111 ' 327
Cflcomargaririe taxes:
,
'
,
' ^
1"
^lU
,;-^^'Receipts: "
"
/ " " . , " /
1932 and 1933___
1
:.l...:j
i J . . 318, 319'
^-^
1933, actual; 1934 a n d 1935, estimated
J
1.c
327
Organized reserves, expenditures, 1933 (checks-issued basis)
296.
P a n a m a Cariai (see diso Canal Zone):
"
'
; • ^
Expenditures___:____
280, 301, 313,
Receipts (warrant basis)
285,
P a n a m a Railroad Co.::
Capital stock owned by United States, J u n e 30, T933
:.
Dividend receipts, 1933 (warrant basis)
1J_:
lPaper currency (see also Federal Reserve bank notes; Federal R e s e r v e '
notes; F'ractional currency; Gold certificates; Silver certificates; Treasury notes" of 1890; Uriited States notes):'
' '
' ' '
'J
Issued, 1933, valuation
^
Shipiriesrits'from Treasury in Washington, 1933
'..^
Paper Custody Division, administrative-report
_.
P a r k Commission. {See National, Capital Park and Planning Commis- ,
ijsion.)
. « ! . , - '
. ,' - .
Passengers. {See Customs.)
P a t e n t fees, receipts, 1933 - (warrant basis)
C.L
P a y of t h e Army deposit fund, receipts, 1933, (warrant basis)
326
326
368
282
151
151
130
283
288
INDEi
•J''
-X:jr'. .... ,^.,..^.
409...,,,,.. ..-, •... .: ^
;; „;,.. Page.
Perial institutions, expenditures, 1933 (checks-issued b a s i s ) - - - . ! - . . : —-!!. - 293
Pension Bureau. (/See Veterans'Administration.)
:J^
Perisions:
,'• ••^''"'"';'•''!:,!'••'' J'^'i'^
Appropriations, 1934
;
.._!!!c!c^..-!_!_..:_!!J^_
331
Expenditures, 1789-1933 (warrant basis)
. i — ! c : . : j . - . c ! — _ ! . ' 307
Permits, privileges, and licenses, receipts, 1933, classified (warrant basis). 286^
Personnel, Treasury Departinent: :
•.Administrative and staff officers,: Noveiriber 15, 1 9 3 3 - - _ . . - - . - ! - ! - . .
xiv
'; • - Appointments, Division of, adriiinistrative report! ! . . . ^ c . _ . " . . . . . . . '
71
-; Budget and Iiriprbvement Corrimittee. _u : _ ..—c i _ . . . i . ! J . _ _ _ J . . . .
xvi
1 Coast Guard
r.c
. . . _ ! : _ . ! _ J _ _ i . . . _ r ! . . . - L . L . . . i _ . . . 11.J • 79'
' Engraving and Printirig Bureau.—!cJ_._.._.._!._l^__c__ — !.__9T
. M i n t Service, 1 9 3 3 . . _ J : . . ! _ J J _ c . . : l . J . . c ! . - - _ _ _ i i . . _ J - ! . . - - . - c c 122
Number, by bureau, office, or division:
•
1932 and 1933, June 30
._.:!....
387
•
1933, by months
. . _ _ _ . ^ . : - _ . _ - _ - - - ^ : - u 386
: Public Health Service-..
____.. — . . . _ . . . . . . — . . . . — . J i . —
138
•'•'^••Retirements:
-':-:-•,,;^' ..;•::.•..•••••; •-:-. ..... :-:: • ...•:. . :^. \ U^^l , .:-,>••;
1932,'Septeriibfer-1933jAuguSt!_:^_!_!.c:.c..!-!:..!:.c.c::-i
72'
J;
Nuinber^ b;y.bureau, office, or division__.:_^l..^_^_...i_-_-!^-387
Personnel Classification Bpard, experiditures, 1933 (checks-issued basis). _ _ 290'
Personnel Classifibatiori Officer, administfative report J2 .
. . i . . _ . - -1 - 124
Philippine Islands, internal revenue receipts, 1933 (collection basis).
.320
Pipe-line'watfer arid^ power ti^ansiriissio^^ fights, receipts, 1933 (warrant .
Pistols and revolvers tax, receipts, 1932 and 1933 (collection basis)
318
Playing cards tax, receipts
317, 318
Poland, obligations tp United States:
Intergoyernmental crirresporidence
.:.i
.
268
Payments due and payments made
."
-.Sii.l
"_..
- 28
Statement of the Treasury Department, December 15, 1932, covering
payments due that day and not paid
i._:
1
1 — 1 ' '210
';\ Status
1..!
,
.376
Post Office Department:
,
'
Appropriations, 1934
:
^ 332
' Expenditures-..
:
! '280, 294,~300, 313
Post offices, expenditures for. {See Public buildings.)
Postal savings bonds {see also Bonds), expenditures on accountof, 1933, by
months (daily statement basis)
111. 315Postal Service:
''
;
; Deficiency, expenditures:
1922-1933 (daily statement basis).—! 1 . :
J__.J-_.
301
1933, actual; 1934 and 1935, estimated
1
c.
20., :.^, 1933, by funds (checks-issued basis)
:i_.
280^
J;JJ '' 1933, by months (daily statement basis)
l__l
'
313
;';
Contributing tp___._____;:;!_ 1 J.i,_!JJ 1.
..
l.-l
271
Discussion..!! j ! _ : ! J l ! _ _ —- — _:!!_.1
1
"
7
Expenditures, 1789-1933 (warrant basis)
307
Revenues, 1789-1933 (warrant basis)
303
Printing and binding. Treasury Department, expenditures, 1930-1933, by
bureaus and offices
1
148
Processing tax:
Administration of
.,_.
30
Collections under Agricultural Adjustment Act, use of
!..
16 „
: Estimated receipts, 1934 and 1935
19
Estimates, discussion.
^ 1
1
^
•
22
Proclamations by the Presiderit:
"March 6, 1933, declaring a bank holiday from March 6, to March 9,
1933
!.!
194
.» March 9, 1933, continuing the bank holiday until further proclama,!, tion
!.__
,
1
....
195
Procurement.Division:
' ^
.
'
' , ,-.
Administrative officers, November 15, 19331
!._ —_J_
xvi
Creation of
34
Production Credit Corpprations: Creation ,and
financingi
J
' . . , 16
410
INDEX
Prohibition enforcement:
'
Page
Coast Guard Service
i.J.-...^.
76
. ; : Customs seizures, 1 9 3 3 . . . :
•
.
.
i__. ^'__ . 85
Rempts:li
' • . . ' .
1920-1933 (coUection basis)
.,
319
1932 a n d 1933 (collection basis)
:
318
1933 (warrant basis)
i
i
281
. 1933, fines a n d penalties (warrant basis) .^
•
_
J
282
1933, forfeitures (warrant basis)
i
283
Public building program: .
Contracts awarded, classified
^
'
142
Country-at-large projects:
Authorizations
141
.Contracts awarded
:
• :
142
Expenditures.
.
143
,r . :
Sites, s t a t u s of _:
LC_.
143
Discussion
i
33
• District, of Columbia projects: - "
.
. . Authorizations
'.i
.'.'
