    [Annual Report of the Treasurer of the United States for the Fiscal Year Ended June 30, 1928]
    [From the U.S. Government Publishing Office, www.gpo.gov]

    ﻿HUMHtie DuTAKIMHC.
    DEC 2 7 1928
    ANNUAL REPORT OF THE TREASURER OF THE UNITED STATES, 1928
    ANNUAL REPORT OF THE
    Treasurer of the United States
    FOR THE FISCAL YEAR
    ENDED JUNE 30
    1928
    UNITED STATES
    GOVERNMENT PRINTING OFFICE
    WASHINGTON
    1928
    Treasury Department
    Document No. 2999
    Treasurer of the United States
    CONTENTS
    REPORT
    Pag®
    Receipts and expenditures for fiscal years 1927 and 1928______________ 1
    Pay warrant transactions__________________________________________________ 3
    Foreign exchange purchased-----------------------------------------------  4
    Collection items__________________________________________________________ 5
    District of Columbia securities___________________________________________ 5
    Panama Canal-----------------------------------------------------------    5
    Checking accounts_________________________________________________________ 6
    Payment of interest on registered securities of the United States_____ 6
    Payment of coupons from United States securities______________________ 6
    Receipts and expenditures on account of the Post Office Department____	6
    District of Columbia teachers’ retirement fund________________________ 7
    Transactions in the public debt_______________________________________ 7
    Statement of the public debt outstanding June 30, 1928---------------- 9
    Public debt retirements chargeable against ordinary receipts__________ 10
    Franchise tax receipts________________________________________________ 10
    Statement of the Treasury, reserve and trust fund--------------------- 11
    The general fund_________________________________________________________ 11
    Net available cash balance, 1919 to 1928______________________________ 12
    The gold reserve_________________________________________________________ 12
    Gold fund, Federal Reserve Board_________________________________________ 13
    Gold in the Treasury, 1919 to 1928____________________________________ 13
    Securities held in trust_________________________________________________ 14
    Special trust funds______________________________________________________ 16
    Depositaries of the United States, number_____________________________ 18
    Public moneys in depositary banks________________________________________ 18
    Interest on public moneys held by depositary banks-------------------- 18
    Restoration of depositary balances_______________________________________ 19
    Coin and gold bar shipments or transfers______________________________ 20
    Recoinage of gold, silver, and minor coins____________________________ 20
    Purchases of gold bullion at the mints and assay offices-------------- 21
    Stock of metallic money in the United States__________________________ 22
    Redemption of Federal reserve and national currency___________________ 22
    Shipments of paper currency from Washington--------------------------- 23
    Outstanding currency__________________________________________________ 23
    Old demand notes______________________________________---------------- 23
    Fractional currency______________________________________________________ 24
    United States notes______________________________________________________ 25
    Gold certificates________________________________________________________ 25
    Silver certificates______________________________________________________ 26
    Treasury notes of 1890_________________________________________________   27
    United States paper currency, by denominations, held in reserve---------- 27
    United States paper currency prepared for issue and amount issued from 1919_____________________________________________________________________ 28
    United States paper currency issued, by months, fiscal years 1927 and 1928_	28
    United States paper currency redeemed, by months, fiscal years 1927 and 1928_____________________________________________________________________ 29
    United States paper currency issued, redeemed, and outstanding-------- 29
    United States paper currency outstanding, by months, fiscal years 1927 and 1928_________________________________________________________________ 30
    Ratio of small denominations to all paper currency outstanding-------- 30
    Paper currency, by denominations, outstanding June 30, 1927 and 1928—	31
    Legal tender qualities of United States currency______________________ ' 33
    General account of the Treasurer of the United States----------------- 35
    15266—28	in
    IV
    CONTENTS
    TABLES
    Page
    No. 1.—General distribution of the assets and liabilities of the Treasury, June 30, 1928_______________________________________________ 37
    No. 2.—Available assets and liabilities of the Treasury at the close of
    June, 1927 and 1928______________________________________ 38
    No. 3.—Distribution of the General Treasury balance, June 30, 1928__ 39
    No. 4.—Assets of the Treasury other than gold, silver, notes, and certificates at the end of each month, from July, 1925_____________ 39
    No. 5.—Assets of the Treasury at the end of each month, from July, 1925-	40
    No. 6.—Liabilities of the Treasury at the end of each month, from July, 1925________________________________________________________ 40
    No. 7.—United States notes of each denomination issued, redeemed, and outstanding at the close of the fiscal years 1925, 1926, 1927, and 1928______________________________•_____________________ 41
    No. 8.—Gold certificates of each denomination issued, redeemed, and outstanding at the close of the fiscal years 1925, 1926, 1927, and 1928____________________________________________________ 42
    No. 9.—Silver certificates of each denomination issued, redeemed, and outstanding at the close of the fiscal years 1925, 1926, 1927, and 1928____________________________________________________ 43
    No. 10.—Treasury notes of 1890 of each denomination issued, redeemed, and outstanding at the close of the fiscal years 1925, 1926, 1927, and 1928____________________________________________________ 44
    No. 11.—Amount of United States notes, gold and silver certificates, and Treasury notes of each denomination issued, redeemed, and outstanding at the close of each fiscal year, from 1925_____ 45
    No. 12.—Federal reserve and national banks designated depositaries of public moneys, with the balance held June 30, 1928__________ 46
    No. 13.—Old demand notes of each denomination issued, redeemed, and outstanding June 30, 1928___________________________________ 48
    No. 14.—Fractional currency of each denomination issued, redeemed, and outstanding June 30, 1928___________________________________ 48
    No. 15.-—Compound-interest notes of each denomination issued, redeemed, and outstanding June 30, 1928_______________________________ 49
    No. 16.-—One and two year notes of each denomination issued, redeemed, and oustanding June 30, 1928________________________________ 49
    No. 17.—Seven-thirty notes issued, redeemed, and outstanding June 30, 1928________________________________________________________ 49
    No. 18.—Refunding certificates, act of February 26, 1879, issued, redeemed, and outstanding June 30, 1928_______________________________ 49
    No. 19.-—Public debt obligations retired during fiscal year 1928____ 50
    No. 20.—Number of banks with semiannual duty levied, by fiscal years, and number of depositaries with bonds as security at close of each fiscal year, from 1919_________________________________ 54
    No. 21.—Checks issued by the Treasurer for interest on registered bonds during the fiscal year 1928--------------------------------- 54
    No. 22.—Coupons from United States bonds, certificates, and notes paid, during the fiscal year 1928, classified by loans------------ 55
    No. 23.—Coupon interest on United States bonds paid by check during fiscal year 1928____________________________________________ 55
    No. 24.—Checks drawn by the Secretary and paid by the Treasurer for interest on registered bonds and notes of the United States during the fiscal year 1928--------------------------------- 56
    No. 25.—Money deposited in the Treasury each month of the fiscal year 1928 for the redemption of national-bank notes______________ 56
    No. 26.—Amount of currency counted into the cash of the National Bank Redemption Agency and redeemed notes delivered by fiscal years from 1919 to 1927, and by months during the fiscal year 1928________________________________________________________________ 57
    No. 27.-—Currency received for redemption by the National Bank Redemption Agency from the principal cities and other places, by fiscal years from 1919, in thousands of dollars.-.--------------- 58
    No. 28.—Mode of payment for currency redeemed at the National Bank Redemption Agency, by fiscal years, from 1919----------------------- 58
    No. 29.—Deposits, redemptions, assessments for expenses, and transfers and repayments on account of the 5 per cent redemption fund of national and Federal reserve banks, by fiscal years, from 1919________________________________________________________________ 58
    CONTENTS	V
    Page
    No. 30.—Deposits and redemptions on account of the retirement of circulation, by fiscal years, from 1919-------------- 59
    No. 31.—Expenses incurred in the redemption of national and Federal reserve currency, by fiscal years, from 1919--------- 59
    No. 32.—Amount of national bank notes redeemed and assorted during the fiscal year 1928, and the assessment for expenses of redemption___________________________________________ 60
    No. 33.—Amount and number of pieces of Federal reserve notes and Federal reserve bank notes redeemed during the fiscal year 1928, and the assessment for expenses of redemption----------	61
    No. 34.—General cash account of the National Bank Redemption Agency for the fiscal year 1928, and from July 1, 1874--------;—___	61
    No. 35.—Number of notes of each kind of currency and denomination redeemed and delivered by the National Bank Redemption
    Agency during the fiscal year 1928----------------- 62
    No. 36.—Average amount of national-bank notes outstanding and the redemptions, by fiscal years, from 1875 (the first year of the agency)______________________________________________ 64
    No. 37.—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, by fiscal years, from 1916--------------------------- 64
    No. 38.—Amount of money outside of the Treasury, the amount held by Federal reserve banks and agents, and the amount in circulation, etc., on the first day of each month from July, 1926__z__	65
    No. 39.—Total amount expended on account of the Panama Canal, the receipts from tolls, etc., and the proceeds of sales of bonds to the close of the fiscal year 1928---------------------------- 65
    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. ip 1789	Oct. 3h 1801
    3. Thomas T. Tucker		South Carolina...		Dec. 1, 1801	May 2,1828
    4. William Clark		Pennsylvania		June 4,1828	May 313829
    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	D*ec. 22,1859
    9. William C. Price		Missouri!		Feb. 28^ 1860	Mar. 2R 1861
    10. F. E. Spinner		New York		Mar. 16,1861	June 30, 1875
    11. John C. New	 .	Indiana			June 303875	July 1' 1876
    12. A. U. Wyman		Wisconsin		July L1876	June 30j 1877
    13. James Gilfillan	 .	Connecticut		July 1,1877	Mar. 31i 1883
    14. A. U. Wyman		Wisconsin		Apr. 1' 1883	Apr. 303885
    15. Conrad N. Jordan		New York		May li 1885	May 23' 1887
    16. James W. Hyatt		Connecticut		May 24' 1887	May 10i 1889
    17. J. N. Huston		..	Indiana		May lh 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 h 1897	June 30j 1905
    21. Charles H. Treat			do		July 1,1905	Oct. 303909
    22. Lee McClung		Tennessee		Nov. p 1909	Nov. 21i 1912
    23. Carmi A. Thompson			Ohio... .. _ 		Nov. 22,1912	Mar. 31i 1913
    24. John Burke. 	 		North Dakota		Apr. 1J1913	Jan. 5,1921
    25. Frank White						do... 	 			May 2,1921	May 1', 1928
    26. H. T. Tate			Tennessee		May 3i; 1928

    REPORT
    OF THE
    TREASURER OF THE UNITED STATES
    Treasury of the United States, Washington, October 15, 1928.
    Sir: I have the honor to submit herewith a report covering the transactions of the Treasury of the United States for the fiscal year ended June 30, 1928.
    The fiscal year just closed has witnessed a further improvement in the financial position of the Government. Taxes were again reduced by over 8220,000,000, the national debt was reduced by over 8900,000,000, accompanied by a material cut in interest charges, and there was a surplus of receipts over expenditures of nearly 8400,000,000.
    Income-tax receipts amounted to 82,174,573,102.89 as compared with 82,219,952,443.72 for the fiscal year 1927. Miscellaneous internal-revenue receipts were 8617,620,008.78 as compared with 8648,732,440 for last year. Customs yielded 8568,156,592.92 and miscellaneous 8677,885,807.89 as against 8605,672,465.18 and 8654,-065,538.71, respectively, for the last fiscal year. Total receipts from all sources, except postal revenues, on the basis of daily Treasury statements, revised, amounted to 84,038,235,512.48, a decrease of 890,187,375.13 as compared with the preceding year.
    ?■’ • The total ordinary expenditures for the fiscal year amounted to 83,104,759,598.94, and other expenditures chargeable against ordinary receipts to 8540,246,020.30 as compared with 82,973,944,031.97 and 8519,563,844.78, respectively, for the preceding fiscal year.
    The excess of total ordinary receipts over total expenditures .	chargeable against ordinary receipts was 8393,229,893.24 as compared
    with 8634,915,010.86 for the preceding fiscal year. Postal revenues deposited in the Treasury and credited to the account of the Post Office Department amounted to 8657,442,672.36.
    The total ordinary receipts and expenditures, by warrants drawn, classified for the past two fiscal years and adjusted to the basis of the daily statement of the United States Treasury, revised, are stated in the following table:
    2
    REPORT OF THE TREASURER OF THE UNITED STATES
    Account	1927	1928	Increase	Decrease
    RECEIPTS Customs		$605, 672,465.18 2,219,952,443. 72 648, 732,440. 00 621,186. 63 498,917, 609.19 30,658,055.16 25, 544, 701.45	$568,156, 592.92 2,174, 573,102.89 617, 620,008.78 384,650. 89 1 442,282, 247.96 32,777, 616. 00 28,134,345.42		$37,515,872.26 45, 379,340. 83 31,112,431.22 236, 535. 74 56, 635,361.23
    Internal revenue: Income tax
    Miscellaneous..	 Sale of public lands			 Miscellaneous	 _
    Receipts of the District of Columbia- Panama Canal tolls, etc	 Total	 Deduct moneys covered by warrant in the year subsequent to the deposit thereof	 Total	 Add moneys received in the fiscal year but not covered by warrant.. Add receipts credited direct to appropriations: Proceeds of railroad securities owned by the Government 1 2.. Receipts from miscellaneous sources	 _ _ 				$2,119, 560. 84 2, 589, 643. 97
    	4,030, 098,901.33 13,262. 97	3,863, 928, 564.86 6, 658. 85	4,709, 204. 81	170, 879,541.28 6, 604.12
    	4, 030,085, 638. 36 6, 658. 85 89, 725, 932. 32 8, 604,658. 08	3,863,921,906. 01 6, 715. 35 164,811,685.39 9,495,205.73	4,709, 204. 81 56. 50 75,085,753.07 890, 547. 65	170, 872,937.16
    Total ordinary receipts... EXPENDITURES Pay warrants drawn (net): Legislative
    	4,128,422, 887. 61	4,038, 235, 512. 48	—	90,187,375.13
    	19,190,129. 02 686, 849. 86 512,602,105.13 156, 278,963.87 31,125,629.24 299,812,014. 53 4,318,403. 28 20,439,405. 06 9, 760,736. 89 322, 620, 723. 27 27, 316, 725. 75 16, 513,990. 34 281, 797,940. 09 354, 373,780. 96 7, 613, 376. 03 37, 756,972. 42 787, 793, 764. 08 7, 111, 244. 28	16, 654,350.12 514, 803. 57 1 442, 990,131. 64 161,204,681.90 34,356,117. 31 293,398,737.14 4, 302, 360.42 23, 572, 363. 31 9,759, 216.48 337, 608, 086. 28 32,142,455. 92 11,721,892.19 355,169, 960.15 389, 685,776.25 10, 659,442. 27 40, 244, 228. 79 731,850,073.89 1, 267,010.15		2, 535,778.90 172, 046. 29 69, 611,973.49 6,413,277.39 16,042. 86
    Executive office	 Independent offices 2	 Department of Agriculture	 Department of Commerce	 Department of the Interior	 Department of Justice	 Judicial	 				4,925, 718.03 3,230,488.07 3,132, 958. 25 14,987,363. 01 4,825,730.17 73, 372, 020. 06 35,311,995.29 3,046, 066. 24 2,487, 256. 37
    Department of Labor	 Navy Department	 Post Office Department (payable from general fund of the Treasury, postal deficiencies, etc.)	 _ 	 _				1,520.41
    Department of State	.	 Treasury Department	 War Department	 						4, 792,098.15
    Panama Canal, maintenance and operation	 District of Columbia	... Interest on the public debt	 Premium on public debt	 . Total	 Deduct repayments received in fiscal year but not covered by warrants. 					55,943,690.19' 5,844, 234.13
    	2,897,112, 754. 10 5. 00	2,897,101, 687. 78	145,319, 595.49	145, 330, 661.81 5.00
    Total	 Add repayments covered by warrant in fiscal year subsequent to the deposit thereof.. Total ordinary warrant expenditures
    	2,897,112, 749.10 22, 653.94	2,897,101, 687.78 5. 00	145, 319, 595.49	145, 330, 656. 81 22,648.94
    	2,897,135, 403. 04	2,897,101, 692. 78	145, 319, 595.49	145,353, 305. 75
    1 Exclusive of $14,268,183.62 transferred on July 1, 1927, from the checking account of the United States Shipping Board on the books of the Treasurer of the United States to the warrant account on the books of the Secretary of the Treasury, and covered into the Treasury by miscellaneous receipt covering warrant under the title, “Funds deposited for Construction Loan under Section 11, Merchant Marine Act, 1920 Special Fund.” This transfer of funds from checking account to warrant account is merely an adjustment between accounts in this fiscal year of cash transactions occurring in prior fiscal years. Accordingly, the item has not been included in either the receipts or expenditures of this report, inasmuch as it did not affect the cash in the Treasury during the current fiscal year.
    2 Proceeds of railroad securities during the fiscal years 1927 and 1928 in the respective amounts of $89,725,932.32 and $164,811,685.39 were credited to the revolving funds established by the transportation act, 1920, and operate to reduce expenditures of independent offices for those years.
    REPORT OF THE TREASURER OF THE UNITED STATES
    3
    Account	1927	1928	Increase	Decrease
    expenditures—continued "Brought forward... 		$2,897,135,403.04 20.00	$2,897,101, 692. 78 308. 25	$145,319,595.49 288. 25	$145,353,305.75
    Pay warrants drawn (net)—Con. Adjustments to the general fund— For correction of the general account of John Burke, former Treasurer of the United States, on account of unavailable items, Act nf .Tune. 3 1922 ('add!
    Increase in amount of unpaid warrants at close of fiscal year over previous fiscal year (deduct)		228,922. 70	228,922. 70
    Decrease in amount of unpaid warrants at close of fiscal year under previous	343, 558.94 21,865,540.41			343, 558. 94 21,865, 540.41
    Increase in book credits of disbursing officers and agencies with Treasurer of United States during

    Total - - 			2,875, 613,441. 57	2,896,873, 078. 33 33, 579,629.49 164,811, 685.39 9, 495,205.73	145,090, 961.04	123,831,324. 28
    Decrease in book credits of disbursing officers and agencies with Treasurer of United States during			33, 579, 629.49 75,085,753.07 890,547. 65
    Add credits against expenditures—3 Proceeds of railroad securities owned by the Government.-! Miscellaneous credits		89,725,932. 32 8, 604,658.08

    Total ordinary expenditures _ 		2,973,944,031.97	3,104,759,598.94	130, 815,566.97

    Public debt retirements chargeable against ordinary receipts: Sinking fund _ _. 	 ..	333, 528,400. 00 19,254, 500.00 159, 961,800.00	354, 741, 300.00	21, 212,900. 00

    Purchases from foreign repay-merits		19,068,000.00 162,736, 050. 00		186, 500.00
    Received from foreign Governments under debts settlements				2,774, 250.00 1,500.00

    		1, 500. 00
    Purchases and retirements from franchise tax receipts (Federal reserve and Federal intermediate credit banks)		1, 231, 834. 78 5, 587, 310.00	618,367.05		613,467. 73

    Forfeitures, gifts, etc			3, 080,803. 25		2, 506, 506. 75

    Total		519, 563, 844. 78	540, 246,020. 30	20, 682,175. 52

    Total expenditures chargeable against ordinary receipts		3,493, 507,876. 75 634,915, 010.86	3, 645,005, 619. 24	151,497,742.49

    Excess of ordinary receipts over expenditures chargeable against ordinary receipts			393,229,893. 24		241, 685,117. 62

    3 Items of this character represent cash receipts which are credited against the expenditures shown on a warrant basis. It is necessary, therefore, to add back the amounts to expenditures by warrants in order to adjust to an actual cash basis. See also note 2, p. 2.
    Pay warrant transactions
    Treasurer’s checks issued on settlement warrants in payment of claims settled by the Comptroller General of the United States during the fiscal year ended June 30, 1928, amounted to $121, 867,623.56, and funds advanced to United States disbursing officers by accountable warrants amounted to $2,460,117,269.89.
    Accountable warrants were also issued to reimburse the Treasurer for the payment of public debt principal, interest, and premium amounting to $8,494,501,197.43, and on account of a transfer to the
    4
    REPORT OF THE TREASURER OF THE UNITED STATES
    gold reserve amounting to 8618,367.05. Details of these transactions are given below:
    Class	Treasurer’s checks issued on settlement warrants		Accountable warrants
    	Number	Amount	Number	Amount
    War				11064	$17, 606, 609.39	2313	$435,469, 570.54
    Navy	.	3859	8' 318, 129.07	2136	347' 174', 707.74
    Indians		2758	' 993' 924. 55	1522	38,109, 619. 30
    Interior		2531	8, 278' 939.97	836	298, 083, 781. 62
    Miscellaneous series	 		6891	29, 761i 257. 24	1 12566	1, 030j 579', 183. 93
    Treasury		7141	56' 908', 763. 34	5424	' 310; 700l 406. 76
    	34244	121,867, 623. 56	24797	2,460,117, 269.89
    Gold reserve				1	618, 367. 05
    Public debt, (principal, interest, and premium).	1	123. 00	12	8,494, 501,197.43
    Total		34245	121,867,746. 56	24810	10,955, 236,834.37
    1 Includes 5,488 warrants for $3,149,236.93 paid by Treasurer’s checks.
    Foreign exchange purchased
    Included in the total amount of Treasurer’s checks issued on settlement warrants given in the preceding table is 851,826.32, which represents the cost of drafts purchased during the fiscal year 1928 to pay claims settled in foreign currencies by the General Accounting Office. In addition, foreign currencies were purchased by the Treasurer for other departments and bureaus of the Government at a cost of 836,152.79. The several kinds and amounts of foreign currencies purchased, with the total cost thereof in United States money, are given in the following statement:
    Kind of currencies purchased	For payment of claims settled in foreign currencies by the General Accounting Office		For other departments and bureaus of the . Government
    	Amount	Cost	Amount	Cost
    Belgas	 					137.00	$19.14
    Franes, French			211,150.13	$8, 308. 20 1.15	41, 324.12	1, 624. 77 343.06
    Francs, Swiss	 		6.00		1, 779.40
    Guilders		31.00	12. 48	2, 645.02 887.05	1,063. 20
    Kroner, Danish					237.78
    Kroner, Norwegian				112.10	29.92
    Kronor, Swedish				1, 609. 54 12, 236. 85 94. 00	432.63
    Lire...2 			1, 560. 00	83. 71		654.42
    Milreis							11. 28
    Pesetas	 					3,987. 25	676. 24
    Pesos, Chilean paper		2,900. 00	351. 95
    Pesos, Colombian*			 . . . _ . 					10. 35	10. 35
    Pesos, Mexican gold		420. 74	205. 53	661. 22	322.89
    Pesos, Mexican silver		6,156. 50	2,755.03	5. 34	2.44
    Pesos, Uruguayan				8. 05	8. 35
    Piasters, Egyptian	 						655. 00	33.18
    Reichsmarks.*		24. 40	5. 82	30, 056. 42 43. 66	7,179.19
    Rubles	 		60. 88	31. 66		23. 06
    Rupees		 				674/0/0 15. 00	246. 72
    Schillings, Austrian 					2.12
    Shanghai local currency			 .	1, 745. 00	798. 45	43. 02	20.40
    Sterling	 ...			8085/16/7	39, 272.34	4550/7/6 2,254. 70 6. 50	22,158.13
    Yen					1,052. 62 .90
    Zloty

