a J
LIBRARY
FEB 16 1978
ROOM 5004
TREASURY DEPAftTMEF
LIBRARY,
FEB 16 1978
ROOM 5004
TREASURY DEPARTMEN
Ha
ANNUAL REPORT OF THE
SECRETARY OF THE TREASURY
ON
THE STATE OF THE
FINANCES
FOR THE FISCAL YEAR
ENDED JUNE 30
934
UNITED STATES
GOVERNMENT PRINTING OFFICE
WASHINGTON : 1935
For sale by the Superintendent of Documents, Washington. D. C. Price 50 cents (Paper cover)
Treasury Department
Document No. 3065
Secretary
CONTENTS
Page
Budget results 1
Receipts 1
Income taxes 3
Miscellaneous internal revenue 3
Agricultural adjustment taxes 4
Customs 4
Miscellaneous receipts 4
Expenditures 4
The public debt 7
Refunding the Fourth Liberty Loan 9
Cumulative sinking fund 10
Indirect obligations of the United States 11
General Fund of the Treasury 11
Emergency legislation 13
Revenue legislation 16
Liquor Taxing Act of 1934 16
Revenue Act of 1934 16
Extension of agricultural adjustment legislation 17
Silver Purchase Act of 1934 19
National Firearms Act 19
Estimates of receipts and expenditures 19
Fiscal year 1935 23
Income tax receipts 23
Miscellaneous internal revenue 24
Customs receipts 24
Agricultural adjustment taxes 25
Fiscal year 1936 25
Income tax receipts 25
Miscellaneous internal revenue 26
Customs receipts 26
Agricultural adjustment taxes 26
Monetary developments _ _ 27
Gold 27
Silver 29
Silver certificates 29
Federal Deposit Insurance Corporation 30
Bureau of Internal Revenue 31
Back taxes on incomes 32
Alcohol tax administration 33
Construction activities of the Treasury 33
Building program in the District of Columbia 34
Status of work under the several building programs 34
The original public building program 34
Program under the Public Works Administration 35
Bureau of Customs 35
Nonfiscal activities 36
Coast Guard 36
Public Health Service 37
Bureau of Narcotics 38
Organization changes 39
ADMINISTRATIVE REPORTS OF BUREAUS AND DIVISIONS
Accounts and Deposits, Office of the Commissioner of 45
Daily statement of the United States Treasury 45
Combined statements of assets and liabilities of governmental cor-
porations and credit agencies 45
Statement of the Public Debt of the United States 45
Contingent liabilities of the United States 45
in
IV CONTENTS
Accounts and Deposits, Office of the Commissioner of — Continued. Page
Treasury accounting system 46
Obligations of foreign governments 46
Payments due July 1 to December 31, 1933 46
Payments due January 1 to June 30, 1934 47
Receipts from Germany 49
Army costs 49
Mixed claims, United States and Germany 49
Annuities under moratorium agreement 50
Treasury administration of alien and mixed claims 50
Mixed Claims Commission: Claims against Germany 51
War Claims Arbiter 54
Claims of German nationals 54
Claims of Austrian and Hungarian nationals 54
German special-deposit account 54
Tripartite Claims Commission 55
Claims against Austria 55
Claims against Hungary 55
Railroad obligations 55
Section 204 56
Section 207 56
Sections 209 and 212 56
Section 210 56
Securities owned by the United States Government 57
Trust funds invested by the Treasury 58
Adjusted service certificate fund 58
Civil service retirement and disability fund 59
Foreign service retirement and disability fund 60
Canal Zone retirement and disability fund 61
District of Columbia teachers' retirement fund 62
Longshoremen's and harbor workers' compensation fund 63
Library of Congress trust fund 64
United States Government life insurance fund 67
National Institute of Health gift fund 67
Alien property trust fund 68
General railroad contingent fund 69
Special funds 70
Colorado River Dam fund 70
Advances to reclamation fund 71
Division of Bookkeeping and Warrants 71
Division of Deposits 72
Section of Surety Bonds 73
Division of Disbursement 73
Appointments, Division of 75
Number of employees 75
Retirement of employees 75
Budget and Improvement Committee 75
Coast Guard 76
Protection to navigation 77
Enforcement of customs and other laws 78
Communications 78
Eq uipment. 79
The academy, stations, bases, repair depot, engine school, repair
base, etc 81
Engineering competition 82
Personnel 82
Awards of life-saving medals 83
Appropriations and expenditures 83
Comptroller of the Currency 83
Changes in the condition of national banks 83
Reopening and reorganization of national banks 85
Summary of changes in membership in the national banking system. 86
CONTENTS V
Page
Customs, Bureau of 87
Receipts 87
Volume of business 88
Antidumping 89
Countervailing duties 90
Smuggling 90
Miscellaneous provisions of the tariff act 91
Investigative unit 91
Engraving and Printing, Bureau of 93
Enrollment and Disbarment of Attorneys and Agents, Committee on 95
Financial and Economic Research, Section of 96
Internal Revenue, Bureau of 97
General 97
Internal-revenue collections 97
Refunds 97
Additional assessments 98
Cost of administration 99
Income Tax Unit 99
Additional revenue 100
Final notices of deficiency (60-or 90-day letters) 101
Claims and overassessments 101
Returns on hand 102
Audit in Washington 102
Audit in the field 103
The technical staff 103
Miscellaneous Tax Unit 103
Estate Tax Division 103
Sales Tax Division 105
Tobacco Division 107
Processing Tax Division 107
Silver Tax Division 109
Alcohol Tax Unit 109
Accounts and Collections Unit 110
Collectors' Personnel, Equipment, and Space Division 112
Disbursement Accounting Division 112
Office of the General Counsel 113
General Counsel's Committee 113
Civil Division 113
Interpretative Division 114
Review Division 114
Appeals Division 115
Penal Division 115
Administrative Division 116
Compromise Section 116
Intelligence Unit 117
Legal Division 118
Mint, Bureau of 119
Institutions of the Mint Service 119
Gold operations 119
Silver operations 120
Coinage 120
Bullion deposit transactions 121
Refineries 121
Commemorative coins 121
Gold and silver in the United States 121
Appropriations, expenses, and income 122
Narcotics, Bureau of 123
Enforcement activities 123
Extent and trend of narcotic traffic 124
VI CONTENTS
Page
Procurement Division 125
Branch of Supply 125
Public Works Branch 127
Building activities 127
Original public building program 127
Program under the Public Works Administrator 128
Control, administration, and repair of Federal buildings 128
Relief program 129
Emergency construction program 129
Private architectural services 130
Total expenditures 130
Public Debt Service 131
Division of Loans and Currency 131
Register of the Treasury 134
Division of Public Debt Accounts and Audit 136
Division of Paper Custody 136
Destruction Comznittee 137
Public Health Service 139
Division of Sanitary Reports and Statistics 139
Division of Foreign and Insular Quarantine and Immigration 139
Division of Domestic Quarantine 140
Division of Scientific Research 141
Division of Marine Hospitals and Relief 144
Division of Venereal Diseases 144
Division of Mental Hygiene 146
Division of Personnel and Accounts 146
Public Works of Art Project 148
Secret Service Division 148
Supply, Division of 149
Expenditures from various appropriations 149
Stationery supplies 151
Printing and binding 151
Department advertising 153
Engraving work 153
Treasurer of the United States 153
War Finance Corporation 156
EXHIBITS
THE PUBLIC DEBT
Issues and redemptions of bonds, notes, and certificates of indebtedness
Exhibit 1. Allotments on exchange subscriptions, Treasury bonds of
1943-45 (from press release, Dec. 5, 1933, revised) 161
Exhibit 2. Offering of certificates of indebtedness, series TD-1934 (2%
percent) 161
Exhibit 3. Subscriptions and allotments, certificates of indebtedness, series
TD-1934 (from press releases, Dec. 8, 12, and 16, 1933) 162
Exhibit 4. Offering of Treasury notes, series C-1935 (2}i percent), and
certificates of indebtedness, series TS-1934 (V/2 percent) 163
Exhibit 5. Subscriptions and allotments, Treasury notes, series C-1935,
and certificates of indebtedness, series TS-1934 (from press releases, Jan.
26 and Feb. 2, 1934) 165
Exhibit 6. Offering of Treasury notes, series D-1935 (2% percent), and
series C-1937 (3 percent) 165
Exhibit 7. Subscriptions and allotments, Treasury notes, series D-1935
and series C-1937 (from press releases, Feb. 14, 16, and 21, 1934, revised) - 166
Exhibit 8. Offering of Treasury notes, series C-1938 (3 percent) 166
Exhibit 9. Subscriptions and allotments, Treasury notes, series C-1938
(from press releases, Mar. 10 and 15, 1934) 167
Exhibit 10. Offering of Treasury bonds, 1944-46 (3% percent) 168
Exhibit 11. Subscriptions and allotments, Treasury bonds of 1944-46
(from press releases, Apr. 9, 10, and 21, 1934, revised) 170
CONTENTS VII
Page
Exhibit 12. Partial redemption of Fourth Liberty Loan bonds before
maturity (second call) 170
Exhibit 13. Offering of Treasury bonds of 1946-48 (3 percent) and Treas-
ury notes, series A-1939 (2}£ percent) 175
Exhibit 14. Subscriptions and allotments, Treasury bonds of 1946-48, and
Treasury notes, series A-1939 (from press releases, June 6, 8, and 12,
1934, revised) 177
Issues of Treasury bills
Exhibit 15. Inviting tenders for Treasury bills dated November 1, 1933,
and maturing January 31, 1934 (press release, Oct. 26, 1933) 178
Exhibit 16. Acceptance of tenders for Treasury bills dated November 1,
1933, and maturing January 31, 1934 (press release, Oct. 31, 1933) 179
Exhibit 17. Summary of information contained in press releases issued in
connection with Treasury bills offered from November 1, 1933, to June
30, 1934 180
Exhibit 18. General circular governing the sale and issue of Treasury bills. 181
Miscellaneous
Exhibit 19. Receipt of Liberty bonds, Treasury bonds, and Treasury notes
for Federal estate or inheritance taxes 185
Exhibit 20. Sections 4 and 5 of the Federal Farm Mortgage Act (Pub. No.
88, 73d Cong.), guaranteeing principal and interest of Federal Farm
Mortgage Corporation bonds by the United States 186
Exhibit 21. Section 1 of Public No. 178, Seventy-third Congress, guaran-
teeing principal and interest of the Home Owners' Loan Corporation
bonds by the United States 187
Exhibit 22. An act to amend section 3702, Revised Statutes (Pub. No.
144, 73d Cong., S. 1528) 188
MONEY AND BANKING
Exhibit 23. An act to protect the currency system of the United States, to
provide for the better use of the monetary gold stock of the United States,
and for other purposes (Pub. No. 87, 73d Cong., H. R. 6976) - 189
Exhibit 24. Proclamations, Executive orders, Treasury orders, and in-
structions relating to gold 194
Exhibit 25. Chronology of action with respect to gold from March 6, 1933,
to February 1, 1934 201
Exhibit 26. Daily price quotations for newly mined domestic gold in the
United States from September 8, 1933, to January 31, 1934 205
Exhibit 27. An act to authorize the Secretary of the Treasury to purchase
silver, issue silver certificates, and for other purposes (Pub. No. 438,
73d Cong., H. R. 9745) 205
Exhibit 28. Proclamation and orders relating to silver 209
Exhibit 29. Proclamation and Executive orders relating to banking, foreign
exchange, and related matters 212
TAXATION
Exhibit 30. An act to raise revenue by taxing certain intoxicating liquors,
and for other purposes (Pub. No. 83, 73d Cong., H. R. 6131) 215
Exhibit 31. An act to provide for the taxation of manufacturers, importers,
and dealers in certain firearms and machine guns, to tax the sale or other
disposal of such weapons, and to restrict importation and regulate inter-
state transportation thereof (Pub. No. 474, 73d Cong., H. R. 9741) 219
Vni CONTENTS
OBLIGATIONS OF FOREIGN GOVERNMENTS
Page
Exhibit 32. Statement by Acting Secretary of the Treasury Morgenthau,
announcing the postponement of the payment due from Austria on January
1, 1934, on account of its indebtedness to the United States (press release,
Dec. 13, 1933) 222
Exhibit 33. Correspondence exchanged between the Government of the
United States and various foreign governments concerning foreign debts
owing to the United States (Department of State press releases) 223
Exhibit 34. An act to prohibit financial transactions with any foreign
government in default on its obligations to the United States (Pub. No.
