[Annual Report of the Treasurer of the United States for the Fiscal Year Ended June 30, 1921]
[From the U.S. Government Publishing Office, www.gpo.gov]
0 • ! '• I I .
ANNUAL REPORT OF THE
Treasurer of the United States
FOR THE FISCAL YEAR
ENDED JUNE 30
1921
WASHINGTON GOVERNMENT PRINTING OFFICE 1921
Treasury Department Document No. 2904 Treasurer of the United States
LIST OF TREASURERS OF THE UNITED STATES.
Name. Whence appointed. Date of commission. Expiration of service.
1. Michael Hillegas Pennsylvania July 29,1775 Sept. 11 1789
2. Samuel Meredith do Sept. 11,1789 Oct. 31 1801
3. Thomas T. Tucker South Carolina Dec. 1,1801 May 2 1828
4. William Clark Pennsylvania June 4,1828 May 31 1829
5.' John Campbell Virginia May 26,1829 July 20 1839
6. William Selden do July 22,1839 Nov. 23 1850
7. John Sloane Ohio Nov. 27,1850 Apr. 6 1852
8. Samuel Casey Kentucky Apr. 4,1853 Dec. 22,1859
9. William C. Price Missouri Feb. 28,1860 Mar. 21,1861
10. F. E. Spinner New York Mar. 16,1861 June 30,1875
11. John C. New...- Indiana June 30,1875 July 1,1876
12. A. U. Wyman Wisconsin July 1,1876 June 30,1877
13. James Gilfillan : Connecticut July 1,1877 Mar. 31,1883
14. A. U. Wyman Wisconsin Apr. 1,1883 Apr. 30,1885
15. Conrad N. Jordan New York May 1,1885 May 23,1887
16. James W. Hyatt Connecticut May 24,1887 May 10,1889
17. J. N. Huston Indiana May 11,1889 Apr. 24,1891
18. Enos H. Nebeker do Apr. 25,1891 May 31,1893
19. Daniel N. Morgan Connecticut June 1,1893 June 30,1897
20. Ellis H. Roberts New York July 1,1897 June 30,1905
21. Charles H. Treat do July 1,1905 Oct. 30,1909
22. Lee McClung Tennessee Nov. 1,1909 Nov. 21,1912
23. Carmi A. Thompson Ohio Nov. 22,1912 Mar. 31,1913
24. John Burke North Dakota Apr. 1,1913 Jan. 5,1921
25. Frank White do May 2,1921
3
CONTENTS.
REPORT.
. . Page.
Receipts and disbursements for 1920 and 1921................................. 9
Panama Canal................................................................ 10
Receipts and disbursements on account of the Post Office Department....... 11
Transactions in the public debt............................................. 12
Net earnings derived from Federal reserve banks.. .......................... 12
Payment of obligations of foreign Governments............................... 12
Cumulative sinking fund..................................................... 13
Currency issued and redeemed.............................................. 13
Payment of interest on registered bonds of the United States................ 14
Reserve and trust funds..................................................... 14
Redemption of notes in gold................................................. 14
State of the Treasury, general fund—cash in the vaults...................... 14
Net available cash balance, 1914 to 1921.................................... 16
Gold in Treasury from 1914.................................................. 16
Bonds held as security for bank circulation and deposits.................... 16
Bonds held as security for postal-savings funds............................. 18
Postal-savings bonds and investments therein................................ 18
Withdrawal of bonds to secure circulation................................... 18
Lawful money deposits for retirement of bank circulation.................... 19
Depositaries of the United States........................................... 19
Public moneys in depositary banks........................................... 19
Interest on public moneys held in depositary banks.:........................ 20
Gold fund, Federal Reserve Board............................................ 21
Monetary stock, 1920 and 1921............................................... 21
Ratio of gold to total stock of money....................................... 22
Money in circulation........................................................ 22
Circulation and population................................................ 22
Paper currency issued directly by the Government............................ 23
United States notes......................................................... 23
Treasury notes of 1890...................................................... 24
Gold certificates........................................................... 25
Silver certificates......................................................... 25
Changes in denominations during fiscal year 1921............................ 26
Pieces of United States paper currency outstanding.......................... 26
Cost of paper currency...................................................... 26
Average life of paper currency............................................. 27
Paper currency prepared for issue and amount issued......................... 28
Paper currency held in the reserve vault.................................... 29
Paper currency redeemed..................................................... 29
Standard silver dollars..................................................... 30
Subsidiary silver coin...................................................... 30
Minor coin................................................................. 30
Deposits of gold bullion at mints and assay offices, 1919, 1920, and 1921... 33
Shipments of currency from Washington, 1920 and 1921........................ 33
Recoinage, 1920 and 1921.................................................... 33
Redemption of Federal reserve and national currency......................... 34
Special trust funds and changes therein during the fiscal year.............. 35
District of Columbia sinking fund........................................... 38
Discontinuance of subtreasuries............................................. 38
General account of the Treasurer of the United States....................... 38
5
6
CONTENTS.
STATISTICAL TABLES.
Page.
No. 1.—General distribution of the assets and liabilities of the Treasury, June 30, 1921............................................................ 41
No. 2.—Available assets and net liabilities of the Treasury at the close of June, 1920 and 1921........................................................ 42
No. 3.—Distribution of the General Treasury balance, June 30, 1921......... 43
No. 4.—Estimated stock of gold coin and bullion, the amount in the Treasury, and the amount in circulation at the end of each month, from January, 1919................................................................. 43
No. 5.—Estimated stock of silver coin, the amount in the Treasury, and the amount in circulation at the end of each month, from January, 1919. Also silver, other than stock, held in the Treasury........................ 45
No. 6.—United States notes, Treasury notes, Federal reserve notes, and national-bank notes outstanding, in the Treasury, and in circulation at the end of each month, from January, 1919............................... 47
No. 7.—Gold certificates and silver certificates outstanding, in the Treasury, and in circulation at the end of each month, from January, 1919.... 49
No. 8.—Estimated stock of all kinds of money at the end of each fiscal year, from 1880 to 1921.......................................................... 52
No. 9.-—Estimated amount of all kinds of money in circulation annually from 1896 to 1921.......................................................... 53
No. 10.-—Assets of the Treasury other than gold, silver, notes, and certificates • at the end of each month, from January, 1919.......................... 54
No. 11.—Assets of the Treasury at the end of each month, from January, 1919.. 54
No. 12.—Liabilities of the Treasury at the end of each month, from January, 1919...................................................................... 55
No. 13.—United States notes of each denomination issued, redeemed, and outstanding at the close of each fiscal year, from 1918....................... 55
No. 14.—Treasury notes of 1890 of each denomination issued, redeemed, and outstanding at the close of each fiscal year, from 1918.................... 56
No. 15.—Gold certificates of each denomination issued, redeemed, and outstanding at the close of each fiscal year, from 1919....................... 57
No. 16.—Silver certificates of each denomination issued, redeemed, and outstanding at the close of each fiscal year, from 1919....................... 58
No. 17.—Amount of United States notes, Treasury notes, gold and silver certificates of each denomination issued, redeemed, and outstanding at the close of each fiscal year, from 1918................................ 59
No. 18.—Old demand notes of each denomination issued, redeemed, and outstanding June 30, 1921..................................................... 60
No. 19.—Fractional currency of each denomination issued, redeemed, and outstanding June 30, 1921.................................................. 60
No. 20.—Compound-interest notes of each denomination issued, redeemed, and outstanding June 30, 1921.............................................. 60
No. 21.—One and two year notes of each denomination issued, redeemed, and outstanding June 30, 1921.................................................. 60
No. 22.-—United States notes and Treasury notes redeemed in gold, from 1879, and imports and exports of gold during each fiscal year, from 1916.. 61
No. 23.—Balance in the Treasury, amount in Treasury offices, and amount in depositary banks, from 1789 to 1921........................................ 61
No. 24.—Federal reserve and national banks designated depositaries of public moneys, with the balance held June 30, 1921................................ 64
No. 25.—Number of banks with semiannual duty levied, by fiscal years, and number of depositaries with bonds as security, by fiscal years.......... 66
No. 26.—Seven-thirty notes issued, redeemed, and outstanding June 30, 1921.. 66
No. 27.-—Refunding certificates, act of February 26, 1879, issued, redeemed, and outstanding, June 30, 1921............................................. 66
No. 28.—Checks issued by the Treasurer for interest on registered bonds during the fiscal year 1921....................................................... 66
No. 29.—Interest on 3.65 per cent bonds of the District of Columbia paid during the fiscal year 1921....................................................... 66
No. 30.—Coupons from United States bonds and interest notes paid during the fiscal year 1921, classified by loans.................................. 67
No. 31.—Public debt at the close of June, 1920 and 1921, and changes during the year................................................................. 67
CONTENTS.
7
Page.
No. 32.—Checks drawn by the Secretary and paid by the Treasurer for interest on registered bonds of the United States during the fiscal year 1921.. 69
No. 33.—Money deposited in the Treasury each month of the fiscal year 1921 for the redemption of national-bank notes................................. 69
No. 34.—Amount of currency counted into the cash of the National Bank Redemption Agency and redeemed notes delivered, by fiscal years, from 1915............................................................ 70
No. 35.—Currency received for redemption by the National Bank Redemption Agency from the principal cities and other places, by fiscal years from 1915, in thousands of dollars.................................... 71
No. 36.—Mode of payment for currency redeemed at the National Bank Redemption Agency, by fiscal years, from 1915........................... 71
No. 37.—Deposits, redemptions, assessments for expenses, and transfers and repayments on account of the 5 per cent redemption fund of national banks, by fiscal years, from 1915.............................. 71
No. 38.—Deposits, redemptions, and transfers and repayments on account of the retirement of circulation, by fiscal years, from 1915............. 72
No. 39.—Expenses incurred in the redemption of national and Federal reserve currency, by fiscal years, from 1915.................................. 72
No. 40.—General cash account of the National Bank Redemption Agency for the fiscal year 1921 and from July 1, 1874............................ 73
No. 41.—Average amount of national-bank notes outstanding and the redemption, by fiscal years, from 1875 (the first year of the agency)..... 73
No. 42.—Federal reserve notes, canceled and uncanceled, forwarded by Federal reserve banks and branches, counted and delivered to the Comptroller of the Currency for credit of Federal reserve agents.......... 73
No. 43.—Changes during the fiscal year 1921 in the force employed in the Treasurer’s office......................................................... 74
REPORT
OF THE
TREASURER OF THE UNITED STATES.