    Total	 ..		51,826. 32		36,152. 79

    REPORT OF THE TREASURER OF THE UNITED STATES
    5
    Collection items
    To facilitate the transaction of government business and to conform to commercial usage, personal checks, drafts, and postal and express money orders, are received by the Treasurer of the United States, and by the Federal Reserve Banks and branches for collection and credit of the proceeds in the account of the Treasurer of the United States.
    All checks and drafts received by any Government officer are received, subject to collection and in the event that any check or draft can not be collected, or is lost or destroyed before collection, appropriate action will be taken by the depositor in the same manner as if the check or draft had not been received. Such payments are not effective unless and until the check or draft has been actually collected and paid.
    The class, number, and amount of collection items deposited with the Treasurer of the United States in Washington for the fiscal years 1927 and 1928 are shown in the following statement, for comparison:
    Class	1927		1928
    	Number of items	Amount	Number of items	Amount
    Checks and drafts 1	 Postal money orders ±	 Veterans’ Bureau, collection items	 Total			564, 344 158,917 2, 715, 780	$355, 645, 602.18 668,236. 63 50, 399,906. 93	592, 530 181,142 3, 649,860	$274,160, 699. 97 1, 039, 936. 89 62, 834, 797. 74
    	3,439,041 14,038	406, 713,745. 74 1,096,789.45	4, 423,532 22, 284	338,035,434. 60 525,039. 81
    Less unpaid checks	 Net total
    	3,425,003	405, 616,956. 29	4, 401, 248	337, 510, 394. 79
    1 Includes drafts deposited by farm loan board in connection with sales of Federal land bank bonds and Federal intermediate credit bank debentures.
    District of Columbia securities
    Of the 3.65 per cent bonds of the District of Columbia which matured August 1, 1924, $550 were paid during the fiscal year 1928, leaving $103,950 outstanding. Coupons amounting to. $88;51, representing past-due interest on these bonds, were paid this period.
    There has been no change in the old securities of the District of Columbia held in the care and custody of the Treasurer, and they are as follows: Chesapeake & Ohio Canal bonds, $84,285, and board of audit certificates, $20,134.72; while in the District of Columbia contractor’s guaranty fund there is also a cash balance of $132.51.
    Panama Canal
    The receipts from tolls, etc., for movement of tonnage through the Panama Canal during the fiscal year ended June 30, 1928, amounted to $28,134,345.42. Receipts during the previous fiscal year amounted to $25,544,701.45, a net increase of $2,589,643.97 for the fiscal year 1928.
    Disbursements made on account of the canal, not including fortifications, on the basis of warrants drawn, not cash expenditures, amounted to $10,659,442.27 for the fiscal year 1928 as against $7,613,376.03 for the fiscal year 1927, a net increase of $3,046,066.24.
    6
    REPORT OF THE TREASURER OF THE UNITED STATES
    Payment of coupons from United States securities
    Coupons from United States bonds, notes, certificates, etc., paid during the fiscal year 1928 numbered 31,595,767 and amounted to 8523,058,387.54.
    Payment of interest on the registered securities of the United States
    Checks in payment of interest on registered obligations of the United States are prepared and issued by the division of loans and currency, office of the Secretary of the Treasury, and are drawn on the Treasurer of the United States. Each check indicates the loan for which it is issued and the annual rate of interest. Paid checks are charged by the Federal reserve banks and branches and general national-bank depositaries in their transcripts of the Treasurer’s account. The total amount of such charges is included in the Treasurer’s monthly requisition for reimbursement. After payment the checks are forwarded to the Comptroller General of the United States.
    There were 2,678,313 interest checks issued during the fiscal year 1928, amounting to 8156,231,793.18. The paid checks numbered 2,512,330 and amounted to $156,370,574.33.
    Checking accounts
    Checks drawn on this office by Government disbursing officers were paid during the fiscal year 1928 to the number of 34,415,506, an increase over the previous fiscal year of 1,673,788 checks. Balances to the credit of disbursing officers and Government agencies in 3,112 accounts on June 30,1928, amounted to $363,143,835.24, a decrease of $33,759,318.12 from the total of such balances in 3,334 accounts on June 30,1927. The increased number of checks can be traced in part to the redemption of public debt obligations, to the requirements of the Veterans’ Bureau and Department of Agriculture and to the additional checks drawn by postmasters who have accounts with the Treasurer of the United States.
    Payments to correct irregularities in negotiation of checks were made during the fiscal year 1928 to the number of 1,116, amounting to $72,398.77, while in the previous fiscal year the number of cases was 878 for $176,512.30. Duplicate checks to the number of 9,887 were requested by payees or indorsees during the fiscal year 1928 as compared with 10,924 during the previous fiscal year, the original check in each case having been lost, stolen, or destroyed.
    Transactions on account of the Post Office Department
    The postal receipts deposited in the Treasury and credited to the account of the Post Office Department during the fiscal year 1928 amounted to $657,442,672.36, which, however, includes transactions in the money-order fund account, effected in both receipts and expenditures in approximately same amounts. Other receipts amounting to $564,593,611.87 were received and disbursed by postmasters without being deposited in the Treasury. Such disbursements are authorized by law.
    All receipts and disbursements of the Post Office Department are under the exclusive control of the Postmaster General. All warrants are issued by him on the Treasurer of the United States, but are
    REPORT OF THE TREASURER OF THE UNITED STATES
    7
    id bo
    cashed by any Federal reserve bank or branch or any general national bank depositary of the United States.
    The transactions relating to the account with the Treasury during the fiscal year 1928 are recorded in the following statement:
    d
    >
    r
    s r
    1
    I
    	Balance June 30, 1927	Fiscal year 1928		Balance June 30, 1928
    		Receipts	Disbursements
    Washington--------------------------
    Receipts and disbursements by postmasters during quarter ended—
    Sept. 30, 1927__________________
    Dec. 31, 1927___________________
    Mar. 31, 1928___________________
    June 30, 1928-------------------
    $8,839,903.94
    $657,442, 672. 36
    $657,431,467. 54
    $8,851,108.76
    140, 734,976. 50
    145, 519, 318. 93
    138, 851, 550. 87
    139,487, 765. 57
    140,734,976.50 _______________
    145,519,318.93 _______________
    138,851,550.87 _______________
    139,487,765.57 _______________
    Total______________________________ 8,839,903.94 1,222,036,284.23 1,222,025,079.41	8,851,108.76
    i Includes deficiency appropriation of $32,080,202.46.
    District of Columbia teachers’ retirement Jund
    Under the provisions of the act of January 15, 1920, as amended', and supplemented, the Treasurer of the United States is charged, with the investments in the District of Columbia teachers’ retirement fund, and holds in safe-keeping securities purchased for this purpose.
    Title of securities	Held June 30, 1927	Purchased during fiscal year 1928	Held June 30, 1928
    4)4 per cent first Liberty loan, converted	 4J4 per cent third Liberty loan	 4J4 per cent fourth Liberty loan	 4J4 per cent Treasury bonds of 1947-1952	 4 per cent Federal farm loan bonds	 4J4 per cent Federal farm loan bonds	 4J4 per cent Federal farm loan bonds	 4% per cent Federal farm loan bonds	 5 per cent Federal farm loan bonds	 4J4 per cent Philippine Islands bonds		$26,850 1 165,450 735, 750 10,000 2 370,300 2 358, 340 47, 800	$75, 320 294,440 58,600 43,680 1,000 182,000	$26,850 3,450 735, 750 10, 000 75, 320 664, 740 416, 940 91,480 1,000 182,000
    Total							1, 714,490	655,040	2,207,530
    1	$162,000 withdrawn and sold on Mar. 30,1928, and $150,000 4J4 per cent Philippine Islands bonds purchased with the proceeds thereof.
    2	Purchase of $49,200 Federal farm loan bonds included in fiscal year 1927 transferred from 4J4 to 4J4 per cent.
    Transactions in the public debt
    The vast refunding operations begun in 1927 were continued in 1928. The total gross debt at the close of the fiscal year amounted to $17,604,290,562.93 as compared with $18,510,174,266.10 at the close of the fiscal year 1927. Of the amount of this decrease $540,-246,020.30 is to be attributed to the sinking fund and other debt-retirements chargeable against ordinary receipts, and $365,637,682.87 to debt retirement from the surplus of receipts over expenditures.
    The average annual interest rate on the interest-bearing debt on. June 30, 1928, was 3.87 per cent, as compared with 3.96 per cent at the close of the fiscal year 1927, and 4.29 per cent in 1921. Total interest payments in the fiscal year 1928 were $731,850,073.89 as compared with $787,793,764.08 in 1927, or a reduction of $55,943,690.19.
    8
    REPORT OF THE TREASURER OF THE UNITED STATES
    During the fiscal year 1928, the Treasury Department practically completed the retirement and refunding of the second Liberty loan bonds, of which on February 28, 1927, there were outstanding 83,104,520,050. On June 30, 1927, there were still outstanding $1,306,379,750. By June 30, 1928, all but $32,747,500 had been retired.
    In the fiscal year j ust closed the Treasury began refunding operations in anticipation of the maturity on September 15 next of $2,147,653,150 of third Liberty bonds outstanding on December 31, 1927. On June 30, 1928, this amount, by retirement and refunding, had been reduced to $1,228,848,600.
    During the course of the 18 months beginning on March 15, 1927, and ending on September 15, 1928, the Treasury will have retired or refunded into securities bearing a lower rate of interest over $5,000,000,000 of second and third Liberty loan bonds. The receipts and expenditures on account of the principal of the public debt for the fiscal years 1927 and 1928 are compared in the following statement:
    Account	1927	1928	Increase	Decrease
    RECEIPTS Certificates of indebtedness	 Treasury notes and certificates of indebtedness (foreign service retirement fund series)			$3,108,235,000.00	$5,406, 536,700.00 299,000.00 123,400,000.00 27,400,000.00 1,226, 895,350.00 27,053,100.00 17,052,125. 51 1, 582, 720.00 25,121, 597. 50	$2,298,301, 700.00 299,000.00
    Treasury notes and certificates of indebtedness (adjusted service series)	 _ _	. 147, 200,000.00 59,300,000.00 1,360,456,450.00 467,801,650.00 13,572,408.43 689,620.00 27,828,137. 50			$23,800,000.00 31,900,000.00 133,561,100.00 440,748, 550.00 2, 706, 540.00
    Treasury notes and certificates of indebtedness (civil service retirement fund series)	 Treasury notes	....			—
    Treasury bonds	 Treasury savings securities	 Postal savings bonds	 Deposits for retirement of national bank notes (act of July 14, 1890)				3,479, 717.08 893,100.00
    Total
    	5,185,083,265.93	6,855,340, 593.01	1, 670,257, 327.08
    EXPENDITURES Certificates of indebtedness	 Certificates of indebtedness (foreign service retirement fund series)
    	2,875,354,000.00	4,838,616,000.00 147,000.00 34, 500,000.00 12,600,000.00 471,715,250.00 150,000.00 77,123.25 178, 749,876.20 4,050.00 1,273, 632,250.00 918,816,250.00 2,862,850.00 959,400.00 707,326. 73 27,686,920.00	1,963,262,000.00 147,000.00	—
    Treasury notes and certificates of indebtedness (adjusted service series)		38, 200,000.00 13,700,000.00 1,119, 511,900.00 10,000,000.00 99, 765.75 64,062,196.05 54,100.00 1, 798,148,050.00 340,607,600.00 27,565, 500.00 1,282,300.00 1,445,892.72 28,060,775.00			3,700,000.00 1,100,000.00 647,796,650.00 9,850,000.00 22, 642. 50 50,050.00 524,515,800.00 24, 702, 650.00 322,900.00 738, 565.99 373,855.00
    Certificates of indebtedness (civil service retirement fund series).. Treasury notes				—
    Treasury bonds	 War savings securities	 Treasury savings securities....... First Liberty bonds	 Second Liberty bonds	 Third Liberty bonds	 Fourth Liberty bonds	 Victory notes. 				114,687,680.15 578, 208,650.00
    Other debt items	 National-bank notes and Federal reserve bank notes	 Total 						-	-
    	6,318,092,079.52	7,761, 224,296.18	1,443,132,216.66
    Net public debt retirements
    	1,133,008,813.59	905,883, 703.17				227,125,110.42
    REPORT OF THE TREASURER OF THE UNITED STATES
    9
    Statement of the public debt outstanding June 30, 1928
    tSOUUS.
    Consols of 1930-----------------
    Panama’s of 1916-1936-----------
    Panama’s of 1918-1938-----------
    Panama’s of 1961---------------
    Conversion bonds---------------
    ; Postal savings bonds------------
    First Liberty loan of 1932-1947—
    Third Liberty loan of 1928-----
    Fourth Liberty loan of 1933-1938.
    Treasury bonds of 1947-1952-----
    Treasury bonds of 1944-1954-----
    Treasury bonds of 1946-1956----
    gg Treasury bonds of 1943-1947------
    $599,724,050.00 48,954,180.00 25,947,400.00 49,800,000. 00 28,894,500. 00 14,812,380.00
    1,939,154,150.00
    1,228,848, 600.00
    6, 294,043,600. 00
    762,320,300.00
    1,042,401, 500.00
    491,212,100. 00
    494, 704, 750. 00
    $768,132, 510.00
    9,462,046,350.00
    2, 790, 638, 650.00
    Total bonds.
    13, 020,817,510. 00
    Treasury notes:
    Series A-1930-1932, maturing Mar. 15, 1932.
    Series B-1930-1932, maturing Sept. 15, 1932.
    Series C-1930-1932, maturing Dec. 15, 1932.
    Adiusted service—
    Series A-1930-------------------------
    Series A-1931-------------------------
    Series B-1931-------------------------
    Series A-1932_________________________
    Series A-1933-------------------------
    Civil service—
    Series 1931-------------------------
    Series 1932___________________________
    Series 1933___________________________
    Foreign service—
    Series 1933___________________________
    1,215,153,200.00
    615,095,700.00 607,399,650.00
    31, 500,000. 00
    53, 500,000. 00
    70,000, 000. 00
    123,400, 000. 00
    123,400, 000. 00
    31,200,000. 00
    14,400, 000. 00
    14, 800,000. 00
    152,000. 00
    Treasury certificates:
    Series TD-1928, maturing Dec. 15, 1928— Series TD2-1928, maturing Dec. 15, 1928.. Series TD3-1928, maturing Dec. 15, 1928.. Series TM-1929, maturing Mar. 15, 1929.. Series TM2-1929, maturing Mar. 15, 1929.
    2,900,000, 550.00
    261,761,000. 00
    201, 544, 500. 00
    216, 371, 500. 00
    360,947, 000. 00
    211, 784,000. 00
    1,252,408,000.00
    Treasury savings certificates:1
    Series 1923, issue of Sept. 30, 1922.
    Series 1923, issue of Dec. 1, 1923..
    Series 1924, issue of Dec. 1, 1923—.
    Total interest-bearing debt------
    27,431,326. 85
    23,302,602. 90
    93, 735,106. 70
    144,469,036. 45
    17,317,695,096.45
    Matured debt on which interest has ceased:
    Old debt matured—issued prior to Apr. 1,1917. Second Liberty loan bonds of 1927-1942---------
    354 per cent Victory notes of 1922-1923--------
    4’4 per cent Victory notes of 1922-1923--------
    Treasury notes_________________________________
    Certificates of indebtedness-------------------
    Treasury savings certificates------------------
    2,023, 210. 26
    32, 747, 500. 00
    22,350.00
    2,198, 050. 00
    2, 030,900. 00
    3,162, 700. 00
    3,146,950. 00
    45,331, 660.26
    Debt bearing no interest: United States notes—. Less gold reserve___________
    346,681,016. 00
    156, 039, 088. 03
    Deposits for retirement of national-bank and Federal reserve bank notes_______________________________________________________
    Old demand notes and fractional currency.--------------—---------
    Thrift and Treasury savings stamps, unclassified sales, etc------
    190, 641,927. 97
    45,039,852.00
    2,045,486. 54
    3,536, 539. 71
    241,263,806.22
    Total gross debt-------------------------------------------------
    Matured interest obligations, etc.:
    Matured interest obligations outstanding----------.7.---.---
    Discount accrued on Treasury (war) savings certificates, matured series____________________________________________________________
    Settlement warrant checks outstanding-----------------------------
    Disbursing officers’ checks outstanding---------------------------
    17,604,290, 562.93
    Balance held by the Treasurer of the United States as per daily Treasury statement for June 30, 1928-------------------------------—
    Deduct: Net excess of disbursements over receipts m June reports subsequently received___________________________________________
    Net debt, including matured interest obligations, etc.2.
    37,310,065. 54
    6,471,855.00
    1, 704, 346. 79
    78, 019,007. 65
    123, 505,274. 98
    17, 727,795,837.91
    265, 526,980. 79
    5,336. 649. 94
    260,190,330.85
    17,467, 605, 507.06
    1	Net redemption value of certificates outstanding.
    2	No deduction is made on account of obligations of foreign Governments or other investments.
    10
    REPORT OF THE TREASURER OF THE UNITED STATES
    Public debt retirements chargeable against ordinary receipts
    During the fiscal year 1928 the public debt retirements chargeable against ordinary receipts were as follows:
    8888888888® 8
    1
    Note.—See also Table No. 19.
    REPORT OF THE TREASURER OF THE UNITED STATES
    11
    Statement of the Treasury of the United States
    The total assets and liabilities of the Treasury from the revised figures at the close of the fiscal year 1928 are set apart in the several accounts as follows:
    GOLD RESERVE FUND
    Gold coin and bullion..
    $156,039,088.03
    TRUST FUNDS
    (Held for redemption of the notes and certificates for which they are respectively pledged)
    Gold coin and bullion____________$1,513,730,839.00
    Silver dollars___________________ 473,030,301.00
    Total_____________________- 1,986,761,140.00
    Gold certificates outstanding----$1,996,879,109.00
    Less amount held in Treasury offices___________________________ 483,148,270.00
    Net________________________ 1,513,730,839.00
    Silver certificates outstanding —	474,218,263.00
    Less amount held in Treasury offices___________________________ 2,491,562.00
    Net________________________ 471,726, 701.00
    Treasury notes of 1890 outstanding...._______________________________ 1,306,950.00
    Less amount held in Treasury offices___________________________ 2,350.00
    Net____________________________ 1,303,600.00
    Total_____________________  1,986,761,140.00
    GOLD FUND, FEDERAL RESERVE BOARD
    Gold coin and bullion-----------------------------------------
    $1,387,650,413.30
    The general fund
    Every receipt from whatever source and every expenditure of whatever nature affect either the assets or liabilities or both of this fund, and the total amount of the assets over and above the total am on nt of the liabilities represents the net balance in the geneial fund available to meet Government expenditures.
    In the first part of the general fund are shown the amounts 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 fyn(f • Following the Treasury office assets are shown the amounts in h ederaf reserve banks, foreign depositaries, national-bank depositaries, and the treasury of the Philippine Islands to the credit of the Treasurer of the United States and to the credit of United States disbursing officers	• • • •
    The second part of the general fund shows the current liabilities against the^same followed by the net balance.
    In Treasury offices: Gold___________________________
    Standard silver dollars----
    United States notes--------
    Federal reserve notes------
    Federal reserve bank notes... National-bank notes-------..
    Subsidiary silver coins----
    Minor coins----------------
    Silver bullion (at cost)---
    Unclassified (collections, etc.)
    $158,195, 548. 59
    7,227,931.00
    3,021,104.00
    658,410.00
    101,210.00
    53, 700.00
    2,691,642. 51
    2,845,027. 66
    7, 782,476. 74
    2,207,454.98
    _________-______$184,784,505. 48
    In Federal reserve banks:
    To credit of Treasurer of United States.
    In transit____________________________
    23, 647,738. 55
    6,276, 634. 04
    29,924,372. 59
    15266—28---2
    12
    REPORT OF THE TREASURER OF THE UNITED STATES
    In special depositaries: Account of sales of Treasury bonds and certificates of indebtedness_________________________________________________________________________________
    In national-bank depositaries:
    To credit of Treasurer of United States_ $6,785,348.93
    To credit of other Government officers__ 18,721,939.58
    In transit2,556,978.76
    In foreign depositaries:
    To credit of Treasurer of United States_____________________________ 83,304.52
    To credit of other Government officers______________________________ 288, 807.58
    In transit__________________________________________________________ 370.00
    In treasury of Philippine Islands:
    To credit of Treasurer of United States_____________________________ 871,176.73
    In transit____________________.________________...__________________	933.38
    $245, 730, 779. 32
    28,077, 267. 27
    372,482.10
    872,110.11
    489, 761, 516. 87
    Deduct current liabilities:
    Federal reserve note 5 per cent fund (gold)__________$150,632,176.90 •
    Less notes in process of redemption__________________ 932,115.00
    --------------- 149,700,061.90
    National-bank note 5 per cent fund___________________ 24,835,349.34
    Less notes in process of redemption__________________ 19,472,396.00
    --------------- 5, 362,953. 34
    Treasurer’s checks outstanding.._____________________________________ 3,800,213.02
    Post Office Department balance_______________________________________ 8,851,108.76
    Board of trustees, Postal Savings System, balances___________________ 7,776,151. 89
    Balance to credit of postmasters, etc________________________________ 50, 545, 764.88
    Retirement of additional circulating notes (act of May 30, 1908)_____ 2,430. 00
    Uncollected items, exchanges, etc____________________________________ 3, 532,502. 23
    ---------------- 229,571,186.02
    Balance in Treasury June 30, 1928____1_________________________ 260,190,330.85
    The net excess of all receipts over all disbursements during the fiscal year 1928, including public debt transactions, was $27,592,210.37. This amount added to $232,598,120.48, the balance in the Treasury on June 30, 1927, gives $260,190,330.85, the balance in the Treasury on June 30, 1928.
    Net available cash balance
    The net available cash balance represents the difference between the assets and liabilities in the general fund and is the working balance in the Treasury to meet Government expenditures.
    The balance at the end of each month from July, 1925, is given in Table No. 6, page 40, and for June 30 of each year since 1919 in the following statement:
    Available cash balance {exclusive of the reserve fund) on the dates named
    Date
    Available cash balance, general fund
    June 30—
    1919..________________________________________________________________________________
    1920__________________________________________________________________________________
    1921__________________________________________________________________________________
    1922__________________________________________________________________________________
    1923__________________________________________________________________________________
    1924__________________________________________________________________________________
    1925__________________________________________________________________________________
    1926__________________________________________________________________________________
    1927__________________________________________________________________________________
    1928__________________________________________________________________________________
    $1,226,164,935.26
    359, 947,020. 33
    532, 898,329. 77
    264,126, 935. 85
    369, 886,816. 03
    238, 029, 514. 74
    219, 979,440.82
    211,128, 078. 43
    232, 598,120.48
    260,190, 330. 85
    The gold reserve Jund
    The gold reserve represents a legal amount set aside out of the gold assets of the Government to pay United States notes (greenbacks) and Treasury notes of 1890 when presented for redemption. United States notes presented are paid out of the reserve when gold is requested and the reserve is immediately replenished from the gold
    REPORT OF THE TREASURER OF THE UNITED STATES 13
    in the general fund, after which the notes are reissued in order to keep the full amount outstanding as required by law.
    The act of March 14, 1900, fixed the amount of the gold reserve at $150,000,000. The act of May 30, 1908, known as the Aldrich-Vreeland Emergency Currency Act, provided that taxes received from national-bank circulation secured otherwise than by United States bonds should be credited to the reserve fund for the redemption of United States notes. Also the Federal reserve act, as amended, and the agricultural credits act provide that the net earnings of such banks after the payment of necessary expenses, dividends, etc., shall be paid to the United States as a franchise tax and may be used, in the discretion of the Secretary of the Treasury, to supplement the gold reserve. Under provisions of these acts the gold reserve has been materially increased. The increase for the fiscal year 1928 amounted to $618,367.05, making the gold reserve on June 30, 1928, $156,039,088.03.
    Gold fund, Federal Reserve Board
    The amount of this fund represents the gold held by the Treasurer of the United States in the name of the Federal Reserve Board for account of the Federal reserve banks and agents. The Federal reserve banks’ holdings are used largely as a clearance fund for making daily settlements between them.
    The balance to the credit of this fund on June 30, 1927, was $1,712,002,935.92. During the fiscal year 1928 deposits made therein amounted to $1,355,870,174.60, and withdrawals therefrom amounted to $1,680,222,697.22, leaving a balance to the credit of the fund on June 30, 1928, of $1,387,650,413.30.
    Gold in the Treasury
    There have been large changes in the gold holdings of the Treasury during the fiscal year just closed. The amount on hand on June 30, 1927, was $3,651,406,435.42. There was a gradual increase until October 25 when the total slightly exceeded $3,700,000,000. From that date on, however, there has been a heavy decrease. The balance on hand June 30, 1928, was $3,215,615,888.92, a decrease of $435,790,546.50 for the fiscal year. This decrease is attributed almost entirely to gold exports which were unusually heavy during the year, the imports of gold being $129,139,694 and the exports $627,102,149.
    The total amount of gold in the Treasury on June 30 in each year from 1919, set apart for the respective uses, is given in the following statement:
    Date	Reserve	For certificates in circulation	Gold fund, Federal Reserve Board	General fund (including gold redemption fund for Federal reserve notes)	Total
    June SO- 1919	 ■ 1920	 1921	 1922	 1923	 1924	 1925	 1926	 1927	 1928		$152,979, 025. 63 152,979,025. 63 152, 979,025. 63 152,979,025. 63 152,979,025. 63 152,979,025. 63 153, 620,985. 51 154,188,886.20 155,420,720. 98 156,039,088.03	$735,779,491. 00 584,723,645. 00 716, 532,989.00 695,000,469. 00 737,014,159. 00 1,218,350, 659. 00 1,609, 687, 619.00 1, 680,510, 609. 00 1, 625,278,749. 00 1,513,730,839.00	$1,416,086,099.10 1,184,275, 551.87 1,537,856,895.45 2,108,886,911.43 2,285,169, 645. 65 2,260,891,035.12 1,752,744,435.12 1, 717,348,235.12 1,712,002,935.92 1,387, 650,413.30	$211,596,388. 87 249,981,700. 36 263,015,170. 02 200,336,149.90 188,577,114.45 153,840,269. 23 175,147,160.94 161,784, 563. 70 158,704,029. 52 158,195, 548. 59	$2, 516,441,004. 60 2,171,959, 922. 86 2, 670,384,080.10 3,157,202, 555.96 3,363,739,944.73 3,786,060,988.98 3, 691,200,200. 57 3,713,832,294. 02 3,651,406,435. 42 3,215, 615,888. 92
    14
    REPORT OF THE TREASURER OF THE UNITED STATES
    Securities held in trust
    The Treasurer is custodian of United States bonds pledged as security for the circulating notes of national banks, of securities pledged for the safe-keeping and prompt payment of Government deposits in national-bank depositaries of public moneys, and of postal saving funds placed in depositaries designated to receive such funds.
    The amounts and kinds of securities held for the above-mentioned purposes and the changes therein during the fiscal year 1928 are recorded in the following tables:
    Securities held for national banks June 30, 1927, and June 30, 1928, and changes during 1928
    Kind of securities	Rate	Held June 30, 1927	Transactions during 1928		Held June 30, 1928
    			Deposited	Withdrawn
    TO SECURE CIRCULATION
    United States bonds:	Per cent
    Consols of 1930		2	$592, 624, 550	$49,343,750	$50, 747, 750	$591, 220, 550-
    Panama Canal loan of 1916-1936		2	48^ 618’ 260	2,955, 520	2,892; 000	48, 681, 780
    Panama Canal loan of 1918-1938		2	25, 748,320	' 98i; 500	' 973; 500	25, 756,320
    Total					666, 991,130	53, 280, 770	54,613, 250	665,658,650-
    TO SECURE PUBLIC DEPOSITS
    United States bonds:
    Consols of 1930		2	342, 500	2,000	78, 500	266,000
    Pan am a Canal loan of 1916-1936-			2	25', 000		2; 000	23,000
    Panama Canal loan of 1918-1938		2	23^ 000		5,000	18, 000-
    Panama Canal loan of 1961		3	2, 587j 000	96,000	573, 500	2,109, 500
    Conversion bonds		3	245,000		5,000	240,000
    First Liberty loan—
    3/^ per cent bonds of 1932-1947		3Y2	292,000	21, 600	6,150	307,450'
    Converted 4 per cent bonds of 1932-
    1947			4	50	3, 000		3,050-
    Converted 4Ji per cent bonds of 1932-
    1947			4Ji	1, 522,800	329, 500	384,100	1, 468, 200
    Second Liberty loan—
    4 per cent bonds of 1927-1942		4	70,050		70,050
    Converted 4 Ji per cent bonds of 1927-
    1942			4 Ji	2, 633, 550	1, 000	2, 625,850	8, 700
    Third Liberty loan—
    4M per cent bonds of 1928		4 Ji	2,673, 500	654, 250	2,475,700	852,050
    Fourth Liberty loan—
    4J4 per cent bonds of 1933-1938		4 Ji	13,175, 500	3,879, 900	3, 592, 400	13,463,000
    Treasury bonds—
    4^i per cent bonds of 1947-1952		4 Ji	893, 500	383,100	85, 000	1,191,600
    4 per cent bonds of 1944—1954		4'	6,183,100	647, 000	614; 500	6, 215, 600
    3% per cent bonds of 1946-1956		3Ji	2,452, 500	710, 000	771, 000	2, 391, 500'
    per cent bonds of 1943-1947		3ji	617,700	2, 313,100	944; 250	1, 986, 550
    United States Treasury notes:	4 Ji
    Series A-1927-. 			81, 000		81,000
    Series A-1930—1932_ _ 		3 Ji	5,082; 950	1,677,000	2,09i; 950	4, 668, 000'
    Series B-1930-1932		3 Ji		1,855,300	' 399; 550	1,455, 750
    Series C-1930-1932		3 Ji		i; 528; 000	95; 000	1,433, 000-
    United States certificates of indebtedness:
    Series TS-1927		3 Ji	281, 000		281, 000
    Series TS2-1927		3 Ji	10L 000		101; 000
    Series TM-1928		3 Ji	17; 500	73, 000	90; 500
    Series TJ-1928		3 Ji		588, 800	58% 300	500'
    Series TD-1928 		3 Ji		30; 000		30, 000
    Series TD2-1928		3 Ji		327; 000		327; 000
    Series TM-1929		3 Ji		555; 000		555; 000
    Series TM2-1929		3 Ji		2,000		2,000
    Federal farm loan bonds		(*)	3, 620, 000	1, 506', 500	640, 000	4,486; 500-
    Philippine bonds. 		(i)	2, 532, 000	' 420; 000	626; 000	2, 326; 000
    Porto Rico bonds		(i)	311,000	84,000	84,000	311, 000
    Hawaii bonds				(>)	978; 300	133; 500	108; 500	1,003; 300'
    Total							46, 741, 500	17,820, 550	17,419, 800	47,142, 250
    1 Various.
    REPORT OF THE TREASURER OF THE UKITED STATES 15
    Securities held to secure postal savings funds June 30, 1927, and June 30, 1928, and changes during 1928
    Kind of securities	Rate •	Held June 30, 1927	Transactions during 1928		Held June 30, 1928
    			Deposited	Withdrawn
    United States bonds: Consols of 1930			-		Per cent 2	$153, 200	$1,000	$28,000	$126, 200
    	2	24,000		9,000 1, 000	15, 000
    Panama Canal loan of 1918—1938 __	2	oj 000 1,482, 500 105,000 684,450 39, 600			8,000
    Panama Canal loan of 1961___		3		143, 000	469,500	1,156, 000
    	3			5,000	100,000
    First Liberty loan— par cent bonds of 1932—1947		3J^		261, 000	150, 900	794, 550
    Converted 4 per cent bonds of 1932- 1947			4		15,100	5,100	49, 600
    Converted 4J< per cent bonds of 1932- 1947	__ 		4Ji	3, 880, 350	730, 600	913, 350	3, 697, 600
    Second converted 4J4 per cent bonds of 1932 1947			&A	20, 700		150	20, 550
    Second Liberty loan—	4	140,100	5,000 44, 250	145,100 6, 058, 200
    Converted 4*4 per cent bonds of 1927- 1942	_			4X	6,021,150			7,200
    Third Liberty loan-44^ ppp cent bonds of 1928			£A	9,161, 900	1,118, 200	8,117, 300	2,162, 800
    Fourth Liberty loan— 414 pp,r cent bonds of 1933—1938		4J4	39, 328,050 2, 673,000	13, 434, 650	12, 482, 350	40, 280, 350
    Treasury bonds— 414 per cent bonds of 1947—1952		4J4		498,000 2, 048,100	604,000	2, 567,000
    4 per cent bonds of 1944—1954		4	13, 246, 300		1,072, 000	14,222,400
    334 per cent bonds of 1946-1956		3?<	5,102, 200	1,406, 200 5, 896, 750	903,000	5,605,400
    33^ per cent bonds of 1943—1947		3%	1, 214, 550 1,060,100 6,100		1, 381, 600	5, 729, 700
    United States Treasury notes:	4^		11,000	1,071,100
    Series B 1927	4%			6,100
    Series A-1930—1932			3^	13, 508, 750	3, 360,750	6,363, 500 1, 357,600	10, 506,000
    Series B 1930-1932			3J4		6, 528, 650		5,171,050
    Serios C 1930-1932				3y2		3, 215, 300	82, 800	3,132, 500
    United States certificates of indebtedness:	3%	5,000 145, 000 107,000 152,000	5,000	10,000
    	3lA			145,000
    Series TS2 1027	3ys			107,000 262, 000
    	3A 3		110, 000
    Series TNI2 1928			237, 000	237,000
    Series T.T 1928			3ys		350, 400	343,400	7, odd
    Series TD 1928			3A		335,000	20, 000	315,000
    Series TD2 1928	3A		301, 500		301, 500
    Series TD3 1928	4		15, 000		15,000
    	3%		456, 500		456, 500
    	3%		27, 500 646,000		27, 500
    Philippine bonds 		G)	4,036,000 993,000		765, 000	3,917,000
    Porto Rico bonds	_ 			G)		191, 000	322, 000	862,000 577,000
    Territory of Hawaii bonds			(1)	630,000	96, 000	149, 000
    State bonds			G)	10, 714,950	6,495, 500 3, 627,800	1, 861, 500	15, 348, 950
    Municipal bonds				G)	20,039,172 5, 514, 500		3,372, 200	20, 294, 772
    County bonds			G)		1,873, 800	1,981, 600	5,406, 700 4, 932,700 13, 551, 300
    Miscellaneous bonds 		G)	4,867,900	885, 000	820, 200
    Federal farm loan bonds _ __ 		G)	9,828, 900	5,173,600	1,451, 200 1, 770,000
    Joint stock land bank bonds		G)	10, 591, 200	4, 246,800		13,068, 000
    Total	_________________		165, 485, 622	63, 790, 950	54,843, 750	174,432,822
    						.
    Withdrawal of bonds to secure circulation
    National banks did not file with the Treasurer of the United States any applications to sell for their account United States bonds securing circulation during the fiscal year 1928 under the provisions of section 18 of the Federal reserve act.
    Postal savings bonds and investments therein
    Under a general authority in the postal savings law (act of June 25, 1910, as amended) the trustees of the Postal Savings System have taken over postal savings bonds from bondholders that wished
    16
    REPORT OF THE TREASURER OF THE UNITED STATES
    to turn them back. The Treasurer of the United States held $10,624,260 of such bonds at the close of the fiscal year 1928.
    Special trust funds
    The Treasurer of the United States is custodian, under provisions of law or by direction of the Secretary of the Treasury, of various trust funds comprised of bonds and other obligations and of securities placed in safe-keeping by various Government executive departments and bureaus.
    The kinds and amounts of obligations held in each account and the transactions therein during the fiscal year 1928 are shown in the following statement:
    Account and kinds	Held June 30,1927
    State bonds belonging to the United States: Louisiana State bonds		$37, 000. 00
    North Carolina State bonds (see note)		58, 000. 00
    Tennessee State bonds		335, 666. 66%
    Held for the District of Columbia: Chesapeake & Ohio Canal bonds		84,285.00
    Board of audit certificates		20,134. 72
    District of Columbia teachers’ retirement fund		1, 714,490. 00
    Held for the board of trustees, Postal Savings System: United States bonds		37, 001,890. 00
    Held for the Secretary of War: Captured bonds of the State of Louisiana		545,480. 00
    Obligations belonging to the Lincoln Farm Association..	46,000. 00
    Held for the Secretary of the Treasury: Panama Railroad notes		3, 247,332.11
    Loans to foreign governments, acts approved Apr. 24,1917, and Sept. 24, 1917, as amended and supplemented	3,628, 663,201. 99
    Bonds of foreign governments
    received under debt settlements, acts approved Feb. 9, 1922, Feb. 28, 1923, Mar. 12, 1924, May 23, 1924, and Dec. 22, 1924		6,818,154, 785.43
    Bonds received from the Secretary. of War on account of sales of surplus War Department property sold by United States Liquidation Commission (act July 9, 1918)		483,438,940.16
    Obligations received from American Relief Administration and United States Grain Corporation, acts approved Feb. 25, 1919, and Mar. 30,1920		49,782,418. 92
    Capital stock of the Inland Waterways Corporation		4, 000, 000. 00
    Capital stock of the War Finance Corporation		1,000,000. 00
    Capital stock of Federal land
    banks		842,008. 00
    Stock certificates of Federal intermediate credit banks acquired under agricultural ■credits act of 1923		25,000,000. 00
    Coos Bay wagon road grant fund			 		20, 000. 00
    Obligations held in custody for Secretary of the Navy—
    Notes.._ 		2, 505,063. 92
    Collateral				121,242.14
    Fiscal year 1928		Held June 30, 1928
    Deposited	Withdrawn
    		$37, 000. 00
    	—	58,000. 00 335,666. 66M
    		84,285.00 20,134. 72
    $579,420. 00	$162, 000. 00	2,131, 910.00
    299,120. 00	—	37, 301, 010. 00
    		545,480.00
    		46,000. 00
    —	3,247,332.11			----
    —	359, 665, 475. 38	3,268,997, 726. 61
    413, 669,085. 00	32,943, 942. 50	7,198,879,927.93
    	29,818, 761. 38	453, 620,178. 78
    —		49, 782,418. 92
    1,000, 000. 00	—	5, 000, 000. 00
    —		1, 000, 000.00
    —	286,308.00	555, 700. 00
    —		25,000,000. 00
    —		20, 000.00
    —	203,416. 52 121,242.14	2,301, 647.40
    REPORT OF THE TREASURER OF THE UNITED STATES
    17
    Account and kinds	Held June 30, 1927	Fiscal year 1928		Held June 30, 1928
    		Deposited	Withdrawn
    Held for the Secretary of the Treasury—Continued. Transportation act of 1920— Notes.			$152,185, 063. 00 19,646,415. 80 23, 622,000.00 700,000.00 101, 750,000.00 266,938.20	$6, 656,479. 00	$96, 029,379.00 2,988, 500. 00 21, 722,000. 00	$62, 812,163.00 16,657, 915.80 1, 900, 000. 00 700, 000. 00 101, 750,000. 00 450, 738. 20
    Collateral	________
    Account Director General of Railroads—
    Collateral	-
    United States Government
    Library of Congress trust		183,800.00 413, 580,000. 00	•
    			413, 580,000.00 278,800. 00 6, 375, 700.00 14,865,604. 53 481, 600.00 41,950. 00
    Held for account of Secretary of Interior: Custody account of Secretary	858,000. 00 30,672,650. 00 22, 555,804. 53 141,000.00			579,200.00
    Indian trust funds				7,907,850. 00 14,871,450.00 5,646,100. 00 620, 266. 66 400, 000. 00		32,204,800. 00
    Held for account of Comptroller of the Currency: Custody account of Division of Insolvent National Banks Miscellaneous securities	 Held for account of the Attorney				22,561, 650. 00 5,305,500.00 578,316.66
    Held for account of Comptroller General of the United States.__ Held for account of Employees’ Compensation Commission: To secure funds of the com-	5,652,150. 00 5, 000. 00		510,000. 00	5, 542,150.00 5, 000. 00
    District of Columbia Work-		82,000. 00		82,000. 00
    Held for account of Interstate	400, 000. 00 15,000. 00 169,125.87			400,000.00
    Held for account John Ericsson			15, 000. 00 31,089.84
    Held for account Treasurer of United States Railroad Admin-istration 	 			34, 781. 83		172,817.86
    Held for account United States Veterans’ Bureau				10,000.00	40,000. 00	20, 000. 00	30,000. 00
    Held for account of World War Memorial Commission: Women of the World War		363,100. 00	29, 000. 00	334,100. 00
    Held for account of Alien Prop-erty Custodian			11, 756,960. 99 1,089, 600.00 23,350. 00 10,000. 00 5, 650.00	131,050.00	806, 460. 99	11, 081, 550.00
    Liberty bonds held in lieu of surety bonds, under provisions of Treasury Department Circular No. 154: For contracts performed under internal revenue act	 For use of alcohol for non-		611,350. 00	833,450.00 6,800.00	867,500. 00 16, 550.00
    For internal revenue taxes— For contracts with General Supply Committee					10,000.00
    		13,450. 00	5, 750. 00	13,350.00
    For Secretary of Labor De-	7, 500.00 114,000. 00 24,359,350.00		1, 600. 00	5,900.00
    For Chemical Warfare Service For Commissioner of Indian Affairs . 						29,400. 66 9, 270,150.00	57,900. 00 8,619,250. 00	85,500.00 25,010, 250. 00 166,800.00
    For Postmaster General		8,000.00	235,800.00	77,000. 00
    Total			11,452,641,497.44%	876, 224,652.49	993,825,312. 39	111, 335,040,837.54%