151, 73d Cong., S. 682) 238
Exhibit 35. Statement for the press by the Department of State concerning
an opinion of the Attorney General requested by the Secretary of State
upon various questions under the act of April 13, 1934, entitled "An act
to prohibit financial transactions with any foreign government in default
on its obligations to the United States " 238
Exhibit 36. Message from the President to the Congress, transmitting a
statement on the subject of debts owed the Government and people of
the United States bv the governments and peoples of foreign countries
(H. Doc. No. 392, 73d Cong., 2d sess.) 243
MIXED CLAIMS
Exhibit 37. Senate Report No. 1376, June 11, 1934, to accompany Senate
Joint Resolution 135, to amend Settlement of War Claims Act of 1928,
as amended (73d Cong., 2d sess.) 247
Exhibit 38. Joint resolution extending for 2 years the time within which
American claimants may make application for payment, under the settle-
ment of War Claims Act of 1928, of awards of the Mixed Claims Com-
mission and the Tripartite Claims Commission, and extending until
March 10, 1936, the time within which Hungarian claimants may make
application for payment, under the settlement of War Claims Act of
1928, of awards of the War Claims Arbiter (Pub. Res. No. 38, 73d
Cong., H. J. Res. 325) 253
Exhibit 39. Joint resolution to amend the Settlement of War Claims Act
of 1928, as amended (Pub. Res. No. 53, 73d Cong., H. J. Res. 365)-.. 253
GOVERNMENT DEPOSITS
Exhibit 40. Supplements to Department Circular No. 92, revised, relating
to special deposits of public moneys under the act of Congress approved
September 24, 1917, as amended 255
Exhibit 41. Supplements to Department Circular No. 176, relating to
regulations governing deposit of public moneys and payment of Govern-
ment checks and warrants 256
MISCELLANEOUS
Exhibit 42. Accounting system of the Treasurv Department (Department
Circular No. 514) . 256
Exhibit 43. Regulations and instructions governing the issue of duplicate
checks of disbursing officers (first supplement to Department Circular
No. 327, revised) 257
Exhibit 44. Laws and regulations governing the recognition of attorneys,
agents, and other persons representing claimants and others before the
Treasury Department and offices thereof 257
Exhibit 45. Executive orders and Treasury orders changing organization
and procedure in the Treasury Department 258
Exhibit 46. Excerpt from a letter of the Postmaster General to the Secre-
tary of the Treasury, dated November 15, 1934, certifying extraordinary
expenditures contributing to the deficiency of postal revenues for the
fiscal year ended June 30, 1934, in pursuance of Public Act. No. 316,
Seventy-first Congress, approved June 9, 1930 (40 Stat. 523) 270
CONTENTS IX
TABLES
Page
Explanation of bases used in tables 273
Description of accounts through which Treasury operations are effected.. 274
RECEIPTS AND EXPENDITURES
General tables
Table 1. Details of receipts, by sources and accounts, for the fiscal year 1934
(warrants and daily statement bases) 276
Table 2. Details of expenditures, by organization units and accounts, for the
fiscal year 1934 (checks-issued and daily statement bases) 282
Table 3. Receipts, expenditures, and surplus or deficit for the fiscal years
1931 to 1934 (daily statement basis) 294
Table 4. Receipts and expenditures for the fiscal years 1789 to 1934 (war-
rants and daily statement bases) 298
Table 5. Summary of receipts and expenditures, and excess of receipts or
expenditures, by months, for the fiscal year 1934 (daily statement basis) _ 306
Table 6. Expenditures, by months; classified according to organization
units, for the fiscal year 1934 (daily statement basis) 307
Specific receipts and expenditures
Table 7. Comparison of detailed internal revenue receipts for the fiscal
years 1933 and 1934 (collection basis) 317
Table 8. Internal revenue receipts, by sources, for the fiscal years 1916 to
1934 (collection basis) 319
Table 9. Internal revenue receipts, by States and Territories, for the fiscal
year 1934 (collection basis) 321
Table 10. Expenses of the Internal Revenue Service for the fiscal year
1934 (checks-issued basis) 322
Table 11. Customs duties (estimated), value of imports entered for con-
sumption, and ratio of duties to value of dutiable imports and to value of
all imports, for the calendar years 1923 to 1933 (on basis of reports of the
Bureau of Foreign and Domestic Commerce) 326
Table 12. Customs duties (estimated), value of dutiable imports, and ratio
of duties to value of dutiable imports, by tariff schedules, for the years
1923 to 1933 (on basis of reports of the Bureau of Foreign and Domestic
Commerce) 326
Table 13. Customs receipts, expenditures, and entries, fiscal year 1934 (col-
lection basis) 329
Table 14. Panama Canal receipts and expenditures for the fiscal years 1903
to 1934 (warrant basis) 330
Estimates of receipts
Table 15. Actual receipts for the fiscal year 1934 and estimated receipts
for the fiscal years 1935 and 1936, by sources 331
PUBLIC DEBT
Public debt outstanding
Table 16. Public debt outstanding June 30, 1934, by issues (revised daily
statement basis) 337
Table 17. Description of the public debt issues outstanding June 30, 1934
(revised daily statement basis) 340
Table 18. Interest-bearing debt outstanding June 30, 1934, by kind of
security and callable period or payable date (revised daily statement
basis) 348
Table 19. Principal of the public debt outstanding at the end of each
fiscal year from 1853 to 1934 (revised daily statement basis) 349
X CONTENTS
Public debt operations
Page
Table 20. Public debt retirements chargeable against ordinary receipts
during the fiscal year 1934, and cumulative totals to June 30, 1933 and
1934, by sources and issues (revised daily statement basis) 351
Table 21. Summary of transactions in interest-bearing and noninterest-
bearing securities during the fiscal year 1934 (revised daily statement
basis) . 353
Table 22. Summary of transactions in interest-bearing securities, by form
of issue, during the fiscal year 1934 (revised daily statement basis) 355
Table 23. Changes in interest-bearing debt, by issues, during the fiscal
year 1934 (revised daily statement basis) 356
Table 24. Transactions in noninterest-bearing securities, by issues, during
the fiscal year 1934 (revised daily statement basis) 360
Table 25. Issues, maturities, and redemptions of interest-bearing securi-
ties, exclusive of trust account and other special issues, June 1933 through
June 1934 (daily statement basis) 364
Table 26. Sources of public debt increase or decrease for the fiscal years
1915 to 1934 (daily statement basis) 367
Table 27. Transactions on account of the cumulative sinking fund during
the fiscal year 1934 (revised daily statement basis) 368
Table 28. Transactions on account of the cumulative sinking fund for the
fiscal years 1921 to 1934 (revised daily statement basis) 369
Table 29. Securities retired through the cumulative sinking fund, par
amount and principal cost, to June 30, 1934 (revised daily statement
basis) 369
Interest on the public debt
Table 30. Interest on the public debt payable, paid, and outstanding un-
paid, for the fiscal year 1934 (revised daily statement basis) 370
Table 31. Interest paid on the public debt, by issues, for the fiscal years
1932 to 1934 (warrant basis) 371
Table 32. Amount of interest-bearing debt outstanding, the computed
annual interest charge, and the computed rate of interest, for the fiscal
years 1916 to 1934, and by months from July 1931 to June 1934 (revised
daily statement basis) 372
Contingent liabilities
Table 33. Contingent liabilities of the United States, June 30, 1934 373
CONDITION OF THE TREASURY EXCLUSIVE OF PUBLIC DEBT LIABILITIES
Table 34. Current assets and liabilities of the Treasury at the close of the
fiscal years 1932, 1933, and 1934 (revised daily statement basis) 376
Table 35. Net balance in the General Fund of the Treasury at the end of
each month from July 1929 to June 1934 (daily statement basis) 377
Table 36. Securities owned bv the United States Government, June 30,
1934 . 378
ASSETS AND LIABILITIES OF GOVERNMENT CORPORATIONS AND AGENCIES
Table 37. Assets and liabilities of Government corporations and credit
agencies of the United States, as of June 30, 1934 381
STOCK AND CIRCULATION OF MONEY IN THE UNITED STATES
Table 38. Stock of money, money in the Treasury, in the Federal Reserve
banks, and in circulation at the end of each fiscal year from 1913 to 1934. 386
Table 39. Stock of money, by kinds, at the end of each fiscal year from
1913 to 1934 388
CONTENTS XI
Page
Table 40. Money in circulation, bv kinds, at the end of each fiscal year
from 1913 to 1934 389
Table 41. Stock of money, money in the Treasury, in the Federal Reserve
banks, and in circulation, by kinds, June 30, 1934 390
MISCELLANEOUS
Table 42. Principal of the funded and unfunded indebtedness of foreign
governments to the United States, the accrued and unpaid interest
thereon, and payments on account of principal and interest, as of
November 15, 1934 391
Table 43. Estimated money cost of the World War to the United States
Government to June 30, 1934 392
Table 44. Estimated amount of securities outstanding, interest on which
is wholly exempt from normal income tax and surtax of the Federal
Government, by years, on December 31, 1912 to 1933, by tvpe of
obligor * " 392
Table 45. United States securities outstanding, interest on which is exempt
from normal income tax, but not surtax, of the Federal Government,
on June 30 and December 31, 1917 to 1934 393
Table 46. Net expenditures for Federal aid to States, on basis of warrants
issued for the fiscal year 1920 and checks issued for the fiscal years 1933
and 1934, and amounts appropriated for the fiscal year 1935, classified
by appropriations from which direct payments are made to States and
by the more important of the appropriations providing for expenditures
by the Government in cooperation with States, municipalities, and
other civil organizations for investigative, regulatory, protective, or
construction work 394
Table 47. Expenditures made by the Government as direct payments to
States under cooperative arrangements during the fiscal year 1934 397
PERSONNEL
Table 48. Number of employees in the departmental service of the
Treasury in Washington, by months, from June 30, 1933, to June 30,
1934 402
Table 49. Number of emplovees in the departmental and field services
of the Treasury on June 30, 1933, and June 30, 1934 403
Table 50. Number of persons retired, or eligible for retirement, retained
in the departmental and field services of the Treasurv from August 20,
1920, to June 30, 1934 404
Index 405
SECRETARIES, UNDER SECRETARIES, AND ASSISTANT SECRETARIES
OF THE TREASURY DEPARTMENT DURING THE FISCAL YEAR 1934,'
AND THE PRESIDENT UNDER WHOM THEY SERVED
Term of service
From —
Mar. 4,1933
Jan. 1, 1934
May 19,1933
Nov. 17,1933
May 2, 1934
Apr. 18,1933
June 6, 1933
June 12,1933
Dec. 31, 1933
Nov. 16, 1933
Dec. 31, 1933
Dec. 12, 1933
Official
Secretaries of the Treasury
William H. Woodin, New York
Henry Morgenthau, Jr., New York.
Under Secretaries
Dean Q. Acheson, Maryland
Henry Morgenthau, Jr., New York.
Thomas Jefferson Coolidge,
Massachusetts.
Assistant Secretaries
Lawrence W. Robert, Jr., Georgia.
Stephen B. Gibbons, New York
Thomas Hewes, Connecticut
Secretary of the
Treasury
Woodin
Woodin
Morgenthau.
Woodin, Morgenthau...
Woodin, Morgenthau
Woodin
President
Roosevelt.
Roosevelt.
Roosevelt.
Roosevelt.
Roosevelt.
Roosevelt.
Roosevelt.
Roosevelt.
' For officials since 1789, see annual report for 1932, pp. xvii to xxi, and corresponding table in annual
report for 1933.
xm
PRINCIPAL ADMINISTRATIVE AND STAFF OFFICERS OF THE
TREASURY DEPARTMENT AS OF NOVEMBER 15, 1934
OFFICE OF THE SECRETARY
Henry Morgenthau, Jr. _ Secretary of the Treasury.
T. J. Coolidge Under Secretary of the Treasury.
Lawrence W. Robert, Jr Assistant Secretary of the Treasury.
Stephen B. Gibbons Assistant Secretary of the Treasury.
Vacant Assistant Secretary of the Treasury.
Herbert E. Gaston Assistant to the Secretary.
Jacob Viner Assistant to the Secretary.
LeRoy Barton Assistant to the Secretary.
Harold N. Graves _ Assistant to the Secretary.
Henrietta S. Klotz Assistant to the Secretary
John Kieley Assistant to the Secretary.
William H. McReynolds... Administrative Assistant to the Secretary.
W. N. Thompson Assistant Administrative Assistant to the Secretary.
Archie Lochhead Technical Assistant to the Secretary.
Charles R. Schoeneman Special Staff Assistant.
Edwin R. Ballinger Technical Assistant to the Administrative Assistant.
H. R. Sheppard Assistant to Assistant Secretary.
Francis C. Rose Assistant to Assistant Secretary.
W. C. Cram, Jr Technical Adviser to Assistant Secretary.
F. A. Birgfeld... Chief Clerk and Superintendent.
W. H. Moran Chief, Secret Service Division.
L. C. Spangler Chief, Division of Supply.
James E. Harper Chief, Division of Appointments.
Gabrielle E. Forbush Chief, Correspondence Division.
OFFICE OF THE GENERAL COUNSEL
Herman Oliphant General Counsel.
John G. Harlan Assistant to the General Counsel.
Clarence V. Opper Assistant General Counsel.
Alanson Willcox Assistant General Counsel.
John G. Laylin Assistant General Counsel.
Robert H. Jackson. Assistant General Counsel, Bureau of Internal Revenue.
Eli Frank, Jr Chief Counsel, Bureau of Customs.
DIVISION OF RESEARCH AND STATISTICS
George C. Haas Director.
L. H. Seltzer Head Economist.
A. S. McLeod— Government Actuary.
PUBLIC DEBT SERVICE
William S. Broughton Commissioner of the Public Debt.
S. R.Jacobs Assistant Commissioner of the Public Debt.
Rene W. Barr Deputy Commissioner of the Public Debt.
E. L. Kilby Assistant to the Commissioner.
W. W. Durbin Register of the Treasury.
Byrd Leavell — Assistant Register of the Treasury.
Marvin Wesley ..-. Chief, Division of Loans and Currency.
Melvin R. Loafman Chief, Division of Accounts and Audit.
Maurice A. Emerson.. ,.... Chief, Division of Paper Custody.
XIV
XV
OFFICE OF THE COMMISSIONER OF ACCOUNTS AND DEPOSITS
D. W. Bell.. Commissioner of Accounts and Deposits.
Vacant Assistant Commissioner of Accounts and Deposits.
Edward F. Bartelt.. Chief Accountant.
William T. Heflfelfinger _ Assistant to the Commissioner.
Guy F. Allen _ Chief Disbursing Officer, Division of Disbursement.
Andrew M. Smith Chief, Division of Bookkeeping and Warrants.
Edward D. Batchelder .. Chief, Division of Deposits.
Harry R. Schwalm.. Chief Examiner, Section of Surety Bonds.
OFFICE OF THE COMPTROLLER OF THE CURRENCY
J. F. T. O'Connor.. Comptroller of the Currency.
F. Q. Await Deputy Comptroller.
Eugene H. Gough Deputy Comptroller.
Qibbs Lyons Deputy Comptroller.
W. P. Folger Chief National Bank Examiner.
J. E. Fouts Supervising Receiver, Insolvent National Bank Division.
George E. Marble Chief Clerk.
OFFICE OF THE TREASURER OF THE UNITED STATES
William A. Julian Treasurer of the United States.
Marion Banister Assistant Treasurer.
George O. Barnes Executive Assistant to the Treasurer.
Louis P. Allen Chief Clerk.
OFFICE OF THE COMMISSIONER OF INTERNAL REVENUE
Guy T. Helvering — Commissioner of Internal Revenue.
Wright Matthews Assistant to the Commissioner.
Charles T. Russell Deputy Commissioner.
George J. Schoeneman Deputy Commissioner.
D. Spencer Bliss Deputy Commissioner.
Arthur J. Mellott Deputy Commissioner.
Eldon P. King Special Deputy Commissioner.
A. R. Marrs Head, Technical Staff.
L. C. Mitchell Senior Technical Adviser, Technical Staff.
Bertha Wetherton Special Assistant to Commissioner.
BUREAU OF NARCOTICS
Harry J. Anslinger Commissioner of Narcotics.
Louis Ruppel Deputy Commissioner of Narcotics.
BUREAU OF CUSTOMS
James H. Moyle.. Commissioner of Customs.
Frank Dow Assistant Commissioner of Customs.
Thomas J. Gorman Deputy Commissioner, Customs Agency Service.
MINT BUREAU
Nellie Tayloe Ross Director of the Mint.
Mary M. O'Reilly Assistant Director.
BUREAU OF ENGRAVING AND PRINTING
Alvin W. Hall Director of the Bureau of Engraving and Printing.
Clark R. Long Assistant Director (Administration).
Jesse E. Swigart Assistant Director (Production).
XVI
PUBLIC HEALTH SERVICE
Hugh S. dimming Surgeon General.
John McMullen Assistant Surgeon General.
W. F. Draper Assistant Surgeon General.
L. R. Thompson Assistant Surgeon General.
Francis A. Carmelia.. Assistant Surgeon General.
Walter L. Treadway Assistant Surgeon General.
C. E. Waller... Assistant Surgeon General.
S. L. Christian . Assistant Surgeon General.
Ralph C. Williams Assistant Surgeon General.
D. S. Masterson Chief Clerk.
UNITED STATES COAST GUARD
Rear Admiral H. G. Hamlet... Commandant.
Captain Leon C. Covell Assistant Commandant.
Commander Russell R. Waesche Aide to Commandant.
A. T. Thorson Chief Clerk and Chief, Division of Finance.
Oliver M. Maxam Chief, Division of Operations.
PROCUREMENT DIVISION
Rear Admiral C. J. Peoples Director of Procurement.
W. E. Reynolds Assistant Director, Public Works Branch.
Harry E. Collins Assistant Director, Supply Branch.
Leo C. Martin Assistant to Assistant Director, Public Works Branch.
Robert LeFevre Assistant to Assistant Director, Supply Branch.
Louis A. Simon Supervising Architect.
George O. Von Nerta. Supervising Engineer.
BOAED OF ARCHITECTURAL CONSULTANTS
Edward H. Bennett, Chairman Clarence C. Zantzinger
Louis Ayres Louis A. Simon
Arthur Brown, Jr. John Russell Pope
William A. Delano Hal F. Hentz
William Ward Watkin
BOARD OF AWARDS
George O.Von Nerta, Supervising Engineer, Chair- William K. Laws, Chief, Legal Section
man John H. Schaefer, Office Manager
Louis A. Simon, Supervising Architect John Weber, Secretary
Nelson S. Thompson, Chief, Mechanical Engi-
neering Section
STANDING DEPARTMENTAL COMMITTEES
BUDGET AND IMPROVEMENT COMMITTEE
S. R. Jacobs, Chairman J. H. Schaefer
F. A. Birgfeld, Vice Chairman Arthur E. Wilson
W. N. Thompson M. E. Slindee
D. S. Bliss F. J. Lawton
L. C. Martin Charles R. Schoeneman
Edward F. Bartelt E. C. Nussear, Secretary
COMMITTEE ON ENROLLMENT AND DISBARMENT OF ATTORNEYS AND AGENTS
W. W. Cook, Chairman Lawrence Becker, Secretary
I. T. Gilruth, Vice Chairman
COMMITTEE ON PERSONNEL
F. A. Birgfeld, Chairman S. R. Jacobs
James E. Harper
COMMITTEE ON CIVIL SERVICE RETIREMENT
F. A. Birgfeld, Chairman W. N. Thompson
James E . Harper Frank Dow
90353—35 2
ANNUAL REPORT ON THE FINANCES
Treasury Department,
Washington, D. C, November 20, 1934.
Sir: I have the honor to make the following report:
BUDGET RESULTS
Receipts
Total receipts, exclusive of trust account items, during the fiscal
year 1934 were $3,115,554,050, compared with $2,079,696,742 in 1933.
Id creased receipts resulted in customs and in every important cate-
gory of internal revenue except the tax on admissions. These in-
creases, coupled with the new National Industrial Recovery taxes and
the agricultural adjustment taxes, accounted for the $1,035,857,308
increase in total receipts.
PRINCIPAL SOURCES OF RECEIPTS FOR THE FISCAL YEARS 1925 TO 1934 (EXCLUSIVE OF
TRUST ACCOUNT ITEMS)
Billions
1925 1926 1927 1928 1929 1930 1931 1932 1933 1934
Chart 2.
The trend in receipts, by major sources, from 1925 to 1934, inclusive,
is shown in the chart above; and a more detailed comparison of
receipts for 1933 and 1934 is presented in the table on page 2.
l
REPORT OF THE SECRETARY OF THE TREASURY
Miscellaneous internal revenue receipts in 1934 constituted 47
percent of total receipts, compared with 41 percent in 1933; and con-
stituted 53 percent of total receipts exclusive of agricultural adjust-
ment taxes. Income tax receipts increased in 1934 by $71,800,000
but constituted the smallest percentage (26 percent) of total receipts
since 1917.