Treasury of the United States,
Washington, October 12, 1921.
Sir : The transactions of the Treasury of the United States for the fiscal year ended June 30, 1921, and its condition at the close of the year are presented in the following report.
The ordinary receipts and disbursements, by warrants drawn, classified for the past two years, and adjusted to the basis of the daily statements of the Treasury, revised, are compared in the table following :
Ordinary receipts and disbursements for the fiscal years 1920 and 1921 (on basis of warrants drawn, adjusted to basis of daily Treasury statements, revised').
Account. 1920 1921 Increase. Decrease.
RECEIPTS. Customs $323,536,559.25 3,956,936,003.60 1,442,213,241.46 1,910,140.20 $308,025,102.z17 3,228,137,673.75 1,351,835,935.31 1,530,439.42 667,675, 758.56 16,356,423.32 11,914,361.32 $15,511,457.08 728,798,329.85 90,377,306.15 379,700.78 290,803,157.33
Internal revenue: Income and excess profits taxes
Miscellaneous....
Sale of public lands...
Miscellaneous... 958,478,915.89 12,930,158.74 9,039,670.95
Receipts of the District of Columbia. ... $3,426,264.58 2,874,690.37
Panama Canal tolls, etc
Total 6,705,044,690.09 1,735,493.29 5,585,475,693.85 1,105,240. 83 6,300,954. 95 630,252. 46 1,125,869,951.19
Deduct moneys covered by warrant in the year subsequent to the deposit thereof...
Total 6,703,309,196.80 1,105,240.83 5,584,370,453.02 146,592.21 6,931,207.41 1,125,869,951.19 958,648.62
Add moneys received in fiscal year but not covered by warrant
Total ordinary receipts. 6, 704,414,437.63 5,584,517,045.23 1,119,897,392.40
DISBURSEMENTS. 1. Pay warrants drawn (net): Legislative 19,739, 707. 70 1,603,633.41 350,000,000.00 93,236,117.80 13,590,288.51 151,415,925.77 18,480,866.22 1,134,796.95 1,258,841.48 468,836.46 350,000,000.00 91,577,288.06 5,066,397.24
Executive, proper..
Wheat guaranty fund.... European food relief State Department..
1, 658,829. 74 8,523,891.27 206,601,260.51 15,865,265.57 255,752, 739. 49
Treasury Department, proper Public buildings. . 55,185,334.74 8,946,890.44 175,757,870.07
6,918,375.13 79,994,869.42 8 734 269.52
War-risk insurance. .
War Department, proper Navy Department, proper... Interior Department, civil... Post Office Department, proper... 7,395,690.32 3,591,836.57 1,338,579.20
2, 797'152.07 28,199 495.23’ 794,684.50
48 804,923.39 20,605,428.16
2,680,470. 81 2,397,129.12 130,272,845.36 1,374,014.56 1,195,708. 79 283,341.69
Postal deficiencies.. 130,272,845.36
Additional compensa-tion, Postal Service 35,698,400.00 12,018,557.68 34,324,385.44 10,822,848.89
Federal control of telegraph and telephone systems
10
REPORT OF THE TREASURER OF THE UNITED STATES.
Ordinary receipts and disbursements for the fiscal year 1920 and 1921 (on basis of warrants drawn, adjusted to basis of daily Treasury statements, revised)—-Continued.
Account. 1920 1921 Increase. Decrease.
disbursements—continued. 1. Pay warrants drawn (net)— Continued. Department of Agriculture... Department of Commerce.... Department of Labor Department of Justice Railroad Administration, etc. War Finance Corporation.... United States Shipping Board 566,611,066.69 35,765,045.92 6,125,231.15 18,667,245.63 1,038,660,404.24 150,000,000.00 469,094,549.35 48,792,574.36 22,122,776.85 421,337,028.09 26,887,356.25 20,413,421.77 I' 8120,599,697.08 25,892,589.05 7,040,856.88 17,647,450.53 739,019,362.64 92,886,783. 88 124,985,315.34 14,034,731.52 73,896,697.44 8,600,000.00 23,242,259.54 $53,988,630.39 915,625.73 $9,872,456.87 1,019,795.10 299,641,041.60 150,000,000.00 376,207,765.47 8,088,045.33 347,440,330.65 18,287,356.25
Other independent bureaus and offices Expenses of loans Purchase of obligations from foreign Governments Purchase of farm loan bonds. District of Columbia 76,192,740.98 2,828,837. 77
Total Civil Establishment Mi 1 i t a r y Estabishment, proper 3,131,103,963. 35 1,027,225,248.01 49,873,930.42 17, 735,023.80 629,893,115.87 40,516,831.94 213,344,204.11 6,031,463. 72 1,024,024,440.02 1,950,895,541.76 472,064,272.77 58,820,322.30 26,284,215.24 644,278,808.64 41,470,807.60 260,611,416.13 16,230,390. 79 996,676,803.75 525,488,888.14 1,705,697,309.73 555,160,975.24
Rivers and harbors War, miscellaneous, civil. Naval Establishment, proper. Indian Service Pensions 8,946,391.88 8,549,191.44 14,385,692.77 953,975.66 47,267,212.02 10,198,927.07
Panama Canal Interest on the public debt... 27,347,636.27
Total Deduct repayments received in year but not covered by warrant 6,139,748,221.24 1,449,091.98 4,467,332,578.98 68,202.86 615,790,278.98 1,380,889.12 2,288,205,921.24
Total Add repayments covered by warrant in year subsequent to the deposit thereof 6,138,299,129.26 3,446,110.82 4,467,264,376.12 1,449,091.98 617,171,168.10 2,288,205,921.24 1,997,018.84
Total (net) Less excess of unpaid warrants at close of fiscal year over previous fiscal year.... 6,141,745,240.08 9,556,884.62 4,468,713,468.10 4,827,582.56 1,673,031,771.98 4,729,302.06
2. Decreases in book credits of disbursing officers and agencies with Treasurer United States during fiscal year ' 6,132,188,355.46 254,345,675.64 4,463,885,885.54 630,831,620.57 376,485,944.93 1,668,302,469.92
Total ordinary cash dis- | bursements 6,386,534,031.10 5,094,717,506.11 1,291,816,524.99
Excess of ordinary receipts over ordinary cash disbursements 317,880,406.53 489,799,539.12 171,919,132.59
PANAMA CANAL.
The total amount expended on account of the canal, the receipts from tolls, etc., and the proceeds from sales of bonds to the close of the fiscal year 1921 may be studied in the statement following:
EEPORT OF THE TREASURER OF THE UNITED STATES.
11
Receipts and disbursements on account of the Panama Canal.
Total amount expended. Receipts from tolls, etc. Net amount expended.
To June 30, 1914 $353,066,502.05 29,187,947.60 17,504,728.07 19,262,798.32 20,787,624.92 12,265,775.08 6,031,463.72 16,230,390.79 $353,066,502.05 25,057,732.45 14,634,732.79 13,112,129.73 14,373,054.67 5,488,728.53 i 3,008,207.23 4,316,029.47
Fiscal year— 1915 $4,130,215.15 2,869,995.28 6,150,668.59 6,414,570.25 6,777,046.55 9,039,670.95 11,914,361.32
1916
1917
1918
1919
1920
1921
Total
474,337,230.55 47,296,528.09 427,040,702.46 138,600,869.02
Deduct proceeds of bonds sold
Net balance expended out of the general fund of the Treasury
288,439,833.44
1 Net receipts in excess of expenditures.
RECEIPTS AND DISBURSEMENTS ON ACCOUNT OF THE POST OFFICE DEPARTMENT.
The Postmaster General has exclusive control of the receipts and disbursements of the Post Office Department. During the fiscal year 1921 the postal receipts deposited in the Treasury and credited to the Post Office Department were 8315,618,452.62; other receipts to the amount of 8402,012,558.08 were received and disbursed directly by postmasters without being deposited in the Treasury. Such disbursements are authorized by existing law and are accounted for under the provisions of section 406 of the Revised Statutes of the United States. All Post Office Department warrants are issued by the Postmaster General on the Treasurer of the United States, and under department regulations may be cashed by any Federal Reserve bank or regular national-bank depositary of the United States.
The transactions relating to the account with the Treasury during the fiscal year 1921 may be studied from the statement following:
Balance June 30, 1920.
Fiscal year 1921.
Disbursements.
Balance June 30,1921.
Washington Receipts and disbursements by postmasters for quarter ended— $35,838,627.79
Sept. 30, 1920.
Dec. 31, 1920.
Mar. 31,1921.
June 30,1921.
Receipts.
$315,618,452.62 99,657,239.99 102,937,079.03 99,878,780.08 99,539,458.98 $332,687,139.88 99,657,239.99 102,937,079.03 99,878,780.08 99,539,458.98 $18,769,940.53
Total
717,631,010.70
734,699,697.96
12
REPORT OF THE TREASURER OF THE UNITED STATES.
TRANSACTIONS IN THE PUBLIC DEBT.
The receipts and disbursements on account of the principal of the public debt for the fiscal years 1920 and 1921 are compared in the statement following:
Account. 1920 1921 Increase. Decrease.