    Note.—By an act approved May 29, 1928, Congress appropriated the sum of $118,035.69 in settlement of the indebtedness of the United States to the State of North Carolina for advances duringAbe w 1812-1815, including interest, $167,339.88, and the proceeds of certain cotton seized by the United States in 1865 and 1866, including interest $96,835.81, a total of $264,175 6 6 less the amount dueAbe United States on account of $58,000 face amount of bonds of the State of North Carolina held by the United Stat s, $88,140 accrued interest thereon. Details relating to the settlement are set forth in Senate JU™. • 50, Seventieth Congress, first session. In view of the above-described settlement, arrangemen been made for cancellation of these bonds.
    18
    REPORT OF THE TREASURER OF THE UNITED STATES
    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 banks thus designated to give satisfactory security, by the deposit of United States bonds and otherwise, for the safe-keeping and prompt payment of the public money deposited with them and for the faithful performance of their duties as financial agents of the Government. All of the depositaries, except the Federal reserve banks, are required to pay interest at the rate of 2 per cent per annum on the average monthly amount of public deposits held.
    The number of depositary banks holding balances at the close of the fiscal years 1927 and 1928 are here stated:
    June 30, June 30, '1927	1928
    Federal reserve banks and branches_____________________________________________
    General national-bank depositaries_____________________________________________
    Limited national-bank depositaries---------------------------------------------
    Insular depositaries (including Philippine Islands)____________________________
    Foreign depositaries___________________________________________________________
    Special depositaries (under Liberty loan acts)---------------------------------
    35	37
    321	321
    960	1,128
    7	7
    8	9
    736	885
    Total________________________________________________________________ 2,067	2,387
    Public moneys in depositary banks
    At the close of the fiscal years 1927 and 1928 the depositary banks held public moneys as follows:
    Depositaries	June 30, 1927	June 30, 1928
    Deposits in Federal reserve banks and branches _ _	_ 		$30, 656,042. 52	$23, 647, 738. 55
    Deposits in special depositaries			,		198, 606, 818. 09	245; 730, 779. 32
    Deposits in foreign depositaries:
    To credit of Treasurer of the United States		93,159.45	83,304. 52
    To credit of other Government officers			418,447.98	288; 807. 58
    Deposits in national-bank depositaries:
    To credit of Treasurer of the United States		6,832, 264. 08	6, 472, 887. 64
    To credit of other Government officers- .		 -	18; 549; 177.58	17,876, 541. 76
    Deposits in insular depositaries:
    To credit of Treasurer of the United States		237,451. 61	312,461.29
    To credit of other Government officers			1,21L 358.86	848,397. 82
    Deposits in Philippine treasury to credit of Treasurer of the United
    States						486, 387. 66	871,176.73
    Total		257,091,107.83	296,132,095.21

    Interest on public moneys held by depositary banks
    Interest is collected by the Treasurer semiannually from depositaries of public moneys (except Federal reserve banks) at the raje of 2 per cent per annum on the basis of 181 days to the half year from January 1 to June 30 (first half of leap year, 182 days) and 184 days from July 1 to December 31. Each depositary is required to render to the Treasurer semiannually (January 1 and July 1) an interest report showing daily balances held by such bank for the prior six months and the amount of interest due and paid thereon. These reports are checked with the ledgers of this office.
    REPORT OF THE TREASURER OF THE UNITED STATES
    19
    Interest was first collected by the department under the provisions of the act of May 30, 1908, on all special and additional deposits in general depositaries and on all deposits in limited depositaries at the rate of 1 per cent per annum. In accordance with instructions contained in letter of the Secretary of the Treasury, dated April 22, 1912, the rate of interest was increased from 1 per cent to 2 per cent per annum, beginning July 1, 1912. Beginning June 1, 1913, interest at the rate of 2 per cent per annum has been collected on all Government deposits.
    During the fiscal year 1928 the interest accrued on ordinary balances held was $512,694.01, and on balances arising from sales of bonds, notes, and certificates of indebtedness was $4,328,982.76, making a total of $4,841,676.77. The total amount of interest accrued on depositary balances since May 30, 1908, may be studied from the revised statement following:
    Fiscal year	Interest on balances arising from—
    	Ordinary accounts	Sales of bonds, notes, and certificates	Total
    Total to June 30—
    1918			$6,072, 771. 45	$10, 924, 879. 46	$16,997,650. 91
    1919			5, 507,742. 43	20,996, 209. 01	26,503, 951.44
    1920	... 		1,865, 975. 76	11,458, 976. 89	13,324,'952. 65
    1921				2,580,746. 84	3,512,308. 02	6, 093,054. 86
    1922			865,848. 30	5,957, 918. 35	6, 823, 766. 65
    1923	.			584,192. 96	4,835,879. 74	5,420, 072. 70
    1924			570,336. 05	3, 961,872. 51	4, 532, 208. 56
    1925			533,859. 89	3,863, 624. 89	4,397,484. 78
    1926			517,342.11	3, 922,066. 76	4,439,408. 87
    1927	.	—-	-	-			519, 328. 99	4, 212,265. 07	4, 731, 594.06
    1928				512, 694. 01	4,328,982. 76	4,841,676. 77
    Total						20,130,838. 79	77,974,983. 46	98,105,822.25
    Restoration oj depositary balances
    Whenever balances to the credit of the Treasurer of the United States in general national-bank and insular depositaries, including the treasury of the Philippine Islands, are reduced below the amounts fixed by the Secretary of the Treasury, by the cashing of Government checks and warrants, restorations are immediately made by telegraph directing the appropriate Federal reserve bank or branch to credit the depositary bank’s reserve account or to make payment to its correspondent.
    During the last four fiscal years such restorations have been as follows:
    Fiscal year
    Amount
    Number
    1925			3, 734	$126,139,206
    1926			3,727	122, 519,401
    1927			3, 773	121, 539, 768
    1928			3, 619	117,456,764

    20
    REPORT OF THE TREASURER OF THE UNITED STATES
    Coin and gold bar shipments or transfers
    During the fiscal year 1928, the Treasurer’s office directed shipments or transfers of gold bars and of current gold, silver, and minor coins between the Treasury, Washington, United States mints, United States assay office, New York, and Federal reserve banks and branches, for use in public disbursements and exchanges and also for special purposes, aggregating $578,124,426.47, and shipments of uncurrent gold, silver, and minor coins to United States mints from the Treasury, Washington, and Federal reserve banks and branches to the amount of $8,317,921.75. Statements covering the foregoing are as follows:
    Kind
    Gold:
    Bars_________________
    Double eagles________
    Eagles_______________
    Half eagles__________
    Quarter eagles_______
    Silver:
    Standard dollars_____
    Half dollars_________
    Quarter dollars______
    Dimes________________
    Minor coin:
    Nickels______________
    Cents________________
    Treasury, Washington
    Shipped to Federal reserve banks and branches
    Received from Federal reserve banks and branches
    $15,000.00 ______________
    15,000.00 ______________
    435,000.00 _______________
    20, 000. 00
    194, 996. 00
    $125, 000. 00
    40, 000. 00
    United States mints and assay office, New York
    Shipped to Treasury, Washington, and to Federal reserve banks and branches
    $300,195, 597. 22
    1 240, 300, 000. 00
    8, 000, 000. 00
    4. 225,000. 00
    1,079,000.00
    1, 600, 250. 00
    2,335, 695. 00
    3,490, 000. 25
    3, 718,010. 00
    2, 066, 510. 50
    1, 679, 500. 00
    Received from Treasury, Washington, and from Federal reserve banks and branches
    $1, 612, 600. 00
    626, 840. 00
    418,430. 00
    1,000, 000. 00
    Miscellaneous shipments between Federal reserve banks and branches
    $300, 000. 00
    75,000. 00
    50, 000. 00
    1, 590,000. 00
    1, 324, 997. 50
    650, 000. 00
    555,000. 00
    90,000. 00
    _________________ 252, 000.00
    _________________ 45, 000. 00
    Total. .			769, 996. 00	165, 000. 00	568, 689, 562. 97	3, 657,870. 00	4, 841,997. 50
    Uncurrent coins:
    Gold___________
    Standard dollars. Subsidiary silver. Minor__________
    2 1,848,001.86 _______________
    2,028,686.00 _______________
    3 4,182, 726. 35 _____________
    ■*258,507.54 _______________
    Total.
    8,317,921.75 _______________
    1	Includes $50,000,000 shipped by mint, Philadelphia, to assay office, New York.
    2	Includes light-weight at bullion value.
    3	Includes $577,947.60 shipped by Habana agency of Federal reserve bank, Atlanta.
    4	Includes $24,364.60 shipped by Habana agency of Federal reserve bank, Atlanta.
    Recoinage oj gold, silver, and minor coins
    Quantities of worn gold, silver, and minor coins which are unfit for further circulation are returned to the mints each year by the Treasury and the Federal reserve banks and branches for recoinage. Funds in limited amounts are appropriated annually to cover the loss on light-weight and uncurrent gold coins and uncurrent minor coins so recoined, the amounts so appropriated for the fiscal year 1927 being $3,000 for gold and $15,000 for minor coins and for the fiscal year 1928 $3,000 for gold and $22,500 for minor coins, which latter amount includes a deficiency appropriation of $7,500. The appropriation covering the loss on remelting uncurrent subsidiary silver coins is unlimited, as provided by the act of March 14, 1900. Uncurrent silver dollars are not remelted except under special acts
    REPORT OF THE TREASURER OF THE UNITED STATES
    21
    of Congress. Gains on light-weight gold coins remelted during the fiscal years 1927 and 1928 were deposited in the Treasury as miscellaneous receipts amounting to 886.37 and $262.66, respectively. Gains on uncurrent minor coins (1-cent nickel pieces, old copper cents, and half cents) were similarly deposited during the fiscal years 1927 and 1928 and amounted to $1,385.90 and $1,715.79, respectively. There were no gains in the remelting of uncurrent subsidiary silver coins during those fiscal years.
    The face value of light-weight and uncurrent gold, subsidiary silver, and minor coins remelted during the fiscal years 1927 and 1928 and the loss thereon are given in the following statement:
    Fiscal year 1927
    Fiscal year 1928
    Denominations
    Face value
    Loss reimbursed
    Face value
    Loss reimbursed
    Double eagles______
    Eagles_____________
    Half eagles________
    Three-dollar pieces. Quarter eagles_____
    One-dollar pieces...
    Total gold....
    Half dollars_______
    Quarter dollars____
    Twenty-cent pieces. Dimes___________u__
    Half dimes_________
    Three-cent pieces...
    Total silver..
    Minor coins________
    Aggregate.. ._
    $537, 360. 00
    689, 220. 00
    948, 685. 00
    51.00
    2, 990. 00
    146.00
    $614, 260. 00
    708, 060. 00
    780,965. 00
    63. 00
    3, 500. 00
    177. 00
    2,178,452. 00
    1,461, 772. 00
    1, 459, 520. 25
    13. 80
    575, 077. 30
    254.10
    87.69
    3,496, 725.14
    264, 336. 87
    5,939, 514. 01
    $2,307.18
    299,640. 63
    14,995. 40
    316,943. 21
    2,107,025. 00
    1, 721, 679. 50
    1, 659, 072. 75
    5.20
    801, 711. 00
    203. 75
    54.15
    4,182, 726. 35
    $2,997. 57
    328, 053. 62
    393, 631. 55 I 22,487. 90
    6,683,382.90 I 353,539.09 I
    Purchases of gold bullion at the mints and assay offices
    The mints and assay offices are prepared at all times to purchase gold bullion and issue in payment therefor gold checks drawn on the Treasurer of the United States. These checks are payable on demand of the payees in gold coin or gold bars, but payment is usually made through the Treasurer’s account with the Federal reserve banks and branches. Light-weight and uncurrent gold coins sent to the several mints for recoinage are melted and included in the bullion given in the following statement:
    Office	1926	1927	1928
    Philadelphia. 		$8,882,666. 89	$13,116,452. 49	$19, 211,147.01
    San Francisco 	 		34; 636,103.92	92,619,038. 53	34, 648,045. 62
    Denver...	 		8, 641, 742. 38	14,971,288. 66	17,152, 662.08
    New York	126,360,398.44	98,374,393. 97	100, 665,356. 64
    New Orleans		' 456,886.72	1,145, 541. 95	1, 528, 059. 58
    Carson		284i 183. 54	153, 096.28	215,100. 42
    Helena		295, 739.98	254, 796.01	194,794.83
    Boise. ... .	164, 821. 75	138,196. 91	227, 207. 51
    Deadwood		' 547.25	1,101. 46
    Seattle. .	7, 376,912.10	6,151,292.15	6,114, 732. 81
    Salt Lake City			57; 374.47	26, 373. 04	34,121.89
    Total		187,157,377. 44	226,951, 571.45	179,991, 228.03
    22 REPORT OF THE TREASURER OF THE UNITED STATES
    The stock of metallic money in the United States
    Gold coin and bullion.—The estimated amount of gold coin and bullion included in the general stock of money in the United States on June 30, 1928, was 84,109,152,431, of which there was held in the Treasury $3,215,615,889, and the balance outside of the Treasury was $893,536,542..
    Standard silver dollars.—The stock of standard silver dollars at the close of the fiscal year 1928 was $539,962,807, of which $480,258,232 was held in the Treasury, and the balance outside of the Treasury was $59,704,575.
    Subsidiary silver coin.—The stock of subsidiary silver coin at the close of the fiscal year 1928 was $299,009,051, of which $2,691,643 was held in the Treasury, and the balance outside of the Treasury was $296,317,408.
    Minor coin.—The stock of minor coin at the close of the fiscal year 1928 was $116,694,352, of which $2,845,028 was held in the Treasury, and the balance outside of the Treasury was $113,849,324.
    Redemption of Federal reserve and national currency
    The proceeds of currency counted into the Treasurer’s cash by the National Bank Redemption Agency during the fiscal year amounted to $560,178,172.45. Of this sum $539,204,786.50 was in nationalbank notes, $607,924 in Federal reserve bank notes, $20,191,495 in Federal reserve notes, and $173,966.95 in United States currency. Comparative figures as to total redemptions in this and previous years are contained in Table No. 26.
    Payments for currency redeemed were made as follows: In Treasurer’s checks, $345,941.11; by bank credits for direct receipts in Treasurer’s office, $23,284,049.50; by credits to Federal reserve banks and branches in general account as transfers of funds for direct remittances, $535,751,209, and for remittances by member banks, $795,592.84; by credits in other accounts, $1,380.
    The notes of all issues counted and assorted amounted to $1,947,-059,237.50, and were disposed of as follows:
    	Amount	Per cent
    National-bank notes: Unfit for use; delivered to the Comptroller of the Currency for— Destruction and reissue		$511,654,952. 50 26,987,700. 00	94. 99 5.01
    Destruction and retirement
    Federal reserve bank notes: Unfit for use; delivered to the Comptroller of the Currency for destruction and retirement	. .
    	538, 642, 652. 50 699,620. 00 19, 775, 415. 00 1, 387,941, 550. 00	100. 00
    Federal reserve notes: Delivered to the Comptroller of the Currency for destruction— Unfit for use
    Canceled and uncanceled, forwarded by Federal reserve banks and branches

    Canceled and uncanceled Federal reserve notes amounting to $1,387,941,550 were received from Federal reserve banks and branches for credit of Federal reserve agents. Such notes are settled for between the Federal reserve banks and Federal reserve agents either direct or by adjustments in their redemption funds, and are, there
    REPORT OF THE TREASURER OF THE UNITED STATES 23
    fore, not taken into the Treasurer’s cash in the National Bank Redemption Agency.
    The number of notes counted, sorted, and delivered by the agency during the fiscal year was 209,856,286, detail of which is shown in Table No. 37.
    The cost of redemption for the fiscal year, including salaries, transportation, and contingent expenses, is set forth in Table No. 31.
    Shipments of paper currency from 'Washington
    The shipments of United States paper currency from the Treasury in Washington to Treasury offices, Federal reserve banks, and other banks during the fiscal year 1928 amounted to $1,474,460,976, a gain of $128,825,758 as compared with that of the fiscal year 1927.
    The shipments for the past two fiscal years are compared in the following statement:
    	Fiscal year 1927		Fiscal year 1928
    	Number of packages	Total amount	Number of packages	Total amount
    7 Total by express			65 154,632	$13, 200 1,345,622,018	115 178,350	$45,066 1,474,415,910
    Total by registered mail	 Aggregate
    	154,697	1,345,635,218	178,465	1,474,460,976