Receipts by major sources for the fiscal years 1933 and 1934 '
[In millions of dollars]
1933
1934
Increase
(+), de-
crease (— )
Internal revenue:
Income taxes:
319.4
295.0
131.8
321.5
355.0
141.5
+2.1
+60.0
+9.7
746.2
818.0
+71.8
Miscellaneous internal revenue taxes:
29.7
4.6
402.7
8.0
35.2
104.0
9.2
425.2
90.0
169.0
+74.3
+4.6
+22.5
+82.0
+133. 8
Manufacturers' excise:
124.9
32.8
28.6
16.2
45.3
202.6
70.9
33.1
25.3
58.1
+77.7
Automobiles, trucks, tires, tubes, and parts or accessories. -
+38.1
+4.5
+9.1
All other
+12.8
247.8
390.0
+142. 2
57.3
14.6
7.5
15.5
38.5
66.6
19.3
10.4
14.6
41.4
+9.3
+4.7
+2.9
-.9
Checks
+2.9
Taxes under National Industrial Recovery Act:
80.2
50.2
2.6
+80.2
+50.2
+2.6
133.0
+133. 0
'3.2
>S.l
+.1
858. 2
1, 469. 6
+611.4
353.0
+353. 0
1, 604. 4
250.8
2, 640. 6
313.4
+1, 036. 2
+62.6
1, 855. 2
2, 954. 0
+1, 098. 8
Miscellaneous receipts:
Proceeds of Government-owned securities:
98.7
32.1
93.7
20.4
57.4
83.7
-78.3
+25. 3
-10.0
Total miscellaneous receipts, exclusive of trust account items
224.5
161.5
-63.0
2, 079. 7
3, 115. 5
+1, 035. 8
1 On basis of daily Treasury statements (unrevised), supplemented by report of the Commissioner of
Internal Revenue. General and special accounts combined; for description of accounts, see p. 274; for classi-
fication by accounts, see p. 276
' Includes adjustment to basis of daily Treasury statements (unrevised).
3 The adjustment to the daily Treasury statement basis more than absorbs "All other internal reve-
nue", as reported by the Commissioner of Internal Revenue, by $3,200,000 in 1933 and by $3,100,000
in 1934.
REPORT OF THE SECRETARY OF THE TREASURY 6
Income taxes. — In the fiscal year 1934 income taxes amounted to
$818,000,000, compared with $746,200,000 in 1933. The increase of
$71,800,000 was accounted for as follows: Collections of current
taxes on individual incomes, $60,000,000; collections of current taxes
on corporations, $2,100,000; and back tax collections, $9,700,000.
The fiscal year 1934 was the first full fiscal year to reflect the
increased normal rates and surtaxes, reduced personal exemptions,
the elimination of tax credit for earned income, and other provisions
of the Revenue Act of 1932 relating to individual income taxes.
Consequently, collections of current taxes on individual incomes
increased considerably in the face of a continued decline of net taxable
incomes in the calendar year 1933.
Current taxes on corporate incomes in the fiscal year 1934 likewise
were collected for the first full fiscal year on the basis of the increased
rate of 13% percent (compared with the old rate of 12 percent), plus
an additional tax of % of 1 percent on net income reported on consoli-
dated returns. That collections in 1934 exceeded 1933 collections by
only $2,100,000 is due to the fact that net income in the calendar
year 1933 was far below the 1931 total, which figured in the first
half of the 1933 fiscal year collections.
Miscellaneous internal revenue. — Receipts from miscellaneous in-
ternal revenue taxes were $1,469,600,000 in the fiscal year 1934,
compared with $858,200,000 in 1933, an increase of $611,400,000.
Receipts from the leading revenue-producing taxes are shown in the
table on page 2.
In 1934 nearly 90 percent of miscellaneous internal revenue came
from the following sources, in the order of their importance as revenue
producers: Tobacco taxes, manufacturers' excise taxes, the tax on
fermented liquors, National Industrial Recovery taxes, the estate
tax, and taxes on distilled spirits and wines.
The additional estate tax imposed by the Revenue Act of 1932
was largely responsible for the increased collections of taxes on estates
in 1934, which amounted to $104,000,000, compared with $29,700,000
in 1933. Inasmuch as returns of this tax are not required to be filed
until one year after death, 1933 collections reflected little effect of the
additional tax.
Increased collections of the tax on gasoline, raised from 1 to 1% cents
per gallon by the National Industrial Recovery Act, accounted for
more than one-half of the $142,200,000 increase in collections of manu-
facturers' excise taxes.
Taxes on fermented malt liquors collected during the fiscal year
amounted to $169,000,000; on distilled spirits, $86,000,000; and on
wines, $4,000,000. The manufacture and sale of beer had been
authorized by the act of March 22, 1933, and consequently collections
of taxes*on fermented malt liquors cover the entire fiscal year. The
4 REPORT OF THE SECRETARY OP THE TREASURY
manufacture and sale of distilled spirits and wine for beverage pur-
poses have been legal since December 5, 1933; therefore, taxes col-
lected on spirits and wine do not represent a full year's collection.
Agricultural adjustment taxes. — Agricultural adjustment taxes totaled
$353,000,000. Taxes on cotton and wheat produced the largest share,
$144,800,000 and $117,600,000, respectively.
Customs. — Customs receipts of $313,400,000 in 1934 exceeded by
$62,600,000 the sum reported in 1933, and reflected a reversal, which
began in the middle of 1933, of the previous steady decline in foreign
trade.
Miscellaneous receipts. — Miscellaneous receipts, exclusive of trust
account items, declined from $224,500,000 in the fiscal year 1933 to
$161,500,000 in 1934. These receipts include such items as the pro-
ceeds from Government-owned securities, Panama Canal tolls, fees,
fines and penalties, rents and royalties, the immigration head tax, tax
on the circulation of national bank notes, and seigniorage. The
decrease was due chiefly to the reduced receipts on account of obliga-
tions of foreign governments. These receipts amounted to $98,700,000
in the fiscal year 1933 and only $20,400,000 in 1934. Receipts on all
other Government-owned securities rose from $32,100,000 in the
fiscal year 1933 to $57,400,000 in 1934. The latter figure includes
interest in the amount of approximately $48,900,000 paid by the
Reconstruction Finance Corporation on account of advances made by
the Secretary of the Treasury.
Expenditures
During the fiscal year 1934 general and emergency expenditures,
exclusive of trust account items, aggregated $7,105,050,085, as com-
pared with $5,142,953,627 for the fiscal year 1933. This increase was
entirely a result of an expansion in emergency expenditures, which
on the basis of the daily Treasury statement (unrevised) increased
from $1,277,000,000 to $4,004,000,000, while general expenditures
declined from $3,866,000,000 to $3,101,000,000. A portion of the
rise in 1934 emergency expenditures, however, reflected the fact that
in the year 1933 the only expenditures placed in the emergency
category were the expenditures of the Reconstruction Finance
Corporation.
The table on page 6 compares, for the fiscal years 1932 to 1934,
expenditures of emergency organizations and other expenditures
classified by important groups. The total shown in this table as
expenditures of emergency organizations includes emergency expendi-
tures classified in the daily Treasury statement (unrevised) as such,
and also certain general expenditures for Agricultural Adjustment
Administration, refunds of receipts on processing taxes, and subscrip-
tions to stock of Federal land banks. Prior to the fiscal year 1934 the
REPORT OF THE SECRETARY OF THE TREASURY
expenditures of emergency organizations included only expenditures
on account of the Reconstruction Finance Corporation and subscrip-
tions to capital stock of the Federal land banks. Expenditures made
from general disbursing accounts for public works for certain loans
and credits to farmers, for the distribution of wheat and cotton for
relief, and for emergency conservation work, and transactions for the
agricultural marketing fund are included in the statement on page 6,
as the last item under the caption "all other" expenditures, and
EXPENDITURES, FISCAL YEARS 1925 TO 1934 (EXCLUSIVE OF TRUST ACCOUNT ITEMS)
1929 1930
Chart 3.
advances by the Reconstruction Finance Corporation to States,
municipalities, and other public bodies for relief under the Emergency
Relief and Construction Act of 1932, amounting to $298,560,000, are
included under Reconstruction Finance Corporation direct loans and
expenditures. For these reasons comparisons of expenditures along
functional lines are impossible in many instances, particularly as re-
gards public works and relief expenditures, aids to agriculture, and
the "all other" category. It is certain, however, that substantial
6 REPORT OF THE SECRETARY OF THE TREASURY
increases were made in 1934 for aids to agriculture and to home owners,
for relief, and for public works. On the other hand, the postal defi-
ciency was reduced $65,000,000, payments to veterans decreased
$307,000,000, and service on the public debt was reduced $34,000,000.
This latter decline reflected a decrease of $102,000,000 in public debt
retirements, which was partly offset by an increase of $68,000,000 in
interest payments.
All but $10,000,000 of the $290,000,000 shown in the following
table as expended for account of the Agricultural Adjustment Ad-
ministration consisted of items chargeable against receipts from
agricultural adjustment taxes. These expenditures included rental
and benefit payments, purchases for removal of surplus products,
and administrative expenses. Receipts totaled $353,000,000 or
$63,000,000 in excess of expenditures chargeable against them.
Expenditures Y of emergency organizations and other expenditures, fiscal years 1982,
1938, and 1984
[In millions of dollars]
Class of expenditure
1932
Agricultural Adjustment Administration
Commodity Credit Corporation
Farm Credit Administration
Federal Farm Mortgage Corporation.
Federal land banks:
Capital stock
Paid-in surplus
Reduction in interest rates on mortgages . .
Federal Emergency Relief Administration
Federal Surplus Relief Corporation
Civil Works Administration
Emergency Conservation Work
Public Works:
Tennessee Valley Authority
Loans to railroads
Loans and grants to States, etc
Public highways
Boulder Canyon project .
River and harbor work _ .
All other - -.
Home Loan System:
Home loan bank stock
Home Owners' Loan Corporation..
Federal Savings and Loan Association
Emergency Housing.
Subsistence homesteads
Reconstruction Finance Corporation, direct loans and expenditures
Export-Import Banks of Washington
Federal Deposit Insurance Corporation
Administration for Industrial Recovery
(s)
7Hi:
Total emergency organization expenditures.
893
Postal deficiency
Interest on the public debt
Public debt retirements
National defense
Veterans
All other, including nonfunctional and departmental.
Total expenditures
203
599
413
708
985
1,353
5,154
38
1,121
1,277
117
689
462
863
1,067
5,143
(>)
290
164
146
200
'2
41
7
667
40
805
332
11
71
79
268
19
72
133
39
153
1
2
585
3
150
7
4,283
52
757
360
480
556
617
7,105
i On basis of daily Treasury statements (unre vised).
» Less than $500,000.
3 Excess of credits (deduct).
* Includes expenditures by Reconstruction Finance Corporation from proceeds of capital stock
($500,000,000 in 1932) and from sale of the Corporation's obligations.
'Advances to States, etc., under 1932 Relief Act, of $298,560,000, are included under Reconstruction
Finance Corporation, direct loans and expenditures.
REPORT OF THE SECRETARY OF THE TREASURY
THE PUBLIC DEBT
The gross public debt outstanding at the end of the fiscal year 1934
amounted to $27,053,141,414 as compared with $22,538,672,560 on
June 30, 1933, an increase of $4,514,468,854. The net changes in the
character and amount of the outstanding debt are summarized in the
following table showing the amounts of the various classes of debt
outstanding at the beginning and at the end of the fiscal year.
Changes in public debt outstanding June 30, 1933 and 1934, by classes
[On basis of daily Treasury statements (unrevised), see p. 273]
June 30, 1933
June 30, 1934
Increase (+) or
decrease (— )
Interest-bearing debt:
Open market issues:
Pre-war bonds
Liberty bonds
Treasury bonds
Total bonds..
Treasury notes
Certificates of indebtedness
Treasury bills...
Total
Special issues for investment of trust funds, and postal
savings bonds:
Postal savings bonds
Treasury notes
Certificates of indebtedness..
Total
Total interest-bearing debt
Matured debt on which interest has ceased
Debt bearing no interest
Total gross debt
$753, 320, 130
8, 201, 307, 550
5,215,942,300
$753, 320, 130
6, 345, 774, 250
9, 332, 732, 350
-$1, 855, 533, 300
+4,116,790,050
14, 170, 569, 980
4, 548, 379, 200
2, 108, 327, 500
954, 493, 000
16,431,826,730
6,653,111,900
1,517,245,000
1, 404, 035, 000
+2, 261, 256, 750
+2, 104, 732, 700
-591, 082, 500
+449, 542, 000
21, 781, 769,
26, 006, 218, 630
+4, 224, 448, 950
52, 697, 440
231, 176, 000
92, 000. 000
78, 030, 240
278, 439, 000
117,800,000
+25, 332, 800
+47, 263, 000
+25, 800, 000
375, 873, 440
474, 269, 240
+98, 395, 800
22, 157, 643, 120
65,911.170
315,118,270
26. 480, 487, 870
54, 266, 830
518, 386, 714
+4, 322, 844, 750
-11,644,340
+203, 268, 444
22, 538, 672, 560
27, 053, 141, 414
+4,514,468,854
The open market financing operations of the Treasury during 1934
reflect chiefly: (1) Borrowings necessary to finance emergency ex-
penditures, (2) refunding of maturing debt, and (3) increase in the
General Fund balance.
The volume of open market transactions during the year is sum-
marized in the following table:
Open market issues and maturities, fiscal year 1934
[On basis of daily Treasury statements (unrevised), see p. 273]
Class
Issues
Number
of issues
Amount
Maturities
Number
of issues
Liberty bonds
Treasury bonds
Treasury notes
Certificates of indebtedness .
Treasury bills
Total.
$4, 122, 343, 400
2, 712, 686, 400
1, 692, 150, 500
4, 385, 975, 000
$1,880,000,000
2 561, 164, 700
2, 283, 233, 000
3, 936, 433, 000
70
12, 913, 155, 300
8,660,830,700
1 Fourth Liberty loan bonds called for partial redemption on Apr. 15, 1934.
J Includes $316,930,100 Treasury notes due Aug. 1, 1934, exchanged June 15, 1934.
8
REPORT OF THE SECRETARY OF THE TREASURY
Public debt transactions, other than open market operations, in-
cluded the issuance and redemption of special obligations connected
with the investment of trust funds and postal savings, operations in
connection with the national bank note and Federal Reserve bank
note retirement funds, and the issuance and redemption of Treasury
bonds of a special series l made available for payment in gold.
On the basis of the interest-bearing debt outstanding on June 30,
1933, and on June 30, 1934, the computed annual interest charge was
increased from $742,175,955 to $842,301,131, and the computed rate
was reduced from 3.350 to 3.181 percent. The course of the interest-
INTEREST-BEARING DEBT OUTSTANDING AND RATIO OF THE COMPUTED ANNUAL
INTEREST CHARGE TO THE INTEREST-BEARING DEBT, BY MONTHS, JANUARY 1919
TO JUNE 1934
IS
*£~-lt
i teres
t-Be
irinq
Debt
<rCo
mput
zd Ir
terns
t Rat
i
••..•'•:.
"*•
PER
CENT
1919 1920 1921 1922 1923 1924 1925 1926 1927 1928 1929 1930 1931 1932 1933 1934
Chart 4.
30
bearing debt outstanding and of the computed rate of the interest
charge on that debt for the fiscal years 1919 through 1934 is shown
in the chart above.
Information concerning issues, maturities, and redemptions of
interest-bearing public debt securities in the open market is shown
in table 25 on page 364 of this report, and Department circulars and
public announcements concerning the public debt offerings during
i Treasury bonds, series of Apr. 16, 1934, authorized by the Second Liberty Bond Act, approved Sept.
24, 1917, as amended, were offered in the amount of $55,560,000 for payment in gold. The bonds, bearing
% percent interest, were dated Jan. 16, 1934, and matured Apr. 16, 1934. All bonds were redeemed before
maturity.
REPORT OF THE SECRETARY OF THE TREASURY 9
the fiscal year after November 1, 1933, appear as exhibits 1 to 17
on pages 161 to 181.
Refunding the Fourth Liberty Loan
Fourth Liberty Loan 4% percent bonds of 1933-38 were originally
issued under date of October 24, 1918, in the amount of $6,964,581,100.
This amount had been reduced to about $6,268,000,000 when on
October 12, 1933, the first call was issued for redemption on April
15, 1934, of about $1,880,000,000, or 30 percent, of the outstanding
bonds. This amount is only approximate. Fourth Liberty Loan
bonds had been issued in the order of their serial numbers, and there-
fore are divisible into 10 series, as determined by the final digits of the
serial numbers. Three series were included in the first call, the
bonds designated being those bearing serial numbers ending in 9,
0, or 1.
On October 15, 1933, a series of Treasury bonds of 1943-45 was
offered for subscription bearing interest at the rate of 4% percent
per annum from that date to October 15, 1934, and thereafter at the
rate of 3% percent per annum. The new bonds were offered at par
in exchange for outstanding Fourth Liberty Loan bonds, whether
called or uncalled, and at 101^ for cash, the price for cash including
accrued interest from October 15 to November 1, 1933, the date
fixed for cash payment.
The cash offering, which was for $500,000,000, or thereabouts, was
closed on October 17, 1933, at which time subscriptions aggregating
$1,989,015,000 were received, of which $500,421,950 were allotted.