142
Contracts awarded
^ ^•..'..-.. 1
i
's. _ J
*
142
.. Expenditures
::.•
143
• .Sites, status of. _!'
1
'
'
i
143
Triangle site, obligations assumed to J u n e 30, 1933
!
142
Emergency relief program
•
I:
141
- v Expenditures a n d contract obligations
^
11 _c_i
34
• J;jKeyes-Elliott Acts.
:__c
^
c
!
141
. , . S t a t u s of:
' ' . ' . „
Regular progfain_ j
i
1.:
1
._ _,: _ 33, 142
; Relief p r o g r a m . —
'i
j
c l - - c - L _ J-^-!- 34, 141
Rublic buildings (see also Architect, Supervising; Public building program):
'
. ^
' .
-. Appropriations, 1934, construction, operating expenses, e t c !
1
332
Courthouses, expenditures
:
1!c -1
• i
'
:
! * 145
'^ 1 Customhouses, expenditures
'J
145
:
Expenditures:.
''
.1933 (checks-issued basis)
:_-_
!Jc!._
295
:;•. Building program, 1933
i___ — c : : : i L _ : c L v . : . c t c , c . _ c J c 143
' Buildings under Treasury ^control, ;total t o June.^ 30,> 1933, classic. '
fied- —
-:-145
Contract liabilities and unencumbered balances, 1933-^->-_JJ--_.
144
Maintenance costs, 1933
144
. ; Marine hospitals, expenditures
J__
145
: • Post offices:
Contracts awarded, 1933
!
i
^._c
143
Expenditures
145
Quarantine si ations, expenditures
145
Public buildings and grounds, rent receipts, 1933 (warrant basis)
286
Public Buildings: and Public Parks of.the National, Capitol, Office of: ^
Appropriations, 1934
^
/i 331
:• Expenditures. 1933 (checks-issued basis)
•
290
Public Buildings Commission:
Appropriations, 1934
•
331
!; Expenditures, 1933 (checks-issued basis)
^
'..
291
Public D e b t Accounts and Audit Division, administrative report
i
129
•P^ublic debt o.f.:United States (see also Securities issued by U n i t e d States;
,'Sinking fund, cumulative):
;;;>: Bases used in tables
ji.1
Ui.:
'1 —
275
Expenditures:
J
--,
1932 and 1933
i
-..
^
'_'____.. —..-^i*...
7
'.:.;
1933 (revised daily s t a t e m e n t basis)
i.
:
150
.•^_ 1
'
1933 (daily s t a t e m e n t basis)i
281
; 19.33, by m o n t h s (daily s t a t e m e n t basis),! . .1. . !
J-> ' 315
Discussion
1
6
Increase, 1933, actual; 1934 and 1935, estimated
21
Increase or decrease, 1916-1933, by sources (daily s t a t e m e n t basis) _360
INDEX
411
P u b h c debt of United States—Continued.
•" l^age
Interest-bearing:
Changes, 1933, by issues.(revised daily s t a t e m e n t basis)_350,
Description of issues, J u n e 30, 1933 (revised daily s t a t e m e n t
:\
basis)
_-_:
1
._
!-336
Outstanding, J u n e 30:
, 1853-1933 (revised daily s t a t e m e n t basis)
ii
344
1932 a n d 1933, by classes (daily s t a t e m e n t basis)-'
_'
8;
1933, a m o u n t issued, retired, outstanding, by. issues (revised
daily s t a t e m e n t basis)
CL __!__>
333;
^;
1933,. by kind of securities and callable d a t e (revised d a i l y
s t a t e m e n t basis)
- 343 •
1933, description of issues (revised daily statement, basis) __
336^
Price, average, received for each issue (revised daily state. m e n t basis).
•
-^:_!_336,
Transactions, 1933, classified (revised daily s t a t e m e n t basis)^
349,
:> I n t e r e s t o n —
. . . . . .
1789-1933, expenditures for (warrant a n d daily statemerit bases)^.
307; .
1916-1933 (daily s t a t e m e n t basis)
^
i-l-_
301
i.'v
1916-1933, c o m p u t e d . a n n u a l interest charge and computed .rate
r.' ;
of interest, by. years
'
_"__
364
1919, J a n u a r y - l 9 3 3 , June, ratio of computed a n n u a l • interest
> ,
charge, to outstanding interest-bearing d e b t :
9, 10,
.1931, July-1933, J u n e ; computed annual interest charge and '
cornputed rate of interest, by m o n t h s
i
r
.
^. ' 364
1931-1933, paid, by issues (warrant basis)
'.1
'_i . 3631933, expenditures (checks-issued basis)
1 ' 280
,; : 1933, expenditures, by m o n t h s (daily s t a t e m e n t basis)
rc!!_
313
;;; , .. 1933, J u n e 30, payable, paid, and outstanding unpaid (revised
,. daily s t a t e n i e n t ;basis),.b JL'
^-iis-j. j i . ^ 3621
1934, appropriations on account of
:'
332.
. -,
Discussion:.cc^ICC.i.:ci..^.-_v
'i...j..:._-i
j
c
.
6
M a t u r e d debt, outstanding, J u n e 30 (revised daily statement^basis): . •
1853-1933
.--'
c_._^
L
344
1932-1933
..'.__._
8'
1933
1
334
:
1933, description of issues
!_^
:.j.!...•>•.
339.„
Noninterest-rbearirig,; outstanding, J u n e -30. (revised daily' s t a t e m e n t
basis):.
.
.- '
1862-1933!: i ^ _ _ . c : . . . o _ _ c
..
i
c _!_:._'_ i . l . .
344
:,:
1932-1933
..
^.'....^u..J.2^ 8l
. ;:
1933___
c !
^ . . l . : : . . . . . . . ^ 1 335;
1933, description of issues
':l^
L - " 342
Outstanding, changes in during the year, by'classes.-_.:_^
i_-i_'_:_
8
'.',; Outstanding, J u n e 30:
J - c -.>
: .^
1853-1^33, gross and per capita (revised daily statemerit b a s i s ) . . ^ • 344,
:'
1932-1933,:changes, by:classes^i(daily stateinent b a s i s ) . . z . - r . . L ^ I ^
8
1933y interest-bearirig,;by issues (revised daily ^statenient- basis)^_ _ " 3501
J Receipts:
- l - l ; '•• '-> ' / - >" ;
7-1
1933 (revised daily statement^basis) _ lc cvt Lc . ^ . l u i . . l J l lc 1 c .'•. <•'' 150,
1933 (warrant basis)-_.
_c JL!i_i'-_'i^/J'_.- ^*"280J
:; Retirements chargeable against ordinary receipts: - '"-'
;' ' . .;•
;'.
1918-1-933, classified (daily statement-'basis) _
> J!!'
'__cJi'_c'L ' 2 9 9 ,
:;
1918^1933v(warrant-b'asis)k^.^. — . 1 1
L J . j l . ^ . i ^ U . j l r ^ ' "SO?1932,' Septerriber-1933v June, by inonths- (daily statenient b a s i s ) : _
"312
1933 (checks-issued basis)
^:__1_L1__:__!..
280,
•;:
1933, by m o n t h s (daily s t a t e m e n t basis)
i^.L'-.-.-.I^
313
1933, classified
_-l!:__-_'_: ' 150;
1933, totals-; 1932 a n d 1933, cumulative totals (revised daily'statem e n t basis)___
.