    Outstanding currency
    The gold certificates, silver certificates, United States notes, and Treasury notes shown as outstanding in the subsequent tables in this report include certificates and notes held in the Treasury offices. The greater part of these have been in circulation, but are subject to release (except the Treasury notes which are not reissued) only on specific authorizations of this office. They are fit for further circulation and for that reason have not been actually redeemed so as to reduce the amount outstanding. The amounts held in Treasury offices on June 30, 1928, were, gold certificates $483,148,270, silver certificates $2,491,562, United States notes $3,021,104, and Treasury notes $3,350.
    Old demand notes
    The first paper currency ever issued by the Government of the United States was authorized by the act of July 17, 1861. This act limited the amount to $50,000,000 in denominations less than $50 but not less than $10, not bearing interest and payable on demand. The act of August 5, 1861, authorized the Secretary of the Treasury to fix the denominations of said notes at not less than $5 and the act of February 12, 1862, authorized an additional issue of $10,000,000.
    These notes were referred to in the acts above stated as Treasury notes, but they were generally known as “ demand notes,” due to the fact that they were payable on demand at certain designated subtreasuries. They are now generally referred to in Treasury publications as “old demand notes.” They were receivable for all public dues, and the Secretary of the Treasury was authorized to reissue
    24
    REPORT OF THE TREASURER OF THE UNITED STATES
    them when received, but the time within which such reissues might be made was limited by the act to December 31, 1862. They were paid in gold when presented for redemption and were received for all public dues, which prevented their depreciation. All other United States notes were depreciated in value from 1862 until the resumption of specie payments in 1879.
    The act of February 25, 1862, authorized an issue of $150,000,000 in United States notes, but provided that $50,000,000 of the amount should be in lieu of the demand Treasury notes authorized by the act of July 17, 1861, and that such demand notes should be taken up as rapidly as practicable. Demand notes were not a legal tender when first issued, but were afterwards made so by the act of March 17, 1862.
    Old demand notes have been issued, including reissues, to an aggregate amount of $60,030,000 in denominations of fives, tens, and twenties. Redemptions to date have amounted to $59,976,987.50, leaving $53,012.50 still outstanding. (See Table No. 13.)
    Fractional currency
    When specie payments were suspended about January 1, 1862, all of the gold, silver, and minor coins in circulation disappeared as if by magic, due largely to the hoarding of the coins which, it was thought, would be at a premium in the near future.
    A relief from this condition was needed promptly and the first came from individual enterprise. Merchants issued promissory notes on small sizes of paper in amounts varying from 1 cent up and redeemable in goods at their places of business. Also, street-car tickets, milk tickets, metal tokens, and anything having an apparent value were pressed into service for making change. Postage stamps, very naturally, quickly claimed recognition as a circulating medium, but the adhesive back was a serious impediment. This trouble was soon overcome, however, by pasting definite amounts on small slips of paper which the Post Office Department readily agreed to redeem, when worn or mutilated, with new stamps.
    The convenience and definite value of the pasted stamps were so readily apparent that the matter was at once taken up by Congress; the regular issue of postage currency was authorized and the issuing of tokens, memorandums, and other obligations by individuals for a less sum than $1 intended to circulate as money was prohibited. The postage currency was, less than a year later, succeeded by the fractional currency which remained in use until the issue of small coins again became a possibility. Fractional currency is not a legal tender. It was, however, receivable for postage and revenue stamps, and also in payment of any dues to the United States less than $5 except duties on imports.
    There were five issues of fractional currency aggregating $368,724,-079.45, including reissues, in denominations of 3 cents, 5 cents, 10 cents, 15 cents, 25 cents, and 50 cents. A very small amount is now outstanding—less than $2,000,000 as shown by the public debt statement for June 30, 1928. (See Table No. 14.)
    REPORT OF THE TREASURER OF THE UNITED STATES 25
    United States notes
    These notes commonly known as “greenbacks” or “legal tenders” were first issued under authority of the act of February 25, 1862, as a part of the program for financing the Civil War and are a part of the noninterest bearing debt of the United States. They are redeemable in gold, and when presented for that purpose they are redeemed from the gold reserve and then exchanged for gold in the general fund as required by the act of March 14, 1900. When redeemed they are paid out again if fit for circulation, or if unfit they are canceled and new notes issued to replace them.
    Later acts authorized additional issues and on January 30, 1864, there were $449,338,902 in these notes outstanding. This amount was being gradually reduced by canceling and retiring the notes as they were received in the Treasury until the process was stopped by the act of May 31, 1878, which act required that the notes be reissued when redeemed. At that time the amount outstanding was $346,681,-016, and it has since remained the same.
    United States notes are legal tender for all debts, public and private, except duties on imports and interest on the public debt. However, since the resumption of specie payments on January 1, 1879, these notes have been accepted in payment of customs dues, although the law has not been changed.
    The act of May 30, 1908, known as the Aldrich-Vreeland Emergency Currency Act, provided that taxes received from National bank circulation secured otherwise than by United States bonds should be credited to the reserve fund held for the redemption of United States notes. Also, section 7 of the Federal reserve act, as amended, and section 206b of the agricultural credits act provide that the net earnings of such banks, after the payment of necessary expenses, dividend claims, surplus-fund provisions, etc., shall be paid to the United States as a franchise tax, and both sections of these, acts provide further that such franchise tax payments shall be used, in the discretion of the Secretary of the Treasury, to supplement the gold reserve held against outstanding United States notes or shall be applied to the reduction of the outstanding bonded indebtedness of the United States. Under provisions of these acts the gold reserve held for the redemption of these notes has been augmented to the extent of slightly over $6,000,000.
    United States notes have been issued under the several acts of Congress to an aggregate amount of more than $8,619,000,000 in denominations of ones, twos, fives, tens, twenties, fifties, hundreds, five hundreds, thousands, five thousands, and ten thousands, but due to the fact that the issues and redemptions have been the same since the act of 1878, above referred to, the amount outstanding since that date, $346,681,016, has not changed.
    Gold certificates
    These certificates were first issued under authority of the act of March 3, 1863, which authorized the Secretary of the Treasury to receive deposits of gold coin and gold bullion in sums of not less than $20 and to issue certificates therefor in denominations of not less than a like amount, corresponding with the denominations of United States notes. The first certificates issued under this act were on November
    26
    REPORT OP THE TREASURER OF THE UNITED STATES
    15, 1865, and the last on or about January 1, 1879, when the practice was discontinued by order of the Secretary of the Treasury in order to prevent the holders of United States notes from presenting such notes for redemption in gold and redepositing the gold in exchange for gold certificates, as duties on imports were payable in gold but not in United States notes.
    Gold certificates were not issued again until the passage of the act of July 12, 1882, which substantially reenacted the provisions of the prior act with the additional provision that the Secretary of the Treasury shall suspend the issue of gold certificates whenever the amount of gold coin and gold bullion in the Treasury, reserved for the redemption of United States notes, falls below $100,000,006. Later acts provided that the Secretary of the Treasury may, in his discretion, suspend such issue whenever and so long as the aggregate amount of United States notes and silver certificates in the general fund of the Treasury should exceed $60,000,000, also that of the amount of such certificates outstanding one-fourth, at least, should be in denominations of $50 or less. The issue of certificates of the $10 denomination and order certificates of the $10,000 denomination were also authorized.
    Gold certificates have been issued under the several acts of Congress to an aggregate amount of more than $12,909,000,000 in denominations of tens, twenties, fifties, hundreds, five hundreds, thousands, five thousands, and ten thousands. Over $10,912,000,000 have been redeemed, leaving approximately $1,997,000,000 still outstanding, of which a large amount, approximately $483,000,000, is held in Treasury offices.
    There is no limit to the amount of such certificates that may be issued except as controlled by the amount of gold coin and gold bullion owned by the Government not otherwise obligated. The law provides however, in effect that of the gold held against gold certificates an amount equal to at least one-third of such certificates outstanding must be in the form of gold coin. They are legal tender in payment of all debts and dues, public and private.
    Silver certificates
    These certificates were first issued under authority of the act of February 28, 1878, which authorized the .issue of standard silver dollars and provided that any holder of such dollars might deposit them in sums not less than $10 with the Treasurer or any Assistant Treasurer o’f the United States and receive certificates therefor in denominations of not less than a like amount. Later acts authorized the issue of denominations of ones, twos, and fives, and provided that such certificates should be limited to the denominations of $10 and under, except that 10 per cent of the total amount of such certificates, in the discretion of the Secretary of the Treasury, may be issued in denominations of twenties, fifties, and hundreds.
    These certificates are receipts for deposits of standard silver dollars in the Treasury and are redeemable in such dollars only. They have practically taken the place in circulation of the standard silver dollars which they represent. They are not legal tender, but are receivable for customs, taxes, and all public dues.
    Silver certificates have been issued under the several acts of Congress to an aggregate amount of more than $11,885,000,000 in denominations of ones, twos, fives, tens, twenties, fifties, hundreds,
    REPORT OF THE TREASURER OF THE UNITED STATES 27
    ICC <
    ler	five hundreds, and thousands. Over $11,411,000,000 have been
    ch	redeemed, leaving approximately $474,000,000 outstanding.
    for
    ।	Treasury notes oj 1890
    These notes were first issued under authority of the act of July 14, ct	1890, commonly known as the Sherman Act. The Secretary of the
    tie	Treasury was directed to purchase, from time to time, silver bullion
    'S-	to the aggregate amount of 4,500,000 ounces, or so much thereof as
    it	might be offered in each month at the market price thereof, not ex-
    P-	ceeding $1 for 371^- grains of pure silver, and to issue in payment for
    ts	,	such purchases of silver bullion Treasury notes redeemable on demand
    i,	in coin and a legal tender for all debts, public and private, except
    )f	where otherwise expressly stipulated in the contract. It was also
    e	provided in the act that when the notes should be redeemed they
    h	,	might be reissued, but no greater or less amount of such notes should
    l-	i ♦ be outstanding at any time than the cost of the silver bullion and the
    n	standard silver dollars coined therefrom, then held in the Treasury
    L	purchased by such notes.
    s	Authority for the purchase of silver bullion under this act was
    repealed by the act of November 1, 1893. Under sections 5 and 8 of ,	the act of March 14, 1900, provision was made for the cancellation and
    i	retirement of Treasury notes to an amount equal to the coinage of
    f	standard silver from the bullion purchased with such notes. These
    notes are redeemable in United States gold coin or in standard silver dollars and when received at the Treasury they are canceled and >	retired.
    Treasury notes have been issued to an aggregate amount of $447,-435,000 in denominations of ones, twos, fives, tens, twenties, fifties, hundreds, and thousands. Over $446,128,000 have been redeemed, leaving approximately $1,307,000 outstanding.
    * United States paper currency, by denominations, held in reserve
    United States notes, gold certificates, and silver certificates are received from the Bureau of Engraving and Printing and held in the reserve vault of this office until needed for issue.
    The number of pieces and amount of each denomination held in reserve at. the close of the fiscal years 1927 and 1928 are shown in * the following statement:
    Denomination	Held June 30, 1927		Held June 30, 1928
    	Number of pieces	Total value	Number of pieces	Total value
    One dollar	 Two dollars	 Five dollars	 Ten dollars	 Twenty dollars	 Fifty dollars	 One hundred dollars	 Five hundred dollars	 One thousand dollars	 z a	„Jve thousand dollars	 1 W	Ten thousand dollars	 Order gold certificates	 Total		137,936, 000 20, 500, 000 23, 292,000 13,460, 000 7, 456,000 964, 000 480, 000 42, 600 51, 100 18, 300 55,100 70,819	$137,936,000 41,000, 000 116, 460,000 134, 600, 000 149, 120, 000 48, 200, 000 48,000,000 21,300,000 51,100, 000 91,500, 000 551, 000, 000 708,190,000	184,308,000 23, 208,000 26, 328, 000 18,656, 000 9,188, 000 916, 000 348,000 17,400 24, 000 18, 300 55, 000 • 70,819	$184, 308,000 46, 416, 000 131, 640,000 186, 560,000 183, 760, 000 45,800,000 34,800, 000 8, 700,000 24, 000, 000 91, 500,000 550, 000, 000 708,190, 000
    	204, 325, 919 2, 098, 406, 000		263,137, 519	2,195, 674,000
    15266—28----3
    28 REPORT OF THE TREASURER OF THE UNITED STATES
    United States paper currency prepared for issue and amount issued, by fiscal years from 1919
    The number of pieces and amount of United States notes, gold certificates, and silver certificates prepared for issue and the amount issued during each fiscal year from 1919 are shown in the following statement:
    Fiscal year	Prepared for issue			Paper currency issued
    	Number of notes and certificates	Total value	Average value	Number of notes and certificates	Total value	Average value
    1919		267, 264,000	$348,824,000	$1. 305	260,333.387	$350,138,000	$1. 345
    1920		280, 448, 000	371,112, 000	1. 323	284,853. 221	398, 018, 000	1. 397
    1921. 	 		311. 320,000	400,420, 000	1. 286	318,842,004	557', 276, 000	1. 747
    1922		483,872^ 000	1, 236; 048i 000	2.554	463; 884; 578	944; 044, 000	2.035
    1923		518, 900, 000	' 980,376; 000	1. 889	549,143,803	1,068,186, 000	1. 945
    1924		599, 840,000	1,498,692, 000	2.498	588; 719, 005	1,436, 668; 000	2.440
    1925		642, 576,000	1, 561, 544; 000	2.430	639; 517, 305	1, 645,382', 000	2. 573
    1926		704; 968; 000	1, 651', 320; 000	2.342	646', 267; 503	i; 575,650,000	2. 438
    1927		755, 968, 000	1, 864,828, 000	2. 466	634,132', 800	i; 406,168', 000	2. 217
    1928.1		756,432,000	1, 589,908, 000	2.102	697; 620, 300	1,492; 540; 000	2.139
    $100,000 in unissued silver certificates were canceled and destroyed during the fiscal year 1928.
    United States paper currency issued, by months, during the fiscal years 1927 and 1928
    The number of pieces and amount of United States notes, gold certificates, and silver certificates issued, by months, during the fiscal years 1927 and 1928 are shown in the following statement:
    Month	Fiscal year 1927			Fiscal year 1928
    	Number of notes and certificates	Total value	Average value	Number of notes and certificates	Total value	Average value
    July		56,157, 600	$135,058,000	$2. 404	52,092, 200	$119, 244, 000	$2,289
    August		56, 792, 200	130, 534,000	2.298	64, 507, 200	141, 248, 000	2.189
    September		54, 388, 200	116, 606,000	2.143	55, 620, 100	119, 204, 000	2. 143
    October		54, 756, 500 50, 584,800	125, 508, 000	2.292	57, 708, 000	124,108,000	2.150
    November			112, 424,000	2.222	55,853, 400	128, 596, 000	2,302
    December		54, 269,000	131,196, 000	2.417	61, 434, 400	142, 708,000	2.322
    January		55,488, 900	122, 596, 000	2.209	57, 848,100	120, 522, 000	2.083
    February		50, 876, 000	110, 504, 000	2.172	57,180, 600	118, 248, 000	2. 067
    March		51, 515, 200	100, 792, 000	1.956	65, 465, 200	127, 276,000	1.944
    April		47,976,000 49,488, 200 51,840, 200	87, 560, 000	1.825	53, 657, 000	116, 670, 000	2.174
    May			105, 696,000	2.135	56, 593, 500	110,422,000	1.951
    June			127, 694,000	2.463	59, 660, 600	124,294,000	2.083
    Total	 Per cent of increase over preceding year		634,132,800 11.9	1,406,168,000 110.7	2.217	697, 620, 300 10.01	1,492, 540,000 6.1	2.139
    1 Decrease.
    REPORT OF THE TREASURER OF THE UNITED STATES 29
    >,d,	United States paper currency redeemed, by months, during the fiscal
    years 1927 and 1928
    Id	The number of pieces and amount of United States notes, gold
    nt	certificates, silver certificates, and Treasury notes of 1890 redeemed,
    ig	by months, during the fiscal years 1927 and 1928 are shown in the
    following statement:
    r- e 45 97 47 35	A 45	• > 40 73 38 17 39 S d	Month	Fiscal year 1927		Fiscal year 1928
    		Number of pieces of United States notes, Treasury notes of 1890, and gold and silver certificates	Total value	Number of pieces of United States notes, Treasury notes of 1890, and gold and silver certificates	Total value
    	July	 August.				 September...	,	 October	.. November		 December	 January	 February	 March	 April			 May	 June	 Total	 Per cent of increase over preceding year		53, 598, 539 51,138,152 52,314, 557 52, 032, 015 50, 995,153 49, 881, 545 52, 954, 618 50,261, 552 53,406, 785 42, 873, 011 47, 557, 086 51, 264, 720	$126, 366, 350 118, 568,200 121, 296, 900 141, 501, 600 118,945,350 121,939, 600 136,138,950 113,321,900 123,617, 500 105, 741, 250 113, 853, 500 118, 738, 550	54,421, 565 62,104,191 54,909,415 59,790,171 51,983, 336 58,157,624 64, 214, 200 58, 521,044 61,964,481 53, 922,079 57,861,174 58, 985,294	$124, 658,400 132, 093,050 124, 453, 604 129, 580,150 128, 479, 200 137, 556,400 156, 609, 200 126, 602,350 137,619,650 122, 407,850 130,015, 550 146, 783, 750
    		608, 277, 733 1 3.0	1, 460, 029,650 i 2.4	696,834, 574 14.5	1, 596, 859,154 9.3
    1 Decrease.
    United States paper currency issued, redeemed, and outstanding J or the fiscal year 1928
    The amounts of United States notes, gold certificates, silver eerie tificates, and Treasury notes of 1890 issued, redeemed, and outstanding for the fiscal year 1928 are shown in the following statement:
    9			 3	United States notes	Trust fund obligations			Total
    		Gold certificates	Silver certificates	Treasury notes of 1890
    Outstanding, June 30, 1927	 Issued during fiscal year 1928	 Total...	,x. Redeemed during fiscal year 1928	 Outstanding June 30, 1928	 Less amount held in Treasury.. Net			$346,681, 016 317,464, 000	$2,102, 989, 609 597,000, 000	$472,406,063 578,076,000	$1,327, 804	$2, 923, 404,492 1,492, 540,000
    	664,145,016 317,464,000	2,699,989,609 703,110,500	1,050,482.063 576,263, 800	1,327,804 20,854	4,415,944,492 1, 596,859,154
    	346,681,016 3,021,104	1, 996,879,109 483,148, 270	474, 218, 263 2,491, 562	1,306, 950 3,350	2, 819,085,338 488, 664, 286
    	343,659, 912	1,513, 730,839	471, 726, 701	1,303, 600	2,330,421,052
    30
    REPORT OF THE TREASURER OF THE UNITED STATES
    United States paper currency outstanding, by months, during the fiscal years 1927 and.1928
    The number of pieces and amount of United States notes, gold certificates, silver certificates, and Treasury notes of 1890 outstanding, by months (including $1,000,000 in United States notes, unknown, destroyed), during the fiscal years 1927 and 1928 are shown in the following statement:
    Month	Fiscal year 1927		Fiscal year 1928
    	Number of pieces	Total value	Number of pieces	Total value
    July		593, 226, 558	$2,986,957, 792	614,193,199	$2, 918, 990.092
    August.— 		598, 880, 606	2, 998,923, 592	616^ 596^ 208	2, 928; 145,042
    September		600, 954, 249	2, 99< 232i 692	617^ 306^ 893	2, 922; 895; 438
    October		603, 678, 734	2, 978,239i 092	615^ 224, 722	2, 917; 423; 288
    November		603^ 268^ 381	2, 971, 717, 742	619^ 094^ 786	2, 917, 540, 088
    December		607, 655,836	2, 980, 974,142	622^ 371 562	2, 922; 691 688
    January			610,190i 118	2, 967,431i 192	616^ 005^ 462	2, 886, 604, 488
    February		610, 804, 566	2, 964, 613, 292	614i 665i 018	2, 878; 250; 138
    March		608, 912, 981	2, 941, 787, 792	618,165, 837	2, 867, 906; 488
    April		614, 015, 970	2^ 923, 606, 542	6171 90f)j 658	2, 862; 168; 638
    May				615, 947,084	2, 915, 449, 042	616, 632, 984	2, 842, 575; 088
    June			616, 522, 564	2, 924,404,492	617, 308i 290	2,820,085,338
    The distribution of the paper currency embraced in the foregoing statement (exclusive of the $1,000,000 above referred to) is as follows:
    Fiscal year	Total outstanding	Amount held in Treasury	Amount outside of Treasury
    1927		$2, 923,404,492 2, 819, 085, 338	$483, 748, 206 488, 664, 286	$2, 439, 656, 286 2, 330, 421, 052
    1928
    Decrease
    	104, 319,154	1 4,916,080	109, 235, 234

    i Increase.
    Ratio of small denominations to all paper currency outstanding
    The variation in percentage of denominations of $20 and less to the total paper currency, by fiscal years, since July 1, 1919, may be studied from the following statement:
    	Total amount
    Date	of paper currency outstanding
    July i—
    1919_______________________________
    1920_______________________________
    1921_______________________________
    1922_______________________________
    1923__________________J____________
    1924___________________________l—
    1925_______________________________
    1926_______________________________
    1927_______________________________
    1928_______________________________
    $5, 702, 970, 230 6,184, 236,695 5, 247, 550, 659 5,037, 248, 518 5,405,131,870 5, 564, 642, 503 5, 585, 944, 967 5, 685,100,814 5, 715,031,442 5. 533, 878,818
    Denominations of $20 and less
    $1	$2	$5	$10	$20	Total
    Per cent	Per cent	Per cent	Per cent	Per cent	Per cent
    5.80	1. 74	13. 52	23. 70	25. 68	70. 44
    5.41	1.63	12. 78	23. 62	27. 57	71.01
    6. 49	1. 64	14. 20	22. 42	27. 27	72. 02
    6, 75	1.50	13. 89	22.96	24. 57	69. 67
    6. 54	1.35	14. 36	22. 27	25. 77	70. 29
    6. 80	1.17	14.25	22. 73	25. 34	70. 29
    7. 51	1. 20	13. 20	23. 33	25. 53	70. 77
    7. 67	1.19	13. 45	23.61	26. 08	72. 00
    8.01	1.10	13.91	22. 76	26.74	72. 52
    8. 38	1.07	14.45	22. 60	26. 04	72. 54
    Paper currency, by denominations, outstanding June 30, 1927 and 1928
    The total amounts by kinds and denominations of paper currency outstanding at the close of the fiscal years 1927 and 1928 are shown in the following statements:

    REPORT OF THE TREASURER OF THE UNITED STATES
    31
    '-seal
    ?old nd-wn, the
    ue
    092 042 438 288 088 688 488 138 488 638 988
    138
    *
    g
    16
    2
    4

    32
    REPORT OF THE TREASURER OF
    THE UNITED STATES
    Paper currency of each denomination outstanding June 30, 1928
    REPORT OF THE TREASURER OF THE UNITED STATES
    33
    Legal tender qualities of United States currency
    LEGAL TENDER
    Definition of the term “legal tender.”—“Money of a character which by law a debtor may require his creditor to receive in payment, in the absence of any agreement in the contract or obligation itself.”— Bouvier’s Law Dictionary.
    Gold coins.—The gold coins of the United States are a legal tender in all payments at their nominal value when not below the standard weight and limit of tolerance provided by law for the single piece, and, when reduced in weight below, such standard and tolerance, are a legal tender at valuation in proportion to their actual weight.— Act of February 12, 1873 (17 Stat. p. 426; R. S. sec. 3585).
    Standard silver dollars are a legal tender at their nominal value for all debts and dues, public and private, except where otherwise expressly stipulated in the contract.—Act of February 28, 1878 (20 Stat. p. 25).
    Subsidiary silver coin.—The silver coins of the United States of smaller denominations than $1 are a legal tender in all sums not exceeding $10, in full payment of all dues, public and private.— Act of June 9, 1879 (21 Stat. p. 457).
    Minor coin (coins of copper, bronze, or copper-nickel).—Minor coins are a legal tender at their nominal value for any amount not exceeding 25 cents in any one payment.—Act of February 12, 1873 (17 Stat. p. 426).
    United States notes (known as legal tender notes, or greenbacks).—■ They are a legal tender in payment of all debts, public and private, within the United States, except duties on imports and interest on the public debt.—Act of March 3, 1863 (12 Stat. p. 711; R. S. sec. 3588).
    Legal tender cases: Against constitutionality, Hepburn v. Griswold (8 Wall., 603).
    For constitutionality, Knox v. Lee (12 Wall., 457); Parker v. Davis (12 Wall., 559).
    Gold certificates are a legal tender in payment of all debts and dues, public and private.—Act of December 24, 1919 (41 Stat. p. 370).
    Demand Treasury notes authorized by the act of July 17, 1861 (12 Stat. p. 259), and the act of February 12, 1862 (12 Stat. p. 338), are lawful money and a legal tender in like manner as United States notes.—(R. S. sec. 3589).
    One and two year notes of 1863.—These notes, redeemable one year from date and two years from date, bearing interest at 5 per cent per annum, are a legal tender for their face value, exclusive of interest.—Act of March 3, 1863 (12 Stat. p. 710).
    Compound interest notes.—These notes were payable at any time after three years from date, and bearing interest not exceeding ^t3o per cent, payable in lawful money at maturity, or, at the discretion of the Secretary of the Treasury, semiannually; and such of them as should be made payable, principal and interest, at maturity, to be a legal tender to the same extent as United States notes for their face value, excluding interest.—Act of June 30, 1864 (13 Stat, p. 218).
    Treasury notes of 1890 are a legal tender in payment of all debts, public and private, except where otherwise expressly stipulated in
    34
    REPORT OF THE TREASURER OF THE UNITED STATES
    the contract, and are receivable for customs, taxes, and all public dues.-—Act of July 14, 1890 (26 Stat. p. 289).
    Columbian halj dollars are a legal tender to the same extent as subsidiary silver coin, i. e., $10 in any one payment.—Act of August 5, 1892 (27 Stat. p. 389).
    Columbian quarters are a legal tender to the same extent as subsidiary silver coin, i. e., $10 in any one payment.—Act of March 3, 1893 (27 Stat. p. 586).
    NOT LEGAL TENDER
    Silver certificates are not a legal tender. They are receivable for customs, taxes, and all public’dues.—Act of February 28, 1878 (20 Stat. p. 25).
    National-bank notes are not a legal tender. They are receivable at par in all parts of the United States in payment of taxes, excises, public lands, and all other dues to the United States, except duties on imports; and also for all salaries and other debts and demands owing by the United States to individuals, corporations, and associations within the United States, except interest on the public debt, and in redemption of the national currency.—Act of June 3, 1864 (13 Stat. p. 106; R. S. sec. 5182).
    Trade dollars are not a legal tender. By the act of February 12, 1873 (17 Stat. p. 424), they were a legal tender at their nominal value for any amount not exceeding $5 in any one payment, but under date of July 22, 1876 (19 Stat. p. 215), it was enacted that the trade dollar should not thereafter be a legal tender.
    Fractional currency is not a legal tender. Note: It was receivable for postage and revenue stamps, and also in payment of any dues to the United States less than $5, except duties on imports.—Act of March 3, 1863 (12 Stat. p. 711).
    Foreign gold coins are not a legal tender in payment of debts.—Act of February 21, 1857 (11 Stat. p. 163; R. S. sec. 3584).
    Foreign silver coins are not a legal tender in payment of debts.—Act of February 21, 1857 (11 Stat. p. 163; R. S. sec. 3584).
    Continental currency.—The question has been raised and disputed as to whether what was called the “continental currency,” issued during the War of the Revolution by the old Government, was or was not legal tender. The facts appear to be that while the Continental Congress did not by any ordinance attempt to give it that character, they asked the States to do so, and all seemed to have complied except Rhode Island. The Continental Congress only enacted that the man who refused to take the money should be deemed an enemy of his country. (The National Loans, by Rafael A. Bayley, Treasury Department; prepared for the Tenth Census.)
    Federal reserve notes are not legal tender, but are receivable by the Government for all public dues and are receivable on all accounts by all Federal reserve banks, national banks, and other bank members of the Federal reserve system. They are redeemable in gold coin of the United States by the Treasurer and in gold or lawful money by any Federal reserve bank.—Act of December 23, 1913( 38 Stat. p. 265).
    Federal reserve bank notes are identical in all their attributes with national-bank notes.—Act of December 23, 1913 (38 Stat. p. 267).
    REPORT OF THE TREASURER OF THE UNITED STATES
    35
    General account of the Treasurer of the United States
    The Treasurer of the United States, as custodian of the public funds, receives and accounts for all moneys coming into the Treasury. Funds are paid out of the Treasury by the Treasurer upon authority of warrants drawn by the Secretary of the Treasury and countersigned by the Comptroller General of the United States. The Treasurer renders appropriate receipts for all moneys coming into his possession, which receipts are indorsed upon warrants signed by the Secretary of the Treasury, without which warrants so signed, no acknowledgment for moneys received into the Public Treasury is valid. He renders his accounts quarterly or oftener when required and at all times submits to the Secretary of the Treasury and the Comptroller General, or either of them, the inspection of the moneys in his custody.
    Al] public moneys paid into any Treasury office, national-bank depositary, or other depositary are placed to the credit of the Treasurer of the United States and held subject to his order. The public moneys in the hands of any depositary may be transferred to the Treasury of the United States or may be transferred from one depositary to any other depositary as the safety of the public moneys and the convenienec of the public service shall require.
    The Treasurer is redemption agent for Federal reserve and nationalbank notes; is trustee for bonds held to secure bank circulation, public deposits in depositary banks, and bonds held to secure postal savings in banks; is custodian of miscellaneous trust funds; is fiscal agent for the issue and redemption of the United States paper currency, for the payment of the interest on the public debt and the redemption of matured obligations of the Government, for collecting the interest on public deposits held by banks, for the collection of semiannual duty on bank circulation and for paying principal and interest of bonds of the Philippine Islands and Porto Rico; and is treasurer of the board of trustees of the Postal Savings System.
    Upon the resignation of Hon. Frank White as Treasurer of the United States, effective May 1,1928, receipt was given for the following-described funds and securities held at Washington at the close of business on April 30, 1928, as certified to me on May 11, 1928, by the committee appointed to examine the books and accounts of the office of the Treasurer of the United States and to assist in the transfer of the office:
    •United States notes________________________________________ $2, 941, 614. 00
    Gold certificates___________________________________________ 8, 036, 530. 00
    Silver certificates_________________________________________ 531, 856. 00
    Gold coin___________________________________________________ 3, 481, 294. 84
    Standard silver dollars_____________________________________ 46, 628, 796. 00
    Subsidiary silver_____________________________;__________—	224, 021. 95
    Minor coin__________________________________________________ 50, 838. 65
    United States interest coupons______________________________ 6, 397. 69
    Unmatured United States interest coupons in securities division____________________________________________________ 836. 88
    Currency in process of redemption, redemption division------	1, 552, 549. 16
    Currency in process of redemption, national bank agency—	15, 569, 659. 88
    Total cash__________________________________________ 79, 024, 395. 05
    36
    REPORT OF THE TREASURER OF THE UNITED STATES
    tt -x Brought forward-------------------------------- $79, 024, 395. 05
    United States currency in reserve____________________ 1, 416, 572 000. 00
    Incomplete gold certificates_________________________ ’ 708,’ 190,’ 000. 00
    Bonds and other securities held in trust_____________ 12, 250,’ 225,’ 505.' 65%
    14, 454, 011, 900. 70%
    Although the business of the Treasurer’s office was unusually heavy and demanded particularly close application on the part of all of the employees during the fiscal year 1928,1 am pleased to report that every emergency has been cheerfully and efficiently met, the entire personnel of the office having discharged the duties assigned in a most satisfactory manner.
    H. T. Tate, Treasurer.
    Hon. A. W. Mellon,
    Secretary of the Treasury.
    TABLES
    No 1.—General distribution of the assets and liabilities of the Treasury, June SO, 1928
    	Treasury, Washington	Mints and assay offices	Designated depositaries of the United States	In transit	Total
    ASSETS
    Gold coins	 — Gold bullion			 Standard silver dollars		$3, 508, 713. 74 46,629,736.66	$692,417, 751. 64 2,519, 689,423. 54 431,103, 536. 00	‘$2,500,000. 00	$24,960. 00	$695,926,465.38 2, 519, 689,423. 54 480,258,232.00
    Subsidiary silver coins	 Silver bullion	 United States notes	 Gold certificates	 Silver certificates	 Treasury notes of 1890	 Federal reserve notes	 Federal reserve bank notes. National-bank notes	 Unclassified (collections, etc.) 		 Minor coins	 Deposits in Federal reserve banks	 Deposits in special depositaries (act Apr. 24, 1917) _ Deposits in national banks, etc	 Public moneys in transit between Federal reserve banks and to and from depositary banks		272,874. 55 1,466, 504.66 7,701,320. 00 479,259. 00 3,350.00 1,080,115.00 101,210. 00 19, 525,396. 00 14, 542.44 41,610. 31	2,413,767.96 7,782,476. 74 475,429,950. 00 374. 00 508, 510. 00 20,198. 67 2,794,417. 35	. 23, 647, 738. 55 245,730,779.32 26, 753, 577. 34	5,000. 00 1, 554,600. 00 17,000. 00 2,011,929. 00 1,900.00 700.00 2,172,713. 87 9,000. 00 8,844,916.18	2,691, 642. 51 7, 782,476.74 3, 021,104. 00 483,148,270. Ou 2,491,562.00 3,350. 00 1, 590, 525. 00 lOl.SlO.OO 19, 526,096.00 2,207,454.98 2,845,027. 66 23,647, 738. 55 245, 730,779.32 26,753,577.34 8,844,916.18
    Total available assets. Minor coinage metal fund . Treasurer’s checks paid but not cleared		80,824, 631.04	4,132,160,405.90 198, 662. 68	298,632,095.21	14, 642, 719.05 201,821.06	4, 526,259,851.20 198, 662. 68 201,821.06
    Aggregate		80, 824, 631.04	4,132, 359,068. 58	298,632,095.21	14,844, 540.11	4, 526, 660, 334. 94
    LIABILITIES	—	= — ■■ ■	—	—	" i.	.. 1 ■ - ; =
    Outstanding Treasurer’s checks (including checks paid but not cleared)	 Postmasters, clerks of courts, disbursing officers, etc		 Post Office Department account	 Board of trustees, Postal		—			4,002,034.08 50, 545,764. 88 8,851,108.76
    Savings System	 Redemption fund:. Federal reserve notes (gold)	... National-bank notes. Retirement of additional circulating notes (act May 30, 1908)	 Uncollected items, exchanges, etc	„						7,776,151.89 150, 632,176.90 24,835, 349.34 2,430.00 3, 532, 502. 23
    Total agency accounts. Balance to credit of mints and assay offices	 Balance to credit of gold fund Federal Reserve Board	 Balance to credit of trust funds (act Mar. 14, 1900). Balance in general fund including the gold reserve			—	—		250,177.518.68 198,662. 68 1,387, 650,413.30 2,472,404,322. 00 416,229,418.88
    Aggregate			—			4,526,660,334.94
    1 Held by Federal reserve bank and agent, joint custody account.
    37
    38 REPORT OF THE TREASURER OF THE UNITED STATES
    No. 2.—Available assets and liabilities of the Treasury at the close of June 30, 1927 and 1928 				; j. i >.> a tin
    ' ■y.'i.v.i ,	\	'■>, ■■	•	..	dune 30, 1927	June 30, 1928
    ASSETS Gold: Coins	 _	$648,070,351.82 3,003,336,083.60	$695,926,465.38 2, 519, 689,423. 54
    Bullion
    ■ . Total
    	3, 651,406,435.42	3,215, 615,888.92
    . Silver: Dollars
    	476,106,037.00 5,246,728.97 6,921,159.42	480,258, 232.00 2, 691,642.51 7,782,476.74
    Subsidiary coins
    Bullion
    Total-.
    	488,273,925.39	490, 732, 351.25
    Paper: United States notes
    	3,230,183.00 1,000.00 959, 560.00 192, 906.00 19,028,416.50 477, 710,860.00 2,806,163.00 1,894, 701.35	3,021,104.00 3,350.00 1, 590, 525.00 101, 210.00 19, 526,096.00 483,148,270.09 2,491,562.00 2,207,454. 98
    Treasury notes of 1890
    Federal reserve notes.
    Federal reserve bank notes....
    National-bank notes.
    Gold certificates
    Silver certificates
    Unclassified (collections, etc.)	 Total
    	505,823,789.85	512,089, 571.98
    Other: Minor coins
    	1, 2,885,629.11 30, 656,042. 52 226,435,065.31 8,684,710.28	2, 845, 027. 66 23,647, 738.55 272,484,356.66 8,844, 916.18
    Deposits in Federal reserve banks		 Deposits in national banks, special, and foreign depositaries	 Public moneys in transit between Federal reserve banks and to and from depositary banks	_	 Total
    	268, 661,447. 22	307,822, 039.05
    Aggregate
    	4, 914,165,597.88	4,526,259,851.20
    LIABILITIES Outstanding Treasurer’s checks (including checks paid but not cleared)
    	4,317,804. 61 48, 695,998.55 8,839,903.94 2,358,408.71 7,152,609.32 139,873, 094.78 26,299,861.14 2,830.00	4,002,034.08 50,545, 764.88 8,851,108.76 3, 532,502.23 7,776,151.89 150, 632,176.90 24,835,349.34 2,430.00
    Postmasters, clerks of court, disbursing officers, etc	...	 Post Office Department account. _
    Uncollected items, exchanges, etc	 Board of trustees, Postal Savings System	 . Redemption fund: Federal reserve notes (gold).
    National bank notes. ..
    Retirement of additional circulating notes (act of May 30, 1908)	 Total agency accounts
    	237, 540,511.05 120,166.55	250,177, 518. 08 201,821, 06
    Dess cheeks paid but not cleared. _
    Total
    	237,420,344.50	249,975,697.02
    General account: Gold certificates.
    	2,102,989,609.00 472,406,063.00 1,327,804.00 1, 712,002,935.92 155,420,720.98 232, 598,120.48	1,996,879,109.00 474,218,263.00 1,306,950.00 1,387, 650,413.30 156,039,088.03 260,190,330.85
    Silver certificates.
    Treasury notes of 1890
    Gold fund, Federal Reserve Board		 Reserve fund
    Balance1... ...
    Total
    	4,676, 745, 253.38	4, 276, 284,154.18
    Aggregate
    	4, 914,165, 597.88	4, 526,259,851.20