RECEIPTS. Postal savings bonds Lawful money to retire nationalbank notes and Federal reserve bank notes Certificates of indebtedness United States bonds and notes: First Liberty loan Second Liberty loan Third Liberty loan Fourth Liberty loan Victory Liberty loan Treasury notes War savings securities $189,400.00 17,071,987.50 14,728,725,968.53 1230.00 i 920.00 498,492.50 5,078,726.00 1,027,542,058.23 73,240,467.03 $178,880.00 40,186,945.00 8,486,964,950.00 12,213.00 1 12,730.00 311,191,600.00 26,418,352.19 $23,114,957. 50 230.00 920.00 311,191,600.00 $10,520. 00 6,241,761,018.53 498,492.50 5,080,939.00 1,027,554,788.23 46,822,114.84
Total 15,852,345,949.79 8,864,925,784.19 6,987,420,165.60
DISBURSEMENTS. United States bonds matured and retired Fractional currency retired Certificates of indebtedness retired National bank notes and Federal reserve bank notes retired United States bonds purchased and retired: First Liberty loan Second Liberty loan Third Liberty loan Fourth Liberty loan Victory Liberty loan (notes). War-savings securities redeemed 441,170.00 1,247.78 15,588,704,458.53 23,424,164.50 32,337,700.00 241,150,400.00 296,338,250.00 405,221,500.00 249,006,500.00 199,818,880. 44 151,580.00 689. 69 8,552,216,500.00 37,460,631.00 200,000.00 8,770,450. 00 51,155,500.00 39,499,250.00 332,587,450.00 159,731,963.18 14,036,466.50 83,580,950.00 289,590.00 558.09 7,036,487,958.53 32,137,700.00 232,379,950.00 245,182,750.00 365,722,250.00 40,086,917.26
Total 17,036,444,271.25 9,181,774,013.87 7,854,670,257. 38
Excess of disbursements... 1,184,098,321.46 316,848,229.68
1 Counter entry.
APPROPRIATION OF THE NET EARNINGS DERIVED BY THE UNITED STATES FROM FEDERAL RESERVE BANKS.
Section 7 of the Federal .reserve act provides—
That the net earnings derived by the United States from Federal reserve banks shall, in the discretion of the Secretary, be used to supplement the gold reserve held against outstanding United States notes, or shall be applied to the reduction of the outstanding indebtedness of the United States under regulations to be prescribed by the Secretary of the Treasury. * * *
During the fiscal year 1921 the net earnings derived by the United States from the Federal reserve banks amounted to $60,724,742.27 which was applied by the Secretary of the Treasury to the retirement of certificates of indebtedness bearing interest at the rate of 5| per cent to the amount of $60,724,500.
PAYMENT OF OBLIGATIONS OF FOREIGN GOVERNMENTS PURCHASED ON BEHALF OF THE UNITED STATES.
Section 3 of the act approved April 24, 1917, provides in part—
That the Secretary of the Treasury, under such terms and conditions as he may prescribe, is hereby authorized to receive on or before maturity payment for any obligations of such foreign Governments purchased on behalf of the United States, and to sell at not less than the purchase price any of such obligations and to apply
REPORT OF THE TREASURER OF THE UNITED STATES.
18
the proceeds thereof, and any payments made by foreign Governments on account of their obligations to the redemption or purchase at not more than par and accrued interest of any bonds of the United States issued under authority of this act; and if such bonds are not available for this purpose the Secretary of the Treasury shall redeem or purchase any other outstanding interest-bearing obligations of the United States which may at such time be subject to call or which may be purchased at not more than par and accrued interest.
Payments to the amount of $70,669,004.88 were received during the fiscal year 1921 from foreign Governments on account of their obligations, and special purchases of interest-bearing obligations of the United States were made under the foregoing provisions, as follows:
Title of loan. Principal. Interest. Total.
Second Liberty loan $2,145,950 44,365,550 27,427,800 $39,103.32 396,404.20 501,877.29 $2,185,053.32 44,761,954.20 27,929,677.29
Third Liberty loan
Fourth Liberty loan
Total
73,939,300 937,384.81 74,876,684.81
CUMULATIVE SINKING FUND.
Purchases of interest-bearing obligations of the United States were made during the fiscal year 1921 for account of the cumulative sinking fund established by section 6 of the Victory Liberty loan act approved March 3, 1919, as follows:
Loan.
Amount paid.
Par amount Accrued interpurchased. est paid.
Victory loan, 4| per cent and 3f per cent notes.
$254,844,576.50
$261,250,250
$3,497,714.11
UNITED STATES PAPER CURRENCY ISSUED AND REDEEMED.
The paper currency issued under the direct authority of the Government during the fiscal year 1921 amounted to $557,276,000, an increase of $159,258,000 as compared with that of 1920. The redemptions were $1,058,831,173, an increase of $406,415,473 for like period. The net excess of redemptions over issues was $501,555,173.
The amount of each kind of paper currency issued and redeemed during the fiscal year 1921 is stated in the table following:
United States notes. Trust-fund obligations. Total
Treasury notes of 1890. Gold certificates. Silver certificates.
Outstanding June 30,1920 Issued during fiscal year 1921... Redeemed during fiscal year 1921 Outstanding June 30,1921 Less amount held in Treasury.. Net amount in circulation. $346,681,016 319,324,000 $1,659,000 $1,375,659,569 105,040,000 $124,240,400 132,912,000 $1,848,239,985 557,276,000
666,005,016 319,324,000 1,659,000 82,816 1,480,699,569 684,850,640 257,152,400 54,573,717 2,405,515,985 1,058,831,173
346,681,016 4,031,479 1,576,184 795,848,929 79,315,940 202,578,683 1,044,470 1,346,684,812 84,373,889
342,649,537 1,576,184 716,532,989 201,534,213 1,262,292,923
In a study of the foregoing table it will be observed that the United States notes issued and credited in the general account as a receipt are offset by an equal amount of worn or unfit notes in kind withdrawn therefrom, canceled, and retired, which is in accordance with the provisions of the act of May 31, 1878. In explanation of the
14
REPORT OF THE TREASURER OF THE UNITED STATES.
manner of issuing and redeeming gold certificates, silver certificates, and Treasury notes of 1890, it may be said that for certificates issued and credited in the general account an equal amount of the respective kinds of money held in the general account is transferred therefrom to, and retained in, the trust funds for their redemption; for gold certificates, silver certificates, and Treasury notes withdrawn from the general fund, canceled, and retired, a like amount of the respective coins is released from the trust funds and brought into the general fund in their stead.
PAYMENT OF INTEREST ON THE REGISTERED BONDS AND NOTES OF
THE UNITED STATES.
The interest on registered bonds and notes of the United States is paid by checks prepared and mailed from the office of the Secretry of the Treasury. Such checks indicate the title of the loan for which they are drawn and the rate of interest it bears per annum; the name of the Secretary of the Treasury is printed on the checks, and they are countersigned by a clerk in his office. These checks are drawn on the Treasurer of the United States, but may be cashed by any Federal Reserve bank, or regular national-bank depositary of the United States, and the amount so disbursed is included in the requisition for reimbursement made by the Treasurer at the end of each month. The paid checks are sent to the Auditor for the Treasury Department. There were 6,773,109 checks drawn during the fiscal year 1921, amounting to $189,291,326. 70.
THE RESERVE FUND.
During the fiscal year 1921 the redemptions from the reserve fund were, in United States notes, $416,290. The redeemed notes were, under the provisions of the act of March 14, 1900, immediately exchanged for gold, and thereby the reserve was maintained in volume and character.
STATEMENT OF THE TREASURY OF THE UNITED STATES.
The Treasury holdings of moneys at the close of the fiscal year 1921 amounted to $3,618,195,996;10, and from the revised figures of the several funds it was set apart as follows:
RESERVE FUND.
Gold coin and bullion.................................. $152,979,025.63
TRUST FUNDS.
[Held for redemption of the notes and certificates for which they are respectively pledged.]
Gold coin and bullion................. $716,532,989
Silver dollars........................ 201,534,213
Silver dollars of 1890................ 1,576,184
Gold certificates outstanding.........$795,848,929
Less amount in the Treasury........... 79,315,940
Net............................. 716,532,989
Silver certificates outstanding........ 202,578,683
Less amount in the Treasury............ 1,044,470
Net............................. 201,534,213
Treasury notes (1890) outstanding.... 1,576,184
Less amount in the Treasury........................
Net............................. 1,576,184
Total............................ 919,643,386
Total........................... 919,643,386
GOLD FUND, FEDERAL RESERVE BOARD. Gold coin and bullion. 1...............................................................$1,537,856,895.45
REPORT OF THE TREASURER OF THE UNITED STATES.
15
GENERAL FUND.
The items composing the general fund are subdivided; the first part shows the amount of each kind of available cash actually held in the vaults of Treasury offices, after setting out from the assets the appropriate kinds of money to meet the requirements of the reserve fund, trust funds, and gold settlement fund, followed by the amounts of public moneys in Federal reserve banks, national banks, and other depositaries to the credit of the Treasurer of the United States and of disbursing officers; the second part shows the current demands against the same, and finally the net balance in the general fund.
In Treasury offices: Gold coin................................................................ $263,015,170.02
Standard silver dollars.............................................. 10,624,648. 00
United States notes.................................................. 4,031,479.00
Federal reserve notes................................................. 3,816,426. 00
Federal reserve bank notes..........................................................
N ational-bank notes................................................. 248,974.50
Subsidiary silver coin............................................... 9,663,502.04
Minor, coin.......................................................... 2,392,673.78
Silver bullion (at cost)............................................. 56,720,406.41
Unclassified (unsorted currency, etc.)............................... 3,141,005.13
Public debt obligations paid, awaiting reimbursement................. 727,446.76
-----------------8354,381,731. 64
In Federal reserve banks.................................................... 43,475,862.73
In transit (including collection account.).............................. 30,083,061.41
In special depositaries:
Account of sales of certificates of indebtedness, etc...............................