Exchange subscriptions, which were not closed until December 2,
1933, aggregated $900,716,550, a like amount of Fourth Liberty Loan
bonds having been tendered in exchange — $874,863,900 of the called
and $25,852,650 of the uncalled bonds. By this operation outstand-
ing Fourth Liberty Loan bonds called for redemption on April 15,
1934, were reduced to about $1,005,000,000.
On April 4, 1934, a series of 3% percent Treasury bonds of 1944-46
was offered for subscription in exchange for Fourth Liberty Loan
bonds called for redemption on April 15, and for Treasury notes of
series A-1934, maturing May 2, 1934. The offering was confined to
exchange subscriptions, cash subscriptions not being received. A
total of $1,061,960,500, including $827,496,200 of the called bonds and
$234,464,300 of the maturing notes, was exchanged for the new
bonds.
Through these two exchange offerings, $1,702,360,100 of the called
bonds were refunded into Treasury bonds, resulting in an annual
interest saving after the first year of over $17,000,000. On April 15
there remained outstanding about $178,000,000 of the called bonds
10 REPORT OF THE SECRETARY OF THE TREASURY
due that date. To the end of the fiscal year, $127,000,000 of these
bonds were redeemed in cash.
On April 13, 1934, a second call was issued for the redemption on
October 15, 1934 of about $1,246,000,000 of outstanding Fourth
Liberty Loan bonds. The bonds included in the second call were
those which bear serial numbers ending in 8 or 2, and the amount is
approximately two-sevenths of the uncalled bonds outstanding on
April 13, 1934. No steps for refunding of the bonds included in the
second call were taken before the close of the fiscal year 1934.
Department circulars issued and public announcements made dur-
ing the fiscal year 1934 concerning the first call of October 12, 1933,
and the second call of April 13, 1934, for partial redemption of Fourth
Liberty Loan bonds, and the refunding issues announced on October
12, 1933, and April 4, 1934, are included as exhibits 15 and 16 on
pages 176 to 183 of the annual report for 1933 and as exhibits 1 and
10 to 12 on pages 161 and 168 to 174 of this report.
Cumulative sinking fund
The permanent appropriation available for the cumulative sinking
fund during the fiscal year 1934, including a small unexpended
balance for the prior year, was $438,540,889. Treasury bonds in the
face amount of $5,187,000, and Treasury notes in the face amount of
$46,789,000, were purchased at a principal cost of $5,090,468 and
$46,579,686, respectively; and $300,002,200, face amount of Fourth
Liberty Loan bonds, and $7,513,700, face amount of Treasury notes
of series A-1934, were redeemed at par for account of the fund.
The face amount of total retirements on this account was thus
$359,491,900 at an expenditure of $359,186,054. An unexpended
balance of $79,354,835 was carried forward to the fiscal year 1935.
Tables covering transactions on account of the fund for the fiscal
year 1934, and from its inception on July 1, 1920, will be found on
pages 368 and 369 of this report.
Two amendments to the cumulative sinking fund acts were enacted
during the year: First, under provisions of the Treasury Department
Appropriation Act, 1935, the addition to the fund established by
section 308 of the Emergency Relief and Construction Act of 1932
was changed from an annual to a permanent appropriation, thus con-
forming to other appropriation provisions of the sinking fund acts;
and second, under the Gold Reserve Act of 1934, the appropriation
for the fund, previously restricted to retirement of issues outstanding
on July 1, 1920, and to issues subsequently made for refunding pur-
poses, was extended to cover the retirement of any bonds or notes
issued under the Second Liberty Bond Act, as amended.
REPORT OP THE SECRETARY OP THE TREASURY 11
Indirect obligations of the United States
In addition to the public debt which is a direct obligation of the
United States, there are classes of indirect obligations which are in
the nature of contingent liabilities. These liabilities include obliga-
tions, payment of which with regard to principal and/or interest is
guaranteed by the Government, as well as obligations based on the
credit of the United States. A statement, showing in detail the con-
tingent liabilities of the Federal Government on June 30, 1934, is pre-
sented on page 373 of this report. In this connection attention is
called to the statement on page 381 of assets and liabilities of Govern-
ment corporations and credit agencies of the United States, as of June
30, 1934, compiled from reports received from organizations concerned.
At the end of the fiscal year 1934, principal of outstanding obliga-
tions of Government agencies fully guaranteed both as to principal and
interest included: $312,000,000 of the Federal Farm Mortgage Corpo-
ration, $235,000,000 of the Reconstruction Finance Corporation, and
$134,000,000 of the Home Owners' Loan Corporation. The latter
agency also had outstanding $612,000,000 of bonds guaranteed only
as to interest but exchangeable until October 27, 1934, for fully
guaranteed bonds. The Federal land banks had outstanding
$331,000,000 of bonds guaranteed as to interest but not as to principal.
Obligations outstanding on June 30, 1934, secured by the credit of
the United States included $58,000,000 of loans to the Secretary of
Agriculture, based upon all cotton in his possession or control and
secured by warehouse receipts for such cotton; and postal savings
funds, amounting to $1,198,000,000.
GENERAL FUND OF THE TREASURY
All cash receipts of the Government are deposited in the General
Fund of the Treasury and all expenditures are made therefrom. The
balance of this fund represents the cash balance of the Government.
The net change in this balance from the close of the previous fiscal
year is accounted for as follows:
Summary of the net changes in the General Fund balance between June SO, 1933,
and June 30, 1934
[On basis of rlaily Treasury statements (unrevised), see p. 273]
Balance June 30, 1933 $862,205,220. 61
Increase in public debt in the fiscal year 1934 4. 514, 468, 854. 33
Total to be accounted for 5, 376, 674, 074. 94
Excess of expenditures over receipts in the fiscal year 1934:
General and special accounts1 $3, 989, 496, 035. 42
Less charges to statutory debt retire-
ments in the fiscal year 1934 __ 359, 864, 092. 90
Net, exclusive of statutory debt
retirements 3, 629, 631, 942. 52
1 For a description of accounts through which Treasury transactions are effected, see p. 274.
12
REPORT OF THE SECRETARY OF THE TREASURY
Summary of the net changes in the General Fund balance between June 30, 1983,
and June 30, 1934 — Continued
Excess of expenditures over receipts in the fiscal year 1934 —
Continued.
Less net increase in trust and con-
tributed accounts $23,504,351.02
Less net receipts in increment on
gold account 811,375,756.72
Net excess of expenditures over receipts $2, 794, 751, 834. 78
Balance June 30, 1934 2, 581,922,240. 16
Total 5, 376, 674, 074. 94
Current cash assets and liabilities of the Treasury, June 30, 1933 and 1934, and
changes during the year
[On basis of daily Treasury statements (unrevised), see p. 273]
June 30, 1933
(gold valued at
$20.67+ per fine
ounce)
June 30, 1934
(gold valued at
$35 per fine
ounce)
Increase (+),
decrease (— )
Gold assets:
Gold
$3, 233, 846, 776. 44
$7, 856, 074, 225. 67
+$4, 622, 227, 449. 23
Deduct gold liabilities:
Gold certificates outstanding (outside of
Treasury)
1, 230, 718, 869. 00
1 1. 771, 485, 595. 89
» 44, 066, 151. 32
156, 039, 088. 03
958, 684, 599. 00
3, 973, 332, 588. 66
25, 722, 721. 73
156,039,430.93
1, 800, 000, 000. 00
-272, 034, 270. 00
Gold certificate fund, Federal Reserve
Board .
+2,201,846,992.77
Redemption fund, Federal Reserve notes...
Gold reserve i
-18,343,429.59
+342. 90
Exchange stabilization fund
+1,800,000,000.00
Total
2 3,202,309,704.24
6, 913, 779, 340. 32
+3,711,469,636.08
Gold in General Fund
> 31, 537, 072. 20
942, 294, 885. 35
+910, 757, 813. 15
Silver assets:
Silver bullion (sec. 45, Act of May 12, 1933).
1, 560, 000. 00
503, 852, 622. 00
+1, 560, 000. 00
Silver dollars
507, 191, 369. 00
-3,338,747.00
Total
507, 191, 369. 00
505, 412, 622. 00
-1,778,747.00
Deduct silver liabilities:
Silver certificates (sec. 45, Act of May 12,
1933)
1, 560, 000. 00
493, 436, 414. 00
1, 189, 324. 00
+ 1,560,000.00
479, 870, 570. 00
1, 200, 124. 00
+ 13,565,844.00
Treasury notes of 1890 outstanding..
-10,800.00
Total
481, 070, 694. 00
496, 185, 738. 00
+15, 115, 044. 00
Silver dollars in General Fund
26, 120, 675. 00
9, 226, 884. 00
-16,893,791.00
General Fund assets:
In Treasury offices:
Gold (as above)
2 31, 537, 072. 20
26, 120, 675. 00
82, 207, 203. 16
917, 767, 433. 37
848, 458. 74
942, 294, 885. 35
9, 226, 884. 00
93, 668, 569. 49
1, 984, 894, 916. 20
2,831,924.78
+910, 757, 813. 15
Silver dollars (as above)
-16,893,791.00
All other (coin, currency, and bullion)..
In depositary banks, reserve banks, and
treasury of Philippine Islands
+11,461,366.33
+1, 067, 127, 482. 83
All other
+ 1,983,466.04
Total
2 1, 058, 480, 842. 47
3,032,917,179.82
+ 1,974,436,337.35
Deduct General Fund liabilities:
Total
196, 275, 621. 86
450, 994, 939. 66
+254, 719, 317. 80
Balance of increment resulting from re-
811,375,756.72
1, 770, 546, 483. 44
+811,375,756.72
Working balance
862, 205, 220. 61
+908,341,262.83
Balance in the General Fund of the Treasury
862, 205, 220. 61
2, 581, 922, 240. 16
+1, 719, 717, 019. 55
» "Gold fund, Federal Reserve Board", in 1933.
' Redemption fund, Federal Reserve notes, carried as General Fund liability in 1933. In this table the
1933 figures have been revised to include this item as a gold account liability.
5 Reserve against $346,681,016 of United States notes and Treasury notes of 1890 outstanding in the amount
of $1,200,124 in 1933 and $1,189,324 in 1934. Treasury notes of 1890 are also secured by silver dollars in the
Treasury.
REPORT OF THE SECRETARY OF THE TREASURY 13
The composition of the General Fund of the Treasury, existing lia-
bilities against the assets in the fund, and the balances in excess of
such liabilities are shown for June 30, 1933 and 1934, in the above
table. These figures are on the basis of the daily Treasury state-
ments, unre vised (for explanation, see p. 273). Similar information is
presented in somewhat greater detail, and on the basis of the daily
Treasury statements (revised), in the table on p. 376 of this report.
EMERGENCY LEGISLATION
Further appropriations and allocations of funds were made during
the fiscal year 1934 for the purpose of dealing with the emergency
created by the depression. The amount of capital stock and obliga-
tions that the Reconstruction Finance Corporation is authorized to
have outstanding at any one time was increased from $4,575,000,000
to $5,925,000,000, exclusive of indefinite authorizations. The various
legislative provisions affecting the amount of capital stock and of
other obligations which the Corporation may have outstanding at
any ODe time are summarized as follows:
Reconstruction Finance Corporation Act, sec. 2 (capital stock) $500,000,000
Reconstruction Finance Corporation Act, sec. 9._- - 1,500,000,000
Emergency Relief and Construction Act of 1932, sec. 205 (a) - 1,800,000,000
National Industrial Recovery Act, sec. 302 ' 400,000,000
Federal Home Loan Bank Act, sec. 6 (f) 125,000,000
Emergency Farm Mortgage Act of 1933, sec. 38 - 300,000,000
Federal Emergency Relief Act of 1933, sec. 2 (b)_. 500,000,000
Act approved June 10, 1933, sec. 1 (insurance company preferred stock) 50,000,000
Home Owners' Loan Act of 1933, sec. 4 (b).._ - 200, 000, 000
Total authorized prior to July 1, 1933 --- -- 4, 575, 000, 000
Act approved Jan. 20, 1934, sec. 3-.- -. 850,000,000
Act approved June 16, 1934, sec. 3 (a) (purchase of obligations of Federal Deposit Insurance
Corporation) -_. 250,000,000
Emergency Appropriation Act, 1935, title II (purchase of securities held by Public Works
Administration) 250, 000, 000
Total authorized 5, 925. 000, 000
Act approved Mar. 9, 1933, sec. 304 (bank preferred stock, etc.)2 - 1 No statutory
Agricultural Adjustment Act, sec. 5 2 -- limitatiol/
National Housing Act, sec. 4 3 )
i Decrease, deduct. 2 Authorized prior to July 1, 1933. 3 Authorized during fiscal year 1934.
During the year the Reconstruction Finance Corporation sold
$1,670,000,000 of its notes to the Secretary of the Treasury, increasing
the total sold to the Secretary to $3,255,000,000, in addition to the
$500,000,000 of the Corporation's capital stock purchased by the
Treasury. A total of $235,000,000 of notes was issued to banks from
which the Corporation purchased preferred stock, capital notes, and
debentures. Notes in the amount of $132,000,000 were issued for
payment in gold ; these obligations were retired during the fiscal year
in connection with the sale of the Corporation's gold holdings to
the Treasury.
The following table summarizes the funds appropriated and allo-
cated to emergency organizations, expenditures therefrom, and un-
expended balances. The allocation of funds from the $3,300,000,000
provided under the National Industrial Recovery Act was virtually
completed as shown in this statement.
14
REPORT OF THE SECRETARY OF THE TREASURY
The emergency expenditures included in this statement for the
period prior to the fiscal year 1934 include only expenditures on
account of the Reconstruction Finance Corporation and subscriptions
to capital stock of Federal land banks under authority of the act of
January 23, 1932. Expenditures prior to the fiscal year 1934 by the
several departments and establishments for public works under the
Emergency Relief and Construction Act of 1932 were made from
general disbursing accounts, and, therefore, are not susceptible to
segregation from the general expenditures of such departments and
establishments on the basis of the daily Treasury statement.
Funds appropriated and allocated to emergency organizations, expenditures therefrom,
and unexpended balances
[In millions of dollars]
Sources of funds '
Expen-
ditures
fiscal
year
1934
and
prior
years 2
Appropriations
Recon-
struc-
tion
Fi-
nance
Cor-
pora-
tion
Total
Organization
Spe-
cific
Statutory and
executive allot-
ments
Unex-
pended
Na-
tional
Indus-
trial
Recov-
ery
Act
Emer-
gency
Appro-
pria-
tion
Act,
1935
Agricultural Adjustment Administration
3 860
5 353
38
(<)
898
353
290
353
608
Net
507
38
3
60
545
432
547
200
125
125
23
8 63
164
282
200
123
41
7
608
97
429
310
200
268
80
265
Federal land banks:
125
125
23
0
84
Reduction in interest rates on mortgages...
16
1 Appropriations to June 30, 1934; allocations to Oct. 31, 1934.
» On the same basis as those exhibited ou page 2 of the daily Treasury statement (unrevised) but differ
with respect to classification. The principal difference in classification is with respect to amounts paid from
funds allocated by the Reconstruction Finance Corporation to various emergency organizations. The ex-
penditures under the caption "Reconstruction Finance Corporation" in the daily Treasury statement (un-
revised), comprehend all expenditures from funds of the Reconstruction Finance Corporation, including
those allocated to other organizations, whereas expenditures included in the following statement on account
of such allocated funds are exhibited as expenditures of the organizations to which the funds were allocated
rather than expenditures of the Reconstruction Finance Corporation. Similarly certain expenditures of
the Farm Credit Administration and the Commodity Credit Corporation, representing funds allocated to
those organizations for the purpose of carrying out the provisions of the Agricultural Adjustment Act, are
exhibited in the daily Treasury statement (unrevised) under the caption "Agricultural Adjustment
Administration", whereas such expenditures are exhibited in this statement as expenditures of the Farm
Credit Administration and the Commodity Credit Corporation, respectively. The total amount of
expenditures in this statement can be reconciled with the total amount of emergency expenditures in the
daily Treasury statement by adding to the latter the amounts included in general expenditures under the
captions "Agricultural Adjustment Administration", "Refunds of receipts— processing tax on farm
products", and "Subscriptions to stock of Federal land banks", and deducting the receipts under the
caption "Processing tax on farm products."
3 Includes $350,000,000 specific appropriations from the general Treasury under the acts of May 12, 1933,
May 25, 1934, and June 19, 1934.
* There are no statutory limitations on the amounts of funds which may be made available by the Recon-
struction Finance Corporation for carrying out the purposes of sec. 5 of the Agricultural Adjustment Act,
and for the purchase by the Reconstruction Finance Corporation of preferred stock cr capital notes of banks
and trust companies under the act of Mar. 9, 1933. The Reconstruction Finance Corporation is required to
make available to the Federal Housing Administrator such funds as he may deem necessary for the purposes
of carrying out the provisions of the National Housing Act. The amounts included in this column for the
purposes specified are based upon checks issued therefor from time to time by the Reconstruction Finance
Corporation. The authority of the Reconstruction Finance Corporation to issue its bonds, notes, and de-
bentures has been increased bv such amounts as may be required to provide funds for such purposes.