^^-c:-'i-Li J i : _ l — _ ' _ J _ l - - l i _ L _ _ J J
345,,
: JJ
1934, appropriations
1 c_ _ c __ L 1 _:_ 1 -"
>
•_ ^ _ J i ' l . _ _
332 '
;:J S t a t e m e n t of, June.30,1933^-description bf issues'(revised daily s t a t e m e n t basis)
---^_
.
i_c!_!:"—336^^
>412
.>Ist^DEX
'Public debt of United States—Continued. '•./.:
c. ^^^®
Transactions (revised daily statement basis):
^ ., ^ .
..
1933, classified
•
_
_^_.. . . c . ' . . . - ^ —..
345
1933, interest-bearing and non-interest-bearing securities,, sum'. m a r y - c . - - i
-;--u
347
. 1933, interest-bearing securities-^
-..2..-_349
c 1933, noninterest-bearing securities
ij
353
Public Debt Service:
- - .. r
^ . ^
.
^
, ^
Administrative officers, November 15, 1933
l-._
xiv
Administrative report
^^ __^
125
Expenditures, 1933 (checks-issued basis)
' "
295
Supplies, 1930-1933, cost of
^..^..
147
Public Health Service (see also Narcotic Farm; Narcotics, Personnel):
Activities reviewed
---.-39
Administrative officers, November 15, 1933
^
xv
Administrative report
1
^....^1
132
Aerial transportation, cooperation in sanitary control of__
133
Appropriations, 1933, by title
:
'
-- 139
Domestic Quarantine Division
:
134
Expenditures.
i
.
1. _ 139,295
Foreign and Insular Quarantine and Immigration Divisiori
132
Marine Hospitals and Relief Division
i_.
137
Mental Hygiene Division
...
138
Parrot disease control
,.1
!>_
133
Quarantine inspection
•_
132
Revenue derived from, 1933, by sources
:__
139
Sanitary. Reports and Statistics Division
132
Scientific Research Division
^
135
Services in Federal penal and correctional institutions
138
Supplies, 1930-1933, cost of
146
Venereal disease control, activities of Venereal Diseases Division
137
Public lands, receipts from sales, 1796-1933 (warrant b a s i s ) . . !
303
Public works:
Appropriations, emergency
,
15
Expenditures on account of
6
Public Works Administration:
Appropriations, 1934
331
Estimated expenditures, 1934 and 1935. . . J. .
.
-------:20
Puerto Rican Hurricane Relief Comniission, experiditures, 1933 (checksissued basis)
.
-1^-1. --. - : . - - ! . - - : . - _ ! . _ _
290
Puerto Rico, customs receipts, expenditures, and entries, 1933 _.___._.__. , 325
Purchasing agencies. {See General Supply Committee; Procurement.
Division; Supply Division.)
Q
.
•^
^ !
•:.-••
;,
Quarantine (see also Public Health Service), Inspections, 1933, yessels,.
passengers, and seamen
^_._.-.-_—
Quarantine stations, expenditures for. {See Public Buildings!)
I'l]
"R
132
:i'I
Radio, Coast Guard activities
.
. . . - - - - - -!;.
76
Radio messages. {See Telephone, telegraph, radio, and cable messages,
. tax.)
Radio sets, tax receipts, 1933, actual; 1934 and 1935, estimated.
327
Railroad transactions with United States:
Federal control act:
Equipment trust notes, holding, June 30, 1933
........
368
Obligations originally held, amount held June 30, 1933, total
payments of principal and in t e r e s t . . . . . . . ^
.....
:._._.
52
General railroad contingent fund:
'
. Condition, October 31, 1 9 . 3 3 . . . . . .
....
, 64, 270
Expenditures, 1924-1933 (daily statement b a s i s ) . . _ . _ . _ . . .
301
INDEX
413
Railroad transactions with United States—Coritinued.
^
~
. Page
Transportation Act, 1920:.
'
" ^ ^ ' -v -.
' A'^.. \
Section 204, payments to carriers to June 30, 1933
i.JJr
53
Section 207:
•' '
' '
^ .. r , .--, .
>,.. ^ ^°-' '
Obligations originally acquired, repayments, amount out' "
standing, June 30, 1933, by c a r r i e r s _ . . i i . i r . J j . . J . J ^
370
Obligations originally held, amount^'held June 30, 19337total
payments of principal and interest
^ti _ _': 1 _ _ ,
52
Section 209:
u^^
^ - -' > ^ . . •
Indebtedness of carriers to United States for overpayments!
53
Payments to carriers, total to June 30, 1933
i:
:...
53
Section* 210:
'
/
Loans outstanding June 30, 1932 and 1933, by carriers
371
Obligations originally held, amount held June'30, 1933,.total
payments of principal and interest
-_'
^..i
52
Principal and interest due from carriers in default, June 30, .
1933
54
Railroads (see also General railroad contingent fund):
Expenditures for
l
301
Owned by United States. {See Panama Railroad Company.)
Receipts (see also Customs—Receipts; Estimates; Internal revenue taxes;
Miscellaneous receipts):
1789-1933, ordinary, classified (warrant and daily statement bases). _- 303
1916-1933, ordinary, classified (daily statement basis)
i-_i..:
299
1924-1933 (chart 2)
1
1932-1933 (by major sources)
1
J
2
1933, actual; 1934 and 1935, estimated
1
i . . - 19, 327
1933, by funds (warrant basis)
'
279
1933, by sources*and funds (warrant basis).'
:.
1
281
Analysis
'
1
Bases used in tables
275
Comparison with estimates
•
^
J
5
Description of classification by funds
276
Nonrevenue:
1933, by funds (warrant basis)
^
^
279
1933, by sources and funds (warrant basis)
j
' 286
Revenue:
^
-^
1933, by funds (warrant basis)
i-.
279
1933, by sources and funds (warrant basis)
..
281
Reclamation fund, advances to, condition, June 30, 1933
•
68
Reconstruction Finance Corporation:
Account, June 30, 1933
1
11
Aid given to banks
...
24
Authority to aid banks
23
Authority tp b o r r p w . . . . _ . . . . . . .
...
— _.
14
Expenditures:
. .c:
';.,
.,
1932-1933...
.....
. _ . . . . _ _ . . _ : - _ . ! . . c . _ . ! . . l 7, 301
1933 (daily statemerit basis)
' : _ . . . . l . . . _ _ c _ . . . . —.._..__
280
1933, actual; 1934 and 1935, estimated
.
21
1933, by months (daily statement basis)
._.
,_.
315
Discussion
_.___.
r- - - - - - - - -1 — - — — - - J- - 6, 10, 15
Finaricing:
"
:•
Operations
.
10
Method..__________
! _ _ _ _ _ _ . l _ i _ _ _ ! ! - . . J _ _ i J - . _ _ — - 9, 14
Obligations owned by United States, June 30, 1 9 3 3 _ . . ! . . c . . . . . . . . .
368
Recovery program. {See also entries under names of particular projects):
Measures included in^ .____._..
...._.
-._!....
13
Method bf
finaricing
^..