In national-bank depositaries:
To credit of Treasurer of the United States.......................... 8,207,647.02
To credit of other Government officers............................... 16,036,064.70
In transit............................................................. 2,440,380.72
In foreign depositaries:
To credit of Treasurer of the United States............................ 710,262.94
To credit of other Government officers................................. 51,548,267.84
In Treasury of Philippine Islands:
To credit of Treasurer of the United States (including transit account)............
73,558,924.14
395,738,063.16
26,684,092.44
52,258,530.78-
7,917,707.88
Deduct current liabilities: Federal reserve note 5 per cent fund.................. $259,178,087.04
Less notes in process of redemption............... 903,495.00
910,539,050.04
Federal reserve bank note 5 per cent fund............. 9,442,096.55
Less notes in-process of redemption................... 2,422,847.50
258,274,592. 04
National-bank note 5 per cent fund................. 18,495,044.98
Less notes in process of redemption................ 13,490,886.48
7,019,249.05
Treasurer’s checks outstanding...................................
Post Office Department balances....1.............................
Board of trustees, Postal Savings System balance.................
Balance to credit of postmasters, etc...........................
Undistributed assets of insolvent national banks.................
Retirement of additional circulating notes (act of May 30, 1908).
Miscellaneousredemption accounts.................................
5,004,158.50
298,047.10
18,769,940.53
4,121,544. 01
77,659,580. 48
1,630,871.72
67,560.00
4,795,176.84
-------------- 377,640,720.27
Balance in Treasury
532,898,329.77
During the fiscal year 1921, as shown in previous pages of this report, the ordinary receipts were $489,799,539.12 in excess of the ordinary disbursements and the public debt disbursements were $316,848,229.68 in excess of the public debt receipts.
The net excess of all receipts over all disbursements was, therefore, $172,951,309.44. This sum, added to $359,947,020.33, the balance in the Treasury June 30, 1920, gives $532,898,329.77, the balance in the Treasury June 30, 1921.
16
REPORT OF THE TREASURER OF THE UNITED STATES.
The balance in the Treasury at the end of each month from January, 1919, is stated in Table No. 12, page 55 of the statistical tables, and for July 1 in each year since 1914 in the statement following:
Available cash balance {including the reserve fund) on the dates named.
Date. Available cash balance.
Reserve fund. General fund. Total.
July 1,1914 •„ 8150,000,000.00 $161,612,615.53 $311,612,615.53
1915 152,977,036.63 104,'170^ 105. 78 257', 147,' 142.41
1916 152^ 979025.63 178,491,415. 58 331,470,441.21
1917 152' 979' 025.63 967,247,123.48 1,120'226'149.11
1918 152,979,025.63 1 1,684,' 929,580.21 1 1,837,908,605.84
1919 152' 979', 025.63 1 1'226'164'935.26 1 f 379^43'960.89
1920 152,979,025.63 1 359' 947' 020.33 1 512,926,045.96
1921 .. 152,979,025.63 1 532,898,329.77 1 685,877,355.40
1 Including credits to disbursing officers.
GOLD IN THE TREASURY.
There was a decrease of about 812,000,000 in the gold holdings of the Treasury during the first two months of the fiscal year, but thereafter the growth in such holdings was noticeable until the close of the fiscal year, when it attained a maximum at 82,670,384,080.10.
The imports of gold during the fiscal year 1921 were 8644,480,218, the exports 8133,537,902, and the net excess of imports 8510,942,316.
The total amount of gold in the Treasury on July 1 in each year from 1914, set apart for the respective uses, is shown in the statement following:
Gold in the Treasury.
Date. Reserve. For certificates in circulation. Gold fund, Federal Reserve Board. General fund. Total.
$150,000,000.00 $1,026,149,139.00 $102,962,970. 70 $1,279,112,109.70
'1915.. 152', 977; 036.63 1'135,'213^ 619.00 94; 769,'333.55 L 382', 959,989.18
1916.. 152,979,025.63 1J 565300; 289.00 85,114', 618.20 1,803,493,932.83
1917.. 152,979,025.63 1,584,235,909.00 $526,295,000.00 61,962,101.24 2,325,472,035.87
1918.. 152,979,025.63 1,026,631,669.00 1,205,082,010.00 95,262,262.46 2,479,954,967.09
1919.. 152,979,025.63 735,779,491.00 1,416,086,099.10 211,596,388.87 2,516,441,004.60
1920.. 152,979,025.63 584, 723,645.00 1,184,275,551.87 249,981,700.36 2,171,959,922.86
1921.. 152,979,025.63 716,532,989.00 1,537,856,895. 45 263,015,170.02 2,670,384,080.10
BONDS HELD AS SECURITY FOR NATIONAL BANKS.
The kinds of securities in the custody of the Treasurer and the changes therein during the fiscal year 1921 are shown in the statement following:
REPORT OF THE TREASURER OF THE UNITED STATES.
17
Securities held for national banks close of June, 1920 and 1921, and changes during 1921.
Kind of securities. Rate.
TO SECURE CIRCULATION. Per cent.
United States loan of 1925 4
United States consols of 1930 2
United States Panama Canal 1916-36 2
United States Panama Canal 1918-38 2
Total
TO SECURE PUBLIC DEPOSITS.
Held by the Treasurer of the United States:
First Liberty loan of 1932-47 3}
Second Liberty loan of 1927-42 4
Third Liberty loan of 1928 4J
Fourth Liberty loan of 1933-38 4J
Victory Liberty loan 4J per cent notes. 44
Victory Liberty loan 3-| per cent notes. 34
First Liberty loan, converted 4
Do " '. 41
First Liberty loan, second converted... 41
Second Liberty loan, converted 41
Treasury notes 54
Certificates of indebtedness (1)
United States loan of 1925 4
United States consols of 1930 2
United States loan of 1908-18 3
United States Panama Canal 1916-36.. 2
United States Panama Canal 1918-38... 2
United States Panama Canal of 1961... 3
United States conversions 3
Federal land bank farm loan (1)
Philippine loans 4
Porto Rico loans 4
District of Columbia 3.65
Hawaii loans (l)
Miscellaneous (1)
Total
Held June 30, 1920. Transactions during 1921. Held June 30, 1921.
Deposited. Withdrawn.
$64,627,900 $15,510,000 $5,084,400 $75,053,500
570, 418,200 24,651,600 20,412,100 574,657,700
47,689,040 2,243,400 2,105,460 47,826,980
25,228,260 1,249,300 1,117,300 25,360,260
707,963,400 43,654,300 28,719,260 722,898,440
1,175,000 491,150 299,000 1,367,150
33,100 100 11,800 21,400
4,101,450 1,765,300 1,945,700 3,921,050
6,409,150 3,549,900 2,901,000 7,058,050
1,986,000 2,046,200 1,086,700 2,945,500
2,286,000 73,300 2,163,300 196,000
23,250 3,000 22,000 4,250
1,073,300 233,500 221,350 1,085,450
950 450 500
7,910,150 5,722,950 3,586,550 10,046,550
180,000 180,000
273,000 728,000 423,000 578,000
452,400 186,000 266,400
1,971,700 124,000 599,400 1,496,300
2,000 1,000 1,000
289,000 7,000 45,000 251,000
78,000 36,000 70,000 44,000
4,974,000 387,000 1,203,000 4,158,000
586,000 100,000 120,000 566,000
70,000 35,000 10,000 95,000
2,613,000 3,092,000 696,000 5,009,000
325,000 125,000 107,000 343,000
50,000 3,000 10,000 43,000
695,000 76,000 109,000 662,000
261,000 247,000 14,000
37,637,500 18,779,350 16,064,250 40,352,600
1 Various.
SECURITIES HELD TO SECURE CIRCULATION ISSUED BY FEDERAL RESERVE BANKS.
Securities held for Federal reserve banks, close of June, 1920 and 1921, and changes during
1921.
Kind of securities. Rate. Held June 30, 1920. Transactions during 1921. Held June 30, 1921.
Deposited. Withdrawn.
United States loan of 1925 Per cent, 4 2 2 2 2 $2,593,000 13,888,400 383,500 285,300 259,375,000 $2,593,000 11,468,400 383,500 285,300 215,875,000
United States consols of 1930 $2,420,000
United States Panama Canal 1916-36 United States Panama Canal 1918-38 United States 1-year special certificates of indebtedness
$1,500,000 45,000,000
Total
276,525,200 1,500,000 47,420,000 230,605,200
71809—21----2
18
REPORT OF THE TREASURER OF THE UNITED STATES.
Securities held to secure postal savings funds, close of June, 1920 and 1921, and changes during 1921.
Kind of securities. Rate. Held June 30, 1920. Transactions during 1921. Held June 20, 1921.
Deposited. Withdrawn.