» Of this amount, $H,000,000 has been allocated for the purchase of surplus sugar under the act of
May 9, 1934.
9 Excess of processing tax, deduct.
REPOKT OF THE SECRETARY OF THE TREASURY
15
Funds appropriated and allocated to emergency organizations, expenditures therefrom,
and unexpended balances — Continued
[In millions of dollars]
Organization
Federal Emergency Relief Administration
Federal Surplus Relief Corporation
Civil Works Administration
Emergency conservation work
Department of Agriculture, relief
Public Works:
Tennessee Valley Authority
Loans to railroads
Loans and grants to States, municipali-
ties, etc
Public highways
Boulder Canyon project.. ...
River and harbor work
All other
Home Loan System:
Home loan bank stock
Home Owners' Loan Corporation
Federal Savings and Loan Associations
Emergency housing
Federal Housing Administration
Subsistence homesteads
Reconstruction Finance Corporation— direct
loans and expenditures
Export-Import banks of Washington
Federal Deposit Insurance Corporation
Administration for Industrial Recovery
Total
Unallocated funds.
Grand totil.
Sources of funds
Appropriations
Spe-
cific
'556
i 19
'375
93
6 00
2,448
2,448
Statutory and
executive allot-
ments
Na-
Emer-
tional
gency
Indus-
Appro-
trial
pria-
Recov-
tion
ery
Act,
Act
1935
400
323
50
200
560
437
44
249
710
L28
1
25
3,300
(10)
3,300
387
22
333
114
25
1,425
1
1,426
Recon-
struc-
tion
Fi-
nance
Cor-
pora-
tion
593
33
89
125
200
« 3, 955
13
5,963
Total
1,561
75
864
750
114
75
200
781
693
65
345
902
125
200
50
135
16
50
3,955
14
150
20
13, 137
1
13, 138
Expen-
ditures
fiscal
year
1934
and
prior
years
705
40
805
332
11
71
79
268
19
73
133
81
154
1
(it)
2,412
3
150
7
6,100
6,100
Unex-
pended
856
35
59
418
114
64
129
702
425
46
272
769
44
46
49
135
16
48
1,543
11
7,037
1
7,038
' The appropriation of $950,000,000, provided in the act of February 15, 1934, was allocated by the President
as follows: Civil Works Administration, $375,000,000; Federal Emergency Relief Administration, $575,000,-
000, of which latter amount $19,000,000 has been transferred to the Federal Surplus Relief Corporation for
the purchase of commodities.
8 Under the provisions of the Emergency Appropriation Act, fiscal year 1935, the Reconstruction Finance
Corporation is authorized to purchase marketable securities acquired by the Federal Emergency Adminis-
tration of Public Works, but the amount which the Reconstruction Finance Corporation may have in-
vested at any one time in such securities may not exceed $250,000,000. Moneys paid for such securities are
available for loans (but not grants) under title II of the National Industrial Recovery Act. The amount of
obligations which the Reconstruction Finance Corporation is authorized to have outstanding at any one
time is increased by the sums necessary for such purchases, not to exceed $250,000,000. The purchase of
such securities by the Reconstruction Finance Corporation is reflected as expenditures of the Reconstruc-
tion Finance Corporation and as credits against expenditures of the Federal EmergencyAdministration of
Public Works.
• Includes $500,000 allocated for savings and loan promotion as authorized by sec. 11 of the act of Apr. 27,
1934.
io Less than $500,000.
ii Under see. 3 of the act of June 16, 1934, the Reconstruction Finance Corporation is authorized to pur-
chase at par obligations of the Federal Deposit Insurance Corporation in a face amount of not to exceed
$250,000,000, and the amount of obligations which the Reconstruction Finance Corporation is authorized
to have outstanding at any one time is increased by $250,000,000. The amount to be included in this column
will represent the proceeds deposited with the Treasurer of the United States on account of the sale of such
obligations by the Federal Deposit Insurance Corporation to the Reconstruction Finance Corporation.
90353—35-
-3
16
REPORT OF THE SECRETARY OF THE TREASURY
REVENUE LEGISLATION
Important changes in Federal taxes occurred during the fiscal year
1934. With repeal of the eighteenth amendment, formally pro-
claimed by the President on December 5, 1933, existing taxes on
distilled spirits and wines again became substantial revenue producers
and the special taxes levied by the National Industrial Recovery Act,
according to the specific provisions of that act, were repealed, effective
as of the following dates: Dividends tax imposed by section 213 does
not apply to dividends declared after December 31, 1933; capital
stock tax imposed by section 215 does not apply in respect of any
year beginning on or after July 1, 1934; excess-profits tax imposed by
section 216 does not apply in respect of any taxable year ending after
June 30, 1934. Further provisions for taxation were made by the
specific acts cited below.
Liquor Taxing Act of 1934. — This act, approved January 11, 1934,
repeals the act of March 22, 1933, providing for the taxation of non-
intoxicating liquor containing one-half of 1 percent or more of alcohol
by volume and not more than 3.2 percent of alcohol by weight. A
copy of the Liquor Taxing Act of 1934 will be found as exhibit 30 on
page 21 5 of this report. The major taxes provided by the Liquor Tax-
ing Act of 1934, which went into effect January 12, 1934. and the super-
seded rates are as follows:
, Liquor
Rates
Liquor Taxing Act of 1934
Superseded
Still wines containing following percent-
ages of absolute alcohol, by volume:
gallon.
Over 14 and not over 21 percent
Over 21 and not over 24 percent
Liqueurs, cordials, and similar eompounds.
2H cents per half pint
6 cents per half pint.
and used in fortification of wines.
Fermented malt liquors containing more
than 3.2 percent of alcohol by weight.
Manufacturers of fermented malt liquors:
Brewery of 500 or more barrels a year..
Brewery of less than 500 barrels a year_
$5 per barrel of not over 31 gallons
$100 per brewery per annum
$50 per brewery per annum
$6 per barrel of not over
31 gallons.
1$ 1,000 per brewery per
/ annum.
Revenue Act oj W3$. — This act, approved May 10, 1934, provides
for the following major changes in taxation:
(1) Corporations: The privilege of filing consolidated returns is
limited to railroads with an increase in the income tax rate on such
returns from 14% to 15% percent; for corporations accumulating sur-
plus to avoid surtax on shareholders, a change in the special surtax
from 50 percent of adjusted net income to 25 percent of the amount
not in excess of $100,000, plus 35 percent of the amount in excess of
REPORT OF THE SECRETARY OF THE TREASURY 17
$100,000; limitation of deduction for losses from sales or exchanges of
capital assets to $2,000 plus the gains from such sales, applicable to all
corporations, except banks and trust companies, a substantial part of
whose business is the receipt of deposits; in addition to the regular rate
upon the undistributed adjusted net income of personal holding com-
panies, a special surtax of 30 percent of the undistributed adjusted net
income not in excess of $100,000, plus 40 percent of the amount in
excess of $100,000.
Taxes on capital stock and on excess profits of corporations are
levied at the same rates as provided in the National Industrial
Recovery Act, but with a slight modification of the determination of
adjusted declared value of capital stock.
(2) Individual incomes: A decrease in the normal rate from 4 and
8 percent to 4 percent ; for the purpose of normal tax, a credit against
the net income of 10 percent of earned income; for the purpose of the
surtax, a credit for personal exemption and for dependents; surtaxes
graduated from 4 percent on "surtax net income" in excess of $4,000
and not in excess of $6,000, up to 59 percent on "surtax net income"
in excess of $1,000,000; and other income tax changes, the most im-
portant of winch is the treatment of gains and losses from sales or
exchanges of capital assets, whereby taxable gains and losses are com-
puted on the basis of certain percentages, which vary according to
the period for which assets have been held. Deduction of net capital
losses computed on the bases of the various percentages is limited to
$2,000 plus gains from such sales.
(3) Estates and gifts: Increase in rates for computing the addi-
tional tax on estates so that the maximum tax rate on net estates in
excess of $10,000,000 is 60 instead of 45 percent; increase in graduated
gift tax rates so that the maximum tax rate on net gifts in excess of
$10,000,000 is 45 instead of 33% percent. The increased rates for the
additional estate tax apply to estates of decedents dying after May
10, 1934, and the increased rates for the gift tax to gifts for the cal-
endar years 1935 and thereafter.
(4) Other taxes: Imposition of a tax on imports of certain marine
animal and fish oils, processing taxes on vegetable and coconut oils,
and excise taxes on crude petroleum and other articles; repeal of taxes
on soft drinks and candy as of May 10, 1934, on use of certain boats
as of June 30, 1934, and on checks as of January 1, 1935; increase in
exemptions for taxes on furs and jewelry, reduction in stamp tax on
sales of produce for future delivery.
Extension of agricultural adjustment legislation. — By two amend-
ments to the Agricultural Adjustment Act, additions were made to
the basic agricultural commodities upon which processing taxes can
be levied by proclamation of the Secretary of Agriculture. The act
of April 7, 1934, adds to the list of basic commodities cattle, peanuts,
18 EEPORT OF THE SECRETARY OF THE TREASURY
rye, flax, barley, and grain sorghums; and the act of May 9, 1934,
adds sugar beets and sugarcane.
The Agricultural Adjustment Act provides for the imposition of
taxes upon the first domestic processing of specified basic agricultural
commodities, to become effective with respect to each commodity by
proclamation of the Secretary of Agriculture. Similar taxes are au-
thorized upon the first domestic processing of any commodity found
by the Secretary of Agriculture to be competing to the disadvantage
of a basic commodity. Taxes are also authorized on the floor stocks
of articles processed wholly or in chief value from a commodity with
respect to which a processing tax is imposed. Compensating taxes
are imposed upon articles processed wholly or in chief value from a
commodity with respect to which a processing tax is imposed, when
such articles are imported into the United States, or into any posses-
sion thereof to which the act applies, from any foreign country or
possession to which the act does not apply.
Under the Agricultural Adjustment Act, or the various amendments
thereof, processing taxes are authorized to become effective in the
case of each commodity on the first day of the marketing year next
following the date of a proclamation of the Secretary of Agriculture,
that rental or benefit payments are to be made with respect to that
commodity, except in the case of sugar beets and sugarcane, which
tax became effective on and after June 8, 1934. During the fiscal
year 1934 agricultural adjustment taxes were levied with respect to
the following basic agricultural commodities: Wheat, cotton, tobacco,
field corn, hogs, sugar beets, and sugarcane; as well as on certain
paper and certain jute found to be competing to the disadvantage of
a basic commodity.
Other laws have been enacted containing certain administrative
provisions with respect to the taxes imposed under the Agricultural
Adjustment Act. These laws relate to refunds in the case of certain
exports and to refunds or credits in the case of deliveries of articles
to organizations for charitable distribution or use, limitations with
respect to the filing of claims, and adjustments where rates of taxes are
increased or decreased. They also revise the definition of processing
in connection with certain commodities, create certain exemptions
and changes in method of payment of tax, and make possible an
extension of time for the payment of processing taxes.
The act approved April 21, 1934, to place the cotton industry on a
sound commercial basis, etc., provides for the imposition of a tax upon
the ginning of cotton; and the act approved June 28, 1934, to place the
tobacco-growing industry on a sound financial and economic basis,
etc., provides for a tax on the first bona fide sale of each pound of
certain tobacco harvested subsequent to the enactment of this act.
REPORT OF THE SECRETARY OF THE TREASURY 19
Silver Purchase Act of 1984. — This act, approved June 19, 1934,
provides for a stamp tax on the transfer of interests in silver bullion
equal to 50 percent of the net profit to the transferor. The tax
applies to all transfers of any interest in silver bullion on or after
May 15, 1934, except transfers of silver bullion by deposit or delivery
at a United States mint in compliance with an Executive order
requiring such delivery of any or all silver by whomsoever owned or
processed. A copy of this act is shown as exhibit 27 on page 205.
National Firearms Act. — The National Firearms Act, approved
June 26, 1934, provides an annual special tax of $500 on importers
and manufacturers of certain firearms, $200 on dealers other than
pawnbrokers, and $300 on pawnbrokers, and a stamp tax of $200
each on certain firearms transferred in the United States, to be paid
by the transferor. A copy of this act is presented as exhibit 31
on page 219.
ESTIMATES OF RECEIPTS AND EXPENDITURES
Actual receipts and expenditures for the fiscal year 1934 and esti-
mates for the fiscal years 1935 and 1936 are shown in the table begin-
ning on page 20. Estimated expenditures are based on the latest
information from the Bureau of the Budget.
Total receipts from customs duties and internal revenue, exclusive
of agricultural adjustment taxes, are estimated (on daily Treasury
statement basis) at $2,895,000,000 for the fiscal year 1935, and at
$3,172,000,000 for the fiscal year 1936, assuming extension of tem-
porary taxes in the latter year. More detailed estimates of revenue
are shown in table 15, on page 331.
The revenues of the Federal Government are mainly dependent
upon the tax structure and the level of business activity. Therefore,
in preparing revenue estimates in November of each year, the Treas-
ury is required to assume the continuance of the then existing tax
structure and to forecast the probable trend of business activity for
the ensuing 20 months (the period covering the remainder of the then
current fiscal year and the next fiscal year).
20
REPORT OF THE SECRETARY OF THE TREASURY
Receipts and expenditures for the fiscal year 1934, on the basis of daily Treasury
statements (unrevised), and estimated receipts and expenditures for the fiscal years
1935 and 1936
[This statement does not include contingent liabilities resulting from the issue of obligations of the Re-
construction Finance Corporation, the Federal Farm Mortgage Corporation, and the Home Owners
Loan Corporation]
General and Special Accounts
receipts
Internal revenue:
Income tax
Miscellaneous internal revenue
Processing tax on farm products
Customs
Miscellaneous receipts:
Proceeds of Government-owned securi-
ties:
Principal— foreign obligations
Interest— foreign obligations
All other
Panama Canal tolls, etc
Seigniorage
Other miscellaneous
Total
EXPENDITURES
General
Departmental: 2
Legislative establishment
Executive proper
State Department
Treasury Department.
War Department (nonmilitary)__
Department of Justice
Post Office Department
Interior Department
Department of Agriculture
Department of Commerce
Department of Labor
Shipping Board
Other independent offices and commis-
sions
General public works, annual program..
Unclassified items
Total departmental.
Public building construction and sites.
Treasury Department1
River and harbor work*
National defense: >
Army
Navy
Veterans' Administration »
Adjusted-service certificate fund
Agricultural Adjustment Administration. .
Farm Credit Administration
Refunds of receipts:
Customs
Internal revenue
Processing tax on farm products
Postal deficiency
Panama Canal 2
Subscriptions to stock of Federal land banks.
Civil service retirement fund (Government
share)
Foreign service retirement fund (Govern-
ment share)
Canal Zone retirement fund (Government
share)
District of Columbia (Government share)..
Interest on the public debt
1934, actual
$817, 961, 481. 18
1, 469, 593, 550. 29
353, 048, 796. 83
313,434,302. 19
396, 755. 15
20, 033, 594. 10
57,415,483.64
27, 103, 068. 08
517, 204. 81
56, 049, 813. 26
3,115,554,049.53
17, 652,
358,
11,121,
108, 538,
4, 109,
31, 598,
12, 205,
45, 922,
58, 362,
27, 452,
10,831,
9, 5U,
732. 52
897. 75
102. 86
056. 69
859. 43
524. 53
729. 73
163. 77
572. 39
419.86
904. 62
425.69
22, 365, 462. 58
360, 353. 02
341, 335, 354. 16
75, 515, 813. 86
78, 281, 478. 49
205, 305, 921. 93
274, 388, 386. 06
506, 549, 454. 14
50, 000, 000. 00
279, 723, 062. 38
23, 123, 288. 26
14, 046, 350. 08
48, 664, 202. 21
1, 194, 639. 95
52, 003, 295. 62
9, 197, 147. 37
1,737,780.00
20, 850, 000. 00
292, 700. 00
5, 700, 000. 00
756, 617, 126. 73
1935, estimates
51,051,000,000
1, 557, 197, 418
589, 269, 089
287, 000, 000
70, 000
600, 000
78, 986, 000
24, 968, 500
62, 500, 000
60, 059, 681
3,711,050,688
20, 224, 900
441, 900
14, 876, 500
120, 050, 100
993, 300
32, 271, 800
125, 000
53, 415, 400
64, 198, 900
32, 432, 000
15, 146, 600
9, 857, 700
27, 560, 670
371, 879, 370
24, 862, 300
74, 043, 600
269, 732, 000
343, 053, 756
495, 232, 000
50, 000, 000
548, 677, 000
13, 637, 500
16, 910, 800
51, 231, 500
64, 532, 000
82, 099, 053
10, 469, 900
1, 980, 000
20, 850, 000
159, 100
4, 539, 295
835, 000, 000
1936, estimates
$1, 188, 000, 000
i 1, 685, 900, 000
570, 000, 000
i 298, 000, 000
70, 000
325, 000
163, 700, 000
24, 846, 000
6, 500, 000
54, 563, 639
3, 991, 904, 639
19, 545,
437,
13, 479,
128, 325,
853,
34, 517,
25,
67, 127,
65, 089,
36, 288,
16,216,
9, 593,
000 '
000 1
ooo :
300 i
700 a
000 i
000
500
000
200
000
900
30, 760, 800
200, 000, 000
603, 069, 600
8, 780, 000
62, 474, 200
315, 259, 600
477, 224, 665
604, 885, 500
100, 000, 000
400, 000, 000
12, 323, 000
14, 000, 000
50, 946, 200
60, 000, 000
80, 282, 569
11, 360, 400
40, 000, 000
162, 400
500, 000
5, 700, 000
875, 000, 000
i Assuming extension of temporary taxes and duties in present form.