Jl..._______.:......._
13
Refrigerators, mechanical, tax receipts, 1933, actual; 1934 and 1935, estimated
— J.:_ _. — . . . . . . _ _ - . . _ J.J __..
327
Refunds, drawback, etc., of revenue. {See oZso Customs, refunds; Drawback; Income tax, refunds; Internal revenue, refunds; Sales taxes, refunds; Tobacco taxes, ref unds):
Appropriations, 1934
332
Estimates, 1935
.
332
Expenditures
.
297, 301
Register of the Treasury, administrative report
127
.414
INDEX
•'_
J • • • • ' • • • • - •
•
;
• ••
:;'
'
- Page^
Reimbursements, receiptsj 1933 (warrant basis) i . . J . . J . . 1J _ _ _ l l i 1 _ _c _ J;
284
Rents, receipts, 1933, classified -(warrant basis).___! - - . 1 - 1 : J . U J — . . . J J
286
Reorganization of t h e Government:
: ' '1
.
Discussion- _ - -^
:.-_ _ _^- — - J - _ j . - l 21. j . . i l i 1 1 . 1 . 1 1 . 1 : . Jj::
17
. Abolition of Federal Farrn' Loan B P a r d . 1 _ ! ! . . _ . . _ _ ! . . 1 . . J . : . 1 J J j :
34:
Change of title of Office of F a r m Loan Commissioner to Office df Land
- Barik Corrimissibner.ee'J! J : i J_ —J l ! J J J1 _ J ^ J ! _ ! J . 111 J . . . . ! ! _
34;
Transfer of Federal F a r m Loan Bureau to F a r m Credit Admiriistra• tionc^-^ _cJ _. J i c c _: J U U U . J J J_ J-: _c ! j . : 1 . 1 _J . 1 . . : J : _ _ _ j _ J
34:
' . Transfer of Office of Supervisirig Architect to 'Diyisiorilof Procure-,
ment_ . ' . ^ U . - . — i l J . _ I d J__•!_J__ __c _: _ . . ! . ! ! : — • _ . . J . ; . ^ - J - - - . ! "'
34:Retirement funds. (/See Canal Zone R e t i r e m e n t and dyaibiliiiy. !fi,md;
Civil service retirement and disability fund; District of'CpIC^rnbia
teachers' retirement fund; Foreigri service r e t i t e m e n t and disability
• ':-fund.)-•''^ J-':.'^"'- "J.
• ' ^ ! 'V-v., ••;''''^''-^^ ^''•-••••'J^-^" "7 J"'l!"^j;;: J'.;
'
Revenue. (/See^Budget;" Custbrns'-^^Receipts;' E s t i m a t e s ; i n t e r n a l revenue;
a n d titles of specific taxes.)
,
. 'J •- * >,' : . .J ' . J J ' ; .
^Revenue-legislations ••••'••'-''''^ ! ' ^*i' j^*-.^^^:"-.'••• ;•''•'!''"'J':'^'J-'!^ : JJ^J ' ; ' • ' " ; : , . , ;,.
Act of Jliri^ 16, 1933 ;(seCtioris" 211-j^^
Recbvefy-Acit)J providirig'for •i'eerrip^^
Act of J u n e 16,'1933, exteriding ga^bliri'e tax fof 1 yeaf, ;arid^
postage rates on mail m a t t e r , and for other purposes_,i!i__ J.:^^^^^^
207
^
Administration by I n t e r n a l Revenue Bureau
:Jl/!!lJJlJll.J--29"
' •; '' Discussion
---^___^______i_ii_--_i
__cc—Jj!^:^LJ^l.":__^^,r
17'
E s t i m a t e d receipts, 1934
_._.!,! .JlJi* J JJJ '
22"
; Rivers and harbors:
. . .
v.", •.•... v.
Expenditures, 1933 (checks-issued basis).__.._,„,____:_:_:JlOi;:.__,_ . .,^2.97"
: ^
Receipts, 1933, contributions (warrant basi^) _J .:. i l . . J . 1 . 1 ! J l J 1._: 11;'' '\2i^5•
Road construction, expenditures^ 1933^ (checks^issued'basis)! . . . J Jl'l i J . . : ' '1 29^
Royalties, receipts, pil, gas, etc., 1933;:(warrant;.basis) c_J^
. ! J _ . c l _ _J_J,J ' !2§6'
R u m a n i a , obligatiPns^to Uriited^States:""'' ^'^'•' .' ^' '• •'' - "r^ -^; i^'y^'i'''.:!^^
Intergovernmental correspondence
--.-,-- 7,^ -,-.-1;1." r - V-l!
2o2*
P a y m e n t s due and p a y m e n t s - m a d e . . 1 _ _ _ _ . : . : : . l l . 1 _CJ 1 Ji!;_!;!_i;! J
28
.. Payrrients m a d e in silver. - ^ _
- - - -1 - - - 1 . : : .
. : J : J1J ! 1J Jl'~
27"
Status, November 15, 1933
. . . . . . . . . . . . . ^ ^ J e : ! ! ! J l ^ ^ l j . l/BfiS
Russia, obligations to United States, status,^ Noverriber 1 5 , " 1 9 3 3 . 1 1 J J l — 1 '
076*
/Safe deposit boxes, t a x on,leasea:of,:receipts,l933 actrial;^1934%rid W35,'l-:
::::estimated......-................c^!—i,!.'!-:^!^!'^.^, 327
Sales of G p y e r n m e n t property, receipts^i;933;' classified (wafrsSt^baM
285Sales of produce (future .deli very) s t a m p t a x r r e c e i p t s , l S f 3 2 a n d : T 9 3 3 ( c b l ^
• •:; lection .basis).. . . _ ...i-c:iif .i-i>i.-;:3:.1119..12J. 111.. _:^icc^!^l ^ u l l J i U J ' ^ : 3 1 7
Sales of, ships,;securities:receiv.edJon;a'ccGunt;of; owned b y "Uriited- S t a t e s ^ '
vvvJune 30, 1 9 3 3 1 . - . - . - . . - - ! - _ !
.c--i'iJi^J!;?J!i;Jtl?Ji^;f!l • 369^
Sales of surplus war supphes, securities received-bri^accouritotjowrie'd"by ' ' ' ' ; . J
United States
°. .Ya^iiil J;^67l^*369^
Sales T a x Piyisipn^,adiilinistratiye'rep0rt;c:£Li: J . : ' J i U L U l i c ! ! ! 1! 1 J U l l J l l ^ ' 111.
, Sales taxes. (/See Manufacturejs'excise taxes.). .
^..^^^ r^^a:*,:/ ?G
Savings securities, Treasury (War). {See Treasury savlrigs'se^euritibsv)^'^' •
;S^cret Seryice Division:..
^ -•'''"''" "t^J^
'l'.l2 Adrninistratiye.report-.....
.......,..— ._
_.___^_;i"JJJ__
140"'
Expenditure^>[^1933-,(!2heeks-^ssuedbasis)>lL 1 : /^^ c V c J i n d t U t . _ _ ! V - ! " •' '29f5
Secretaries of t h e Treasury,'1933---J_c'l^i>l:-^i£li:JDri':ce!!^JJ:-^
v^^^^'
Secretary of t h e Treasury, administrative and staff officers^bf office;bf'the^'•'''''''
Secretary, November 15, 1933
-_!l'iiilc'i-'!J.IL'• x i v
Securities issued by United. States, (see aZso .Bonds; Certificates of iiitfebt" edness; Liberty Bonds; Tax-exempt securities;^Treasury.bills;;Tf^a;Sury
,; bonds; Treasury notes; Victory notes).:
... . . .