United States first Liberty loan Per cent. 34 4 $7,367,150.00 138,350.00 10,859,200.00 14,867,200.00 7,092,500.00 4,224,950.00 3,746,900.00 17,852,750.00 91,000.00 6,100.00 $690,350 12,350 3,133,600 5,130,850 584, 800 1,883,000 271,000 3,816,550 100 $3,357,350.00 76,050.00 4,816,500.00 7, 887,500.00 3,261,500.00 3,792,300.00 1,249,950.00 9,717,800.00 29,250.00 $4,700,150.00 74,650.00 9,176,300.00 12,110,550. 00 4,415, 800.00 2,315,650.00 2,767,950.00 ' 11,951,500.00 61,850.00 6,100.00
United States second Liberty loan United States third Liberty loan
United States fourth Liberty loan United States Victory Liberty loan Do 41 31 44
United States 41 per cent first Liberty loan, converted
United States 41 per cent second Liberty loan, converted 41 4
United States 4 per cent first Liberty loan, converted
United States 41 per cent first Liberty loan, second converted 41 51 0) 4
Treasury notes 475,000 1,743,000 475,000.00 488,000.00 154,400.00
United States certificates of indebtedness 960,000.00 178,900.00 2,215,000.00 24,500. 00 500.00
United States loan of 1925
United States loan of 1903-18 3 500.00
United States consols of 1930 2 740,200.00 3,044,900.00 71,000.00 25,500.00 343,000.00 1, 300.00 63,000 46,000 2,000 211,500.00 844, 300.00 10,000.00 1,000.00 591,700. OO 2,246,600.00 63,000.00 24, 500.00 240,000.00
United States Canal loan of 1961 3
United States Canal loan of 1916-36 United States Canal loan of 1918-38 2 2
United States conversions 3 103,000.00 1,300.00 1,433,000.00 645,000.00 36,000.00 440, 800.00 7,540,950.00 26,437,334.68
United States Postal Savings 24
Philippine loans 4 3,795,000.00 1,592,000.00 104,500.00 1,147, 800.00 22,145, 550.00 69,411,350.12 15,451,875.00 13,605,109.00 352,000.00 47,000.00 1,014,000 51,000 2,000 60,000 2,175,000 4,047,700 982,500 982,300 31,000 3,376,000.00 998,000.00 70,500.00 767,000.00 16,779,600.00
Porto Rico loans 4
District of Columbia 3.65
Territory of Hawaii (i)
State loans (i)
Municipal loans (i) 47,02iJ 715.44 11,766,200.00 9,919,889.00 294,000.00 86,000. 00
County loans (i) 4,668,175.00 4,667,520.00 89,000.00 75,000.00
Miscellaneous (i)
Federal land bank farm loan (i)
Federal land bank farm loan, j oint stock. 114,000
Total 199,263,584.12 27,311,100 83,632,079.68 142,942, 604.44
1 Various.
POSTAL SAVINGS BONDS AND INVESTMENTS THEREIN.
The trustees of the Postal Savings System, under a general authority in the postal savings law (act of June 25, 1910), have arranged to take over at par any of the postal savings bonds that depositors may wish to turn back.
Under the arrangement made by the trustees they have taken over at par all of the bonds offered by the depositors, and at the close of the fiscal year 1921 the Treasurer of the United States held $7,469,580 of such bonds, which are registered in the name of the board of trustees.
WITHDRAWAL OF BONDS TO SECURE CIRCULATION.
National banks filed with the Treasurer of the United States applications to sell for their account United States bonds securing circulation as follows:
Quarter ended—
Cases. Amount.
Sept. 30, 1920.
Dee. 31, 1920.
Mar. 31,1921.
June 30, 1921.
4 8300,000
1 25,000
REPORT OF THE TREASURER OF THE UNITED STATES.
19
The Federal Reserve Board did not deem it advisable to allot or to require the Federal reserve banks to purchase any of the bonds offered for sale in the foregoing applications.
LAWFUL MONEY DEPOSITED IN THE TREASURY DURING THE FISCAL YEAR 1921 FOR THE REDEMPTION OF NATIONAL-BANK NOTES.
The money deposited in the Treasury each month of the fiscal year 1921 for the redemption of notes of banks insolvent, in liquidation, and reducing circulation is shown in the statement following:
Month.
1920—July......
August.... September October... November. December. 1921—January...
February.
March....
April....
May......
June.....
Total.
$228,450. 00
10,948,735.00
Insolvent and liquidating.
189,497. 50
152,060. 00
488,447.50
3.371,995. 00
1.738,195.00
869.495. 00
1,911,845.00
786,050.00
1,212,700. 00
Reducing.
National banks. Federal reserve banks.
#144,650.00 332,097. 50 525,500. 00 1,714,000.00 554,997. 50 798,447. 50 201,900.00 19,400. 00 592,400. 00 ■ 2,336,195.00 557; 297. 50 541,395. 00 $2,420,000 5,666,666 7,500.000 6,000', 000
8,318,280.00 20,920,000
National-bank notes outstanding.
$726,463,704
725,996,052
726,477,082
732,549,629
734,010,797
723,277,222
719,653,927
727,793,864
732, 818,484
723,816,352.
740,593,359
743,290,374
DEPOSITARIES OF THE UNITED STATES.
The Secretary of the Treasury determines the number of such depositaries and the amount of public money required in each for the transaction of the public business, fixes the amount of balances they may hold, and requires the feanl......................................................... 395,738,063.16
National banks.............................................................................. 8,207,647.02
Foreign depositaries.................................................................... 710,262.94
Treasury of Philippine Islands.......................................................... 7,961,722.74
In transit.............................................................................. 35,846,112.54
Total........................................................................
Deduct:
Agency accounts on books of Treasurer of the United States......... $329,200,622.44
Gold fund, Federal Reserve Board................................... 1,537,856,895.45
3,552,938,669.29
1,867,057,517.89
General account................................................................... 1,685,881,151.40
Deduct: .
Trust funds, act of Mar. 14, 1900................................................... 1,000,003,796.00
Balance, including gold reserve.................................................... 685,877,355.40
No. 4.—Estimated stock of gold coin and bullion, the amount in the Treasury, and the amount in circulation at the end of each month, from January, 1919.
Month. Gold coin. Gold bullion. Total.
1919—January: Estimated stock $3,085,459,209 1,192,291,031 953,886,460 939,281,718 3,084,213,002 1,206,885,911 892,402,860 984,924,231 3,092,415,909 1,178,503,126 823,232,860 1,090,679,923 3,092,430,916 1,175,497,665 810,022,860 1,106,910,391 3,092,037,699 1,162,503,556 829,277,860 1,100,256,283 3,026,591,090 1,100,354,906 813,882,860 1,112,353,324 2,989,548,109 1,057,724,613 789,621,360 1,142,202,136 2,944,727,731 1,045,733,145 814,181,360 1,084,813,226
In the Treasury
In Federal ’eserve banks1
In circulation
February: Estimated stock
In the Treasury
In Federal reserve banks i
In circulation
March: Estimated stock '
In the Treasury
In Federal reserve banks1
In circulation
April: Estimated stock
In the Treasury
In Federal reserve banks1
In circulation
May: Estimated stock
In the Treasury
In Federal reserve banks 1
In circulation
June: Estimated stock
In the Treasury
In Federal reserve banks1
In circulation
July: Estimated stock
In the Treasury
In Federal reserve banks1
In circulation
August: Estimated stock
In the Treasury
In Federal reserve banks1
In circulation
1 Includes the gold reserve held by banks against issues and gold deposited by banks with agents to retire Federal reserve notes in circulation.
44 REPORT OF THE TREASURER OF THE UNITED STATES.
No. 4.—Estimated stock of gold coin and bullion, the amount in the Treasury, and the amount in circulation at the end of each month, from January, 1919—Continued.
Month. Gold coin. Gold bullion. Total.
1919—September: Estimated stock $2,905,726,555 1,040,824,716 817,055,360 1,047,846,479 2,872,525,066 1,020,651,446 882,658,860 969,214,760 2,833,221,135 1,035,324,251 818,015,860 979,881,024 2,787,714,306 1,046,594,890 894,726,860 846,392,556 2,762,905,481 1,005,137,562 796,438,360 961,329,559 2,720,767,606 989,276,916 811,926,360 919,564,330 2,662,284,553 959,212,201 883,875,593 819,196,759 2,646,615,750 965,512,889 849,773,713 ' 831,329,148 2,663,730,358 967,578,067 810,306,713 885,845,578 2,693,963,700 987,684,371 867,034,776 839,244,553 2,695,337,608 993,900,197 845,519,776 855,917,635 2,688,744,140 1,003,249,661 831,093,276 854,401,203 2,704,672,504 1,007,036,397 862,137,809 835,498,298 2,739,043,566 992,895,718 863,436,309 882,711,539 2,761,338,519 982,968,068 898,841,309 879,529,142 2,784,834,427 966,489,218 967,319,809 851,025.400
In the Treasury
In Federal reserve banks 1
In circulation
October: Estimated stock
In the Treasury
In Federal reserve banks 1
In circulation
November: Estimated stock
In the Treasury
In Federal reserve banks1
In circulation
December: Estimated stock
In the Treasury
In Federal reserve banks 1
In circulation
1920—January: Estimated stock
In the Treasury
In Federal reserve banks 1
In circulation 1
February: Estimated stock '. ..
In the Treasury
In Federal reserve banks 1
In circulation
March: Estimated stock
In the Treasury
In Federal reserve banks1
In circulation
April: Estimated stock
In the Treasury
In Federal reserve banks 1
In circulation
May: Estimated stock
In the Treasury
In Federal reserve banks 1
In circulation
June: Estimated stock 4
In the Treasury
In Federal reserve banks 1
In circulation....
July: Estimated stock
In the Treasury
In Federal reserve banks 1
In circulation
August: Estimated stock
In the Treasury
In Federal reserve banks 1
In circulation
September: Estimated stock
In the Treasury
In Federal reserve banks 1
In circulation
October: Estimated stock
In the Treasury
In Federal reserve banks 1
In circulation
November: Estimated stock
In the Treasury .'
In Federal reserve banks 1
In circulation
December: Estimated stock
In the Treasury
In Federal reserve banks 1
In circulation
1 Includes the gold reserve held by banks against issues and gold deposited by banks with agents to retire Federal reserve notes in circulation.
REPORT OF THE TREASURER OF THE UNITED STATES. 45
No. 4.—Estimated stock of gold coin and bullion, the amount in the Treasury, and the amount in circulation at the end of each month, from January, 1919—Continued.
Month. Gold coin. Gold bullion. Total.
