[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
1,000’s — i i i i i i i i i i i : ! ! ! ! : ! i iiii iiii i i i i i i i i i i i ;;;; iiii i i i i i i I i -
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
ich denom JO r—1 si ; = i 1 i i ! ! ! : : i i i i i iiiii i i i i i i i i i
' notes of es JO i s s' i i iiiis ! i S i ; i i
Number of JO 8 1, s ! " i i iiift iiii iiii i i | i i i i
JO T—I »SB8Sg§B88§ SJsSmSs’fgS I S g - J i FX i i i 1 1 !-i i coreco^eocococo
JO siiissssaaBi slfSfg'SB'SW cfwcfM'eic^NMcqNci'cl' B § i i s' s' i : Ji 1 1 < s i i i”§ III" 31, 213 §881§8M
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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