• Jc^';:;^'^ •
J • Authority for purchase of, by Federal. Reserve banks clcJ-^iai-^._-_
251:
Destfuctipn, .1933_ ... . ... ..
. . . . . . . . . . J J J U J U J . J j i i ^ . . . 131
J . Individual registered accounts,. J u n e 30, 1933, n u m b e r and p'riricii3aML-''' 126
"
Iritprestlrjates,,Junel932xQctober^l933c:^:i:L
357
, Issues j 1933, registered a n d . nonregistered, vby^Loahs^arid-Currenby
DivisionJ
:
sc^
c;_i;i:u„
125*
INDEX
415
Securities issued by United S t a t e s — C o n t i n u e d .
Page
;.
Lost, stolen, or destroyed, clairns for r e h e f . . _ - : - - - - - - - c-1 - _ . , 126
'
Open m a r k e t operations in, b y ' F e d e r a l Reserye b a n k s , authorized by
- /
a c t o f Congress, M a y 12, 1 9 3 3 .
1....^^^..>,.____._____.:_-___.
191
Redemption in gold discontinued
_ _ . . _ _ 26,194
Register's office holdings, 1933, by class of s e c u r i t y - - - - -—-^128
Retirements:..
^ 'l:
..
1933, registered a n d nonregistered, b y ' L o a n s a n d Currency Divi" To J u n e 30, 1933, through cumulative sinking fund, p a r a m o u n t
a n d principal „cost (revised daily s t a t e m e n t basis) ______-- ! . _ _ J
362
Stock activities, 1933, registered a n d nonregistered, b y Loans a n d Currency Division
,_ _ _ _ _ _ . _ - . - ^ _ _ . . . . . . . . . . _ c . . — . . . . .
... . . - .
125
Transactions:
.
11,932, J u n e - 1 9 3 3 , October, interest-bearing, sumrnary___...__
357
1933, interest-bearing, s u m m a r y (revised daily s t a t e m e n t basis) _
349
1933, interest-bearing a n d non-interest-bearing, s u m m a r y (revised daily s t a t e m e n t basis) J J
>_,___________.,.
. 347
193,3, non-interest-bearing (revised daily s t a t e m e n t basis) i . _ _ . _
353
Securities owned by United States {see also Foreign government obligations
owned by Uriited ,States; Railroad transactions with United S t a t e s ; a n d
' entries under :riarri;es of corporations, iptc.i^i^
Holdirigs, J u n e .30: 1 ' '
•
J
. . .
JJ
1932 a n d 1 9 3 3 _ _ - _ - . . . l - _ _ - . - l - .
......
.......i...,
54
1933, classified
.
_ . . . _ — . _ , - ; . 367
Receipts from:
^
,
1932 a n d 1933
.
..-_.__ — ..._:_._._
2
Analysis
-__...-._.__._.._.i_::;____.;.__,.^^
-...:
5
Sieigniorage, realization on, 1 9 3 3 - - - J l ! J l . —-l_-__...__i:..._..._;
122
Senate, expenditures, 1933 (checks-issued b a s i s ) . . _ . _ c . . . . . _ _ , . . . . . . c , . _ .
290
Serb-Croat-Slovene Kirigdomv- (/See.Yugoslav^
• ;c:
;•; .
.Services, receipts.from sales of, 1933, classified .(warrant b a s i s ) ^ . 1 . J . . _ . . . .
285
Shipping Board:
• : . : . :
;
Appropriations, 1934
......;: _. . . . . — . . .
.i. .
331
J
Expenditures.._.
._J l . _ . _ . . . J _ . . _ . . . . . . - . . 280,;291, 301
.Ships. (/See Vessels.)
'
.
.:
.'
.
; Ships, sales of. {See Sales of .ships.)
'
,
Silver:
'
1
^
Acceptance of,'in p a y m e n t on account of foreign loans, .authorization
for
—
._
.
25
Consumption., iriHustrial, 1932, caleridar y e a r . _ . . . . . _ . _ _ . . . _ _ J . J . .
122
Depx)sits, 1933.___.
!__.
122
Electrolytically refined, 1932 a r i d . 1 9 3 3 - . . . . . - . . l . . l l . . . . . . . i _ _ _ . . . .
121
Prices, 1933, New : Y o r k - r n a r k e t . . . c . _ — _ . _ _ _ _ . . i . - — - — . _ . _ . ! _ . . _
121
, / Production, domestic, 1931 a n d 1.932, calendar years
._.___..
121
Receipt of, in p a y n i e n t s on account of foreign go vernment-obligations
.owned bv United States
...
!.>__!!_
27
Siiver,bullion,lstock, J u n e 3 0 , 1 9 3 3 . . . . . . _ _ _ _ . . . . _ . . - . . . . . —-_.. — ! . . . _
121
Silver certificates:
,
Authority for issue of, against silver.received i n p a y m e n t s ori accourit
of foreign loans
... ... _ 1... . . 1 1 . _ _ _ . : . 1 . c 11 _ _ _ !
-.._
25
Circulation, J u n e , 3 0 :
c •.. ;
^ '
. ;
I913-;1933
.-_......._.—
374
:>
1933
.__.-..:;_..__.......—
375
Silver coin. {See S t a n d a r d silver dollar; Subsidiary silver coin.)
Silver dollaf. (/See S t a n d a r d shver dollar.) . : .
Sinking furid,/curnulative:;
••
.
!
" : '
' :
Appropriation:
1 9 3 4 _ _ _ - _ . _ c ! _ - _ - - - - _ - : . _ _ — c _ ______ _ _ - . . _ _ i . ^ . . . _ . . - . _
332
r Additions t o , authorized by law:
• •'^"
.Discussion
^_____.,:_____._.!_
i
^!__^_
16
;,
Legislation _,_._.._c
___._._._,_-----._
_.
_____._.__
186
1
H o w computed
— — __1 —111__
11
;;^ E x p e n d i t u r e s c i ^ . _ _ _ . : . . : _ i . c i . : » > _ . . _ — . c . C - _ . . : - l c _ ! .
. ! ! J : _ 280, 313
Securities retired through, p a r .aniount a n d principal cost, t o J u n e ' 3 0 ,
1933 (revised ?dail.y s t a t e m e n t ;basis)
.;: _.:_...:_ ______ 1 . . . . _;.
362
:
14820—33—-28
,
,
416
TNDEX
j i n k i n g fund, c u m u l a t i v e — C o n t i n u e d . !
Tage
'' ^ Transactions:
•
^ :J:
1921-1933.-_—...
j
...^..361
1933_-_.
.
..
1^
..
.
361
Discussion
_._
J
i.i.L.ai.-_l
11
Sniithsonian Institution:
-^ 'i <•
,'11' Appropriations, 1934.
±.,
i'^_'-_
331
J^ E x p e n d i t u r e s j l 9 3 3 (checks-issued^basis)
1
i
.-_..'