    1 Including credits to disbursing officers.
    1
    REPORT OF THE TREASURER OF THE UNITED STATES 39
    No. 3.—Distribution of the General Treasury balance, June 30, 1928
    Washington____________---------,-,.----,---1.......-----.....------------------------------- $80,824, 214. 42
    Mints and assay offices:
    Philadelphia---------------------------------------------------------------------------- 426,133.427.52
    Denver. -----__________________________-------------------------,----------------------- 412,997,498. 84
    San Francisco...________________________________________________________________________ 825,356,792.28
    Carson City----------------------------------------------------------------------------- 13,589.17
    New Orleans..._____________________________________________i---------------------------- 6,952,837.97
    New York________________________1_______________________________________________________ 2,460,480,975. 10
    Boise________________________________;_____________________—.--_________________________ >- 5,389.94
    Helena_______________________________r-------------------------------------------------- 44,949.74
    Salt Lake City----------------------------------------------------------------------------	3,438. 59-
    Seattle_______________________________________________________________-_________________	368, 484. 39
    Federal reserve bank and agent, joint custody account_____________________.....------------- 2,500,000. 00
    Federal reserve banks-----------------------------,----------------------------------------- 23, 647,738. 55
    Special depositaries________________________________________________1........................ 245,730, 779. 32
    National banks and insular depositaries____________________'________________________________ 6, 785,348. 93
    Foreign depositaries________________________________________________________________________ 83,304. 52
    Treasury of Philippine Islands______________________________________________________________ 871,176. 73
    In transit____________________________________r-------------------- ------------------------ 14, 844, 540.11
    Total________________________________________________________-........ -____________ 4, 507, 644,486.12
    duct:
    Agency accounts on books of Treasurer of the United States..-------- $231,360,331.94
    Gold fund, Federal Reserve Board____________________________________-. 1,387,650,413.30
    ----------------- 1,619,010,745.24
    General account------------------------------------------------------------------------ 2,888,633,740. 88
    Deduct: Trust funds, act Mar. 14, 1900_____________------------------------------------------ 2,472,404,322.00'
    Balance, including gold reserve____________________________________________...--------- 416,229,418. 88
    No. 4.—Assets of the Tresaury other than gold, silver, notes, and certificates at the end of each month, from July, 1925
    Month	Minor coin	Unclassified collections, etc.	Deposits in Federal reserve and national banks	Deposits in treasury of Philippine Islands	Total
    1925—July. 				$1, 635, 342	$3,119. 334	$161,310, 272	$808,181	$166,873,129
    August		1', 506j 869	2,029,136	139, 051, 208	1, 286,322	143,873, 535
    September	 		1J 540, 267	2,226, 629	336,309,415	1,190,824	341,267,135
    October		L 100, 393	3; 245,154	197, 506,911 •	1,031,195	202,883, 653
    November		i; 241, 904	4, 036, 569	150,337, 578	788,262	156,404,313
    December		971, 939	i; 997, 608	358, 063,666	1,080,934	362.114,147
    1926—January..		1,179, 213	2, 485, 383	334,039, 768	929,421	338, 633, 785
    February		L 715; 944	2,233, 074	336, 722,983	1, 224,957	341, 896,958
    March				1,963, 547	i; 984, 215	496,956,373	819,132	501, 723,267
    April. 	 		2, 268, 545	2, 823, 752	350, 538,831	913,915	356, 545, 043
    May		2, 384, 738	3, 882.803	288,125,252	948,473	295,341, 266
    June		2, 439, 820	1 60,801, 453	250, 710, 514	1, 033,116	1 314,984,903
    July..	 		2,246; 936	3, 814, 953	249, 690,174	1,166,101	256,918,164
    August		2,107, 459	2,941,912	167, 277,305	942,853	173,269, 529
    September	 		1. 843,452	2; 814', 025	415, 612,213	1,053, 614	421,323,304
    October. 		1,882,384	3,390, 226	246, 783,170	919, 565	252, 975,345
    November.. 		1, 262,269	2,916,141	160, 698, 624	1, 086, 776	165,963,810
    December		' 720,190	2, 798,076	277,814,195	773,929	282,106, 390
    1927—January		1,138; 616	6,327,336	224, 547,427	899,193	232, 912, 572
    February		1, 418, 610	5,103, 670	210,134,231	1,005, 577	217,662, 088
    March	 		1, 953; 859	3, 289, 748	455, 558, 673	916,730	461,719, 010 375,973,903
    April		2,180; 455	2 97,878, 558	275,108,604	806, 286
    May		2,483, 528	2, 588, 351	160,446, 612	344, 570	165,863,061
    June	 		2,885; 629	1,894, 701	265, 289,316	486, 503	270, 556,149
    July		2, 783; 173	2, 623, 904	192,368,722	1,385, 661	199,161,460
    August		2, 783; 768	2; 153, 086	101,924,030	1,176,895	108,037, 779
    September		2, 664, 836	3; 458, 494	521,083,157	941, 228	528,147, 715
    October		2; 608; 304	2, 831,462	286, 892,977	1,250,122	293, 582, 865
    November		2,093, 413	2,653,208	57,087,181	1,171,948	63, 005,750
    December		1,358, 253	2, 570, 646	316,628,367	680,146	321,237, 412
    1928—January		1.532, 267	3,130,657	166, 267, 371	808,924	171, 739, 219
    February		1, 719; 349	2,854,404	106,182, 077	740, 501	111, 496,331
    March		i; 900, 659	4,121,499	483,141,854	696,480	489,860,492
    April	 .	2, 242, 029	2, 406, 372	237,106,988	473,829	242,229, 218
    May		2; 615; 227	2; 310, 886	102,489,321	623,620	108,039, 054
    June					2, 845; 028	2; 207; 455	304,104, 901	872,110	310, 029,494
    1	Includes $58,704,051.63 in Federal farm-loan drafts covering sale of bonds.
    2	Includes $95,306,740.08 in Federal farm-loan drafts covering sale of bonds.
    40
    REPORT OF THE TREASURER OF THE UNITED STATES
    No. 5.—Assets of the Treasury at the end of each month, from July, 1925
    Month	Gold	Silver	Notes	Certificates	Other	Total
    1925—July	$3, 697,942,989	$477,867,489	$22,079, 693	$491, 305, 606	$166 873 129	$4 856 068 906
    August- _ 		A, 709365; 214	477; 249; 631	20,363,120	492,151,743	143,873, 535	4’ 843’ 103’ 243
    September.. _ _	3, 710,023,137	476, 921, 050	22,873; 541	492; 885; 655	341,267,135	5 043 970’518
    October		3, 698; 904; 403	477,47i; 339	19; 600; 329	49i; 209; 420	202,883, 653	4, 890^ 069’ 144
    November _	3, 695,492, 641	476,979,125	18, 505,155	497; 689; 374	156,404,313	4,845 070’ 608
    December			3, 694,22i; 856	475,153,867	21', 071, 784	497; 063; 893	362,114,147	5 049 625’ 547
    1926—January ... ..	3; 699; 932; 956	476; 442,703	25; 639; 984	507, 079, 549	338, 633, 785	5,047,’ 728’ 977
    February. _	3, 710, 605,169	476,899, 006	19, 740; 564	51i; 150; 823	341, 896,958	5,060 292 520
    March 		3; 738,891,972	477, 654,347	21, 368,394	500; 512; 220	501, 723,267	5, 240,150’ 200
    April _	_ _	3,732,779, 314	479,121,983	22, 893,195	508; 955; 388	356; 545; 043	5,100, 294 923
    May. 	 ..	3,701,004,931	479,466,762	22,041,701	495; 594; 724	295,341,266	4,993 449’ 384
    June.. _ 			3, 713, 832,294	479,87i; 110	22; 649; 740	490; 81i; 198	314,984,903	5, 022,149’ 245
    July		3, 733,259, 666	480,216, 587	20, 521,204	485, 641,096	256; 918; 164	4 976 556 717
    August			3; 750,723; 814	482,126,184	21, 767,143	488; 190; 018	173,269, 529	4,916,076’ 688
    September..	3, 758,161,014	482, 751,900	22, 587,079	489,373; 660	42i; 323; 304	5,174,196 957
    October. _ 			3, 749,449,164	483,163, 946	20, 799,701	478; 946; 343	252, 975, 345	4 985 334 499
    November	.	3, 690,328, 841	481,194, 473	20,302, 388	485; 658; 686	165,963, 810	4 843’ 448 198
    December...		3; 657', 147; 612	480; 063; 951	19,974; 652	486; 74X 802	282,106,390	4,926 035 407
    1927—January 			3, 680, 626, 578	481,737, 951	22,94i; 828	487; 172; 196	232,912,572	4,905; 391,125
    February 		3, 690,874,323	483, 344, 742	17,499,725	488; 918', 798	217; 662; 088	4,898,299 676
    March. _ 		3, 699,664,442	484; 713,933	18, 598,549	480; 779; 324	461,719,010	5,145, 475, 258
    April. 		3; 703; 198; 769	485; 766,441	•18,132,671	481,900; 716	375,973,903	5,064,972, 500
    May..	3, 659,575,278	485,979,406	18, 503,083	485,369, 641	165; 863; 061	4,815,290 469
    June			3, 651, 406,435	488,273,925	23,412,066	480, 517; 023	270, 556,149	4,914,165,598
    July. 		3, 668. 316, 954	488,173,438	24,347, 256	479, 390,239	199;161; 460	4,859,389, 347
    August 		3, 677,798; 891	488,821, 691	26; 584,263	481,134; 637	108; 037; 779	4,782, 377,261
    September.. __	3, 696,042,255	488,130,877	28,260,872	48i; 394; 365	528; 147; 715	5,221,976,084
    October		3, 661,128,687	488,276,146	20, 567, 501	484,195,994	293; 582; 865	4,947, 751,193
    November		3, 535,205, 637	486, 276,195	23,283, 691	483,148,102	63,005, 750	4, 590, 919,375
    December ...	3, 502,740,397	485, 689,885	27, 619, 587	484,151, 685	321, 237,412	4; 821; 438', 966
    1928—January .	_ .	3, 501,241, 348	486,871,330	26, 634,807	485, 406; 970	171, 739, 219	4,671,893, 674
    February . .	3; 511,918, 715	487, 673; 813	25,079,458	486,470, 974	lli; 496; 331	4, 622, 639,291
    March 		3,408,285, 290	488,091, 517	22, 691, 680	487, 558,223	489; 860,492	4; 896; 487; 202
    April	 		3,414, 837,115	489,445, 782	20,482, 339	488,445, 264	242; 229; 218	4; 655; 439; 718
    May. 		3, 319, 022, 525	491,074, 548	23, 963,834	486; 105,919	108; 039; 054	4,428,205,880
    June		3,215, 615,889	490, 732, 351	24,242,285	485, 639,832	310; 029,494	4; 526; 259; 851
    No. 6.—Liabilities of the Treasury at the end of each month, from July, 1925
    Month	Gold and silver certificates ' and Treasury notes	Gold fund, redemption funds, etc.	Gold reserve	Net balance in general fund	Total
    1925—Julv		$2, 589, 670.413	$1,964, 541,468	$153, 620, 986	$148, 236, 039	$4, 856, 068, 906
    August. 			2, 614, 988, 708	1,942,124,194	153, 620, 986	132, 369, 355	4, 843,103, 243
    September				2, 611, 209, 858	1, 947, 550, 766	153, 620, 986	33i; 588,908	5,043,970; 518
    October 		2, 621,432,457	1, 916, 267, 505	153, 620, 986	198, 748,196	4, 890, 069,144
    November _. 		2, 634; 631,156	1, 913, 915, 957	153, 620, 986	142, 902, 509	4. 845, 070, 608
    December. _	... _	2,657; 339, 156	1,909, 957, 472	153, 620, 986	328, 707,933	5, 049, 625, 547
    1926—January		2, 647, 494, 956	1, 927, 866, 873	154,188, 886	318,178, 262	5, 047, 728. 977
    February... .......	2, 658, 934, 206	1, 906, 338, 022	151. 188, 886	340, 831,406	5, 060, 292, 520
    March __	_ 		2, 650, 697,906	1,948. 321,561	154,188, 886	486,941,847	5, 240, 150, 200
    April. . 	 .	2, 659, 263, 356	1, 952, 070, 824	154,188, 886	334, 771,857	5,100, 294,923
    May -		2. 619,101,226	1,956. 856, 986	154,188,886	263,302, 286	4, 993,449, 384
    June... _. .. 			2, 630, 585,126	2, 026, 247,155	154,188. 886	211,128,078	5, 022,149, 245
    July	 __ __ ...	2, 639, 276, 776	1,9.64; 853,466	154,188, 886	218, 237, 589	4, 976, 556, 717
    August. . .. 		2, 651, 242, 576	1, 963,-075, 915	154,188. 886	147, 569,311	4, 916,076, 688
    September ... __	2. 646, 551, 676	1,961,611,072	154,188, 886	411,845,323	5,174,196,957
    October		 		2, 630, 558,076	1,970, 026,943	154, 188. 886	230, 560, 594	4,985, 334, 499
    November.	2, 624, 036, 726	1,925,070, 096	154, 188, 886	140,152,490	4, 843,448,198
    December.. ... 		2, 633, 293,126	1,911,543. 149	154, 188, 886	227,010.246	4,926,035,407
    1927—January.. . .	2, 619, 750,176	1,942,347,784	155,420, 721	187, 872.444	4, 905,391,125
    February. 		2,616, 932,276	1,947,256,983	155,420,721	178, 689,696	4, 898, 299, 676
    March. ... _			2. 594.106, 776	1,972,611,673	155,420, 721	423, 336, 088	5,145,475, 258
    April... ... ... _.	2, 575, 925, 526	2, 097,413,479	155,420, 721	236, 212, 774	5, 064,972, 500
    ■ Mav 			 		2, 567, 768, 026	1.965, 845, 735	155,420, 721	126, 255, 987	4,815, 290,469
    June .	. 			2, 576, 723,476	1,949,423, 280	155,420, 721	232, 598.121	4, 914,165, 598
    July	J}:		3,571,309, 076	1,968,118,589	155,420, 721	164, 540, 961	4. 859,389, 347
    Aucust .	. ...		2, 580,464,026	1,976, 205, 805	155, 420, 721	70, 286, 709	4, 782, 377, 261
    September _ ... .	2,575. 214,422	2,000,	925	155,420, 721	490,544,016	5, 221,976,084
    October .	....	2, 569, 742, 272	],9r0. 999,350'	155,420, 721	261, 588, 850	4,917, 751,193
    November _ _ 		2, 569; 859, 072	1, 852, 262, 135	155, 420, 721	13, 377, 447	4. 590, 919, 375
    December 		2, 575, 010, 672	1,818, 664, 772	155,420, 721	272, 342, 801	4, 821, 438, 966
    1928—January.. 		2, 538^ 923,472	1,867,554, 157	156, 039, 088	109, 376, 957	4, ,671. 893, 674
    February			2,530,569,122-	1,870,'758, 850	156, 039, 088	65, 272, 231	4, 622, 639, 2&1
    March . 			2, 520. 225,472	1, 775, 405, 881	156, 039, 088	444, 816, 761	4,896,487,202
    April	_ 		2, 514, 487, 622	1, 785, 962,487	156,039, 088	198, 950, 52J	4, 655,439, 718
    May __ 		2, 494, 894, 072	1, 722,441, 017	156, 039, 088	54, 831, 703	4,428, 205,880
    June		2,472, 404, 322	1,637, 626,110	156, 039, 088	260,190, 331	4, 526, 259,851
    REPORT OF THE TREASURER OF THE UNITED STATES 41
    No. 7.— United States notes of each denomination issued, redeemed, and outstanding at the close of the fiscal years 1925, 1926, 1927, and 1928
    Denomination	Issued during year	Total issued	Redeemed during year	Total redeemed	Outstanding
    1925 One dollar	 Two dollars	 Five dollars	 Ten dollars	 Twenty dollars	 Fifty dollars	 One hundred dollars	 Five hundred dollars	 One thousand dollars	 Five thousand dollars— Ten thousand dollars	 Total		 Unknown, destroyed	 Net	 1926 One dollar	 Two dollars	 Five dollars	 Ten dollars	 Twenty dollars	 Fifty dollars	 One hundred dollars	 Five hundred dollars	 One thousand dollars	 Five thousand dollars— Ten thousand dollars	 Total	 Unknown, destroyed	 Net	 1927 One dollar	 Two dollars	 Five dollars	 Ten dollars	 Twenty dollars	 Fifty dollars	 One hundred dollars	 Five hundred dollars	 One thousand dollars	 Five thousand dollars	 Ten thousand dollars	 Total	 Unknown, destroyed	 Net	 1928 One dollar			 Two dollars	 Five dollars	 Ten dollars	 Twenty dollars	 Fifty dollars	 One hundred dollars	 Five hundred dollars	 One thousand dollars	 Five thousand dollars	 Ten thousand dollars	 Total	 Unknown, destroyed	 Net		$62,168, 000 49, 632, 000 54, 640, 000 108,160, 000 9, 360, 000 1,600,000	$1,215, 824,160 599, 851,048 2, 082, 271, 760 2,106, 671, 240 614, 362,400 152, 215, 200 197,104, 000 226, 276, 000 467, 628, 000 20, 000, 000 40, 000,000	$99,865, 355 41, 929,920 24,308, 885 112,446, 710 6,624,180 126,950 54, 000 32, 000 172, 000	$1,156, 634,925. 80 555, 702,494. 20 2, 017, 803, 570. 00 1, 952,474,859. 00 595, 708, 518. 00 149, 758,425. 00 195, 983, 000. 00 225,406, 000. 00 465, 061.000. 00 20, 000, 000. 00 39, 990, 000. 00	$59,189, 234. 20 44,148, 553. 80 64,468,190. 00 154,196,381. 00 18,653,882. 00 2,456,775. 00 1,121, 000. 00 870, 000. 00 2, 567, 000. 00 10,000. 00
    	285, 560, 000	7,722, 203,808	285, 560, 000	7, 374, 522, 792. 00 1, 000,000.00	347, 681, 016.00 1, 000, 000. 00
    	285, 560, 000	7, 722,203, 808	285, 560, 000	7, 375, 522, 792. 00	346, 681, 016. 00
    	20, 780, 000 59,480, 000 105,080, 000 75,920, 000 33,200, 000 4,400, 000	1, 236, 604,160 659, 331, 048 2,187, 351, 760 2,182, 591, 240 647, 562, 400 156, 615, 200 197,104, 000 226, 276, 000 467, 628, 000 20, 000, 000 40,000, 000	54, 949, 381 54,127,474 69, 845, 275 110, 358, 600 7,913, 720 1, 240,150 134, 400 97, 000 194, 000	1, 211, 584, 306. 80 609, 829,968. 20 2,087, 648, 845. 00 2, 062, 833,459. 00 603, 622, 238. 00 150, 998, 575. 00 196,117,400.00 225, 503, 000. 00 465, 255, 000. 00 20, 000, 000. 00 39,990, 000. 00	25, 019, 853.20 49, 501, 079. 80 99, 702,915. 00 119, 757, 781. 00 43, 940,162. 00 5, 616, 625. 00 986, 600. 00 773, 000. 00 2, 373, 000. 00 10, 000. 00
    	298, 860, 000	8, 021, 063, 808	298,860, 000	7, 673, 382, 792. 00 1, 000, 000.00	347, 681, 016. 00 1, 000,000. 00
    	298, 860, 000	8, 021, 063,808	298, 860, 000	7, 674, 382, 792.00	346, 681, 016. 00
    	56, 680, 000 220,820, 000 40, 000 2, 960, 000	1, 236, 604,160 716, 011, 048 2,408, 171, 760 2,182, 631, 240 650, 522,400 156, 615, 200 197, 104, 000 226, 276, 000 467, 628, 000 20, 000, 000 40, 000, 000	12,955, 976 52, 322, 964 118,126, 050 73,175,350 21,147, 060 2, 531, 700 69,400 51, 500 120, 000	1, 224, 540, 282. 80 662,152, 932. 20 2,205, 774, 895. 00 2,136,008,809. 00 624, 769, 298. 00 153, 530, 275. 00 196,. 186,800. 00 225, 554, 500. 00 465, 375, 000. 00 20, 000, 000. 00 39, 990, 000. 00	12,063,877.20 53, 858,115. 80 202,396,865. 00 46, 622,431. 00 25, 753,102. 00 3, 084, 925. 00 917, 200. 00 721, 500. 00 2, 253, OOO.TO 10, 000. 00
    	280, 500, 000	8,301, 563, 808	280, 500, 000	7, 953,882, 792. 00 1, 000,000. 00	347, 681, 016. 00 1, 000, 000. 00
    	280, 500, 600	8, 301, 563, 808	280, 500, 000	7, 954, 882, 792. 00	346, 681, 016. 00
    	57,584, 000 259,880, 000	1, 236, 604,160 773, 595, 048 2, 668, 051, 760 2,182,631, 240 650, 522, 400 156, 615,200 197,104, 000 226, 276,000 467, 628, 000 20, 000,000 40, 000, 000	2,833, 718 58, 748, 422 219, 362, 680 20, 763,140 14,109, 540 1, 311, 200 48, 300 64, 000 223, 000	1, 227,374, 000. 80 720, 901, 354. 20 2,425,137, 575. 00 2,156, 771, 949. 00 638, 878,838. 00 154, 841,475. 00 196, 235,100. 00 225,618, 500. 00 465, 598, 000. 00 20, 000,000. 00 39, 990, 000. 00	9, 230,159. 20 52, 693, 693. 80 242, 914,185. 00 25, 859, 291.00 11, 643, 562. 00 1, 773, 725. 00 868,900. 00 657, 500. 00 2, 030, 000. 00 10, 000. 00
    	317,464, 000	8, 619, 027, 808	317,464, 000	8, 271, 346, 792. 00 1, 000, 000. 00	347, 681, 016. 00 1, 000, 000. 00
    	317,464, 000	8, 619, 027, 808	317, 464, 000	8, 272, 346, 792. 00	346, 681,016. 00
    42
    REPORT OF THE TREASURER OF THE UNITED STATES
    No. 8.—Gold certificates of each denomination issued, redeemed, and outstanding at-the close of the fiscal years 1925, 1926, 1927, and 1928
    Denomination	Issued during year	Total issued	Redeemed during year	Total redeemed	Outstanding
    1925 Ten dollars	 Twenty dollars	 Fifty dollars	 One hundred dollars	 Five hundred dollars	 One thousand dollars	 Five thousand dollars	 Ten thousand dollars	 Total	 1926 Ten dollars	 Twenty dollars	 Fifty dollars		__ One hundred dollars	 Five hundred dollars	 One thousand dollars	 Five thousand dollars	 Ten thousand dollars	 Total	 1927 Ten dollars		 Twenty dollars	 Fifty dollars		 One hundred dollars	 Five hundred dollars	 One thousand dollars	 Five thousand dollars	 Ten thousand dollars	 Total	 1928 Ten dollars--'.	 Twenty dollars	 Fifty dollars	 One hundred dollars	 Five hundred dollars	 One thousand dollars	 Five thousand dollars	 Ten thousand dollars	 Total		$349, 880,000 356, 320,000 65,800, 000 43, 600,000 4, 000,000 4, 700,000 2, 000, 000 2,050,000	$1,936,148,000 2,121, 760,000 446, 600,000 550,834,300 170, 344, 000 529, 881,000 903, 040,000 4, 307, 680,000	$153, 725,140 171,010,360 39,935, 400 23, 414,800 4, 094, 000 10, 601, 000 295,000 1,120,000	$1,473, 991,145 1,534,115,876 326, 240,820 408,826,000 139,333,500 455, 519,500 820, 655,000 3, 710, 910, 000	$462,156,855. 587, 644,124 120,359,18ft 142,008, 300 31, 010, 500 74, 361, 50ft 82, 385,000 596, 770,00ft
    	828,350, 000	10,966,287, 300	404,195, 700	8, 869, 591,841	2,096, 695,459.
    	291, 240, 000 312, 640,000 60,800, 000 48,000,000 9,400,000 16,100,000 2,000, 000 2,030, 000	2,227, 388,000 2, 434,400,000 507,400,000 598,834,300 179, 744, 000 545,981, 000 905, 040,000 4, 309, 710,000	278,145,470 264,194,180 51,595,950 24, 034,400 4, 645, 500 8, 845, 000 600, 000 37,960, 000	1, 752,136, 615 1, 798,310,056 377,836, 770 432,860, 400 143, 979, 000 464, 364, 500 821, 255,000 3, 748,870, 000	475, 251,385 636, 089, 944 129, 563,230. 165, 973, 900 35, 765, 000 81,616, 500 83, 785,000 560, 840,000
    	742, 210, 000	11,708, 497, 300	670,020, 500	9,539, 612, 341	2,168, 884,959>
    	258, 640, 000 245,680, 000 37,000,000 32,400, 000 9, 800, 000 16, 900,000 3,000, 000	2, 486, 028, 000 2, 680,080, COO 544,400, 000 631, 234, 300 189, 544,000 562,881, 000 905,040, 000 4, 312, 880, 000	284, 571, 360 259,130, 940 54,843,850 34,081, 700 7,163, 500 12, 799, 000 575,000 16,150,000	2,036, 707, 975 2,057, 440, 996 432, 680, 620 466, 942,100 151,142, 500 477,163, 500 821,830,000 3, 765,190,000	449, 320, 025- 622, 639, 004 111, 719,38ft 164, 292, 200. 38, 401, 500 85, 717, 500 83,210, 000 547, 690,000;
    	603, 420,000	12, 312,087, 300	669, 315,350	10, 209, 097, 691	2,102, 989, 609
    	254,960,000 249,440,000 23, 600, 000 28,400,000 . 12, 600, 000 27,000,000 1, 000,000	2, 740, 988, 000 2, 929, 520,000 568,000,000 659, 634,300 202,144,000 589,881, 000 905, 040, 000 4, 313,880, 000	319, 609, 220 264,970, 680 43,190,100 42,148, 500 11, 084,000 20,608, 000 470,000 1,030, 000	2, 356, 317,195 2, 322,411,676 475,870, 720 509,090, 600 162, 226, 500 497, 771,500 822,300,000 3, 766,220, 000	384,670,805- 607,108, 324 92,129, 280 150, 543, 700 39,917, 500 92,109, 500> 82, 740,000. 547, 660,000
    	597,000, 000	12,909,087, 300	703,110, 500	10,912, 208,191	1,996,879,109
    REPORT OF THE TREASURER OF THE UNITED STATES 43
    I
    ng al
    No. 9.—Silver certificates of each denomination issued, redeemed, and outstanding at the close of the fiscal years 1925, 1926, 1927, and 1928
    ling
    6,855' 4,124 5,180
    3, 300' 1,500 ,500. ,000 ,00ft
    ,45ft
    385 944 23ft 900-000 500.
    300 )00.
    •59.
    25; M 3ft JO-)0 •0.
    0 ft
    ft
    Denomination	Issued during year	Total issued	Redeemed during year	Total redeemed	Outstanding
    1925 One dollar		$454,768, 000 18,704,000 58,000,000	$4,457,863,600 1,186,252,000 3,331,150,000 676,594,000 338,306,000 129,850,000 81,540,000 16,650,000 32,490,000	$374,899, 385	$4,101, 681,074.90	$356,182,525.10
    Two dollars				23,365,250	1,164,833,665.60	21,418, 334.40
    Five dollars				88, 690,525	3,262, 556,172. 50	68, 593,827.50
    Ten dollars				344,540	674,043, 399.00	2, 550,601.00
    Twenty dollars				530,400	336,208, 270.00	2,097, 730.00 2,199,535.00
    Fiftv dollars ___________			1,005,450	127,650,465.00
    One hundred dollars				7,300	81,370,780.00	169,220.00
    				16,640,000. 00 32,475,000. 00	10,000.00
    One thousand dollars						15,000.00