» Additional expenditures on these accounts are included under " Federal Emergency Administration of
Public Works. "
REPORT OF THE SECRETARY OF THE TREASURY 21
| Receipts and expenditures for the fiscal year 1934, on the basis of daily Treasury
statements (unrevised), and estimated receipts and expenditures for the fiscal years
1935 and 1 936— Continued
1934, actual
1935, estimates
1936, estimates
General and Special Accounts— Con.
expenditures — continued
General— Continued
Public debt retirements:
$359, 490, 900. 00
$572, 541, 000
$561, 419, 000
75, 000, 000
Purchases and retirements from repay-
ment of loans of Public Works
Administration
Received from foreign governments
under debt settlements
357, 850. 00
15, 342. 90
Estate taxes, forfeitures, gifts, etc
Supplemental and deficiency items
25, 000
85, 000, 000
15, 000
40, 000, 000
3,100,914,534.14
3, 936, 455, 174
4, 398, 402, 134
Emergency
Agricultural Adjustment Administration:
6,875,796.76
76.55
5, 000. 00
2, 450, 640. 15
60, 000, 000. 00
2,811,949.79
606. 04
67, 168, 304. 97
40, 863, 477. 16
7, 029, 256. 79
333, 702, 701. 28
140, 890, 000
12, 000, 000
Department of Agriculture (cotton, etc.) .
Treasury Department
National Industrial Recovery Act:
Department of Agriculture
34, 255, 000
Farm Credit Administration
Commodity Credit Corporation
Unclassified items -.
3, 769, 825
88, 788, 700
84, 136, 500
15, 920, 700
610, 692, 000
590, 000, 000
3,025,000
Federal land banks:
Subscriptions to paid-in surplus
Payment for reduction of interest rates
Federal Emergency Relief Administration. .
Federal Surplus Relief Corporation
7, 039, 447. 80
316, 157, 892. 29
331, 940, 851. 40
13, 842, 100
402, 363, 000
83, 904, 000
Public Works:
400, 005, 000. 00
11, 036, 794. 57
70, 739, 000. 00
78, 596, 229. 75
267, 882, 017. 66
19, 445, 381. 64
72, 450, 381. 47
a 2, 330, 180. 52
6, 539, 315. 18
123, 381. 50
747, 170. 01
3, 190, 455. 42
18, 928, 120. 22
775, 477. 97
38, 023, 229. 37
22, 640, 904. 90
751, 480. 25
137, 450. 23
6, 198. 00
• 20, 235, 497. 81
13, 002, 563. 35
5, 170, 815. 47
1, 908, 471. 87
401, 033. 60
35, 000, 000
104, 000, 000
166, 300, 000
428, 600, 000
30, 124, 200
185, 447, 800
7, 627, 500
10, 000, 000
2, 675, 400
2, 500, 000
33, 000, 000
7,711,600
1, 462, 400
59, 207, 400
149, 159, 700
148, 500
287, 000
15, 000, 000
Loans and grants to States, munici-
50, 107, 000
19, 580, 000
59, 839, 250
All other:
Administrative expenses— Public
10, 000, 000
1, 500, 000
Treasury Department:
Public building construction
56, 150, 000
All other..
1, 000, 000
War Department (nonmilitary)
National defense:
3, 639, 200
103, 824, 600
69, 501, 300
19, 849, 000
9,311,000
4, 188, 400
1, 667, 400
1, 000, 000
12, 303, 000
100, 000, 000
1, 467, 429
25, 974, 900
1, 186, 467
14, 109, 700
1, 707, 400
350, 000
12, 000
796, 000
Independent offices and commis-
905, 286. 01
3, 185, 000
3, 900, 000, 000
180, 911. 17
22, 209. 81
63, 532. 67
339,918.19
754, 800. 00
369, 351. 41
Export-Import Banks of Washing-
Federal savings and loan associations (sub-
24, 000, 000
15, 000, 000
24, 500, 000
Emergency housing
3 Exclusive of $42,131.17 stated under Department of the Interior.
♦ Includes $42,131.17 heretofore stated under "subsistence homesteads.
22
REPOET OF THE SECRETARY OF THE TREASURY
Receipts and expenditures for the fiscal year 1934, on the basis of daily Treasury
statements (unrevised), and estimated receipts and expenditures for the fiscal years
1935 and 1936 — Continued
1934, actual
1935, estimates 1936, estimates
General and Special Accounts— Con.
expenditures— continued
Emergency — Continued
Reconstruction Finance Corporation:
Direct expenditures by the Corporation.
From funds allocated by the Corpora-
tion:
« $565, 823, 017. 05
52, 392, 665. 72
7, 756, 815. 01
941,044.35
114, 129, 660. 31
85, 760, 050. 52
25. 000, 000. 00
37, 969, 954. 69
« 180, 329, 985. 06
38, 475, 700. 00
153, 000, 000. 00
* 333, 595, 834. 70
$400, 000, 000
5, 823, SOS
3, 720, 600
$2, 625, 000
Regional agricultural credit corpora-
5, 456, 800
Loans to jointstock land banks
Federal Farm Mortgage Corpora-
266
15, 000, 000
Federal intermediate credit banks
Commodity Credit Corporation
Capital stock of home-loan banks. --
Capital stock of Home Owners'
17, 049, 468
21, 500, 000
46, 000, 000
506, 541, 800
22, 559, 898
197, 700, 000
15, 000, 000
Federal Emergency Relief Ad-
27, 604, 525
Federal Surplus Relief Corporation.
32, 992, 150. 70
88, 960, 000. 00
2, 590, 791. 48
149, 502, 149. 65
6, 632, 491. 49
Export-Import Banks of Washing-
36, 367, 157
497, 800
11.477,600
Federal Deposit Insurance Corporation
Administration for Industrial Recovery
4, 004, 135, 550. 81
4, 644, 613, 852
4,122,011,475
Total general and emergency expendi-
7, 105, 050, 084. 95
8, 581, 069, 026
8, 520, 413, 609
Excess of expenditures over receipts
3, 989, 496, 035. 42
4, 869, 418, 338
4, 528, 508, 970
Summary
Excess of expenditures
3, 989, 496, 035. 42
359, 864, 092. 90
4, 869, 418, 338
572, 566, 000
4, 528, 508, 970
Less public-debt retirements
636, 434, 000
Excess of expenditures (+) or excess of re-
ceipts (— ) (excluding public debt retire-
ments)
+3, 629, 631, 942. 52
-834, 880, 107. 74
+4, 296, 852, 338
-12,299,207
+3, 892, 074, 970
Trust and contributed accounts, excess of
+50, 914, 369
Total excess of expenditures (+) or
excess of receipts (— ) (excluding
public debt retirements) .
+2, 794, 751, 834. 78
+1,719,717,019.55
+4, 284, 553, 131
-251.060,671
+3, 942, 989, 339
Increase (+) or decrease (— ) in General
Fund balance
—790, 799, 557
Increase (+) or decrease (— ) in the public
debt
+4, 514, 468, 854. 33
22, 538, 672, 500. 15
+4, 033, 492, 460
27,053, 141,414
+3, 152, 189, 782
31.086,633,874
Public debt at beginning of year
Public debt at end of year
27, 053, 141, 414. 48
31,086,633,874
34 238 823,656
Trust Accounts and Increment on Gold
receipts
Trust and contributed accounts
162, 179, 890. 63
2,811,375,756.72
166, 871, 979
1, 100, 000
100, 000, 000
169, 053, 110
Increment resulting from reduction in the
weight of the gold dollar.
Seigniorage 8
25,000,000
Total
2, 973, 555, 647. 35
267, 971, 979
» Exclusive of $333,595,834. 70 stated under "Federal Emergency Relief Administration "and $18,800,000
under "Commodity Credit Corporation."
8 Includes $18,800,000 heretofore stated under Reconstruction Finance Corporation, direct expenditures.
T See note 5.
• This item represents seigniorage resulting from the issuance of silver certificates equal to the cost of
the silver acquired under the Silver Purchase Act of 1934 and the amount retained for the silver received
under the President's proclamation dated Aug. 9, 1934.
REPORT OF THE SECRETARY OF THE TREASURY
23
Receipts and expenditures for the fiscal year 1934, on the basis of daily Treasury
statements (unrevised), and estimated receipts and expenditures for the fiscal years
1935 and 1 936— Continued
1934, actual
1935, estimates
1936, estimates
Trust Accounts and Increment on
Gold — Continued
EXPENDITURES
Trust and contributed accounts
$138, 675, 539. 61
2, 000, 000, 000. 00
$177, 672, 772
$179, 167, 922
Chargeable against increment on gold:
Exchange stabilization fund
Melting losses, etc.-
3, 000, 000
75, 000, 000
1, 500, 000
64, 299, 557
Payments to Federal Reserve banks (sec.
13 b, Federal Reserve Act, as amended).
Total
2, 138, 675, 539. 61
255, 672, 772
244, 967, 479
Note.— Excess credits in italics to be deducted.
In view of the nature of the Federal tax structure, it is not to be
expected that revenues will reflect promptly an anticipated improve-
ment in business conditions. For example, collections of income
taxes during the latter half of the fiscal year 1935 will be based on
the business volume of the calendar year 1934 and income tax collec-
tions during the fiscal year 1936 will be based on the volume of busi-
ness of the calendar years 1934 and 1935. Therefore, it is anticipated
that the rising level of business activity wall increase income tax
receipts only moderately during the remainder of the fiscal year 1935
and the fiscal year 1936. Certain miscellaneous internal revenue re-
ceipts, notably estate and gift taxes, show a lag in tax collections
behind changes in general business conditions.
Fiscal year 1935
Total receipts from customs duties and internal revenue, excluding
agricultural adjustment taxes, are estimated (on daily Treasury state-
ment basis) at $2,895,000,000 for the fiscal year 1935, an increase of
approximately $294,000,000 over the actual receipts in the fiscal year
1934. This estimated increase is the net result of gains in revenue
derived from improvement in business activity, changes inaugurated
by the Treasury in its administration of depreciation allowances,
reenactment of the capital stock and excess-profits taxes, upward
revisions in the yields of income, estate, and gift taxes, incorporated
in the Revenue Act of 1934, and other factors; less the decreases in
revenue occasioned principally by the removal of certain taxes,
chiefly those on dividends and checks, and by smaller customs receipts.
Income tax receipts. — Total income tax collections are estimated at
$1,051,000,000, an increase of $233,000,000 over actual collections for
the fiscal year 1934. Collections from the current corporation income
taxes are estimated at $440,000,000, an increase of $119,000,000 over
the actual collections for the fiscal vear 1934. Of this increase,
24 REPORT OF THE SECRETARY OF THE TREASURY
$83,000,000 is anticipated to proceed from the higher level of cor-
porate earnings, while the remainder is expected to result from the
effects of eliminating consolidated returns, the changed provisions
with regard to reorganizations under the Revenue Act of 1934, and
the Treasury administration of depreciation allowances.
The last named factor is also expected to add to the results of the
special efforts of the Bureau of Internal Revenue to collect back
taxes on incomes, collections of which are estimated at $167,000,000,
an increase of $26,000,000 over the fiscal year 1934.
Current individual income taxes are estimated to yield $444,000,000,
an increase of $89,000,000 over the fiscal year 1934, of which ap-
proximately $26,000,000 is attributable to the net effect of changes
in the rate structure and in the capital gains and losses provisions
incorporated in the Revenue Act of 1934.
Miscellaneous internal revenue.— Total miscellaneous internal reve-
nue receipts are estimated at $1,557,000,000, an increase of
$87,000,000 (on daily Treasury statement basis) over those of the fiscal
year 1934, despite a substantial decline in anticipated receipts from
manufacturers' excise taxes, stamp taxes, and certain other sources.
Estimated increased receipts from estate taxes, resulting mainly
from the anticipated increase in the value of estates, and to a slight
extent from the application of the increased rates provided by the
Revenue Act of 1934, and greater revenues resulting from the grow-
ing domestic manufacture and consumption of distilled spirits and
wines, fermented malt liquors, and tobacco, are expected to more
than counterbalance certain losses in revenue as follows: (1) Repeal
of the tax on dividends which yielded more than $50,000,000 during
the 6 months of the fiscal year 1934 that it was in effect; (2) repeal
of taxes on checks, soft drinks, and candy; (3) reduction from 5
cents per $100 to 3 cents per $100 in the stamp tax on sales of produce
for future delivery; (4) estimated decline of $43,000,000 in the yield
of the tax on gasoline in the fiscal year 1935 because of the fact that
the rate is 1 cent per gallon, as compared with the rate of \)i cents
per gallon imposed by the National Industrial Recovery Act and in
effect during part of the fiscal year 1934.
Customs receipts.— Customs receipts for the fiscal year 1935 are
expected to be about $26,000,000 smaller than those of the preceding
year. The decrease is to be attributed to the reduction in duty on
Cuban sugar and to a smaller volume of other dutiable imports, exclu-
sive of alcoholic beverages. The duty on Cuban sugar was reduced
from 2 cents per pound to 1.5 cents per pound, effective June 8,
1934; and to 9/10 of 1 cent per pound, effective September 3, 1934,
after the signing of the Cuban Trade Agreement. The effect of the
reduced sugar duty upon the customs receipts of the fiscal year 1935
was partly counteracted by the concentration in the latter half of
REPORT OF THE SECRETARY OF THE TREASURY 25
the calendar year 1934 of a large part of the year's quota for Cuban
sugar imports. Further counteracting, in part, the decline in cus-
toms revenues from sugar and other imports, is an estimated increase
of $10,000,000 in the fiscal year 1935 of revenues from imports of
distilled spirits and fermented liquors.
Agricultural adjustment taxes. — Agricultural adjustment taxes on
farm products are estimated (on daily Treasury statement basis) to
yield $589,000,000, an increase of $236,000,000 over actual collections
in the fiscal year 1934. The largest increase is anticipated in corn-
hog taxes, collections of which are expected to amount to $217,000,000,
as against $81,500,000 in the fiscal year 1934. A very substantial
increase is expected in receipts from taxes on sugar, which are esti-
mated at $82,000,000 as against less than $170,000 collected in the
fiscal year 1934. Taxes on tobacco are estimated to rise from
$18,000,000 to $33,000,000, and on wheat from $117,600,000 to
$121,000,000. On the other hand, collections from taxes on cot-
ton, including jute and paper fiber, are expected to decline from
$154,000,000 in the fiscal year 1934 to about $111,000,000 in the fiscal
year 1935. The processing tax on peanuts, which was not effective
in the fiscal year 1934, is expected to yield about $5,000,000.
Fiscal year 1936
Total receipts from customs duties and internal revenue, excluding
agricultural adjustment taxes, are estimated at $3,172,000,000 for the
fiscal year 1936 if the temporary taxes expiring June 30 and July 31,
1935, are extended. This figure represents (on daily Treasury state-
ment basis) an increase of $277,000,000 over the estimated receipts
in the fiscal year 1935 and of $571,000,000 over the actual receipts
in the fiscal year 1934. Failure to extend the temporary taxes would
reduce the total internal revenue receipts by approximately $378,-
000,000, and customs by approximately $11,000,000, to a total of
$2,783,000,000, or $112,000,000 less than estimated receipts from these
sources in the fiscal year 1935 (on daily Treasury statement basis).
Income tax receipts. — Total income tax collections are estimated at
$1,188,000,000, an increase of $137,000,000 over the estimated collec-
tions for the fiscal year 1935. Receipts from income taxes in the
fiscal year will reflect fully the upward revision of the tax structure
under the Revenue Act of 1934 and are expected to show further gains
because of the moderately higher incomes anticipated for the calendar
years 1934 and 1935 as compared with those for 1933 and 1934,
respectively.
Current corporation income taxes are estimated to yield $509,-
000,000, an increase of $69,000,000 over the estimates for the fiscal
year 1935; and current individual income taxes are estimated to yield
$506,000,000, an increase of $62,000,000 over the 1935 estimate.