, 290
Sinuggiing. {See C u s t o m s ; Narcotic law enforcement; Prohibition enforceinent.)
"
^ ,*
^\^
Snuff tax, receipts, 1932 a n d 1933 (collection basis)
317
Spft drinks tax, receipts, 1933) a c t u a l ; 1934 and'1935, estimated
327
Sbldiers' H o m e p e r m a n e n t fund, receipts, 1933-(warrant^basis)_-l
2
288
Special Advisory Committee. {See Income T a x Unit.)
Special funds: ' ^
^ ^
". • v ^ » ,
, ^
• ' Description of accounts
ii
U2.J.
^
277
Summary
i
c<i c . . ± . c CL L .LC . ' U . I . J . •" t_^
_
66
Sporting goods, cameras a n d lenses, t a x receipts, 1933,. a c t u a l ; 193^4 .and
1935,^estiHiated
LiJ^.^lllLuZc..—_eL.^_L_-^_-__^.u
^
...
;327
Spruce "^Prbduc^ion C o r p o r a t i o n , ' United States, .capital'stock owned-.by ^
,,XJnited States, J u n e 30, 1933
^ .^^367
S t a m p taxes, receipts (collection basis):
. ^ L' . j i ' ^
l u 1916-1933-.
^ . 318
''^'; 1932 a n d 1933, classified
i_b:..^Ji:_"-..i:,,..V, 317
:, , 1933*, actually 1934 a n d 1^935, estimated
-£..:
^ic
. i . . . ,327
' '" Analysis. .
'UJ
t _yiu^
_-_.-.i.^.
4
S t a n d a r d silver dollar:
. ? ' ^ ,^^ ^^ .
'
ll\l' Assets and liabilities of t h e Treasury, J u n e 30:
.
< o\ - 'c ^ ^u
!,;
1931-1933, classified (revised daily s t a t e m e n t basis)Lj.cic.j_.^>.'Ui k 365
':!,
1932-1933, J u n e 30 (daily statem'ent b a s i s ) . _ : - . c —1.-_-^_„_J._^^..13
!1" Authority of President to change'silver^xoritfent andiestablish^a-'fixed >
Ij^;
ratio tO'gold!___!-_l_^:_-.i2^.-YD^cL:j
i
^iji.^.^,i ^ 26
^:;:; Circulation, J u n e 30:
''.
< ,^ ^^,. .
^^
^*i913^1933..1
!.!cllL —.I.l
c..i.--.L....c^ij_i^s--u--.!..
3^4
1933__..---!J-:-jlJ-J..cj..c
1
1 1 . . : . . - . ^ . , . ^ 375
' • Stock, J u n e 30:
- I
^ - ,
1913-1933
: . . _ ! _ J.-.
, . . , . 373
:^;, ,,
1933
' - - . . ^ . _ _ 121,375
S t a t e ' a i d : (/See Federal aid to States.)
C - . J , J -*, ^ J '
State Department:
-'
'U^-^
- ^,
. J « * ,.
(^
i; • Appropriations, 1934
. . . l . ! J_j._-1__"
!J — !
{.>-i\—
332
% : Expenditures
280,.295, 300, 313
S t a t i o n e r y , ' T r e a s u r y D e p a r t m e n t , expenditures, 1930-1933..-.i.
'--^. ^^ 147
Siibsidiary silver coin:
.',
.< n
Circulation, J u n e 30:
r ^
' • r
> ,r
'.'ll
1913-1933
J-J-J
^
J..U.
c_i . 374
"
1933.-
.:L.:.:^._-
J..
375
Coinage executed, 1933
^-IJ__I:.'.I'J_..—'.^.L.
120
, , Stock, J u n e 30:
,/T
: J
1913-1933
—:
i
J
i
373
1
1933-:1-.J
1
"...^_L-,.;._ 121,375
.Sugar E q u a h z a t i o n Board, expenditures, 1922 a n d 1923 (daily s t a t e m e n t
J ^ Ibasis)
-—
301
.Supervising Architect's Office. {See Architect, Supervising;)
. ^ ^
.Supply Division:
'
,
'- i \
^
Adrriiriistrative report___:
^
i
- ' — ^ 145
Expenditures, 1930-1933, by bureaus a n d offices a n d titles of appro• I.
priations
->
1—
146
SiipremeCpiirt Building Commission:
'•
, ^ <
^
( ,
Ap^fbpriatioris, 1934
^•_.!!'
L..'
>
331
Expenditures, 1933 (checks-issued basis)
-J
!
290
Surety Bonds Section, administrative report
71
Surplus:
' " 1789-1933 for certain years (warrant a n d daily s t a t e m e n t bases)
303
Public debt reduction from 1920-1930
360
Surplus property. {See General Supply C o m m i t t e e ; Sales of Government
property.)
Surplus war supplies, sales of. (See Sales of surplus war supplies.)
INDEX
-•::'
T
Tariff Commission:
.^
^
1^^ Appropriations, 1 9 3 4 . . . .
! ' - Expenditures, 1933 (checkg-issued basis)
Tariff legislation, new, 1933
T a x Appeals Board:
' Appropriations, 1934
,
J " Cases filed and.closed, 1932 a n d 1933
1
,.
,
Expenditures,; 19.33: (checks-issued basis)
*
.
Fees, receipts, 1933 (warrant basis)
,
Tax-exempt securities: .
! - • Outstanding, i n t e r e s t exempt from normal income tax:
1917-1932,.December 31
1918-1933, J u n e 30._
^
Outstanding, interest exempt from normal income t a x a n d surtax, '
1912-1932, December .31
-^
1
Taxation. {See entries beginning with word " Revenue.")
Taxes. (/See Ititernal revenue taxes; and titles of specific taxes.) , . .
Telegraph. (/See entries.beginning with word " T e l e p h o n e . " )
Telephbrie/'telegraph,'radio,, a n d , c a b l e messages, t a x receipts (collection,
^17
Page
331
290
87
331
118
290
283
378
378
377
1918-1924 a n d 1933
.-._,-,
319
^^^ 1 9 3 3 . : _ . - _ _ _ . _ _ - _ _ - 2, 327
!
1934 and 1935, estimated
.^
, 327
Telephone p a y stations in Federal buildings and rented post offices, commissions on, receipts, 1933 (warrant basis)
283
Tennessee Valley Authority:
. . Appropriations, 1934
^^
_i
»
^ 331
'^'' Authority for .issue..L^cce .-. -.
1
,.
..
,
17
' ' Bpnds issued by, guaranteed by United Sta^tes._:
^
_17
Estirriated' experiditures;:!934 and 1935
,
=.: — ____. 1-. /
21
Territories, Government in, expenditures, 1933 (checks-issued basis).'_c J .
c293
Testing fees, receipts, 1933 (warrant basis)
___.
^.,
, ^ 283
:Tires and inner tubes, t a x receipts, 1933, actual; 1934 and 1935, e s t i m a t e d .
327
'Tobacco taxes (see also Cigar taxes; Cigarette taxes; Snuff t a x ) :
.,, , Assessments, additional, 1933
I--7-1.
1^3
i(>: Receipts (collection basis):
-^
<
i
H & rv.r 1 9 1 6 - 1 9 3 3 . . . .