    Total		531,472,000	10,250,695,600	488,842,850	9,797,458,827.00	453,236, 773.00
    1926 One dollar		511,064,000 10,456,000 13,060,000	4,968,927,600 1,196,708,000 3,344,210,000	459,625,382 15, 213, 548	4,561,306,456.90	407,621,143.10
    Two dollars					1,180,047,213. 60	16,660,786.40
    Five dollars				51,467,050 239,340	3,314,023, 222.50	30,186,777. 50
    Ten dollars 			676,594,000 338,306,000 129,850,000 81, 540,000 16,650,000		674,282,739.00	2,311,261.00
    Tw’enty dollars				359,340	336,567,610.00	1,738,390.00 1, 634, 585.00
    Fifty dollars				564,950	128,215,415.00 81,376,580. 00
    One hundred dollars 				5,800		163,420.00
    Five hundred dollars				16,640,000.00	10,000.00
    One thousand dollars			32i 490,000	1,000	32,476,000.00	14,000.00

    Total		534, 580,000	10, 785,275, 600	527,476,410	10,324,935,237. 00	460,340,363.00
    				■ - " —■ ■ ■
    1927 One dollar 		522, 208, 000 40,000	5,491,135,600 1,196,748,000 3, 344, 210,000 676,594,000 338,306,000 129,850,000 81,540,000	486, 978, 715	5,048,285,171.90	442,850,428.10
    Two dollars				9,063,460	1,189,110,673. 60	7, 637,326.40
    Five dollars			13,383, 425 166,960	3, 327,406,647. 50	16,803,352. 50
    Ten dollars 						674,449,699.00	2,144,301.00
    Twenty dollars				220,440 364,900	336,788,050. 00	1,517,950.00 1,269,685.00
    Fifty dollars				128,580,315.00
    One hundred dollars				4,400	81,380,980.00 16,640,000.00	159,020.00
    Five hundred dollars		16,650,000 32,490,000			10,000.00 14,000.00
    One thousand dollars....			—	32,476,000.00
    Total					522, 248,000	11,307,523,600	510,182,300	10,835,117, 537.00	472,406,063.00
    				■	■ ■ *
    1928 One dollar		578,076,000	6,069, 211,600 1,196,748,000	569,377,184	5,617,662,355.90 1,191,561,249. 60	451,549,244.10
    Two dollars				2,450,576 3,880,320		5,186,750.40 12,923,032.50
    Five dollars			3,344,210,000 676,594,000		3,331,286,967. 50
    Ten dollars					122,860	674,572,559. 00	2,021,441. 00 1,352,790. 00
    Twenty dollars			338,306,000 129,850,000 81, 540,000 16,650,000 32,490,000	165,160	336,953,210.00
    Fifty dollars				258,300	128,838,615.00	1,011,385.00
    One hundred dollars				8,400	81,389,380.00 16,640,000.00	150,620.00
    Five hundred dollars					10,000.00 13,000.00
    One thousand dollars				1,000	32,477,000.00
    Total		578,076,000	11,885,599, 600	576,263,800	11,411,381,337.00	474, 218,263.00
    						.
    15266—28-
    4
    44 REPORT OF THE TREASURER OF THE UNITED STATES
    No. 10.—Treasury notes of 1890 of each denomination issued, redeemed, and outstanding at the close of the fiscal years 1925, 1926, 1927, and 1928
    Denomination	Total issued	Redeemed during year	Total redeemed	Outstanding
    1925
    One dollar			 _ _ 			 -	$64, 704, 000	$1,816	$64, 395, 358	$308, 642
    Two dollars	 _______________ 		49, 808. 000	1,488	49, 619, 088	188,912
    Five dollars			120, 740, 000	6, 350	120, 372,152	367, 848
    Ten dollars					104, 680, 000	12, 910	104,371, 730	308, 270
    'Twenty dollars					35, 760, 000	7, 480	35, 642, 690	117,310
    Fifty dollars				 _	1,175,000	1,100	1,171,100	3, 900
    One hundred dollars	 		18, 000, 000	3, 600	17, 947, 000	53, 000
    One thousand dollars		52. 568, 000	3; 000	52, 524, 000	44. 00 0
    Total		447,435, 000	37, 744	446, 043,118	1, 391, 882
    1926
    One dollar		64, 704, 000	1,357	64, 396,715	307, 285
    Two dollars	 			 		49, 808,000	1,066	49, 620,154	187, 846
    Five dollars	 -			120, 740, 000	5,165	120, 377,317	362, 683
    Ten dollars	_			104, 680, 000	io; 890	104, 382, 620	297, 380
    Twenty dollars		 _				35, 760, 000	5, 600	35, 648, 290	111, 710
    Fiftv dollars			__	_	_	1,175, 000	' 200	1,171 300	3,700
    One hundred dollars				18, 000,000	1,800	17. 948, 800	51, 200
    One thousand dollars		52, 568, 000	6,000	52, 530, 000	38, 000
    Total		447, 435,000	32, 078	446,075,196	1,359, 804
    1927
    One dollar	 	 			64, 704, 000	2,688	64, 399,403	304, 597
    Two dollars-				49,808, 000	2,402	49, 622,556	185,444
    .Five dollars	_ _	. _	-			120i 740, 000	4,820	120, 382.137	357, 863
    Ten dollars			 		104i 680,000	9. 900	104, 392, 520	287,480
    Twenty dollars __	35^ 760, 000	6, 240	35, 654, 530	105,470
    Fifty dollars - . 	 	 		1,175, 000	' 650	1,171,950	3, 050
    One hundred dollars		 			 			18, 000, 000	3, 300	17, 952,100	47, 900
    One thousand dollars		52, 568, 000	2, 000	52, 532, 000	36, 000
    Total		447, 435, 000	32, 000	446,107,196	1,327,804
    1928
    One dollar		 _			64, 704, 000	934	64,400, 337	303. 663
    Twodollars.. 	 _ 		49, 808, 000	700	49, 623, 256	184, 744
    Five dollars	 _ _ 		120, 740, 000	4,430	120, 386, 567	353,433
    Ten dollars	 	 		104, 680, 000	8, 210	104,400, 730	279, 270
    Twenty dollars	 			35, 760, 000	3, 880	35, 658, 410	101, 590
    Fifty dollars	 		1,175, 000	100	1,172, 050	2.950
    One hundred dollars,		 						18i 000, 000	2, 600	17i 954, 700	45, 300
    One thousand dollars				52, 568, 000		52, 532, 000	36, 000

    Total				447,435,000	20, 854	446,128,050	1, 306,950
    REPORT OF THE TREASURER OF THE UNITED STATES
    45
    No. 11.—Amount of United States notes, gold and silver certificates, and Treasury notes, of each denomination issued, redeemed, and outstanding at the close of each fiscal year from 1925
    Denomination	Issued during year	Total issued	Redeemed during year	Total redeemed	Outstanding
    1925
    	$516, 936,000	$5, 738, 391, 760	$474, 766, 556	$5,322, 711,358. 70	$415, 680,401. 30
    	68,336, 000	1, 835, 911, 048	65, 296, 658	1, 770,155,247. 80	65, 755^ 800. 20
    	112, 640, 000	5, 534,161, 760	113, 005, 760	5,400, 731,894. 50	133, 429, 865. 50
    Ten dollars			458, 040, 000	4, 824, 093, 240	266, 529, 300	4, 204,881,133. 00	619, 212,107. 00
    	365,680, 000	3,110,188,400	178,172,420	2, 501, 675, 354. 00	608, 513, 046. 00
    	67, 400, 000	729, 840, 200	41, 068, 900	604, 820, 810. 00	125, 019, 390. 00
    One hundred dollars		43, 600, 000	847, 478, 300	23, 479, 700	704,126, 780. 00	143,351, 520. 00
    Five hundred dollars		4, 000, 000	413, 270, 000	4, 126, 000	381, 379, 500. 00	31, 890, 500. 00
    One thousand dollars		4, 700, 000	1, 082, 567, 000	10, 776, 000	1, 005, 579, 500. 00	76, 987, 500. 00
    Five thousand dollars.--	2, 000, 000	923, 040, 000	295, 000	840, 655, 000. 00	82, 385, 000. 00
    Ten thousand dollars		2, 050, 000	4, 347,680, 000	1, 120, 000	3,750,900, 000. 00	596, 780, 000. 00
    Total 		1, 645, 382, 000	29, 386,621, 708	1,178,636, 294	26,487, 616, 578. 00	2, 899, 005,130. 00
    Unknown, destroyed---.				1, 000, 000. 00	1, 000,000. 00
    Net		1, 645, 382, 000	29, 386, 621, 708	1,178, 636, 294	26,488, 616, 578. 00	2, 898, 005,130. 00
    1926
    One dollar	-------	531,844, 000	6, 270, 235, 760	514, 576,120	5, 837, 287,478. 70	432, 948, 281. 30
    	69,936, 009	1, 905, 847, 048	69, 342, 088	1,839,497, 335. 80	66, 349, 712. 20
    Five dollars	-	118,140,000	5, 652,301, 760	121, 317, 490	5, 522, 049, 384. 50	130,252, 375. 50
    Ten dollars	 		367,160, 000	5,191, 253, 240	388, 754, 300	4, 593, 635,433. 00	597, 617, 807. 00
    Twentv dollars______	345, 840, 000	3, 456, 028,400	272, 472, 840	2, 774.148,194. 00	681,880, 206. 00
    Fifty dollars. _				65', 200, 000	795, 040, 200	53, 401, 250	658, 222, 060. 00	136, 818,140. 00
    One hundred dollars		48, 000, 000	895,478, 300	24,176,400	728, 303,180. 00	167,175,120. 00
    Five hundred dollars		9,400, 000	422, 670, 000	4, 742, 500	386,122, 000. 00	36, 548, 000. 00
    One thousand dollars . -	16,100, 000	1, 098, 667, 000	9, 046, 000	1, 014, 625, 500. 00	84, 041, 500. 00
    Five thousand dollars -	2,000, 000	925,040, 000	600, 000	841, 255,000. 00	83, 785,000. 00
    Ten thousand dollars		2,030, 000	4, 349, 710, 000	37,960, 000	3,788, 860, 000. 00	560,850, 000. 00
    Total	1, 575, 650, 000	30, 962, 271, 708	1,496, 388, 988	27, 984,005, 566. 00	2,978,266,142. 00
    Unknown, destroyed					1, 000, 000. 00	1,000, 000. 00
    Net		1, 575, 650,000	30, 962, 271, 708	1,496, 388, 988	27,985,005, 566. 00	2,977, 266,142. 00
    1927
    One dollar.			522, 208, 000	6, 792, 443, 760	499, 937, 379	6,337, 224,857. 70	455, 218, 902. 30
    Two dollars _ 		55, 720, 000	1, 962, 567, 048	61, 388, 826	1, 900,886,161. 80	61, 680, 886. 20
    Five dollars 		220, 820, 000	5, 873,121, 760	131, 514, 295	5, 653, 563,679. 50	219, 558, 080. 50
    Ten dollars. _ 				258, 680. 000	5, 449, 933, 240	357, 923, 570	4, 951, 559, 003. 00	498,374, 237. 00
    Twenty dollars		248, 640, 000	3, 704, 668, 400	280, 504, 680	3, 054, 652, 874. 00	650,015, 526. 00
    Fiftv dollars.. _ 		37, 000, 000	832, 040. 200	57, 741,100	715, 963,160. 00	116, 077, 040. 00
    One hundred dollars..	32,400, 000	927, 878, 300	34,158, 800	762,461, 980. 00	165,416, 320. 00
    Five hundred dollars.--	9, 800, 000	432,470, 000	7, 215, 000	393, 337, 000. 00	39,133, 000. 00
    One thousand dollars- _	16, 900, 000	1,115, 567, 000	12, 921, 000	1, 027, 546, 500. 00	88, 020, 500.00
    Five thousand dollars -		925. 040, 000	575, 000	841, 830, 000. 00	83, 210, 000. 00
    Ten thousand dollars		3, 000, 000	4,352, 880, 000	16,150, 000	3,805,180, 000. 00	547, 700, 000. 00
    Total		1,406,168, 000	32, 368, 609, 708	1, 460, 029, 650	29, 444, 205, 216.00	2, 924,404,492. 00
    Unknown, destroyed			—		1, 000, 000. 00	1,000, 000. 00
    Net		1, 406,168, 000	32, 368, 609, 708	1, 460, 029, 650	29, 445,205, 216. 00	2,923,404,492.00
    1928
    One dollar		578, 076, 000	7, 370, 519, 760	572, 211, 836	6,909,436, 693. 70	461,083,066. 30
    Two dollars 			57, 584, 000	2, 020,151, 048	61,199, 698	1,962,085,859.80	58,065,188. 20
    Five dollars 	 .	259, 880, 000	6,133, 001, 760	223, 247,430	5, 876. 811,109. 50	256,190, 650. 50
    Ten dollars .. _	254, 960, 000	5, 704, 893, 240	340, 503, 430	5, 292, 062,433. 00	412, 830, 807. 00
    Twentv dollars, 		249,440, 000	3,954,108, 400	279, 249, 260	3,333,902.134. 00	620, 206, 266. 00
    Fifty dollars			23, 600, 000	855, 640, 200	44, 759, 700	760, 722,860. 00	94,917, 340. 00
    One hundred dollars		28,400, 000	956, 278, 3000	42, 207, 800	804, 669, 780. 00	151, 608, 520. 00
    Five hundred dollars		12,600, 000	445, 070, 000	11,148, 000	404,485, 000. 00	40, 585, 000. 00
    One thousand dollars		27,000,000	1,142, 567, 000	20, 832, 000	1, 048, 378, 500. 00	94,188, 500. 00
    Five thousand dollars. _		925, 040. 000	470, 000	842, 300, 000. 00	82, 740, 000. 00
    Ten thousand dollars		1, 000,000	4, 353,880. 000	1, 030, 000	3,806, 210, 000. 00	547, 670, 000. 00
    Total	 		1, 492, 540, 000	33,861,149, 708	1, 596,859,154	31,041,064,370.00	2,820, 085, 338. 00
    Unknown, destroyed					1, 000, 000. 00	1, 000, 000. 00
    Net		1,492, 540,000	33,861,149, 708	1, 596, 859,154	31, 042, 064, 370. 00	2, 819, 085, 338. 00
    46
    REPORT OF THE TREASURER OF THE UNITED STATES
    No. 12.—Federal reserve banks (with branches') and national banks designated as depositaries of public moneys, with the balance held June SO, 1928
    FEDERAL RESERVE BANKS AND BRANCHES
    Title of bank	To the credit of the Treasurer of the United States, collected funds
    Federal Reserve Bank, Boston, Mass		$582, 264. 76- 15, 918, 969. 71 0
    Federal Reserve Bank’New York, N. Y	_ _
    Federal Reserve Branch Bank of New York, Buffalo, N. Y
    Federal Reserve Bank, Philadelphia, Pa				3, 373, 063. 08 763, 937. 26 0
    Federal Reserve Bank, Cleveland, Ohio.
    Federal Reserve Branch Bank of Cleveland, Pittsburgh, Pa	 __
    Federal Reserve Branch Bank of Cleveland^ Cincinnati, Ohio				0
    Federal Reserve Bank, Richmond, Va	 		695,382.12 0
    Federal Reserve Branch Bank of Richmond, Baltimore, Md
    Federal Reserve Branch Bank of Richmond, Charlotte, N. C. _	_	0
    Federal Reserve Bank, Atlanta, Ga			181, 547. 42
    Federal Reserve Branch Bank of Atlanta, New Orleans, La		0
    Federal Reserve Branch Bank of Atlanta, Jacksonville, Fla			0
    Federal Reserve Branch Bank of Atlanta^ Birmingham, Ala		0
    Federal Reserve Branch Bank of Atlanta, Nashville, Tenn		0
    Federal Reserve Bank, Chicago, Ill 			 _ 			367,731.18- 1 89.10'
    Federal Reserve Branch Bank of Chicago, Detroit, Mich _ _
    Federal Reserve Bank, St. Louis, Mo 		324, 515. 74 . 01
    Federal Reserve Branch Bank of St. Louis, Louisville, Ky
    Federal Reserve Branch Bank of St. T^ouis’ Little Rock, Ark		0
    Federal Reserve Branch Bank of St. Louis’ Memphis, Tenn		0
    Federal Reserve Bank, Minneapolis, Minn				406,127. 32. 0
    Federal Reserve Branch Bank of Minneapolis, Helena, Mont
    Federal Reserve Bank, Kansas City, Mol. 		1.					243, 260. 72
    Federal Reserve Branch Bank of Kansas City, Denver, Colo			0
    Federal Reserve Branch Bank of Kansas City, Omaha, Nebr				0
    Federal Reserve Branch Bank of Kansas City, Oklahoma City, Okla		0
    Federal Reserve Bank, Dallas, Tex.		 _ 		191, 693. 67
    Federal Reserve Branch Bank of Dallas, El Paso, Tex	 			0
    Federal Reserve Branch Bank of Dallas, Houston, Tex		0
    Federal Reserve Branch Bank of Dallas, San Antonio, Tex		0
    Federal Reserve Bank, San Francisco, Calif	 		598,039. 66 0
    Federal Reserve Branch Bank of San Francisco, Los Angeles, Calif
    Federal Reserve Branch Bank of San Francisco, Seattle, Wash .	0
    Federal Reserve Branch Bank of San Francisco, Portland, Oreg		0
    Federal Reserve Branch Bank of San Francisco, Spokane, Wash 		0
    Federal Reserve Branch Bank of San Francisco, Salt Lake City, Utah.. 			 _	0
    Unavailable funds—Payments made without personal liability for counterfeit war savings stamps—Series 1919			 ...		1, 295. 00

    Total		23, 647, 738. 55-
    1 Credit balance.
    REPORT OF THE TREASURER OF THE UNITED STATES
    47
    No. 12.—Federal reserve banks (with branches') and national banks designated as depositaries of public moneys, with the balance held June 30, 1938—Continued
    NATIONAL BANKS AND INSULAR DEPOSITARIES
    GENERAL AND LIMITED
    State	Number of depositaries	Amount of public moneys on deposit, collected funds	State	Number of depositaries	Amount of public moneys on deposit, collected funds
    Alabama		21	$211, 393. 66	New Jersey		58	$1,212,423.56
    Alaska		5	378,487.36	New Mexico.. 			5	121, 560. 53
    A riznna.	6	113,130. 55	New York		88	2, 211, 091.07
    Arkansas			14	105, 207. 58	North Carolina		27	' 63< 576.18
    California _ _ 		202	1, 234, 222. 74	North Dakota		12	93, 669. 21
    Colorado 		21	219, 040. 67	Ohio.. 		60	945',’504. 56
    Connecticut		17	391', 920.93	Oklahoma		31	364; 902.40
    Delaware _____________	5	83', 354. 66	Oregon.. 		14	146,008.69
    District of Columbia		7	135' 359.64	Pennsylvania		105	951, 777.67
    Florida		19	444', 886. 79	Rhode Island	..	3	303', 479. 88
    Georgia _ _ 		23	378' 277.89	South Carolina		8	345,957. 96
    Hawaii	 —		2	1, 543^ 285. 85	South Dakota.. 		14	189, 514.98
    Idaho _________________	8	' 119' 148. 92	Tennessee		17	419; 984.57
    Illinois ____________	69	1,426, 297. 96	Texas		56	495,033.98
    Indiana	56	' 588', 387. 66	Utah		2	25,386. 66
    Iowa 		43	539,683.35	Vermont		6	282; 864.16
    Kansas —	29	536' 057. 50	Virginia					37	1, 075,792. 28
    Kentucky.. 	 		26	229, 505. 70	Washington			27	560, 007. 60
    Louisiana.- _ ___ _ _ _ __	8	606j 893.10	West Virginia		19	454, 857. 51
    Maine	10	217,423. 44	Wisconsin		42	675,490.21
    Maryland— _				11	162^ 994. 65	Wyoming		8	90,332. 22
    Massachusetts		47	869^ 514.41	Insular depositaries (includ-
    Michigan				37	542^ 924.33	ing Philippine Islands):
    Minnesota				29	429^ 869. 07	Canal Zone		1	130, 391.16
    Mississippi-	15	308^ 612.69	Panama „ _ 		2	960,427.13
    Missouri.				21	334,153.91	Porto Rico		3	70, 040. 82
    Montana		9	104^ 643.19	Philippine Islands	;	1	871,176. 73

    Nevada.	1	, 94, 352. 65	Total			1,449	26,381,465. 24
    New Hampshire. _.		16	263; 980.86
    SPECIAL DEPOSITARIES
    Total balances in special depositaries in each Federal reserve district arising from sales of Treasury bonds, notes, and certificates of indebtedness, reported by the several Federal reserve banks as fiscal agents of the United States
    Federal Reserve Bank, Boston, Mass______________
    Federal Reserve Bank, New York, N. Y____________
    Federal Reserve Bank, Philadelphia, Pa__________
    Federal Reserve Bank, Cleveland, Ohio___________
    Federal Reserve Bank, Richmond, Va______________
    Federal Reserve Bank, Atlanta, Ga_______________
    Federal Reserve Branch Bank of New Orleans, La. Federal Reserve Bank, Chicago, Ill______________
    Federal Reserve Bank, St. Louis, Mo_____________
    Federal Reserve Bank, Minneapolis, Minn.._______
    Federal Reserve Bank, Kansas City, Mo___________
    Federal Reserve Bank, Dallas, Tex_______________
    Federal Reserve Bank, San Francisco, Calif______
    Total...__________________________________
    To the credit of the Treasurer of the United States, collected funds
    $13, 796, 520. 00
    70,496,800. 00
    15, 682, 516. 24
    12, 310, 000. 00
    8, 221, 359. 00
    8, 454,290. 00
    10, 858,827. 00
    19, 275,170. 00
    9, 310, 060. 02
    4, 260, 105. 68
    4,825,900. 00
    16, 506, 241.38
    51, 732,990. 00
    245, 730, 779. 32
    48
    REPORT OF THE TREASURER OF THE UNITED STATES
    No. 12.—Federal reserve banks (with branches') and national banks designated as depositaries of public moneys, with the balance held June 30, 1928—Continued
    FOREIGN DEPOSITARIES
    	To the credit of the Treasurer of the United
    Title of bank	States and United States disbursing officers
    Brussels branch of the Guaranty Trust Co., of New York City, Brussels, Belgium	 Shanghai branch of the National City Bank of New York City, Shanghai, China	 Tientsin branch of the National City Bank of New York City, Tientsin, China	 London branch of the Farmers Loan & Trust Co., of New York City, London, England-London branch of the Guaranty Trust Co., of New York City, London, England	 Paris branch of the Bankers Trust Co., of New York City, Paris, France	 Paris branch of the Guaranty Trust Co., of New York City, Paris, France	 Banque Nationale de la Republique, Port au Prince, Haiti	 Genoa branch of the National City Bank of New York City, Genoa, Italy		$961. 96 26, 671.15 166, 074. 50 37, 839. 86 13, 391. 96 0 43, 642. 05 46, 780. 00 36, 750. 62
    Total				372,112.10
    RECAPITULATION
    Federal reserve banks and branches_____________________________________________________ $23, 647,738. 55
    Special depositaries: Federal reserve banks, fiscal agents_____________________________ 245,730.779.32
    National-bank and insular depositaries, general and limited,___________________________ 26, 381, 465. 24
    Foreign depositaries___________________________________________________________________ 372,112.10
    Total________________________„______________________________________________________ 296,132,095.21
    No. 13.—Old demand notes of each denomination issued, redeemed, and outstanding June 30, 1928
    Denomination	Total issued	Redeemed during year	Total redeemed	Outstanding
    Five dollars		$21,800,000. 00 20,030,000. 00 18,200,000. 00		$21, 778, 752. 50 20,010, 355. 00 18,187,880. 00	$21,247. 50 19, 645. 00 12,120. 00
    Ten dollars
    Twenty dollars	 - . _ __
    Total
    	60,030,000. 00		59, 976, 987. 50	53,012. 50