26 REPORT OF THE SECRETARY OF THE TREASURY
Collections of back taxes on incomes are estimated at $173,000,000,
an increase of $6,000,000 over the estimated level in the preceding
fiscal year.
Miscellaneous internal revenue. — If the temporary taxes expiring
June 30 and July 31, 1935, are extended, important increases are
anticipated in receipts during the fiscal year 1936. Total miscellane-
ous internal revenue receipts, assuming extension of the temporary
taxes, are estimated at $1,686,000,000, an increase of $129,000,000
over the estimated collections for the fiscal year 1935 (on daily Treas-
ury statement basis).
Estate tax and gift tax collections will reflect fully the increased
rates of the Revenue Act of 1934 and are estimated to yield $191,-
000,000 and $25,000,000, respectively, representing increases of
$54,000,000 and $14,000,000 as compared with estimated receipts
from these taxes in the fiscal year 1935. Revenues from distilled
spirits and wines and from fermented liquors are estimated to show
increases of $27,000,000 and $11,000,000, respectively, over estimates
for the fiscal year 1935, partly in consequence of the anticipated
higher level of incomes and partly because of the rising trend in the
domestic manufacture and consumption of distilled spirits and wines,
due to improvement in quality combined with a reduction in illicit
manufacture. Repeal of the tax on checks, effective as of January 1,
1935, will offset part of the gains in the fiscal year 1936 from other
sources by approximately $24,000,000.
Customs receipts. — Customs receipts are estimated at $298,000,000
for the fiscal year 1936, assuming that temporary duties on certain
commodities (coal, lumber, pertroleum products, copper and prod-
ucts) are extended, an increase of $11,000,000 over the estimated
collections of 1935. Decreases are expected in collections from
Cuban sugar imports and from imports of distilled spirits and fer-
mented liquors, but other dutiable imports are expected to more
than counterbalance these reductions. The lower duty on Cuban
sugar will be effective throughout the year and, hence, is not ex-
pected to yield as much revenue as in the fiscal year 1935, when
imports that would normally have been made in the forepart of
the calendar year 1934 were concentrated in the latter half of that
year, thus swelling the customs receipts of the 1935 fiscal year. A
decline of some $3,000,000 is anticipated in the receipts from duties
on imports of alcoholic beverages by reason of improvement in the
quality of the domestic product.
Agricultural adjustment taxes.— Receipts from agricultural adjust-
ment taxes for the fiscal year 1936 are estimated at $570,000,000.
This estimate was made on the assumption that it would be neces-
sary to continue the work of the Agricultural Adjustment Adminis-
tration on practically the same basis as during the fiscal year 1935.
REPORT OF THE SECRETARY OF THE TREASURY 27
MONETARY DEVELOPMENTS
Gold
The regulation of the acquisition, holding, and export of gold estab-
lished in the spring of 1933, under authority confirmed in the Emer-
gency Banking Act of March 9, 1933, was continued in the Executive
order of August 28, 1933, which revoked earlier orders and required
the delivery to a Federal Reserve bank of all gold coin, gold bullion,
or gold certificates domestically held, with certain exceptions.
By the Executive order of August 29, the Secretary of the Treasury
was authorized to receive gold recovered from natural deposits in the
United States on consignment for sale to persons licensed to acquire
gold for use in the arts, industries, and professions, or, by export to
foreign purchasers.
On October 25, the President issued an Executive order revoking the
Executive order of August 29, and amending that of August 28. The
order of October 25 authorized the Reconstruction Finance Corpora-
tion to acquire gold recovered from natural deposits in the United
States which had been received on consignment by a United States
mint or assay office and to hold, earmark for foreign account, export,
or otherwise dispose of such gold. On the same day the Reconstruc-
tion Finance Corporation announced that it would receive sub-
scriptions for its debentures maturing on February 1, 1934, payable in
newly mined gold recovered from natural deposits in the United
States (official release, Oct. 26, 1933). The daily authorized prices for
which newly mined gold was acquired under the above orders over the
period September 8, 1933, to January 31, 1934, appear as exhibit 26,
on page 205 of this report. Certain foreign gold imported after Nov-
ember 1, 1933, was also authorized by the Reconstruction Finance
Corporation to be received by the Federal Reserve Bank of New York
in payment for the notes of the Corporation.
The Executive order of August 28 was supplemented by an order
of the Secretary of the Treasury on December 28 (amended on Jan.
11 and supplemented on Jan. 15, 1934), requiring all gold coin,
gold bullion, and gold certificates domestically held (with certain
stated exceptions) to be delivered for the account of the Treasurer
of the United States.
In his message to Congress of January 15, 1934, the President
recommended the passage of legislative provisions which Congress
embodied in the Gold Reserve Act of 1934, approved on January 30.
A copy of this act appears as exhibit 23 on page 189. This act includes
the following provisions relating to gold:
Title to all gold coin and gold bullion of the Federal Reserve Board,
the Federal Reserve banks and Federal Reserve agents is vested in
the United States Government, for which credits in the United States
Treasury in equivalent dollar amounts are established;
28 REPORT OF THE SECRETARY OF THE TREASURY
Except to the extent permitted in regulations issued under the
Gold Reserve Act, no currency of the United States is redeemable in
gold, provided that gold certificates owned by the Federal Reserve
banks are redeemable at such times and in such amounts, as, in the
judgment of the Secretary of the Treasury, are necessary to main-
tain the equal purchasing power of every kind of currency of the
United States. Such redemptions as are made in gold are to be
made in gold bullion ;
The Secretary of the Treasury is authorized to prescribe the condi-
tions under which gold may be acquired and held, imported, exported,
or earmarked;
All gold coins of the United States are to be withdrawn from
circulation and, together with all other gold owned by the United
States, formed into bars. No United States gold coin is hereafter
to be minted or paid out;
The Secretary of the Treasury is authorized to buy or sell gold
as an operation in the General Fund of the Treasury, at such rates
and upon such terms and conditions as he deems most advantageous
to the public interest, except that gold held as currency reserve or
security may be sold only to the extent necessary to maintain such
currency at a parity with the gold dollar;
The Secretary of the Treasury is authorized, for a period of 2 years,
unless the authorization is terminated earlier or extended 1 year by
the President, to deal in gold and foreign exchange and such other
instruments of credit and securities as he may deem necessary for
the purpose of stabilizing the exchange value of the dollar. A stabi-
lization fund of $2,000,000,000 is established for this purpose out of
the increment resulting from reduction in the weight of the gold
dollar ;
The authority contained in title III of the act of May 12, 1933,
permitting the President under certain conditions to fix the weight of
the gold dollar at not less than 50 percent of its then legal weight,
was made more specific by adding the provision that the weight of
the gold dollar shall not be fixed at more than 60 percent of its then
legal weight.
The President's proclamation of January 31, 1934, issued under
the above authorization, fixed the weight of the gold dollar at 15^i
grains of gold, nine-tenths fine. This action constituted a reduction
of the gold in the dollar to 59.06 percent of the former content and
gave to gold an equivalent value of $35 a fine ounce.
On January 31, 1934, the Treasury Department issued a statement
providing for the sale of gold for export whenever the United States
exchange rates with gold standard currencies reach gold export point.
The exports are to foreign central banks which buy and sell gold at
fixed prices.
REPORT OF THE SECRETARY OF THE TREASURY 29
Silver
The Presidential proclamation of December 21, 1933, issued under
the authority of title III of the act of May 12, 1933, directed the
United States mints to receive silver mined in the United States
since the date of the proclamation, and to deliver to the tenderer of
such silver, standard silver dollars ! in face amount equal to the silver
dollars which might be coined from 50 percent of the silver so ten-
dered. Under this authorization, domestic silver produced since
December 21, 1933, is received by the mints on the basis of about
64 y2 cents per fine ounce.
The Silver Purchase Act of 1934, approved June 19, 1934, declared
it to be the policy of the United States that the proportion of silver
to gold in the monetary stocks of the United States should be increased
with the ultimate objective of having and maintaining one-fourth of
the monetary value of such stocks in silver. Whenever the proportion
of silver in the stocks of gold and silver is less than one-fourth, the
Secretary of the Treasury is directed to purchase silver, at such times
and upon such terms and conditions as he may deem reasonable and
most advantageous to the public interest, but at a price not to exceed
its monetary value and not to exceed 50 cents per fine ounce for silver
situated in continental United States on May 1, 1934. He is required
to issue silver certificates in face amount not less than the cost of all
silver purchased under the act. With the approval of the President,
the Secretary is authorized to regulate or prohibit the acquisition, im-
portation, exportation, or transportation of silver and silver contracts.
The President is authorized at his discretion to require the delivery to
the United States mints of any or all silver, in return for which shall
be paid the monetary value of such silver in any form of United
States coin or currency desired (less mint charges), provided that
such value is not less than the market price of silver over a reasonable
period previous to the date of the order. The act also imposed a tax
at the rate of 50 percent of any profit on all transfers of any interest
in silver bullion, with certain exceptions, on or after May 15, 1934.
On June 28, 1934, the Secretary of the Treasury issued an order
prohibiting the exportation or transportation of silver from the con-
tinental United States except under license issued pursuant to the
order.
Silver certificates
The issuance of silver certificates against silver accepted from for-
eign governments in payment of indebtedness to the United States
under title III of the act of May 12, 1933, was begun on January 13,
1934.
1 See section on silver certificates below
30 REPORT OF THE SECRETARY OF THE TREASURY
The Gold Reserve Act of 1934 authorized the President to issue
silver certificates "against any silver bullion, silver, or standard silver
dollars in the Treasury not then held for the redemption of any out-
standing certificates." Under this act, silver certificates became
issuable against any unencumbered silver in the Treasury, irrespective
of the authority under which the silver was received.
It was decided, therefore, to provide a single or consolidated series
of silver certificates for issuance against any free silver held in the
Treasury. Consequently payment of the certificates specifically
prepared for issuance against silver received from foreign governments
under the act of May 12, 1933, was discontinued, and issues of cer-
tificates under that and later authorizations awaited the preparation
of the consolidated series.
This consolidated series of new silver certificates has been given
the designation, "Series of 1934."
Attention is called to exhibits on pages 189 to 215 containing legis-
lation, Executive orders, proclamations, and orders of the Secretary
of the Treasury relating to monetary matters.
FEDERAL DEPOSIT INSURANCE CORPORATION
The Federal Deposit Insurance Corporation was created by the
Banking Act of 1933 to insure the deposits of all banks which are
entitled to insurance as specified in the act and to purchase, hold,
and liquidate the assets of closed member banks of the Federal
Reserve System. All licensed banks in the Federal Reserve System,
without examination, automatically became members of the deposit
insurance fund established by the act, and nonmember banks operat-
ing on an unrestricted basis were permitted to apply for participa-
tion and became eligible when certified as solvent by the State bank-
ing authorities, subject to examination and approval by the Corpora-
tion. The Corporation has been chiefly concerned with the insurance
provisions of the act.
A temporary plan for the insurance of deposits in the amount of
$2,500 of the net claim of any depositor was provided originally for
the period January 1 to July 1, 1934, at which time a permanent
plan was to have become effective. Under the provisions of the act
of June 16, 1934, however, the temporary plan of deposit insurance
was extended until July 1, 1935, and the amount of insured deposits
of any depositor was increased from $2,500 to $5,000, with certain
exceptions for mutual savings banks, for which a separate insurance
fund was established.
On June 30, 1934, the Federal Deposit Insurance Corporation had
received from the United States Treasury $150,000,000, and from
Federal Reserve banks $139,000,000, representing subscriptions to
capital stock in accordance with the act creating the corporation.
REPORT OF THE SECRETARY OF THE TREASURY 31
In addition, member banks of the temporary deposit insurance fund
had been assessed $40,000,000, of which $9,000,000 represented
assessments of banks withdrawing from the temporary fund. During
the 6-month period, January-June 1934, the Corporation earned
$2,400,000 on its investments; the expenses, including those of the
initial organization, estimated net loss on account of payments to
insured depositors in the one bank which closed during the period,
and a provision of $400,000 for estimated suspense items, amounted
to $3,200,000. At the close of the period the assets of the Corporation
included cash on deposit with the Treasury in the amount of
$99,000,000 and investments in United States Government bonds
amounting to $228,000,000.
An aggregate of 14,166 banks were members of the deposit
insurance fund on June 30, 1934. The membership included 5,417
national banks, 958 State member banks, 7,556 State nonmember
commercial banks, and 235 mutual savings banks. It is estimated
that more than 56,000,000 accounts were insured and that the in-
sured deposits amounted to approximately $16,000,000,000.
By June 30, 1934, 167 mutual savings banks and 21 commercial
banks had signified their intention to withdraw from the insurance
fund, in accordance with provisions of the law and regulations issued
by the Corporation. In this connection the Corporation was pre-
pared to make refunds amounting to about $9,000,000. Of the
mutual savings banks withdrawing from the fund, 133, located in
New York State, have taken such action owing to the fact that a
State-wide insurance fund for mutual savings banks has been estab-
lished in that State. Action was taken by these banks prior to the
establishment of the separate insurance fund for mutual savings
banks under the provisions of the act of June 16, 1934. Sixty-eight
mutual savings banks have become members of this separate Federal
fund.
BUREAU OF INTERNAL REVENUE
During the fiscal year 1934 important changes were made in the
internal revenue laws affecting both income and miscellaneous taxes,
providing additional administrative measures for the protection of
the revenue, increasing the rates of certain existing taxes and desig-
nating new objects of taxation. Discussion of revenue legislation
appears on pages 16 to 19.
Collections of internal revenue, exclusive of agricultural adjustment
taxes during the fiscal year 1934, in the amount of * $2,301,000,000,
exceeded collections in the preceding fiscal year by $681,000,000.
The cost of collecting each $100 of internal revenue was $1.25 in the
fiscal year 1934, compared with $1.85 in 1933. Agricultural adjust-
ment taxes amounted to 1 $371,500,000; collection, which began during
1 On the basis of the report of the Commissioner of Internal Revenue.
90353 — 35 4
32 REPORT OF THE SECRETARY OF THE TREASURY
the fiscal year 1934, was effected at a cost of 69 cents per $100 of
such taxes collected. The relatively lower cost of collecting agricul-
tural adjustment taxes may be ascribed, at least in part, to the fact
that Internal Revenue employees on the regular rolls shared the
administrative burden with employees paid from agricultural adjust-
ment funds.
Back taxes on incomes
In the autumn of 1933 a drive was inaugurated to increase collec-
tions of back taxes on incomes, and in January 1934 a 3-day meeting
of collectors, revenue agents in charge, supervisors of accounts and
collections, special intelligence agents in charge, and other field
officials was held in Washington. At that time an aggregate quota
of $200,000,000 in back tax collections was set for the calendar year
1934.
Assessments of back taxes on incomes, exclusive of jeopardy assess-
ments (most of which are appealed), totaled $194,000,000 during
1934, an increase of $24,400,000 over 1933. Actual collections of
back taxes on incomes in the fiscal year 1934 totaled $140,600,000,
an increase of $8,200,000 over the preceding year and of $30,600,000
over the amount which it was originally anticipated would be collected.
The most significant improvement effected during the year in the
administration of the back tax problem was the reduction in the num-
ber of cases pending before the Board of Tax Appeals and appellate
courts. The number of such cases pending was 18,080 as of June
30, 1933, and 12,474 as of June 30, 1934, a net reduction of 5,606
cases. Of the 9,582 cases closed during the year, 7,490 were settled
by agreement without trial. Another significant phase of the work
appears in the record of agreements secured after final notices of
deficiency had been issued but before appeals had been filed. Such
agreements during 1934 resulted in the assessment of $38,500,000, as
compared with $10,700,000 in 1933.
Investigations, undertaken during the fiscal year 1934, of alleged
sales of securities between members of families and close business
associates resulted in recommendations for the assessment of addi-
tional taxes totaling more than $25,000,000. Returns of information
required to be filed by brokers formed the basis for these investigations.
Satisfactory progress was made during the fiscal year in the pro-
gram to determine reasonable and consistent depreciation allowances
for taxpayers claiming such deductions. While it is not possible at
this stage of the program to measure accurately the result in back
tax collections, data compiled for the 3-month period ended July 15,
1934, indicate a total reduction in depreciation allowances that will,
it is estimated, produce approximately $30,000,000 in additional
taxes.
REPORT OF THE SECRETARY OF THE TREASURY 33
Alcohol tax administration
The twenty-first amendment to the Constitution became effective
on December 5, 1933, making inoperative on that date the National
Prohibition Act so far as it concerned the use of intoxicating liquors
for beverage purposes. The Bureau of Industrial Alcohol and the
Alcoholic Beverage Unit of the Bureau of Investigation, Department
of Justice, were consolidated with the Bureau of Internal Revenue
by Executive order of March 10, 1934, which became effective May
10, 1934. The Alcohol Tax Unit was organized in the Bureau of
Internal Revenue to assume the functions of determining assess-
ments of taxes on spirits, wines, and beer, and to suppress unlawful
transactions in these liquors. The field organizations of the Bureau
of Industrial Alcohol and of the Alcoholic Beverage Unit of the
Department of Justice were rearranged by the Alcohol Tax Unit
into 15 districts with 62 branch offices.