1921—January: Estimated stock $2,853-, 480,649 887,348,716 1,005,907,276 960,224,657 2,916,884,770 939,836,654 961 263,776
In the Treasury
In Federal reserve banks 1
In circulation
February: Estimated stock
In the Treasury
In Federal reserve banks 1
In circulation 1,015 784' 340
March: Estimated stock 3,001,487,915 998,690,709 1,013,525,123
In the Treasury
In Federal reserve banks1
In circulation 989,272,083 3,089,679,782 1,079,681,851
April: Estimated stock
In the Treasury
In Federal reserve banks 1 1,033,928,623 976,069,308 3,175,037,198 1,109,759,415 1,030,208,663 1,035,069,120
In circulation
May: Estimated stock
In the Treasurv
In Federal reserve banks 1
In circulation
June: Estimated stock 3,226,119,093 1,132,527,185 1,210,187,623 883,404,285
In the Treasury
In Federal reserve banks1
In circulation
1 Includes the gold reserve held by banks against issues and gold deposited by banks with agents to retire Federal reserve notes in circulation.
No. 5.—Estimated stock of silver coin, the amount in the Treasury, and the amount in circulation at the end of each month, from January, 1919; also silver other than stock held in the Treasury.
Month. Standard dollars. Subsidiary silver. Total. Other silver items held.
1919—January: Estimated stock $373,685,930 286,205,973 87,479,957 349,335,930 268,170,724 81,165,206 328,434,930 247,372,730 81,062,200 311,018,930 229,711,972 81,306,958 308,978,930 227,194,173 81,784,757 308,145,759 227,391,235 80,754,524 308,978,930 227,318,233 81,660,697 308,145,759 227,031,474 81,114,285 308,145,759 226,360,879 81,784,880 308,145,759 226,260,387 81,885,372 $242,203,752 8,258,055 233,945,697 2,742,373 1,287,225 231,455,148 243,387,418 12,445,046 230,942,372 243,896,606 12,640,150 231,256,456 243,679,762 12,314,657 231,365,105 242,870,438 10,983,939 231,886,499 242,876,099 10,622,687 232,253,412 243,188,017 10,006,826 233,181,191 243,380,383 7,777,605 235,602,778 245,127,765 6,105,304 239,022,461 $615,889,682 294,464,028 321,425,654 592,078,303 279,457,949 312,620,354 571,822,348 259,817,776 312,004,572 554,915,536 242,352,122 312,563,414 552,658,692 239,508,830 313,149,862 551,016,197 238,375,174 312,641,023 551,855,029 237,940,920 313,914,109 551,333,776 237,038,300 314,295,476 551,526,142 234,138,484 317,387,658 553,273,524 232,365,691 320,907,833
In the Treasury $20,033,086
In circulation.’.
February: Estimated stock
In the Treasury 20,921,872
In circulation/.
March: Estimated stock
In the Treasury 13,791,909
In circulation
April: Estimated stock
In the Treasury 17,572,068
In circulation.’.
May: Estimated stock
In the Treasury 16,182,443
In circulation
June: Estimated stock
In the Treasury 16,423,918
In circulation.’.
July: Estimated stock
In the Treasury 16,335,831
In circulation.’.
August: Estimated stock
In the Treasury 16,307,965
In circulation
September: Estimated stock
In the Treasury 16,417,134
In circulation
October: Estimated stock
In the Treasury 14,810,961
In circulation
46
REPORT OF THE TREASURER OF THE UNITED STATES,
No. 5.—Estimated stock of silver coin, the amount in the Treasury, and the amount in circulation at the end of each month, from January, 1919; also silver other than stock held in the Treasury—Continued.
Month. Standard dollars. Subsidiary silver. Total. Other silver items held.
1919—N ovember: Estimated stock In the Treasury 8308,145,759 225,729,476 82,416,283 288,221,775 206,685,609 81,536,166 284,784,505 196,551,438 88,233,067 270,217,520 139,058,529 131,158,991 269,194,272 134,307,864 134,886,408 268,829,252 134,242,802 134,586,450 268,798,602 134,423,984 134,374,618 268,857,494 134,849,784 134,007,710 269,798,602 131,241,142 138,557,460 269,798,602 132,982,003 136,816,599 269,857,494 133,825,695 136,031,799 269,857,494 153,486,690 116,370,804 269,857,494 172,762,189 97,095,305 269,746,326 171,418,048 98,328,278 269,746,326 172,026,146 97,720,180 269,802,326 189,578,015 80,224,311 272,112,326 194,031,025 78,081,301 276,482,326 198,510,117 77,972,209 284,142,326 206,557,778 77,584,548 288,788,378 213,735,045 75,053,333 $246,540,741 4,589,321 241,951,420 249,452,405 2,455,945 246,996,460 251,307,010 5,263,797 246,043,213 252,956,833 6,700,805 246,256,028 254,048,150 7,087,625 246,960,525 255,916,496 7,155,789 248,760,707 257,506,146 8,052,481 249,453,665 258,855,239 6,605,094 252,250,145 258,863,512 6,364,173 252,499,339 259,772,025 6,138,595 253,633,430 262,621,624 4,105,920 258,515,704 264,697,830 3,141,698 261,556,132 266,609,065 3,691,931 262,917,134 270,536,268 4,946,046 265,590,222 271,511,384 7,836,848 263,674,536 271,204,125 8,175,739 263,028,386 271,111,530 8,443,724 262,667,806 271,058,297 9,494,814 261,563,483 271,128,299 9,808,671 261,319,628 271,314,375 9,663,502 261,650,873 $554,686,500 230,318,797 324,367,703 537,674,180 209,141,554 328,532,626 536,091,515 201,815,235 334,276,280 523,174,353 145,759,334 377,415,019 523,242,422 141,395,489 381,846,933 524,745,748 141,398,591 383,347,157 526,304,748 142,476,465 383,828,283 527,712,733 141,454,878 386,257,855 528,662,114 137,605,315 391,056,799 529,570,627 139,120,598 390,450,029 532,479,118 137,931,615 394,547,503 534,555,324 156,628,388 377,926,936 536,466,559 176,454,120 360,012,439 540,282,594 176,364,094 363,918,500 541,257,710 179,862,994 361,394,716 541,006,451 197,753,754 343,252,697 543,223,856 202,474,749 340,749,107 547,540,623 208,004,931 339,535,692 555,270,625 216,366,449 338,904,176 560,102,753 223,398,547 336,704,206 $13,684,761
December: Estimated stock In the Treasury Tn circulation . _ 13,963,999
1920—January: Estimated stock In the Treasury 15,305,830
February: Estimated stock In the Treasury 18,285,691
March: Estimated stock In the Treasury Tn circulation 18,581,478
April: Estimated stock In the Treasury 17,856,503
May: Estimated stock In the Treasury 16,341,536
June: Estimated stock In the Treasury 19,516,565
July: Estimated stock In the Treasury 23,390,437
August: Estimated stock In the Treasury 26,958,989
September: Estimated stock In the Treasury 30,104,618
October: Estimated stock In the Treasury 32,582,366
November: Estimated stock In the Treasury 35,683,906
December: Estimated stock In the Treasury 37,974,547
1921—January: Estimated stock In the Treasury 42,215,942
February: Estimated stock In the Treasury 46,896,942
March: Estimated stock In the Treasury 53,282,752
April: Estimated stock In the Treasury 54,332,204
May: Estimated stock In the Treasury 54,687,847
June: Estimated stock... In the Treasury 56,720,406
REPORT OF THE TREASURER OF THE UNITED STATES. 47
No. 6.— United States notes, Treasury notes, Federal reserve notes, and national-bank notes outstanding, in the Treasury, and in circulation at the end of each month, from January, 1919.
Month. United States notes. Treasury notes. Federal reserve notes. National bank notes. Total.