    No. 14.—Fractional currency of each denomination issued, redeemed, and outstanding June 30, 1928
    Denomination	Total issued	Redeemed during year	Total redeemed	Outstanding
    Three cents		 Five cents	 Ten cents-. 	 			$601, 923. 90 5, 694, 717. 85 82,198,456. 80 5, 305, 568.40 139, 031,482. 00 135, 891, 930. 50	$3. 06 15.03 150. 50 15. 08 325. 51 400. 50	$511, 760. 04 3,836,497. 35 77,146,440. 28 5,065,837. 52 134, 772,954. 32 132,148,115.45	$90,163. 86 1,858,220. 50 5,052,016. 52 239,730.88 4,258, 527. 68 3, 743,815.05
    Fifteen cents	 Twenty-five cents.	 Fifty cents			 Total	 Unknown destroyed		 _
    	368, 724,079.45	909. 68	353,481, 604. 96	15, 242,474. 49 32,000. 00
    Net
    	368, 724, 079. 45	909. 68	353, 481, 604. 96	15, 210,474. 49 13, 218, 000. 45
    Estimated amount lost or destroyed while in circulation	 _
    Balance
    	•			1,992,474. 04
    REPORT OF THE TREASURER OF THE UNITED STATES 49
    No. 15.—Compound-interest notes of each denomination issued, redeemed, and outstanding June 30, 1928
    Denomination	Total issued	Redeemed during year	Total redeemed	Outstanding
    Ten dollars	 Twenty dollars		 Fifty dollars	 One hundred dollars	_____________	$23,285, 200 30,125,840 60, 824,000 45, 094, 400 67, 846, 000 39,420, 000	$40 20 100	$23, 266, 480 30,094, 850 60, 763, 350 45,062,800 67, 835, 000 39,416,000	$18,720 30,990 60,650 31,600 11,000 4,000
    Five hundred dollars . 	 ..
    One thousand dollars ______________ _ _ _ _
    Total
    	266, 595,440	160	266,438, 480	156,960
    No. 16.—One and two year notes of each denomination issued, redeemed, and outstanding June 30, 1928
    Denomination	Total issued	Redeemed during year	Total redeemed	Outstanding
    Ten dollars _ ._ _ 							$6, 200,000 16,440,000 20,945, 600 37,804, 400 40, 302,000 89, 308,000		$6,194,150 16,427, 960 20, 932,400 37,788, 700 40, 300,500 89, 289,000	$5,850 12,040 13,200 15,700 1,500 19,000
    Twenty dollars	.
    Fifty dollars	 One hundred dollars. .			....		$50
    Five hundred dollars
    One thousand dollars. _
    Total	 Unknown destroyed .
    	211,000,000	50	210, 932, 710 10, 590	67,290 10,590
    Net
    	211,000,000		210, 943, 300	56,700

    No. 17.—Seven-thirty notes redeemed and outstanding June 30, 1928
    Issued	Total issued	Redeemed drying year	Total retired to June 30, 1927	Outstanding
    July 17, 1861						$139, 999, 750 299, 992, 500 331,000,000 199, 000, 000		$139, 990,450 299, 947,300 330,970, 350 198,955,450	$9,300 45,200 29,650 44,550
    Aug. 15, 1864	 .
    June 15, 1865... .
    July 15, 1865...
    Total	......
    	969,992, 250		969, 863, 550	128,700

    No. 18.—Refunding certificates, act of February 26, 1879, redeemed and outstanding June 30, 1928
    How payable	Total issued	Redeemed during year	Total redeemed	Outstanding
    To order		$58, 500 39,954, 250		$58,480 39, 945, 220	$20 9,030
    To bearer				$40
    Total
    	40, 012, 750	. 40	40,003, 700	9,050
    REPORT OF THE TREASURER OF THE UNITED STATES 51
    52
    REPORT OF THE TREASURER OF THE UNITED STATES
    REPORT OF THE TREASURER OF THE UNITED STATES
    53
    TREASURY (WAR) SAVINGS CERTIFICATES
    54
    REPORT OF THE TREASURER OF THE UNITED STATES
    No. 20.—Number of banks with semiannual duty levied, by fiscal years, and number of depositaries with bonds as security at close of each fiscal year from 1919
    Fiscal year	Number of banks	Bonds held to secure circulation	Semiannual duty levied	Number of depositaries	Bonds held to secure deposits	Total bonds held
    1919		7,416 7,381 7,422 7,420 7,374 7,332 6,982 6,775 6,610 6,413	$888,387,750 984,488,600 953,503,640 818,765,000 749,648,690 750,858,930 665,061,330 665,616,390 666,991,130 665,658,650	$4,090,246.76 4,730, 245. 91 4, 753,995.02 4,387,405.18 4,143,764.65 4,066,599. 20 4,052,849. 78 3,277,512.90 3,253,461. 97 3,234,240. 29	1,399 671 718 1,185 1,257 1,254 1,221 1,317 1,311 1 1,295	$53,720,400 37,637,500 40,352, 600 41, 569,989 46,071, 650 45,242, 550 47,256,150 46, 824,050 46,741,500 47,142,250	$942,108,150 1,022,126,100 993, 856,240 860,334,989 795,720,340 796,101,480 712,317,480 712,440,440 713,732, 630 712,800,900
    1920
    1921
    1922
    1923
    1924		 1925
    1926
    1927
    1928

    1 Parent banks only included.
    No. 21.—Checks issued by the Treasurer for interest on registered bonds during the fiscal year 1928
    Title of loan	Number	Amount	Title of loan	Number	Amount
    Philippine loan of—			Porto Rican gold loan of—Con.
    1914-1934 (L. P.)		2,010	$242, 340. 00	1950		32	$4,000. 00
    1915-1935 (P. I. B.)		845	83', 940. 00	1951- 		24	4, 000. 00
    1915-1935 (M. S. & W.)		251	31i 300. 00	1952		24	4,000. 00
    1916-1936 (P. I. B.)		266	28,840.00	1953 		50	4, 000. 00
    1917-1937 (M. S. & W.)		354	49,910.00	1954_			16	4,000. 00
    1918-1938 (M. S. &	268	3i; 900. 00	1925-1939 (Pub. Imp.)		130	39, 520. 00
    1919-1939 (P. I. B.)		529	46, 600.00	Refunding, 1914	 			129	18,400. 00
    1921-1941 (Cebu)		80	4, 400. 00	Refunding municipal		3	' 600. 00
    1926-1946 (Loan 1916)		857	145; 260. 00	Irrigation, 1915		94	24,000. 00
    1930-1950 (M. P. & I.)		1,290	323, 922. 50	Insular refunding . .			63	4, 880. 00
    City of Manila (1920-1930-1950)	4	151, 250. 00	1916 Public improvement			93	15,960. 00
    Collateral Loan of 1926 (1936-			1918 Public improvement		32	14; 200. 00
    1956)			2	43,942. 50	Irrigation, 1918 __			40	8; 000. 00
    Collateral due 1956 (Pangasi-			1920 house construction	73	IL 250. 00
    nan)_-_	___ ___	_ 		2	19, 282. 50	Public improvement, 1937-1948.	140	45, 000. 00
    Collateral due 1956 (Occidental			Public improvement, 1922		129	50, 000. 00
    Negros).. __ -	... ___	2	18,000. 00	Public improvement, 1923		142	50,000. 00
    Collateral due 1956 (Marindu-			Irrigation of 1922	 		20	12, 500. 00
    que)	 			3	2,497. 50	Irrigation of 1923	 _	108	43,875. 00
    Collateral due 1956 (Ilicos			Irrigation of 1924.— _			68	27; 000. 00
    Norte)	 		2	12,330. 00	Workingmen’s house construe-
    Collateral of 1927 (due 1957)			tion, 1941-1942		7	1,237. 50
    Laguna—			7	4,410. 00	Irrigation of 1939-1959—		64	33, 750. 00
    Porto Rican gold loan of:			Irrigation of 1925-1963.-.	4	5; 625. 00
    1933-1943Z		111	40, 000. 00	Target range and aviation
    1944		32	4,000. 00	field, 1935-1948		2	9,000. 00
    1945		31	4, 000. 00	Irrigation of 1927 (1939-1966)	19	23,625. 00
    1946		40	4,000.00	Irrigation of 1927 (1939-1973)...	5	10, 687. 50
    1947 		2	4, 000. 00	Irrigation of 1927 (1959-1963)	1	IL 250. 00
    1948	46	4 000 00
    1949 	 		35	4,000.00	Total		8,581	1. 784,485. 00

    REPORT OF THE TREASURER OF THE UNITED STATES 55
    No. 22.—Coupons from United States bonds and interest notes paid during the fiscal year 1928, classified by loans
    Title of loans	Number	Amount
    First T.ibp.rtv loan, 3V£ per cent. 1932-1947 		2, 774,421	$34,364,821. 83
    First Liberty loan converted, 4 per cent, 1932-1947		38^793	99,734. 63
    First Libertv loan converted, 4J4 per cent, 1932-1947		1, 748,185	16,830,863.99
    First Liberty loan second converted, 4J4 per cent, 1932-1947		8i 523	117,053. 65
    First Libertv loan, 3J^ per cent, 1932-1947, converted account				391. 53
    Second Liberty loan, 4 per cent, 1927-1942		184,135	385,316.00
    Second Liberty loan converted, 4Ji per cent, 1927-1942		3,547j 327	17,333,425. 32
    Third Liberty loan, 4J4 uer cent, 1928		8i 415’, 514	62, 394' 931. 45
    Fourth Libertv loan, 4J^ per cent, 1933-1938		12,950,249	200j 050' 222. 57
    4/4 per cent Victory notes, 1922-1923		44,89..	89,451. 19
    3^4 per cent Victory notes, 1922-1923		53	' 488. 70
    4J4 per cent loan of 1947-1952		390,131	22,028, 345. 72
    4 per cent loan of 1944—1954_ 		297,293	35^ 793, 564. 00
    3^4 per cent loan of 1946-1956			101,458	16,975; 134. 01
    3/4 Per cent loan of 1943-1947				193, 265	12,783, 777. 29
    Consols of 1930, 2 per cent- _ 	 - 		3/J19	IL 221.00
    Panama Canal loan, 1916-1936, 2 per cent		' 113	12.50
    Panama Canal loan, 1918-1938, 2 per cent	 		14	21. 00
    Panama Canal loan of 1961, 3 per cent			22,495	149, 317. 50
    3 per cent conversion loan	 _	_ _ 		68, 169	504,639. 00
    2J^ per cent postal savings loan, fifth series		4	1.00
    2J^ per cent postal savings loan, consolidated		4, 071	7, 086. 75
    3 per cent certificates of indebtedness		10, 762	3,008,157. 50
    per cent certificates of indebtedness		37,937	8, 943, 250. 30
    3J4 Per cent certificates of indebtedness	•_		93,807	18,327, 003. 93
    3J£ per cent certificates of indebtedness	 		1,004	39, 637.19
    3M per cent certificates of indebtedness___________	__ 		76	1,987. 52
    4 per cent certificates of indebtedness		28	486. 68
    414 per cent certificates of indebtedness	________________________	4	63. 75
    4^2 per cent certificates of indebtedness		21	607. 50
    5/4 per cent certificates of indebtedness		7	144. 28
    5^4 per cent certificates of indebtedness 			12	395. 35
    6 per cent certificates of indebtedness		5	150. 00
    5/4 per cent Treasury notes, series A-1924		104	4,444. 81
    5/4 per cent Treasury notes, series B-1924 		121	2,494.25
    4^4 per cent Treasury notes, scries A-1925	________ 			89	2,169. 98
    4/4 per cent Treasury notes, series B-1925		535	6,074. 60
    4J4 ner cent Treasury notes, series C-1925 _ __ 		730	6,363.00
    4% per cent Treasury notes, series A-1926		352	4,303. 76
    4/4 per cent Treasury notes, series B 1926	 _____________	695	10,945.89
    4J4 per cent Treasury notes, series A-1927 		113,606	8,253,970. 55
    4^4 per cent Treasury notes, series B-1927			20,290	239,286. 20
    3J4 per cent Treasury notes, series A-1930-1932		325,436	45,471,894. 57
    3^4 per cent Treasury notes, series B-1930-1932 ________________________	117, 682	10, 592, 729. 50
    314 per cent Treasury notes, series C-1930—1932_ 		77,364	8,220,371. 67
    4 J^ per cent funded loan of 1891		1	1.13
    5 per cent loan of 1904	_			19	237. 50
    4 per cent funded loan of 1907		 _______	204	156. 00
    3 per cent loan of 1908-1918			1, 594	588. 00
    4 per cent loan of 1925	_ __ 	 		256	665. 50
    6 per cent Five-twenties of 1862		2	6.00
    523, 058, 387. 54
    31, 595, 767
    Total.
    No. 23.—Checks paid by the Treasurer during the fiscal year 1928 drawn by the Secretary in payment of interest on coupon bonds
    Title of loan
    4per cent second Liberty loan... 4Ji per cent third Liberty loan_
    4Ji per cent fourth Liberty loan...
    Total.____________________
    Number	Amount
    1	$6. 37
    1	12. 76
    1	2.12
    3	21. 25
    56
    REPORT OF THE TREASURER OF THE UNITED STATES
    No. 24.—Checks drawn by the Secretary and paid by the Treasurer for interest on the registered bonds of the United States during the fiscal year 1928
    Title of loan	Rate of interest	Checks drawn by the Secretary of the Treasury		Cheeks paid by the Treasurer of the United States
    		Number	Amount	Number	Amount
    Loan of 1925		 .	Per cent 4 3 2 3 2 2 V/2 3 3J4 4 4^ 4M 4 414 4J4 4J4 4% 4J£ 4 3^ 4 4 3%			42 97 24,425 5, 287 2,905 1,713 5,911 346 29, 379 17, 503 170,805 1,350 9,992 28, 638 791,919 1, 352, 866 277 27, 987 11, 391 1, 656 1 27,837	$256.00 357.61 11,988,456. 50 1,337,426. 25 979,481. 30 519,251. 90 332,406. 62 361, 963. 50 15, 553,985.11 126,321. 62 5,799,016. 06 31,172.02 38,408. 00 312,333. 78 16,450, 238. 52 68,174, 602.00 2,297. 66 10,378,114. 06 6,034,996.00 1,458, 293. 36 11,448,000. 00 1, 824,000. 00 3, 219,196. 46
    Loan of 1908-1918
    Consols of 1930	 Panama Canal loan of 1961	 Panama Canal loan of 1916-1936	 Panama Canal loan of 1918-1938	 Postal savings	 Conversion	 First Liberty loan	_ First Liberty loan, converted	 Do	 First Liberty loan, second converted... Second Liberty loan	 .		27, 311 5,201 3, 550 2,103 6,191 388 31,880 17, 503 173,362 1,473	$11,986, 529. 50 1,342,095.75 979,064. 40 518,924.40 332, 585. 75 362,188. 50 15, o85, 272. 50 124,885. 00 5,828, 687. 28 31,361.07
    Second Liberty loan, converted
    Third Liberty loan	 Fourth Liberty loan	 Victory loan	_				872,132 1,459, 710	16,437,833. 97 68,213, 341. 89
    Treasury bonds of 1947-1952		 Treasury bonds of 1944-1954	 Treasury bonds, 1946-1956	 Treasury notes, adjusted service series. Treasury notes, civil service retirement fund series	 Treasury bonds of 1943-1947	 Total	_ _ _ _ _ 			28,458 12,712 2,331 3 1 34,004	10,377, 205. 60 6, 046,646. 00 1,460, 278. 27 11,448,000. 00 1,824, 000. 00 3, 332,893. 30
    		2, 678, 313	156, 231,793. 18	2, 512, 330	156,370, 574. 33

    Note.—The excess in the amount of payments over the amount drawn is represented in checks paid during the fiscal year 1928 which were drawn in prior years.
    No. 25.—Money deposited in the Treasury each month of the fiscal year 1928 for the redemption and retirement of national-bank notes
    Month	5 per cent account	Retirement account		Total
    		Insolvent and liquidating	Reducing
    1927—July		$40,199, 974. 46	$1, 728, 797. 50	$554, 600. 00	$42,483, 371. 96
    August— 	 _	43, 293, 040. 79	64, 575.00	365,150.00	43, 722, 765. 79
    September -- — 		37,178, 578. 54	1, 215, 350. 00	526, 600.00	38', 920; 528. 54
    October	 _			46^ 719i 611.45	240,000. 00	1, 252; 600. 00	48; 212; 211. 45
    November.			40, 709, 673.13	146, 750. 00	1, 023, 345. 00	41, 879; 768.13
    December „				 . . .	40,44L 634. 27	474, 995. 00	L 073; 797. 50	41, 990; 426. 77
    1928—January.. 	 		48', 282,076.13	572; 800. 00	L 400; 300. 00	50; 255; 176.13
    February		47i 758^ 538. 02	389,190. 00	1, 861, 835. 00	50; 009; 563. 02
    March			46i 070; 584. 82	231', 650. 00	' 802, 855.00	47; 105, 089.82
    April		4i; 105; 527. 56	2, 689,192. 50	1, 697; 100.00	45; 491,820.06
    May		4i; 849; 492. 32	' 856, 742. 50	2, 361, 500.00	45', 067; 734. 82
    June			39; 675', 848. 50	507, 247. 50	3; 084; 625. 00	43; 267; 721.00
    Total				513, 284, 579. 99	9,117, 290.00	16, 004, 307. 50	538,406,177. 49
    ag' es
    57
    REPORT OF THE TREASURER OF
    THE UNITED STATES
    00 61
    50
    25
    30
    90
    62
    50
    co g Ci e
    0 e
    §

    •

    g Os
    §
    Cg 3
    Balance							Dollars 100,161, 530.18 26,043, 520. 92 16, 817, 228. 98 17,249, 720.13 15,452,930.16 18, 589, 697. 20 20, 713, 204. 03 18, 439, 641. 61 19, 619, 203.68			20, 316, 993.87 23,161,272.11 24, 530, 554.93 17, 264, 714. 78 19, 376,884. 28 22,830, 367. 64 22,095, 716. 81 18,165, 282. 44 16, 323, 743. 65 15, 569, 659.88 18, 620, 483. 24 20, 505, 721. 63
    .9 3 ft® o T5							^SSSSSSSSS ^OSCOCMr^CDOOCMOOCM (NN-'faSr-ir-OGOSCMM NiOCMCMCOCsCsOST-ib- QO QO O CO b- r- r-< 1< r-T cm" co cm"			gggggg 8888S8 Tt 111	11	11	lit III	11	11	ill 111	11	11	111 111	11	11	111 ill	11	11	111 111	11	11	111 111	11	11	111		400.00
    						Bond secured	Dollars 22,835,072. 50 23,134, 384.50 18, 302, 631. 00 16, 531,870.00 16, 527,480.00 21, 780, 047. 50 65, 554, 255. 00 52, 937, 297. 50 27, 201,865. 00			2,173, 850. 00 2, 344, 380. 00 2, 077, 545. 00 2, 279, 800.00 1, 935, 335.00 1,985, 710.00 2,189,090.00 2,441, 570.00 2,449,050.00 2, 374,010. 00 2, 274, 760.00 2,462,200.00		26,987,300.00
    			For destruction and			D 3 n O 3	Dollars 257, 543, 020. 00 449, 229, 862. 50 488, 931, 357. 50 597, 684, 942. 50 521, 085,337. 50 519, 688, 222. 50 486, 212, 802. 50 474, 929, 667. 50 475, 227, 847. 50			40, 756, 710.00 40, 653,110.00 38, 569,085. 00 46,081,127. 50 38, 618,160. 00 42, 857, 660.00 48, 763,505. 00 46,407,460.00 45, 970,195. 00 40, 551, 670.00 40, 309, 730.00 42,116,540.00		511,654,952. 50
    			For re-	2 3 §		issue	Dollars \ 28,599,350 3, 373, 500 16, 246,000 8,006, 740 5, 472, 300 7,447, 200 1, 538,000 1				1	1	1	1	1	1	1	1	1	1	1	1 1	1	1	1	1	1	1	1	1	1	1	1 1	1	1	1	1	1	1	1	1	1	1	1 1	I	1	1	1	1	1	1	1	1	1	1 1	1	1	1	1	1	1	1	1	1	1	1 1	1	1	1	1	1	1	1	1	1	1	1 1	1	1	1	1	1	1	1	1	1	1	1 1	t	1	1	1	1	1	1	1	1	1	1 1	1	1	1	1	1	1	1	1	1	1	1
    Counted into cash							Dollars 603,914,628.55 911,414, 508. 74 1,015,557, 593. 56 853, 026, 354.15 679, 331, 727. 53 616, 690,607.04 574,891, 707.83 546, 221, 750. 58 522, 596, 266. 57			44, 950, 604.W 46, 797,177.24 42, 600,112.82 44,974,485. 35 43,908,437. 50 48, 313,001.36 54,457, 323.17 46, 498, 791. 63 48, 252,117. 21 44, 207,476.23 47,484, 253.36 47, 734, 392. 39		1 560,178,172.45
    Fiscal year							1919	 1920	 1921	 1922	 1923	 1924	 1925	 1926	 1927	 1927 July.... Aug.-Sept	 Oct	 Nov	 Dec	 1928 Jan	 Feb.... Mar	 Apr.	 May	 June						3 ©
    58
    REPORT OF THE TREASURER OF THE UNITED STATES
    No. 27.—Currency received for redemption by the National Bank Redemption Agency from the principal cities and other places, by fiscal years, from 1919, in thousands
    Fiscal year	New York	Boston	Philadelphia	Baltimore	Chicago	Cincinnati	St. Louis	New Orleans	Other places	Total
    1919		$153, 647	$34, 082	$45, 582	$8, 483	$50, 350	$49, 569	$29, 207	$8,296	$237,632	$616,848
    1920		174, 302	43, 686	84, 455	12, 208	80, 763	61, 672	33, 955	9, 631	407, 350	908, 022
    1921..l....	143; 062	47,236	90; 028	13; 376	90, 645	47,449	29, 940	9,679	545, 338	1, 016, 753
    1922		161,928	49,176	73,845	12, 498	72, 232	20, 432	30, 930	10,114	421, 904	853, 059
    1923			130,414	46, 222	32, 706	19, 276	65, 722	18, 706	19,186	8,106	339, 038	679, 376
    1924		93,151	41,183	61, 272	14, 209	68, 806	15, 738	17,328	5; 646	299,420	616; 753
    1925		10L835	43; 185	47; 397	10, 702	62, 721	14, 294	13,957	6; 576	274; 253	574; 920
    1926		88,470	40,107	40, 791	10, 692	57, 778	15,032	15,049	6, 659	27i; 666	546; 244
    1927		101, 749	34,309	43, 438	7, 796	50, 400	12, 619	16, 787	6,895	248, 633	522, 626
    1928		103,854	37; 441	46, 941	8; 495	57, 590	13, 559	16; 641	L 024	268; 654	560,199
    No. 28.—Mode of payment for currency redeemed at the National Bank Redemption Agency, by fiscal years, from 1919
    Fiscal year	Treasurer’s checks	United States currency	Gold, silver, and minor coin	Credit in general account	Credit in redemption account	Total
    1919.. . .	$18, 418,673. 20 40, 530, 245. 32 2, 997, 501. 43 503,190. 00 354,690. 94 263, 547. 45 419,909. 79 340, 554.11 391,135. 65 345, 941.11	$173. 265, 442. 78 45,418,429. 73 21,.585, 953.87 445,282. 01		$410,481, 596. 25 823, 041, 581.41 989, 478, 454. 43 851, 481, 806. 29 678,864,343.39 616,416, 511. 49 574, 470,189. 04 545,877, 497. 47 522, 200, 574. 92 559, 830, 851. 34	$1, 748,916. 32 2,424,252. 28 1, 495, 683. 83 596, 075. 85 112, 693. 20 10, 548.10 1, 609. 00 3, 699. 00 4, 556. 00 1,380. 00	$603, 914, 628. 55 911, 414, 508. 74 1,015, 557, 593. 56 853, 026,354.15 679, 331, 727. 53 616, 690, 607. 04 574,891, 707. 83 546,221,750. 58 522, 596, 266. 57 560,178,172.45
    1920 ....
    1921
    1922 .
    1923...
    1924
    1925 .
    1926
    1927
    1928

    No. 29.—Deposits, redemptions, assessments for expenses, and transfers and repayments on account of the 6 per cent redemption fund of National and Federal reserve banks, by fiscal years, from 1919
    Fiscal year	Deposits	Redemptions	Assessments	Transfers and repayments	Balance
    1919		$934,977, 257. 23 1, 772, 280, 776. 57 2,041, 796, 421.11 1, 866, 252, 022. 45 1, 053, 910, 471. 84 1,447,130, 072. 50 1, 315, 600, 769.16 1, 278, 523, 397. 95 1, 210. 583, 574. 89 1, 300, 634, 579.99	$500,128, 995. 00 954, 447, 760. 00 975, 422, 607. 50 742, 643, 782. 50 590, 009, 698. 50 567, 663,882. 50 503, 690, 602. 50 493, 981, 597. 50 493,183, 452. 50 531, 430, 367. 50	$409,138. 94 535, 201. 43 975,457. 83 1,113, 761,64 987, 514. 91 771,616.17 758, 012.81 590, 563. 36 550, 405. 70 520,917. 02	$323,245, 597. 09 773, 734, 755. 96 1,046, 642,184.48 1,193,172,412.12 472, 687,471. 78 914, 041,328. 57 793,906,012.43 793,832,969. 54 729, 288, 699. 39 759,417, 076. 59	$224, 653, 225.33 268. 216. 284. 51 286, 972,455. 81 216, 294, 522. 00 206, 520, 308. 65 171,173,553. 91 188, 419, 695. 33 178, 537, 962. 88 166, 098, 980. 18 175, 365,199. 06
    1920.
    1921
    1922
    1923
    1924
    1925......
    1926
    1927
    1928

    Note.—Federal reserve notes not included until fiscal year 1918. Federal reserve note balance June 30, 1917, was $28,727,266.29.
    REPORT OF THE TREASURER OF THE UNITED STATES 59
    No. 30.—Deposits and redemptions on account of the retirement of circulation, by fiscal years, from 1919
    NATIONAL-BANK NOTES
    Fiscal year	Deposits			Redemptions	Balance
    	Insolvent and liquidating	Reducing	Total
    1919 		$2, 397, 900. 00	$20, 275,417. 50	$22, 673,317. 50	$23,453, 567. 50	$36, 077,377.00
    1920		5, 474, 810. 00	11,335, 577. 50	16, 810i 387. 50	23i 270, 624. 50	’ 29; 617; 140.00
    1921 		10,948, 735. 00	8,318, 280. 00	19, 267, 015. 00	is; 374; 001.00	30; 510; 154.001
    1922		5, 358', 755.00	211", 872. 50	11, 570i 627. 50	16; 568', 350. 00	25; 512; 431.50
    1923		6, 589, 537. 50	12, 670, 250. 00	19, 259, 787. 50	16; 540, 080. 00	28; 232; 139. 00
    1924 		13,383,052. 50	13,128' 705. 00	26, 511' 757. 50	21', 789; 782. 50	32', 954; 114. OO
    1925 		7,454,182. 50	97j 993^ 190. 00	105^ 447^ 372. 50	65; 558, 260. 00	72; 843; 226. 50
    1926		11,194, 207. 50	Hi 029; 267. 50	22, 223', 475. 00	52; 937; 972. 50	42; 128; 729. 00
    1927 		17, 232, 862. 50	10, 595' 275. 00	2L 828,137. 50	27; 203; 100. 00	42; 753; 766. 50
    1928		9,117,290. 00	16i 00< 307. 50	25; 121i 597. 50	26; 987; 700. 00	40; 887; 664. 00
    FEDERAL RESERVE BANK NOTES
    Fiscal year	Deposits	Redemptions	Balance
    1919			$882,820	$28,180
    1920		$261, 600	289', 780
    1921		20, 920; 000	19,158', 000	1, 762, COO
    1922		95; 516', 000	90, 720; 000	6', 558', 000
    1923		71, 287; 784	57; 887,084	19; 958; 700
    1924		i; 94i; 800	li; 304; 330	io; 596; 170
    1925			3; 420; 137	7; 176; 033
    1926			li 462, 885	5; 713', 148
    1927			' 858; 910	4; 854; 238
    1928			699,620	4,154; 618