V
!___
318
1932 and 1933, by sources
._..113, 317
1932 and 1933, chewing and smoking tobacco
'
1
317
"Jr
-. .4933...actual; 1934,and 1935, estimated
cc.,
1
327
^11 iMU . c ^ a l y s i s . . .
1..^
,._.
3
Toilet preparations, t^-^ re6'ei|)ts, 1933,-actual;, 1934 a n d j l 9 3 5 , estimated.,^ 1 327
Tonnage tax, receipts, 1933
J
-c--~
, .??-^
.Treasurer of the United States:
5- , , , " vj
^l 1
'<f;|| Administrative officers, November 15, 1933..^ . .
'
^.^Irl. -lU^U- i ^ x v
U Z Administrative; r e p o r t . ..
L,.l
149
''Sreasury (see aZso-General.fund):
ii^-i ^ ^' "
-'>
C o n d i t i o n of, J u n e 30:
" ] . ,.. 1 . ,
H^J ^_^ 1931-1933 .(revised-daily statemejit basis)
l.isl.llJ^i...
365
U t , 'Gild holdings, .June 30, 1932 and 1933 (revised daily s t a t e m e n t basis) _
151
IVteey^held iri|^JiuriM;30:r,f . ' \ ' '
^r
. i
• ,^ / ' r
^
,, , ^
.^Of:
. .1913-193a.._
.
1._!.--...IJl.J.!..
;^72
1933, by k i n d s : : : - i c ^ _ . j _ _ - . r ^ - ^ - _ - ^ :_(:
,..,..^
_- /^.375
Shipments of United States paper currency, 1933
___J__J_ ^ '^151
^Treasury-accounts,, appropriation accounts, change in system of "l^e'eping. ^45,'269
^Treasufy'->biMs'':i 3:'iKi,«i f>,^,-i.^ Krn
^^^
,, . .
- ^ \ ,, 1 ' ^ }
>
.
..,,r
\]
-l?ii Changes,. 1933, by issues (revised d>ily staternent basfs)
. J . . . , . . l ' 351
Expenditures on account of, 1933, by months-(daily statemerit basis)
315
' ?^'? Offering, =and. acceplance of bills, issues November 9j 1932,' through^ ' "^'
^1^1^
-October 2 5 , 1 . 9 3 3 - - - - - .
1
,. 183
Outstanding, J u n e 30, 1933 (revised daily s t a t e m e n t basis):
^ ' ^,.,
B}^ issues
^ ' 304
'«•";
Descripti6n':o.f tissues J
^
.
"__._
±
.>
J ' 339
418 i
INDEX
T r e a s u r y bills^-Continued.
. . ;
.
. .:
::K:. r. 1
Transactions:
..,- ;Page
1932, J u n e - 1 9 3 3 , October, s u m m a r y
. . . _ c _ _ i _ c _ _ . _ c ! : _ : : 357
1933, interest-bearing, s u m m a r y (revised;) daily s t a t e m e n t basis)_:: 349
1933, noninterest-bearing, by issues (revised dail]^* statemerit
basis)
. _ . . . . ..._..H._,_ ...c . . . l u
355
Treasury bonds:
.
,
:
- : . ;• - ;
Changes, 1933, by issues (revised daily stateriient basis)___i___.._-c", :^350
, Expenditures on account of, 1933, by m o n t h s (daily s t a t e m e n t basis)-:
315
Offering ;.of bonds:
•
. . .
;: ,
1941, 3% percent
1
; 170
1943-45, 4K-3K percent
_ _ . . . _ . . J : _ . _ c , _ - •r?J180
Outstanding, J u n e 3 0 , 1 9 3 3 , (revised daily s t a t e m e n t basis):
Description of issues
--f--_ i i c _ _ - - - - - i i . - . c _ ! _ _ _ c : . ^-337
Issued, retired, a n d outstanding, by issues^
333
Subscriptions a n d allotments among!Federal reserve districts:
1941
173
1943-45, 4]4-3Kpercent.___,__.:JL_ —__._- — - J - - — - - J j : - c 182
Transactions, J u n e 1932-TOctober• 1933, interest-bearing, s u m m a f y J 1 ' ' 35,7
Treasury bonds a n d Liberty bonds, interest-bearing, transactions,' 1933- . ' r "
s u m m a r y (revised daily s t a t e m e n t .basis)
! 1 -___!___
! : ' ! c _ _J i l j ^ ' ^'^^^349
Treasury certificates of indebtedness. {See Certificates of indebtedness.) . J 1
Treasury D e p a r t m e n t (see also Assistant Secretaries of t h e Treasury f
•'
Circulars, d e p a r t m e n t ; Daily s t a t e m e n t of t h e T r e a s u r y ; Personriel;*' "
Secretary of t h e Treasury; Under Secretary of t h e Treasury):;; . : " / ; ;
'
Administrative a n d staff officers, November 15, 1933llll..-il-l.
xiv
• Appropriations, 1934
.^ - - J:^Ji 332
Architectural Consultants Board, personnel, November 15,jl933:-^c!''' x i v
Chief Clerk a n d Superintendent, administrative r e p o r t i — ! : ! ! - ! : . ! - _
73
Treasury D e p a r t m e n t :
.
Depository system:
Changes, 1933
!__
70
Effect of banking emergency on__.
_._
, 70.,
Expenditures
__ _ _ I J : 1 1 ! ! _ : ! l 1 _ J:______________ 280^ 295, 3^0, 310 !
F u n d s through'which operations are effected, description__l
'..IU.
276
Treasury notes:
.
,
. - .. .
Changes, 1933, by issues (revised daily statement.basis)___.-___l_ J : '.;' 350
Expenditures on account of, 1933, by iiioiiths (daily s t a t e m e n t basis)!.
315
Offering of series, dated:
. ^
.. •
December 15, 1932, Series B-1936; 2%'percent:___ —_1___!J___J
'157
F e b r u a r y 1, 1933, series A-1938, 2^8 percent
. . . . . . 1 U-l 1
IQO
M a y 2, 1933, series C-1936, 2% p e r c e n t .
! _ _ : _ 1 —_
164
J u n e 15, 1933, series,B-1938, 2ys p e r c e n t . _ :
.1._J____lcl_l
-167
August 15, 1933, series B-1935, P ^ p e r c e n t . . — . . . . . l ! . . J l ! . J - l 170
Outstanding,. J u n e 30, 1933 (revised daily s t a t e m e n t basis):
Description of issues
--_---___
_._____!1_'
,337
Issued, retired, and outstandirig, by issues_ : _ 1 _ _ __ 11 _ l _ _ _ - - . - - ! :' 333
Subscriptions and allotments among Federal Reserve districts: ' '
" ' :
Series B-1935
- - - - ''173 •
Series B - 1 9 3 6 _ - - _ _ : _ _ _ ! ; : : - ! - J _ _ — ___ — _ - - : — J —_:_ — : ! J - l - ' 159
Series C - 1 9 3 6 1 1 - - J - - - ! _ - - - - - _ _ _ _ _ _ !
: _ _ _ _ : J _ _ - . _ ^ 166
Series A-1938
:J___J__—
161
Series B-l,938___ —
___ — _ — ___
____:lJ!_lJ-—
169
Transactions:
''
'
"
1
J^
1932, J u n e - 1 9 3 3 , October, interest-bearing, s u m m a r y ! _ ! ! - _ _ J - J ' 357
1933, interest-bearing, s u m m a r y (revised daily s t a t e m e n t basis).