1919—January: Outstanding $346,681,016 11,515,175 $1,798,000 13,085 $2,703,420,225 37,115,287 222,348,815 2,443,956,123 2,678,607,950 36,090,813 167,232,605 2,475,284,532 2,696,210,360 50,348,326 142,103,270 2,503,758,764 2,725,416,490 39,357,273 165,491,495 2,520,567,722 2,702,716,345 43,239,078 153,299,750 2,506,177,517 2,687,556,985 44,227,988 149,299,060 2,494,029 937 2,705,423,645 40,685,806 159,984,880 2,504,752,959 2,764,832,415 42,041,668 161,227,298 2,561,563,449 2,886,288,515 39,048,355 178,809,400 2,668,430,760 2,958,700,375 41,580,473 178,175,380 2,738,944,522 3,063,390,865 39,346,741 184,229,225 2,839,814,899 3,295,789,145 45,550,983 260,573,300 2,989,664,862 3,125,885,275 35,641,195 245,353,675 2,844,890,405 $860,178,678 51,618,430 $3,912,077,919 100,261,977 222,348,815 3,589,467,127 3,891,794,619 115,900,616 167,232,605 3,608,661,398 3,924,789,748 146,644,117 142,103,270 3,636,042,361 3,969,123,808 144,881,319 165,491,495 3,658,750,994 3,949,147,601 135,412,617 153,299,750 3,660,435,234 3,942,935,713 152,111,533 149,299,060 3,641,525,120 3,985,451,223 153,182,448 159,984,880 3,672,283,895 4,069,378,301 163,597,499 161,227,298 3,744,553,504 4,207,373,541 175,370,485 178,809,400 3,853,193,656 4,297,482,516 173,079,396 178,175,380 3,946,227,740 4,396,942,841 160.422,325 184,229,225 4,052,291,291 4,637,630,653 164,930,832 260,573,300 4,212,126,521 4,465,555,281 196,589,869 245,353,675 4,023,611,737
In the Treasury.... In Federal reserve banks
In circulation 335,165,841 346,681,016 12,866,438 1,784,915 1,786,000 6,760 808,560,248 864,719,653 66,936,605
February: Outstanding
In the Treasury.... In Federal reserve hanks
In circulation 333,814,578 346,681,016 15,994,562 1,779,240 1,779,000 7,281 797,783,048 880,119,372 80,293,948
March: Outstanding
In the Treasury.... , In Federal reserve banks
In circulation .. April: Outstanding 330,686,454 346,681,016 15,500,199 1,771,719 1,771,000 4,734 799,825,424 895,255,302 90,019,113
In the Treasury.... In Federal reserve banks
In circulation . May: Outstanding 331,180*817 346,681,016 12,453,649 1,766,266 1,765,000 7,068 805,236,189 897,985,240 79,712,822
In the Treasury.... In Federal reserve hanks
In circulation 334,227,367 346,681,016 13,818,465 1,757,932 1,754,000 8,839 818,272,418 906,943,712 94,056,241
June: Outstanding
In the Treasury.... In Federal reserve banks
In circulation 332,862,551 346,681,016 15,764,258 z 1,745,161 1,739,000 9,442 812,887,471 931,607,562 96,722,942
July: Outstanding
In the Treasury.... In Federal reserve han ks
In circulation August: Outstanding 330,916,758 346,681,016 15,156,163 1,729,558 1,734,000 9,379 834,884,620 956,130,870 106,390,289
In the Treasury.... In Federal reserve banks
In circulation 331,524,853 346,681,016 17,943,605 1,724,621 1,728,000 9,696 849,740,581 972,676,010 118,368,829
September: Outstanding
In the Treasury.... In Federal reserve banks
In circulation 328,737,411 346,681,016 18,667,032 1,718,304 1,720,000 10,907 854,307,181 990,381,125 112,820,984
October: Outstanding
In the Treasury.... In Federal reserve banks
In circulation 328,013,984 346,681,016 19,192,220 1,709,093 1,706,000 3,734 877,560,141 985,164,960 101,879,630
November: Outstanding
In the Treasury.... In Federal reserve banks
In circulation 327,488,796 346,681,016 19,792,932 1,702,266 1,699,000 3,264 883,285,330 993,461,492 99,583,653
December: Outstanding
In the Treasury.... In Federal reserve banks
In circulation 326,888,084 346,681,016 25,953,688 1,695,736 1,698,000 4,475 893,877,839 991,290,990 134,990,511
1920—January: Outstanding
In the Treasury.... In Federal reserve banks
In circulation 320,727,328 1,693,525 856,300,479
48 REPORT OF THE TREASURER OF THE UNITED STATES,
No. 6.— United States notes, Treasury notes, Federal reserve notes, and national-bank notes outstanding, in the Treasury, and in circulation at the end of each month, from January, 1919—Continued. '
Month. United States notes. Treasury notes. Federal reserve notes. National bank notes. Total.
1920—February: Outstanding In the Treasury... In Federal reserve $346,681,016 18,107,739 $1,687,000 708 $3,255,213,250 39,633, 048 $960,475,655 104,393,776 $4,564,056,921 162,135,271
banks In circulation March: 328,573,277 1,686,292 215,889,995 2,999,690,207 856,081,879 215,889,995 4,186,031,655
Outstanding In the Treasury.... In Federal reserve 346,681,016 15,352,453 1,682,000 1,201 3,299,064,875 37,215,503 929,873,152 47,678,382 4,577,301,043 100,247,539
banks In circulation April: Outstanding In the Treasury.... In Federal reserve 331,328,563 346,681,016 11,823,117 1,680,799 1,677,000 8,020 217,362,035 3,044,487,337 3,326,188,020 24,946,767 882,194,770 911,723,372 45,776,676 217,362,035 4,259,691,469 4,586,269,408 82,554,580
banks In circulation May: Outstanding In the Treasury.... In Federal reserve 334,857,899 346,681,016 9,490,672 1,668,980 1,669,000 8,172 235,306,240 3,065,935,013 3,357,807,675 22,274,609 865,946,696 910,004,587 24,283,169 235,306,240 4,268,408,588 4,616,162,278 56,056,622
banks In circulation June: 337,190,344 1,660,828 235.201,821 3,100,331,245, 885,721,418 235,201,821 4,324,903,835
Outstanding In the Treasury.... In Federal reserve 346,681,016 9,567,164 1,659,000 2,773 3,405,877,120 30,096,579 920,263,530 25,508,239 4,674,480,666 65,174,755
banks In circulation July: Outstanding In the Treasury.... In Federal reserve 337,113,852 346,681,016 6,045,338 1,656,227 1,656,000 2,581 256,176,480 3,119,604,061 3,423,299,935 27,650,850 894,755,291 933,863,704 25,940,042 256,176,480 4,353,129,431 4,705,500,655 59,638,811
banks In circulation August: Outstanding In the Treasury.... In Federal reserve 340,635,678 346,681,016 7,019,239 1,653,419 1,655,000 2,895 284,770,595 3,110,878,490 3,485,265,485 25,177,030 907,923,662 946,819,552 21,369,822 284,770,595 4,361,091,249 4,780,421,053 53,568,986
banks In circulation September: Outstanding In the Treasury.... In Federal reserve 339,661,777 346,681,016 9,292,769 1,652,105 1,647,000 4,862 260,014,010 3,200,074,445 3,593,909,335 20,618,824 925,449,730 958,590,882 18,427,480 260,014,010 4,466,838,057 4,900,828,233 48,343,935
banks In circulation October: 337,388,247 1,642,138 294,906,515 3,278,383,996 940,163,402 294,906,515 4,557,577,783
Outstanding In the Treasury In Federal reserve 346,681,016 8,181,712 1,631,000 3,133 3,663,517,685 23,750,109 971,151,529 19,003,854 4,982,981,230 50,938,808
banks In circulation November: 338,499,304 1,627,867 290,308,155 3,349,459,421 952,147,675 290,308,155 4,641,734,267
Outstanding In the Treasury.... In Federal reserve 346,681,016 6,962,414 1,618,500 3,138 3,663,592,795 18,203,857 973,580,597 17,224,727 4,985,472,908 42,394,136
banks In circulation December: 339, 718,602 1,615,362 325,973,820 3,319,415,118 956,355,870 325,973,820 4,617,104,952
Outstanding In the Treasury.... In Federal reserve 346,681,016 5,359,144 1,607,000 1,648 3,735,719,345 11,722,288 965,441,622 21,084,910 5,049,448,983 38,167,990
banks In circulation 1921—January: Outstanding In the Treasury.... In Federal reserve 341,321,872 346,681,016 3,938,348 1,605,352 1,604,447 374,607,940 3,349,389,117 3,484,226,195 10,223,811 944,356,712 945,592,327 27,494,397 374,607,940 4,636,673,053 4,778,103,985 41,656,556
banks In circulation February: Outstanding In the Treasury.... In Federal reserve 342,742,668 346,681,016 3,235,019 1,604,447 1,602,553 369,348,520 3,104,653,864 3,345,123, 895 5,240,817 918,097,930 935,240,264 23,211,212 369,348,520 4,367,098,909 4,628,647,728 31,687,048
banks In circulation 343,445,997 1,602,553 267,147,650 3,072,735,428 912,029,052 267,147,650 4,329,813,030
REPORT OF THE TREASURER OF THE UNITED STATES,
49
No. 6.— United Stated notes, Treasury notes, Federal reserve notes, and national-bank notes outstanding, in the Treasury, and in circulation at the end of each month, from January, 1919—Continued.
Month. United States notes. Treasury notes. Federal reserve notes. National bank notes. Total.
1921—March: Outstanding In the Treasury.... In Federal reserve banks 3346,681,016 3,875,677 31,590,348 33,265,571,195 7,591,552 324,443,805 2,933,535,838 3,158,204,305 4,367,839 273,412,268 2,880,424,198 3,083,680,655 4,280,418 296,675,030 2,782,725,207 3,000,429,860 4,719,921 315,215,665 2,680,494,274 3925,809,884 22,724,362 34,539,652,443 34,191,591 324,443,805 4,181,017,047 4,405,300,057 28,888,705 273,412,268 4,102,999,084 4,345,007,014 38,323,379 296,675,030 4,010,008,605 4,242,749,834 24,914,108 315,215,665 3,902,620,061
In circulation April: Outstanding In the Treasury.... In Federal reserve banks 342,805,339 346,681,016 7,282,672 1,590,348 1,583,984 903,085,522 898,830,752 17,238,194
In circulation May: Outstanding In the Treasury.... In Federal reserve banks 339,398,344 346,681,016 12,256,294 1,583,984 1,577,584 881,592,558 913,067,759 21,786,667
In circulation June: Outstanding In the Treasury.... In Federal reserve banks 334,424,722 346,681,016 4,031,479 1,577,584 1,576,184 891,281,092 894,062,774 16,162,708
In circulation 342,649,537 1,576,184 877,900,066
No. 7.—Gold certificates and silver certificates outstanding, in the Treasury, and in dr--culation at the end of each month, from January, 1919.
Month. Gold certificates. Silver certificates. Total.