    No. 31.—Expenses incurred in the redemption of National and Federal reserve currency, by fiscal years, from 1919
    Fiscal year	Charges for transportation	Office of Treasurer of the United States		Office of Comptroller of the Currency		Total
    		Salaries	Contingent expenses	Salaries	Contingent expenses
    1919		$229,039. 24	$239, 736.42	$13, 248. 62	$46, 055. 22	$344. 74	$528,424. 24
    1920		326,112. 76	499,385. 51	63,886. 26	91, 871.24	1, 247.67	982, 503.44
    1921		319, 995. 66	596; 963. 82	74; 335. 21	117,183.19	6, 668. 27	1,115,146.15
    1922		265,809. 00	567,518. 28	31, 687. 36	117,129. 58	3, 111. 61	985, 255. 83
    1923		197; 664. 61	469, 828.06	1< 967. 31	78,885. 54	li 627.89	762,973.41
    1924		189,101. 40	441, 040.43	18, 890. 01	73,112. 04	1, 693.64	723,837. 52
    1925		143, 992. 03	383; 178.17	11, 069.42	67,903.99	2, 262. 41	608,406.02
    1926		148; 429. 91	320, 255. 16	15, 535.32	62; 918.15	1, 430. 20	548, 568. 74
    1927		140, 792. 59	311,333. 91	10,885.15	61,121. 68	1, 960. 60	526, 093.93
    1928		143,822. 38	304, Oil. 98	17,049. 52	48, 549. 58	4,429. 72	517, 863.18
    15266—28---5
    60 REPORT OF THE TREASURER OF THE UNITED STATES
    No.. 31.—Expenses incurred in the redemption of National and Federal reserve currency, by fiscal years, from 1919—Continued
    Rate of expense
    Fiscal year	National-bank notes			Federal reserve bank notes .			Federal reserve notes
    	Active		Retirement	Active		Retirement	From banks of issue	From other sources
    	Fit for use	Unfit for use		Fit for use	Unfit for use			Fit for use	Unfit for use
    1919		$0. 72976	$1.18380	$0. 92882	$1.10802	$0. 92882	$0.92882	$0.10314	$0. 58390	$0.37080
    1920		.64823	. 94490	. 76864	.95741	1.15854	1.15854	.09437	.54137	.38637
    1921		. 81738	1. 04644	. 77429	.81171	. 97863	.97863	. 12009	. 64583	.47018
    1922		.78670	. 96382	. 71244		.91759	.91759	. 10062			.45312
    1923		. 85319	. 95575	. 71936		.82494	.82494	. 11326	. 63719	.47807
    1924		.88838	. 97308	. 71887		.97450	. 97450	. 11123	. 68642	. 49402
    1925		. 84488	. 85590	. 64582			1. 33362	. 10546	. 63672	. 44968
    1926			. 95990	. 72888			3. 61427	. 34109		. 76652
    1927			. 94229	. 72068			5. 45060	.35850	—	. 76321
    1928		--- - - -	. 87394	. 66403	__ ___ ___		1. 08008	. 34821	—	. 69569
    Note.—Prior to 1926 all rates were on the basis of $1,000. Beginning with 1926 the rates for Federal reserve bank notes and Federal reserve notes are on basis of 1,000 notes redeemed.
    No. 32.—Amount of national-bank notes redeemed and assorted, during the fiscal year 1928, and the assessment for expenses of redemption
    	Amount redeemed	Rate per $1,000	Assessment
    Redeemed out of 5 per cent fund, unfit for use	.	 Redeemed on retirement account	 Total							$511,654,952. 50 26,987,700.00	$0. 87394735 . 66403092	$447,159. 49 17, 920. 67
    	538, 642, 652. 50		465, 080.16

    COSTS OF REDEMPTION ASSESSED UPON ALL THE NATIONAL BANKS
    	Amount of expenses
    	Office Treasurer U. S. (N. B. R. A.)	Office Comptroller of Currency	Total
    National-bank notes: Redeemed out of 5 per cent fund, unfit for use— Salaries			 Printing, binding, and stationery	 Contingent expenses	 Express charges	 Insurance.			 Postage	■-			$239, 690. 51 12, 304. 90 2,977. 87 229.42 21, 223. 53 13, 051. 50	$46, 070. 05 3,431. 63 775.30 21, 380. 63 86,024.15	$285, 760. 56 15, 736. 53 3, 753.17 229. 42 42, 604.16 99, 075. 65
    Total		289,477. 73	157, 681. 76	447,159.49
    Redeemed on retirement account— Salaries	 Printing, binding, and stationery	 Contingent expenses	 Express charges		 Insurance	 Postage		12, 642. 69 649. 03 157. 07 12.10 1,119.45 688.41	2, 430. 01 181. 01 40.90	15,072. 70 830. 04 197. 97 12.10 1,119. 45 688. 41
    Total				15, 268. 75	2, 651. 92	17,920. 67
    Aggregate		304, 746.48	160, 333. 68	465, 080.16
    REPORT OF THE TREASURER OF THE UNITED STATES
    61
    No. 33.—Amount and number of pieces of Federal reserve notes and Federal reserve bank notes redeemed during the fiscal year 1928, and the assessment for expenses of redemption
    Amount	Number of	Rate per	Assess-
    	notes	1,000 notes	ment
    Federal reserve notes: Received from sources other than Federal reserve banks and branches	 Received direct from Federal reserve banks and branches, canceled and cut	 Federal reserve bank notes: Received from all sources, including Federal reserve banks and branches	 Total		$19, 775,415 1,387. 941, 550 699, 620	1,638, 522 147,148, 869 373, 562	$0. 69569966 . 34821620 1. 08008844	$1,139. 92 51, 239. 62 403. 48
    				52,783. 02
    COSTS OF REDEMPTION ASSESSED UPON ALL THE FEDERAL RESERVE BANKS
    	Amount of expenses
    	Office Treasurer U.S.(N. B. R. A.)	Office Comptroller of Currency	Total
    Federal reserve notes: Received from sources other than Federal reserve banks— Salaries..	_			 					$1,105. 26 20. 93		$1,105. 26 20. 93
    Printing, binding, and stationery		 _
    Contingent expenses		13. 73		13.73

    Total		 		 _	_			1,139. 92		1,139. 92

    Received direct from Federal reserve banks and branches, canceled and cut— Salaries,. 			 			 -	 -- __	50,321. 53 317. 75		50,321. 53 317. 75 600.34
    Printing, binding, and stationery
    Contingent expenses		 -	- -.	-		 		600. 34

    Total 	 	 			 			 		51, 239. 62		51, 239.62

    Federal reserve bank notes: Received from all sources— Salaries 				 			 __		 -		251. 99	$49.52 .05	301.51
    Printing, binding, and stationery		4. 77		4. 82
    Contingent expenses .		- 		 __ 		3.13	.83	3. 96
    Express charges...		 		 		.25		.25
    Insurance _ .. 	 		20. 64		20. 64
    Postage -	_ _		 __ 	 - _ --	72. 30		72.30

    Total	 	 		353. 08	50.40	403. 48

    Total amounts assessed against Federal reserve issues		52, 732. 62	50.40	52, 783. 02
    No. 34.—General cash account of the National Bank Redemption Agency for the fiscal year 1928, and from July 1, 1874
    For fiscal year From July 1,1874
    DR.
    Balance from previous year______________________________________
    Currency received for redemption..______________________________
    “Overs”_________________________________________________________
    Total______________________________________________________
    CR.
    $19,619, 203. 68
    560,199,410. 72
    7, 522. 50
    579, 826,136. 90
    $17, 566,391, 929. 80
    2, 774, 823. 29
    17, 569,166, 753. 09
    National-bank notes returned to banks of issue___________________
    National-bank notes delivered to Comptroller of the Currency_____
    Federal reserve bank notes returned to banks of issue____________
    Federal reserve bank notes delivered to Comptroller of the Currency. Federal reserve notes returned to banks of issue_________________
    Federal reserve notes delivered to Comptroller of the Currency___
    Money deposited in Treasury______________________________________
    Packages referred and moneys returned____________________________
    Express charges deducted_________________________________________
    Counterfeit notes returned_______________________________________
    Uncurrent notes returned or discounted___________________________
    “Shorts”_______________________________________________________
    Cash balance, June 30,1928_______________________________________
    538,642, 652. 50
    699,620. 00
    19,775,415. 00
    173,967. 00
    5.00
    40. 65
    203. 60
    19,120.52
    9,391.00
    20,505, 721. 63
    2, 984, 091.186. 00
    12,439, 917,046. «0
    3, 419,600. 00
    756, 289, 302. 00
    156,209, 650.00
    930,607,622. 50
    199,101,226. 23
    76,434, 350. 86
    144,262. 72
    112,530. 95
    545,438. 37
    1, 788, 815. 23
    20,505, 721. 63
    Total.
    579,826,136. 90
    17,569,166, 753. 09
    No. 35.—Number of notes of each kind of currency and denomination redeemed and delivered by the National Bank Redemption Agency during the fiscal year 1928
    62
    R	tei Total	bj O	IT OF THE TREASURI					VV, UUO,1 Hi! I Hi	iiii iiii ; ! ! ; : : : i	i i	i i i i			i i i i iiii IIII	H 1 ;; I i i i	cq CO OQ (N (N	oq th
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    ination	03 §		; ! i i i i	i i i i H i I i i i ■	iiii Illi Iiii	i	! : i i । ।	i i	i	iiii	i i i i i i
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    ' notes of es	JO						i s s'		i i	iiiis	! i S i ; i i
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    	JO oq		; ! ! i i	i i i Hi	i i i i i i	i	19, 820	i i*	J	l i—<	1	T—4	73, 408	i i i i i i i i i i i i i i i	i
    	JO		i i i i	i i i	i i i i i i : : :		i 8	; ;g; ; -i;		70,170 144 62,200	259, 624	i i i | i i i i i i	i i	b J
    	>> O fl 3 Q O fl 2	National-bank notes: 1097—Tnlv	. 		i i i i J	i i i 1 i i i i i If rgi* ill!	i i i i i i i i i i i i if	1	Total national-bank notes	1 Federal reserve bank notes: 1927—Julv					i i	ueueinoer	 1928—January	:	 February	 March	 * April		May	 June	 Total Federal reserve bank notes	 Federal reserve notes: 1927—July	 August			 September		 October	-•	 November			।	Adb lla 	Aremref—8361
    REPORT OF THE TREASURER OF THE UNITED STATES
    63
    1,495 I 1,291 I 11	5 1 16,000,480
    64 REPORT OF THE TREASURER OF THE UNITED STATES
    No. 36.—Average amount of national-bank notes outstanding and the redemptions, by fiscal years, from 1875 (the first year of the agency)
    Year	Average outstanding	Redemptions		Year	Average outstanding	Redemptions
    		Amount	Per cent			Amount	Per cent
    1875		$354, 238, 291	$155, 520,880	43.90	1902	$358,173 941	$171 869 25R	47 98
    1876		344,483, 798	209,038; 855	60. 68	1903	383 173 195	196 429’ 621	51 26
    1877		32i; 828; 139	242; 885; 375	75.47	1904	428, 886,482	262 141’ 930	61 12
    1878		320,625,047	213,151,458	66.48	1905	468,285,475	308 298’ 760	6.5 84
    1879		324, 244; 285	157; 656; 645	48. 62	1906	538 065 425	296 292 885	55 07
    1880		339, 530,923	61', 585; 676	18.13	1907	589,445 599	240’ 314’ 681	40 77
    1881		346, 314,471	59, 650, 259	17. 22	1908	662,473, 554	349, 634’ 341	52 78
    1882		359, 736, 050	76,089, 327	21.15	1909	680, 666,307	461 522 202	67 80
    1883		359,868, 524	102, 699, 677	28. 53	1910	707 919 327	502 498’994	70 98
    1884		347, 746; 363	126; 152; 572	36.27	1911	724, 911 069	551’ 531’ 596	76 08
    1885		327,022,283	150, 209; 129	45.93	1912	739,940 744	649 954’ 710	87 84
    1886		314,815, 970	130; 296; 607	41.38	1913	750,906 777	675’ 889’ 000	90 01
    1887		293, 742, 052	87; 689; 687	29. 85	1914	755, 598’ 359	706’ 656’ 602	93 54
    1888		265, 622, 692	99,152; 364	37. 32	1915	943,887 520	782 633’ 567	82 92
    1889		230, 648, 247	88, 932', 059	38. 55	1916	770 598 250	522’ 923’ 441	67 86
    1890		196, 248', 499	70, 256; 947	35.80	1917	724,’ 305’ 232	406’ 462 419	56 12
    1891		175, 911, 373	67; 460; 619	38.34	1918	719,159 594	331’507’ 154	46 10
    1892		172,11% 311	69, 625, 046	40.45	1919	722, 275 127	371’ 361’ 153	51 42
    1893		174, 755; 355	75, 845, 225	43.40	1920	722,934 617	425’ 741’ 623	58 89
    1894		205, 322, 804	105', 330; 844	51. 30	1921	729 728,404	517’ 041’ 511	70 85
    1895		207,860, 409	86, 709; 133	41. 71	1922	748,385 215	624 341’433	83 43
    1896		217,133,390	108,260,978	49.85	1923	762 185 655	54l’ 924’ 488	71 10
    1897		232, 888; 449	113;.573; 776-	48. 76	1924	773, 595’ 367	552 752’ 522	71 45
    1898		228,170,874	97, Illi 687	42. 56	1925	763 321 196	554’ 778’ 135	72 68
    1899		239, 287, 673	90,838; 301	37.96	1926	710, 446^ 757	526’ 021’ 181	74 04
    1900		260, 293, 746	96, 982, 608	37.25	1927	700 359 909	503’ 7io’ 942	71 92
    1901		339,884, 257	147,486; 578	43.39	1928		701, 377, 044	539; 226; 025	76.88
    No. 37.—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
    Fiscal year:
    1916------------------------------------------------------ $24,	486,	000
    1917-------------------------------------------------------- 55,	042,	725
    1918------------------------------------------------------- 213,	730,	775
    1919------------------------------------------------------- 701,	857,	330
    1920---------------------------------------------------- 1,	722,	882,	472
    1921---------------------------------------------------- 1,	781,	861,	460
    1922---------------------------------------------------- 2,	127,	406,	150
    1923---------------------------------------------------- 1,	475,	743,	935
    1924---------------------------------------------------- 1,	466,	673,	540
    1925---------------------------------------------------- 1,	296,	422,	050
    1926---------------------------------------------------- 1,	282,	686,	600
    1927---------------------------------------------------- 1,	370,	635,	100
    1928---------------------------------------------------- 1,	387,	941,	550
    REPORT OF THE TREASURER OF THE UNITED STATES
    65
    No. 38.—Amount of money outside of the Treasury, the amount held by Federal reserve banks and agents, and the amount in circulation, the per capita, and the estimated population of the United States, on the last day of each month from July, 1926, revised
    (In thousands of dollars)
    Date		Money outside of the Treasury				Population of continental United States (estimated)
    		Total	Held by Federal reserve banks and agents	In circulation
    				Amount	Per capita
    	1926	■ $6,358,383 6, 380,476 6.402, 282 6,418,146 6,434, 563 6, 529,215 6,736, 585 6, 599,379 6, 592,012 6,609,913 6,603, 541 6, 640,309 6, 604,432 6, 556,444 6,541,463 6, 560,199 6, 579, 094 6, 628,710 6, 698,442 6,448,255 6, 383, 518	$1, 473,118 1,471,290 1,472, 049 1,439,925 1,413,151 1,492,235	$4, 885, 265	$42.29	115, 523,000
    July 31	 _______				4,909,186 4,930, 233	42.45	115, 641. 000
    Aug. 31 ________					42.59	115,759,000
    Sept. 30	-- 					4,978,221	42.96	115,877,000
    Oct. 30						5, 021,412	43. 29	115,996, 000
    Nov. 30 					5,036,980	43. 38	116,114,000 116,232, 000
    Dec. 31		 	 __			■ 1,641,430	5,095,155 4,845, 755	43.84
    	1927		1,753, 624		41.65	116,351, 000 116,469,000
    Feb. 28	 				1,707,244 1,748,207	4,884, 768	41.94
    Mar. 31 					4,861,706 4, 890, 607	41.70	116, 588,000
    Apr. 30					1,712,934 1, 747,641 1,753.110 1,710, 662 1, 687, 691 1,611,737		41. 91	116,706,000
    May 31	 					4, 892, 668 4, 851, 322	41.88	116,824,000
    June 30_ _ 								41.48	116, 943, 000
    July 31 .. __ 	 -- -					4, 845,782	41.40	117,061, 000 117,180, 000
    Aug. 31	 —				4,853, 772	41.42
    Sept. 30_ _ 	 -	-				4,948,462	42.19	117,297, 000
    Oct. 31					1, 633, 321 1, 676, 738	4, 945, 773	42.12	117,416, 000
    Nov. 30				 .. - -				4, 951,972	42.13	117, 534,000
    Dec 31	_			1, 695,486 1, 771, 200 1, 693,088 1, 628,283 1, 581,366 1,558,774 1, 582, 576	5,002,956 4, 677,055 4, 690,430 4,748,934 4,748,458	42.52	117, 653, 000
    	1928				39.71	117, 772, 000
    Feb. 29							39.79	117,890, 000
    Mar. 31		 			6,377,217 6,329,824 6,302, 848 6,379,197			40.24	118,009,000
    Apr. 30								40.20	118,127, 000
    May 31 					4,744,074 4, 796, 621	40.12	118,246,000 118,364,000
    June 30. - 						40.52

    No. 39.—Total amount expended on account of the Panama Canal, the receipts covered into the Treasury, and the proceeds of sales of bonds to the close of the fiscal year 1928
    	Construction, maintenance, and operation	Fortifications	Interest paid on Panama Canal loans	Total disbursements	Deduct receipts covered into the Treasury	Balance
    ToJune30,1918. Fiscal year:	$415,105,166. 70	$24,704,434. 26	$27,351,586. 60	$467,161,187. 56	$36,008,899. 29	$431,152,288. 27
    1919		10,704,409. 74	1, 561,364. 74	2,984, 888. 33	15,250, 662. 81	6,777,046.55	8,473, 616.26
    1920		6,031,463.72	3,433,592. 82	3,040,872. 89	12, 505,929.43	9,039, 670.95	3,466,258.48 9,398,813.79
    1921		16,230, 390.79	2,088,007. 66	2,994,776. 66	21,313,175.11	11,914,361.32
    1922		2,791,035.40	896,327.45	2,995,398. 41	6,682,761.26	12,049, 660. 65 17,869,985.25	1 5,366,899. 39
    1923		3,620,503. 37	950,189. 20	2,997,904. 81	7, 568, 597. 38		1 10,301,387. 87
    1924		7,141,711.97	393,963. 37	2,992,461.19	10, 528,136. 53	26,074, 513. 33	1 15, 546,376. 80
    1925		9,050, 509. 73	582,837. 07	2,988,918. 80	12, 622,265. 60	22, 553,732.44	1 9,931,466.84
    1926		8,419,333. 57	1,153, 322. 38	2,989, 598. 76	12, 562,254. 71	23,941,917.87	1 11, 379, 663.16
    1927		7, 613,376. 03	586,043.94	2,991,988. 25	11,191,408. 22	25, 544,701.45	1 14,353, 293. 23 1 13,321,940. 67
    1928-		10,659,442.27	1,165,632. 53	2,987,329. 95	14,812,404. 75	28,134,345.42
    Total	 Deduct pro-c e e d s of bonds sold...	497, 367,343. 29	37, 515,715. 42	57,315,724. 65	592,198, 783.36	219,908,834. 52	372,289,948. 84 138, 600,869.02
    Net balance expended out of the general fund of the Treasury_____
    233,689,079.82
    1 Net receipts in excess of disbursements.
    < *
    Assets of the Treasury:	Page
    Available June 30, 1927 and 1928__________________________________ 38
    Distribution of, June 30, 1928____________________________________ 37
    Mints and assay offices, holdings of, June 30, 1928_______________ 37
    Monthly statement of______________________________________________ 40
    Treasury offices, holdings of, June 30, 1928______________________ 37
    Balance in the Treasury:
    Amount of_________________________________________________________ 12 40
    Available June 30, 1927 and 1928__________________________________ ’ 38
    Distribution of, June 30, 1928____________________________________ 37
    Monthly statement of______________________________________________ 40
    Bonds:
    Checks for interest on, issued during year________________________ 54, 56
    Coupon interest on, paid during year______________________________ 6, 55
    National banks, held in trust for_________________________________ 14
    Panama Canal loan____________________________________________________ 65
    Postal Savings_______________________________________________________ 15
    Purchases and retirements from foreign repayments_________________ 10, 50
    Receipts and disbursements	on account of______________________________ 8
    State and city____________________________________________________ 15, 16
    Withdrawal of, to secure circulation_________________________________ 14
    Bullion:
    Gold, in Treasury, June 30, 1927 and 1928_________________________ 38
    Mints and assay offices, holdings of, June 30, 1928___________.___ 37
    Bullion fund: Composition and distribution of, June 30, 1928___________ 37
    Checking accounts: Balances held_______________________________________ 6
    Checks: Amounts of outstanding_____________________________________ 12, 37, 38
    Coin and gold bar shipments or transfers: Current and uncurrent________	20
    Collection items: Amount of collections________________________________ 5
    Compound-interest notes: Issued, redeemed, and outstanding_____________ 49
    Coupons: Paid during year______________________________________________ 6, 55
    Customs: Receipts on account of________________________________________ 1, 2
    Denominations of paper currency held in reserve________________________ 27
    Denominations of paper currency outstanding, June 30, 1927 and 1928__ 31, 32
    Depositaries, national bank:
    Amount held by____________________________________________________ 12, 18
    Balance of public moneys in, June 30, 1928________________________ 18
    Interest paid on deposits held_______________________________________ 18
    Number of____________________________________________________________ 18
    Public moneys with, by months_____________________________________ 39
    Securities held in trust for_________________________________________ 14
    Disbursements: Comparative statement of, 1927 and 1928_________________ 2, 3
    Disbursing officers: Balances to credit of, in Treasury________________ 6
    District of Columbia:
    Interest on bonds of, paid during year_________,__________________ 5
    Securities held for_______________________________________________ 16
    Teachers’ retirement fund: Securities held________________________ 7
    Federal reserve banks:
    Public moneys on deposit in_______________________________________ 18, 46
    Gold fund for_____________________________________________________ 11
    Net earnings derived from_________________________________________ 3, 10
    Five per cent redemption fund:
    Amount of, June 30, 1928______________________________________ 12, 37, 38
    Monthly deposits in, for year_____________________________________ 56
    Yearly deposits and redemptions on account of_____________________ 58
    Foreign exchange: Amount purchased_____________________________________4
    Foreign depositaries: Public moneys on deposit in______________________ 18, 48
    Fractional currency: Denominations of, redeemed and outstanding________24, 48
    68
    INDEX
    Gold:	Page
    Fund of, for Federal reserve banks________________________________ 11, 13
    Imports and exports of____________________________________________ 13
    Mints and assay offices, holdings of, June 30, 1928_______________ 37
    Purchases of gold bullion at mints and assay offices______________ 21
    Recoinage of______________________________________________________ 20
    Reserve fund_________________________________________________ 11, 12, 13
    Treasury, amount in, by months____________________________________ 40
    Treasury offices, holdings of, June 30, 1928______________________ 37
    Gold certificates:
    Acts relating thereto_____________________________________________ 25
    Amount and distribution of________________________________________ 11
    Denomination of, issued, redeemed, and outstanding, by years______	42
    Treasury offices, holdings of, June 30, 1928______________________ 37
    Interest:
    Checks issued for, and paid_______________________________________ 6, 54, 56
    Coupons paid______________________________________________________ 6, 55
    Expenditures on account of________________________________________ 2
    Paid by depositaries on public moneys_____________________________ 18
    Internal revenue: Receipts on account of_______________________________ 2
    Kinds of paper currency:
    Amount of each outstanding________________________________________ 31, 32
    Number of pieces prepared for issue_______________________________ 28
    Number of pieces issued by months in 1927 and 1928________________ 28
    Lands: Receipts from sale of___________________________________________ 2
    Legal tender qualities of money: Various kinds_________________________ 33
    Liabilities of the Treasury:
    Comparative statement of__________________________________________ 38
    Distribution of, June 30, 1928____________________________________ 37, 38
    Monthly statement of______________________________________________ 40
    Minor coin:
    Mints and assay offices, holdings of, June 30, 1928_______________ 37
    Recoinage of _ _ _________________________________________________: 20, 21
    Treasury, amount in, by months____________________________________ 39
    Treasury offices, holdings of, June 30, 1928______________________ 37
    Mints and assay offices: Assets of the Treasury in custody of__________ 37
    Money:
    Metallic stock of_________________________________________________ 22
    Outside of the Treasury, in circulation___________________________ 65
    Shipments of, from Treasury_______________________________________ 20, 23
    United States paper currency issued, redeemed, and outstanding, by
    years___________________________________________________________ 45
    National banks:
    Designated depositaries of public moneys__________________________ 18, 47
    Interest on public deposits_______________________________________ 18
    Number of, and bonds held for, by years___________________________ 54
    Public moneys on deposit in_______________________________________ 18, 47
    Securities held in trust for______________________________________ 14
    Semiannual duty collected from, by years__________________________ 54
    National-bank notes:
    Additional circulating notes, act May 30, 1908____________________ 12
    Cities, receipt of, from principal________________________________ 58
    Expense of redemption of____________________________________________	59
    Five per cent fund for•___________________________________________ 56
    Ratio of redemptions to outstanding_______________________________ 64
    Receipts and disbursements for 1927 and 1928______________________ 8
    Redemption of_____________________________________________________62, 64
    Treasury offices, holdings, June 30, 1928_________________________ 37
    Old demand notes: Denominations of, issued, redeemed, and outstanding. 23, 48
    Outstanding currency___________________________________________________ 23
    One and two year notes: Issued, redeemed, and outstanding.-.._. _______ 49
    Panama Canal:
    Bonds sold for____________________________________________________ 65
    Disbursements for_________________________________________________ 2, 65
    Receipts from tolls______________________.______________________ 2, 65
    INDEX
    69

    x
    Paper money:	Pa§e
    Denominations outstanding June 30, 1927 and 1928_________________31, 32
    ’ Issued and redeemed for 1927 and 1928________________________________28, 29
    Preparations of, for issue__________________________________________ 28
    Redemption of_______________________________________________________ 29
    Shipments from Washington___________________________________________ 23
    Post Office Department: Postal Savings System, securities held_______________________________ 15
    Receipts and disbursements on account of_______________________________ 6
    Public debt:
    Details of retirements___________________________________________ 7, 50
    Outstanding June 30, 1928________________________________________ 9
    Receipts and disbursements on account of, 1927 and 1928__________ 8
    Retirements chargeable against ordinary receipts_________________ 10
    Receipts:
    Net, ordinary, and total, 1927 and 1928__________________________ 2
    Post Office Department, for year_________________________________ 6
    Recoinage: Amount of, and loss from, for year__________________________ 20
    Redemption of paper currency: Number of pieces redeemed in 1927 and 1928____________________________________________________________________ 29
    Refunding certificates: Issued, redeemed, and outstanding______________ 49
    Reserve fund___________________________________________________________ 11, 12
    Securities held in trust:
    To secure circulation_______________________________________________ 14
    To secure postal-savings deposits___________________________________ 15
    To secure public deposits___________________________________________ 14
    Semiannual duty: Collected from national banks, by years_______________ 54
    Seven-thirty notes: Issued, redeemed, and outstanding__________________ 49
    Silver:
    Mint and assay offices, holdings of, June 30, 1928_______________ 37
    Recoinage of_____________________________________________________ 20
    Treasury offices, holdings of, June 30, 1928_____________________ 37
    Silver certificates:
    Acts relating thereto____________________________________________ 26
    Denominations outstanding June 30, 1927 and 1928_________________31, 32
    Denominations of, issued, redeemed, and outstanding, by years____	43
    Treasury offices, holdings of, June 30, 1928_____________________ 37
    Standard silver dollars:
    Mints and assay offices, holdings of, June 30, 1928______________ 37
    Treasury offices, holdings of, June 30, 1928_____________________ 37
    States: Bonds of, held in trust________________________________________ 16
    Subsidiary silver coin:
    Mints and assay offices, holdings of, June 30, 1928______________ 37
    Recoinage of_____________________________________________________ 20
    Treasury offices, holdings of, June 30, 1928_____________________ 37
    Treasury notes of 1890:
    Acts relating thereto____________________________________________ 27
    Denominations of, issued, redeemed, and outstanding, by years____	44
    Treasury offices, holdings of, June 30, 1928_____________________ 37
    Treasury offices: Assets and liabilities of, June 30, 1928_____________ 38
    - Trust funds:
    Amount of and changes in______________________________________ 14, 15, 16
    District of Columbia_____________________________________________ 5, 16
    Held for the redemption of notes and certificates________________ 11
    Uncovered moneys: Amount of, June 30, 1928_____________________________ 2
    United States notes:
    Acts relating thereto____________________________________________ 25
    Denominations outstanding June 30, 1927 and 1928_________________31, 32
    Denominations of, issued, redeemed, and outstanding, by years____	41
    Treasury offices, holdings of, June 30, 1928_____________________ 37
    United States paper currency:
    Held in reserve vault____________________________________________ 27
    Issued____________________L______________________________________ 28
    Pieces of, outstanding______________________________________________ 30
    Prepared for issue__________________________________________________ 28
    Redeemed_________________________________________________________29, 45
    Warrants: Amount issued____________________________________________________ 3
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