349
1933, noninterest-bearing, by issues (revised daily s t a t e m e n t
basis)
--353
T r e a s u r y notes of 1890, circulation, J u n e 30:
'
'
.
1913-1933
-__c_.__l:_-.__l.:i____i________—•_:-__•
374
1933
_.1._:!__^-^
375
T r e a s u r y savings securities:
Expenditures on accountof, 1933, by m o n t h s (daily s t a t e m e n t basis)315
Outstanding, J u n e 30 (revised daily s t a t e m e n t basis):
1933
___.___:____-___
335
1933, description of issues
341
Transactions, 1933, noninterest-bearing, by issues (revised daily statem e n t basis)
356
INDEX
419
Triangle properties.. {See Public building program—District of Columbia
projects.)
1;;
T r i p a r t i t e Claims. Commission:
.r'
^
:;
i'
> f
*
'-^•'Awards^::.- .c:^r'. cc's ..••5.,.^.,';.-• :•" •
' -^ •;.
^ '-^ . I'J J
Austria,. 1933,. p a y m e n t s f r o m : i _.::. _ . _ 1 _ i _ _ _ ! J l . U . 1 . . . . i;!c .
Hungary, p a y m e n t s from
.
_! _ 1 _ ^ .
Public Resolution No. 11, Seventy-third Congress.^
_i!!.c__; *
V Regulations No.-9, -Payments on account of a'wards agairist H u n g a r y ,
September 1 2 , 1 9 3 3 . . : - c . ; . . . _ _ _ _ . _ . l : c _ _ . : . - _ _ r _ L i . ! _ _ _ ! _ . . _ : c
T r u s t funds administered by t h e Treasury (see also titles ^of particular
funds):
' • .^J
" .'
.: Description of a c c o u n t s —
^ _ _•_ _ _c : ! !_ _ . . : . . : : . .
Expenditures,. 1933; by m o n t h s (daily s t a t e m e n t b a s i s ) .
^^!.!—'.£
' R e c e i p t s , 1933,-classified (warrant basis)
..
c_.!_...il_!!^...
,
• : ••'^I:- • i:.'-.'
'[•• . ' t l r,^ '..'••• i.^. • i ^ . :... .
-
Page
51
51
266
264
277
313
287
-.. . ^-
Under Secretaries of the Treasury, 1933
_._c -.: - . ! - - - ^ - .-..:- - J^.. .
xm
United States Goyernrnent liferinsuranc.e fund, )^.(/See Government life
insuraricefund.)..;-J-l,. • .. '• v.-ji /• .?.••;;.-; ,c^'...' J ::! . ..-..: J >" / '••.-• •
United States Government securities. {See Securities.issued.^bytthe United,;
S t a t e s . ) , . , ..,. ,,..r!.,:--•.-.,..:.:.'.: , J '.:<•• • }-;2>.' . , ;, .. :•• - 1 - •' .;•. •
United States; notes: ;:
c... • . , . . . i . - . v ,:.,
„
... ,
.
^^
Authority for issue of ^,_._ _ _:. _ _ _ . _v-%- ---f;,. - - - . __ i _-1._
*-cc -^ - - _,.25.
Circulation, J u n e . 3 0 : .
',
J
.
•1913-1933.. _ . ! ! ! _ - _ ! _ _ ! _.J!.-_.-!_.._!__!!__ __--_..
374
1933
.-__
_ _ _ . c _ . _ - . 375
Stock, J u n e 30:
.
.
- -.
.,
:.
1913-1933
^....._o:..:..._-.^___._l_._,i_._.:__
373
1933___..!__--.---_-_.____.--_____
___;_,.-_;_:._
075
u
' . . .
.
.^...
. V
,
i : . i : '•
Venereal disease cpntrol. {See Public H e a l t h Service.)
Vessels, entries, 1 9 3 3 . _ . . . _ _ _ . _ _ _ _ . . _ . _ _ . _ _ _ _ 1 . _ _ _ _
l."-.'^':
1
,
....:..........
^ Expenditures for, 1932 and 1,933.
: .Loans to. {See Adjusted service certificate fund; Adjusted service
certificates; Veterans' Administration;)
Reductions in pensions and.compensation allowances, under e c o n o m y '
legislation
^_..:-_._
i,,. _ _
_ _'
_.__._
Veterans' Administration {see also Government life insurance fund): ,
Appropriations, 1934
.!___!_.__._.:___.
-,..1
____!_
Continuing costs of World W a r to United States GoverrimentJibo
J u n e 30, 1933
____!_
._-___,-l.J________.___---_______
Expenditures
1
!__
1 . ^ . . . . . . . . 280,291, 300,
Receipts, National Homes, 1933 (warrant b a s i s ) _ .
__.____-__
V e t e r a n s ' h o s p i t a l s , expenditures for. (/See Public buildings.)
Victory notes:
1 ,
Expenditures on account of, 1933, by m o n t h s (daily stateiment b a s i s ) .
, Outstanding, J u n e 30, 1933 (revised daily s t a t e m e n t basis):
By issues
.
•..[.._..
Description of issues
.
Transactions, 1933, noninterest-bearing, by issues (revised daily
s t a t e m e n t basis)
_._
.__.
. _ _ _ - __• ^
. _ _..,- - -
;;- ;..
, w. !^
7
17
331
377
313
288
315
334
340
353
\
W a r claims act of 1928 (see also Mixed Claims Commissiori; T r i p a r t i t e
Claims Commission; War Claims Arbiter), s u m m a r y
_.___.
W a r Claims Arbiter:
Awards:
Austriari nationals, p a y m e n t s
_-__._..
..
German nationals, awards, number, a m o u n t , balance due, Sept e m b e r 30, 1933_
___..
....
84
46
50
49
420
INDEX
War Claims Arbiter—Continued.
Awards—Continued.
I*age
Hungarian nationals
50
Summary
.
49
Expenditures, 1933 (checks-issued basis)
290
War Department:
Appropriations, 1934.
332
Expenditures
280, 296, 300, 307, 313
War emergency corporations, capital stock owned by United States, June
30, 1933
367
War Finance Corporation:
Administrative report
152
Capital stock owned by United States, June 30, 1933.
._
_ 367
Expenditures
290, 301
Warehouse act, fees, receipts, 1933 (warrant basis)
283
Warrants:
Explanation of authority for receipts and expenditures, and inanner
of issuance
275
Payment, Department Circular No. 176, fourth supplement
268
Washington, George, Bicentennial Commission. {See George Washington Bicentennial Commission.)
West Indies, expenditures for payment, 1917
301
Wheat and cotton distribution, expenditures on account of, amounts. 7, 302, 313
World War, money cost of, to United States Government, to June.30,
1933
377
Yachts and boats (domestic and foreign) tax, receipts, 1932 and 1933
(collection basis)
Yorktown Sesquicentennial Commission, expenditures, 1933 (checksissued basis)
Yugoslavia, obligations to United States:
Intergovernmental correspondence.:
Status, November 15, 1933
o
317
291
263
376
@FedFRASER