1919—January:
Outstanding $1,641,728,669 8283,083,000 $1,924,811,669
In the Treasury 779,527,314 49,897,045 829,424,359
In Federal reserve banks1 219,300, 780 642,900,575 219, 300, 780 876,086,530
In circulation February: 233,185,955
Outstanding 1,621,320,669 265, 587,000 1,886,907,669
In the Treasury 782,661,525 207,920,780 630, 738,364 49,483,613 832,145,138
In Federal reserve banks1 207,920, 780 846,841,751
In circulation March: 216,103,387
Outstanding 1, 595,465,669 251,048,000 1,846, 513,669
In the Treasury 770,060,714 43,895,390 813, 956,104
In Federal reserve banks1 223,920, 780 601,484,175 223,920, 780 808,636,785
In circulation April: 207,152,610
Outstanding 1,571, 533,669 234,417,000 1,805,950,669
In the Treasury 759,864,722 39,105,375 798,970,097
In Federal reserve banks1 221,917,280 589,751,667 221,917,280 785,063,292
In circulation May: 195,311,625
Outstanding 1,564, 920,669 215,414,000 1,780,334,669
In the Treasury 770,218,408 35,772,148 805,990, 556
In Federal reserve banks1 213,917,280 580,784,981 213,917,280 760,426,833
In circulation June: 179,641,852
Outstanding 1, 550,259,669 203, 943,000 1,754,202,669
In the Treasury 814,480,178 34,794,705 849,274, 883
In Federal reserve banks1 205, 417,280 530,362,211 205,417,280 699,510, 506
In circulation July: 169,148,295
Outstanding 1,493,605,669 194,730,400 1,688,336,069
In the Treasury 799,282,032 30,471,879 829,753,911
In Federal reserve banks1 208,417,280 485,906,357 208,417,280 650,164,878
In circulation August: 164,258,521
Outstanding 1,477,138,669 187,276,400 1,664,415,069
In the Treasury 804,347, 586 26,852,342 831,199, 928
In Federal reserve banks1 233,248,280 439,542,803 233,248,280 599,966,861
In circulation 160,424,058
’Held by Federal reserve banks or Federal reserve agents against issues of Federal reserve notes.
71809—21—4
50
REPORT OF THE TREASURER OF THE UNITED STATES.
No. 7.—Gold certificates and silver certificates outstanding, in the Treasury, and in circulation at the end of each month, from January, 1919—Continued.
Month. Gold certificates. Silver certificates. Total.
. _ _ —
1919—September: Outstanding In the Treasury In Federal reserve banks1 . In circulation $1,473,885,669 800,583,888 244,248,280 429,053,501 $185,858,400 26,767,814 159,090,586 $1,659,744,069 827,351,702 244,248,280 588,144, 087
October: Outstanding In the Treasury In Federal reserve banks1 In circulation 1,463,972,069 800,284,057 239,248,280 424,439,732 180,265,400 24,129,686 156,135,714 1,644,237,469 824,413,743 239,248,280 580,575,446
November: Outstanding In the Treasury In Federal reserve banks1 In circulation 1,451, 894,569 802,954,208 233,248,280 415,692,081 180,895,900 23,253,208 157,642,692 1,632,790,469 826,207,416 233,248,280 573,334,773
December: Outstanding In the Treasury In Federal reserve banks1 In circulation 1,441,179,069 776,626,718 240,748,280 423,804,071 176,279,400 26,752, 308 149,527,092 1,617,458,469 803,379,026 240,748,280 573,331,163
1920—January: Outstanding In the Treasury. 1,435,929,069 796,570,979 164,142,000 26,798,173 1,600,071, 069 823,369,152
In Federal reserve banks1 In circulation 231,748,280 407,609,810 137,343,827 544,953,637
February: Outstanding 1,432,701,069 154,622,000 1,587,323,069
In the Treasury In Federal reserve banks1 In circulation 812,748, 815 232, 748,280 387,203,974 26,050,477 128,571,523 838,799,292 232,748,280 515,775,497
March: Outstanding In the Treasury 1,382,858,569 806,304,060 145,979,400 26,670,318 1,528,837,969 832,974,378
In Federal reserve banks1 In circulation 187,278,280 389,276,229 119,309,082 187,278,280 508,585,311
April: Outstanding 1,380, 545,569 138,219,400 1,518,764,969
In the Treasury 805,442,760 14,461,381 819,904,141 190,738,280 508,122,548
In Federal reserve banks 1 In circulation 190,738,280 384,364,529 123,758,019
May: Outstanding 1,377,477,569 131,210,400 1,508,687,969'
In the Treasury In Federal reserve banks1 In circulation 801,124,778 194,058,280 382,294,511 5,920,363 125,290,037 807,045,141 194,058,280 507,584,548
June: Outstanding 1,375,659,569 124,240,400 1,499,899,969
In the Treasury 790,935,924 5,982, 517 796,918,441 194,058,280 508,923,248
In Federal reserve banks1... In circulation July: Outstanding In the Treasury 194,058,280 390,665,365 118,257,883
1,331,632,569 747,365,306 125,407,400 4,010,605 1,457,039,969 751,375,911 194,058,280
In Federal reserve banks1 194,058,280 121,396,795
In circulation August: Outstanding 390,208,983 511,605,778
1,237,628,069 125,915,400 1,363,543,469
In the Treasury 652,149,931 2,993,570 655,143,501
In Federal reserve banks 1 208,058,280 122,921,830 208, 058,280
In circulation September: Outstanding In the Treasury 377,419,858 500,341,688
1,182,186,069 586, 111, 140 125,940,400 2,815,335 1,308,126,469 588,926,475
In Federal reserve banks1 In circulation October: Outstanding 209,058, 280 387,016,649 123,125,065 510,141,714
857,290,569 160,497,500 1,017,788,069
In the Treasury 300,286,071 22,275,639 322,561,710 204,458,280 490,768,079
In Federal reServe banks1 In circulation 204,458,280 352,546,218 138,221,861
November: 980,929,669
Outstanding 824,667,569 156,262,100
In the Treasury 272,086,233 972,690 273,068, 923
In Federal reserve banks 1 201,018,280 155,289,410 201,018,280
In circulation , December: Outstanding In the Treasury In Federal reserve banks 1 In circulation 351, 563,056 506,852,466
777,144,069 244,009,936 196,298,280 336,835,853 152,657,000 673,088 151,983,912 929,801,069 244,683,024 196,298,280 488,819,765
1 Held by Federal reserve banks or Federal reserve agents against issues of Federal reserve notes.
REPORT OF THE TREASURER OF THE UNITED STATES. 51
No. 7.—Gold certificates and silver certificates outstanding, in the Treasury, and in circulation at the end of each month, from January, 1919—Continued.
Month. Gold certificates. Silver certificates. Total.
1921—January:
Outstanding $754,169,229 294,442,124 155,358,280 304,368,825 $148,479,502 301,597 $902,648,731 294, 743,721 155,358,280 452,546,730
In the Treasury
In Federal reserve banks1
In circulation 148,177,905
Februarv:
Outstanding 704,356,719 198,044, 749 155,358,280 350,953,690 167,637,183 250,370 871,993,902 198, 295,119 155,358,280 518,340,503
In the Treasury
In Federal reserve banks 1
In circulation 167,386,813
March:
Outstanding 702,499,109 129,525,350 154,358,280 418,615,479 166,094,333 2,247,360 868,593,442 131,772,710 154,358,280 582,462,452
In the Treasury
In Federal reserve banks1
In circulation 163, 846,973
April:
Outstanding 700,742,979 66,004,130 154,358,280 480,380,569 172,614, 783 711,322 873,357,762 66,715,452 154,358,280 652,284,030 KJ
In the Treasury
In Federal reserve banks1
In circulation 171,903,461
May:
Outstanding 748,271,299 69,939,700 264,358,280 413,973,319 185,689,833 386,760 933,961,132 70,326,460 264,358,280 599,276,392
In the Treasury
In Federal reserve banks1
In circulation 185, 303,073
June:
Outstanding 795, 848,929 79,315,940 264,358,280 452,174,709 202, 578,683 1,044,470 998,427,612 80,360,410 264,358,280 653,708,922
In the Treasury
In Federal reserve banksx..
In circulation 201,534, 213
1 Held by Federal reserve banks or Federal reserve agents against issues of Federal reserve notes.
52 REPORT OF THE TREASURER OF THE UNITED STATES.
£¥£3¥s¥s¥sWg¥l^ S98KKg-S§§^^
No. 8.—Estimated stock of all kinds of money in the United States at the end of each fiscal year fron 1880 to 1921.
pl
§§ '■s^
*OQ
p' □ c§ 5^ S o b£H
■i
5
K
: iiglggS ; ¥g¥W ; ;sasgs§
SSSSgSs
sEaaKWgES^8SsEs3£gSiS8isgg8sgmssgg§
fg¥£8¥¥g¥¥®¥g¥¥^
§bSs§^§§§8§§§§IB§§§§§§§§§§2
£g§¥i¥g¥s§¥§¥§W^^^
§§ B g’S'g s a01 w10
¥§8¥gs¥¥¥s¥¥s¥i8¥B¥fBBs¥BBS§SBSgB§gs¥¥¥¥¥¥
BSggggBSsggggBSssg^saRgsggsaeggssgggBSgggg sg¥£sW8¥$3§?S¥asW^^^
£ ^¥t2f£g¥f: J2 f212 3 2 §V § Sg ggf s'g
IK®gg|gSgS8S8§SSs§gss88is8BsggB8gg8g§sSlg i¥g¥S§§¥ s
| -S-2£ « ' So 2'2'2'222 22££ • • S23S22
1 ■< | i iSgi 2888 : : 2828 j: : : ; : :■ : K
188888 888888 ’888888 8
£ 3 S S H g :28££8 isggig Sl?§g| §
5 C r? £ 8 g ® iS+? I w 822382 §
2'2'2 2'gfg §2222^ t
i i ils . 18SSS §HS§ ■ :::::: 1
( i§Si»g Sgssg 3 1
oo^ IO t^ x u . : : : : : : 8
O £ £ 888888 888888 8
ggfiSsS §g§S§8 §
£ s passsB t^co.c«o<» OBSESS sgsass fgWi f
1 s 1 238SS38 r-T^'w-'cTof 2
o3 • 888888 888888 8 ib 8 8 8 o S
■S +3 "a ® ■g xSs i^s-ggas ggsssS 832238
z til laSWS Ssasls §
Sgslsf <22325 s
^8§2§S §§§§ : : 8
o § S £ff§ i i ; : ; f
2
o 288338 S88SS8 8
.£• essas'gg gsgggg 1
11 gW