By the end of the fiscal year 1934, the following were under the
supervision of the Alcohol Tax Unit: 174 distilleries, 188 warehouses,
805 wineries and 91 bonded wine storerooms, 725 breweries, 384
rectifying plants, 6,666 wholesale liquor dealers, 39 denaturing
plants, 69 bonded dealers in and 4,298 bonded manufacturers using
specially denatured alcohol, and 5,887 hospitals, laboratories, and
educational institutions using tax-free alcohol.
A detailed description of the work of the Bureau of Internal
Revenue will be found on pages 97 to 118 of this report.
CONSTRUCTION ACTIVITIES OF THE TREASURY
The Department's building operations during the fiscal year 1934,
carried on under several different programs and appropriations,
resulted in the completion and occupation during the year of 203
projects with limits of cost of $38,830,400. In addition 52 projects
with a total limit of cost of $24,594,977 were placed under contract,
85 additional projects with a total limit of cost of $7,596,901 were
on the market for bids, or in the final stage of preparing specifica-
tions. Plans were being prepared for 172 additional projects, at a
limit of cost of $15,283,445, and land had been acquired for 5 proj-
ects to cost approximately $456,000. Sites for 151 projects, to
cost approximately $19,479,465, had been selected, or were in process
of selection.
In the closing days of the fiscal year, additional funds were made
available for construction activities in an emergency construction
fund of $65,000,000, provided by the Emergency Appropriation
Act, approved June 19, 1934. Under this act, before the close of
the fiscal year, 303 projects were selected by the Secretary of the
34 REPORT OF THE SECRETARY OF THE TREASURY
Treasury and the Postmaster General from projects contemplated
by previous legislation, at a total limit of cost of $60,228,700.
In selecting these lists of projects the Secretary of the Treasury
and the Postmaster General were guided by the wording of the
Appropriation Act which provides that "with a view to relieving
country-wide unemployment" they "shall endeavor to distribute the
projects equitably throughout the country so far as may be con-
sistent with the needs of the public service."
The acquisition of the necessary land and the preparation of
plans and specifications were taken in hand immediately with a view
to getting the projects on the market for construction bids and
contracts awarded within the shortest practicable time.
Building program in the District of Columbia
The program for Federal buildings in the District of Columbia under
the original public building program is nearing completion. The
Department of Commerce, the original Internal Revenue Building,
the Post Office Department Building, the extension of the City Post
Office Building, the Central Heating Plant, and the Public Health Serv-
ice Building are completed and occupied. The Department of Labor
Building and the Interstate Commerce Commission Building, with
their connecting wing, the Department of Justice Building, the
Archives Building, the last of the seven wings of the extensible office
building of the Department of Agriculture, and the National Insti-
tute of Health are all rapidly nearing completion. A contract under
the Public Works Program has been awarded for the construction of
an addition to the Internal Revenue Building and the work is under
way.
Status of work under the several building programs
The status of the various programs under which the Treasury's
building activities are carried on is indicated below.
The original public building program. — The Public Building Act
approved May 25, 1926, and subsequent acts enlarging the regular
building program made general authorizations of $702,296,794 and
total specific authorizations and appropriations for buildings and land
of $494,642,437. Of the $494,642,437 specifically authorized under
this program as of June 30,1934, $426,544,427 in the aggregate was
obligated as of that date. Expenditures to June 30, 1934, have been
made under these obligations to the amount of $396,612,829. The
amount of obligations outstanding at the end of the fiscal year was
$29,931,598. The unobligated portion of the funds appropriated
under these acts became unavailable under the provisions of the act
approved March 31, 1933, except for items necessary to the com-
pletion of projects already under contract. Of the 735 construction
projects previously under contract in this program, 578 with limits
REPORT OF THE SECRETARY OF THE TREASURY 35
of cost of $170,321,222 had been completed on June 30, 1934, leaving
still under contract 157 projects with limits of cost of $272,358,457.
The projects completed during the fiscal year under this program are
listed in the opening paragraph of this article.
Program under the Public Works Administration. — Under the
National Industrial Recovery Act, approved June 16, 1933, except
with respect to uncompleted projects under contracts made previous
to that date, public building construction was made subject to allot-
ment by the Administrator of Public Works. During the fiscal year
1934, allotments of Public Works Administration funds were made to
the Treasury for 465 building projects, most of which were contem-
plated by previous legislation, at a total limit cost of $67,410,788.
No projects have yet been completed under this program; the status
of the projects under contract, etc., is included in the opening para-
graph of this article.
Detailed information with reference to all building programs and
appropriations will be found in the abstract of the report of the Pro-
curement Division under which the building activities of the Treasury
are conducted, on pages 127 to 131 of this report.
BUREAU OF CUSTOMS
Customs receipts for the fiscal year 1934 amounted to $313,434,000,
an increase of $62,684,000 over the preceding year. About 40 percent
of this increase, $24,000,000, represented duties on imports of dis-
tilled and fermented liquors, the importation of which was legalized
by the repeal of the eighteenth amendment, effective December 5,
1933. The remaining 60 percent may be attributed to higher unit
values and larger quantities of commodity importations. An even
larger increase in importations was offset in part by a reduction in
importations of sugar from Cuba, in anticipation of the Reciprocal
Trade Agreement between Cuba and the United States. Although
the agreement was not effective until after the close of the fiscal year
1934, the rate on Cuban sugar was reduced by proclamation of the
President of May 9, 1934, and made effective June 8, 1934.
The value of dutiable imports entered for consumption was $605,-
012,000, or 44.4 percent over the preceding year, and 4.8 percent over
1932. The value of imports entered free of duty constituted 63.6 per-
cent of the total value of all imports entered for consumption during
1934, as compared with 64.3 percent for 1933.
The value of dutiable merchandise imported for consumption, ex-
clusive of distilled and fermented liquors, was $574,660,000, or 37.2
percent over the preceding year. In addition to these imports the
value of distilled and fermented liquors released from customs custody
between December 5, 1933, and June 30, 1934, was $30,352,000.
36
REPORT OF THE SECRETARY OF THE TREASURY
The imports of distilled spirits and wines from December 5, 1933,
through June 30, 1934, the duties collected thereon and the stocks
in bonded warehouses at the end of the fiscal year were as follows:
Distilled
spirits (im-
ports and
stocks in proof
gallons)
Wines (im-
ports p.nd
stocks in
wine gallons)
Imports:
Total, free and dutiable --
Entered for consumption ' ...
Stocks in customs bonded warehouses at end of year
Duties collected
8, 291, 408
3, 790, 155
4, 529, 297
$18, 644, 429
4, 938, 652
3, 041, 646
2, 176, 557
$5, 379, 274
1 Includes withdrawals for ship supplies and diplomatic use.
The general trade situation and customs collections are summarized
by fiscal years in the following table:
Merchandise exports and imports and customs collections, 1929 to 1934
[In millions of dollars]
Fiscal year
Exports
General
imports
Excess
of
exports
over
imports
Customs
receipts '
Fiscal year
Exports
General
imports
Excess
of
exports
over
imports
Customs
receipts l
1929
5,373
4,694
3,083
4,292
3,849
2,432
1,082
845
651
602
587
378
1932
1,948
1,440
2,042
1,730
1,168
1,721
218
272
321
328
1930
1933
251
1931
1934
313
• On basis of daily Treasury statements (unrevised).
A more complete statement of the activities of the Bureau of
Customs is presented on pages 87 to 92 of this report.
NONFISCAL ACTIVITIES
Coast Guard
During the year the Coast Guard continued to perform its usual
duties, which have close relation both to the maritime interests and
general public interests. In the main, its activities included the In-
ternational Ice Patrol of the trans-Atlantic steamship lanes, in the
vicinity of the Grand Banks of Newfoundland, and associated ice-
observation and oceanographic cruises and surveys; patrol of the
coast — including aircraft patrol— to aid vessels and persons in dis-
tress; patrol of the waters of the North Pacific Ocean, Bering Sea,
and southeastern Alaska in the enforcement of laws for the protec-
tion of the fur seal and sea otter, and of game, the fisheries, and fur-
bearing animals of Alaska, and of other laws in Alaska; supervision
over the anchorage and movements of vessels at ports and other
places; enforcement of the customs, navigation, and motor boat laws;
REPORT OF THE SECRETARY OF THE TREASURY
37
prevention of the smuggling of liquor and other contraband ; removal
of derelicts and other obstructions to navigation from the paths of
marine commerce; and the preservation of life and property at sea
and along the coasts. A noteworthy record was achieved during the
year by the service forces in the saving of life — 5,597 persons were saved
or rescued from peril.
The following is a summary of the principal operations of the Coast
Guard which are susceptible of statistical presentation:
Increase (+)
or
decrease (— )
Lives saved or persons rescued from peril
Persons on board vessels assisted
Persons in distress cared for
Vessels boarded and papers examined .
Vessels seized, reported, or warned for violations of law
Fines and penalties incurred by vessels reported. _
Regattas and marine parades patrolled
Instances of lives saved and vessels assisted
Instances of miscellaneous assistance
Derelicts and other obstructions to navigation removed or
destroyed
Value of derelicts and other obstructions recovered
Value of vessels assisted (including cargoes)
Persons examined for certificates as lifeboat men..
6,492
33,716
595
83, 031
1,549
$244, 558
155
7,176
7,476
300
$55, 565
0, 516, 220
3,828
5,597
34, 767
1,246
31,730
1,401
$94, 500
204
6,861
7,877
267
$112, 100
$47, 296, 109
5,917
-895
+ 1,051
+651
-51,301
-148
-$150,058
+49
-315
+401
-33
+$56, 535
+$6, 779, 889
+2, 089
A more detailed account of these and other operations of the Coast
Guard will be found on pages 76 to 83 of this report.
Public Health Service
The unusual features of the work of the Public Health Service
during the year occurred in connection with the outbreak of three
major epidemics, amoebic dysentery in Chicago, epidemic encephalitis
in St. Louis, and poliomyelitis in California. The Public Health
Service cooperated with State and local authorities in these epidemics
by the institution of careful epidemiological and laboratory studies.
The reservations of the United States with reference to the Inter-
national Sanitary Convention for Aerial Navigation were accepted
by all prior signatory governments, and the convention was signed on
behalf of the United States by the American Minister at The Hague
on April 6, 1934. Ratification of the convention by the 23 countries
now signatory is pending.
The regulations governing the importation of birds of the parrot
family into ports of the United States were revised further to safe-
guard this country. Quarantine officers of the United States were
authorized to accept, under certain conditions, foreign certificates of
deratization or deratization exemption not visaed by the American
consular officers at the ports of issuance; under the Philippine Islands
Independence Act, medical officers of the Public Health Service on
duty in Manila were authorized to perform the medical examinations
38 REPORT OF THE SECRETARY OF THE TREASURY
of citizens of the Philippine Islands who are applicants for immigra-
tion visas under the Philippine quota, and to make the medical
examinations required in connection with the issuance of workers'
permits to Filipino laborers destined for Hawaii; and instructions
were issued to officers of the Public Health Service on duty at quaran-
tine stations on the Mexican border to pass without formal examina-
tion Mexican citizens making temporary visits and presenting identifi-
cation cards issued by American consular officers in the interior of
Mexico.
In connection with the civil works program the Public Health
Service assisted 14 States with malaria-control drainage projects,
aided in the construction of more than 225,000 sanitary outdoor
toilets for rural homes in 22 States, and assisted States in the sealing
of abandoned mines to remove acid wastes from streams, and in
conducting a rat-flea survey in connection with typhus fever control.
The research activities were for the most part a continuation of the
investigations begun during the preceding fiscal year and included
such problems as cancer, heart disease, leprosy, nutrition, spotted
fever, psittacosis, typhus fever, and industrial hygiene.
In addition to cooperating with the State and local health depart-
ments in the control of venereal diseases, the Public Health Service
participated in important studies in the clinical aspects of syphilis.
At the request of the medical director of the Tennessee Valley Author-
ity, a comprehensive program for the control of venereal diseases was
submitted and the suggested measures were put into effect in the
Norris area.
Administrative duties connected with the establishment of the
United States Narcotic Farms, the supervision and furnishing of
medical, psychiatric, and technical services for the Federal penal and
correctional institutions, and studies dealing with the country's
medical and scientific needs for narcotic drugs and with the medico-
social problems of drug addiction were continued.
American merchant seamen and other legal beneficiaries continued
to receive medical care in 26 marine hospitals and 183 contract
hospitals in 154 ports of the United States and the possessions; sea-
men remain the most numerous class of beneficiaries. The customary
medical assistance was given other Government agencies.
The activities of the Public Health Service are more fully presented
on pages 139 to 147 of this report.
Bureau of Narcotics
In pursuing its policy of special enforcement against major nar-
cotic law violators, the Bureau of Narcotics has made continued
progress in eliminating the sources of supply of illicit narcotic drugs.
Through the arrangement with foreign countries for the direct inter-
REPORT OF THE SECRETARY OP THE TREASURY 39
national exchange of information relative to illicit narcotic dealers
and their shipments, and with the cooperation of the Bureau of Cus-
toms, the supply of narcotics heretofore available to the domestic
illicit traffic from smuggled sources has been substantially decreased.
Upon analysis of narcotic drugs seized in illicit traffic, particularly
heroin, adulteration up to 90 percent to meet market demand has
been noted. Another factor which aided in decreasing smuggling
supplies at the place of foreign manufacture was the Convention for
Limiting the Manufacture and Regulating the Distribution of Nar-
cotic Drugs, first ratified by the United States March 31, 1932, sub-
sequently ratified or acceded to by 46 other governments, and valid
and effective as an international agreement since July 9, 1933. By
July 1, 1934, the convention had been in effect nearly a year.
Decreased smuggling supplies have forced peddlers and addicts to
tap legitimate domestic medical supply channels, evidenced by rob-
beries of narcotic stocks as reported by wholesale and retail drug
stores and by practitioners, by forgery or false execution of narcotic
prescriptions, and b}r improper prescribing or dispensing of narcotics
by a few practitioners. These methods of diversion of narcotics have
received enforcement attention. The assistance of State and munici-
pal enforcement agencies has been solicited to supplement the activity
of Federal narcotic officers. Efforts are being made to give greater
effect to local cooperation by causing the enactment throughout the
States generally of the uniform State narcotic law, approved nearly
2 years ago by the Conference of Commissioners on Uniform State
Laws and by the American Bar Association. During the fiscal year
1934 this act was adopted with little or no amendment in four States —
Kentucky, Rhode Island, South Carolina, and Virginia. This makes
a total of eight States which have adopted this model legislation.
The four other States which had previously adopted the amendment
are Florida, Nevada, New York, and New Jersey.
A more complete account of the activities of the Bureau will be
found on pages 123 to 125 of this report.
ORGANIZATION CHANGES
A number of important changes in the organization of the Treasury
Department were made during the fiscal year 1934. On November
20, 1933, by Treasury Department order, the following offices were
created: (1) Assistant to the Secretary, in charge of all matters of
public relations; (2) General Counsel to the Secretary, in charge of
all legal matters; and (3) Administrative Assistant to the Secretary,
in charge of all administrative matters including personnel and the
departmental budget. The Revenue Act of 1934, approved May
10, 1934, established the General Counsel as the chief law officer of
the Department with the title of General Counsel for the Department
40 REPORT OF THE SECRETARY OF THE TREASURY
of the Treasury, and abolished the offices of General Counsel and
Assistant General Counsel for the Bureau of Internal Revenue, and
of Solicitor and Assistant Solicitor of the Treasury. A Legal Divi-
sion was established on June 20, 1934, by order of the Secretary of
the Treasury and was placed under the direct supervision and control
of the General Counsel. To the Administrative Assistant to the Secre-
tary, by Treasury Department order dated December 26, 1933, was
assigned the supervision of the office of the Chief Clerk of the
Department, which previously had reported to the Under Secretary,
and of the Divisions of Appointments and of Supply, which previously
had reported to an Assistant Secretary.
By order of the Secretary, pursuant to Executive orders of June
10 and July 27, 1933, there was established on October 10, 1933, a
Procurement Division, reporting directly to the Secretary and having
charge of the policies and methods of procurement, warehousing,
and distribution of all property, equipment, and supplies. There
were transferred to this Division the functions of specified Govern-
ment agencies, including those of the Office of the Supervising
Architect and the General Supply Committee of the Treasury De-
partment, which latter activities formerly reported to an Assistant
Secretary. Pursuant to the Executive order of June 10, 1933, there
was also organized on December 16, 1933, a Division of Disburse-
ment, which by order of the Secretary of the Treasury was assigned
to the general supervision of the Commissioner of Accounts and
Deposits.
Following the repeal of the eighteenth amendment to the Consti-
tution, a number of changes were made in the organization of the
Bureau of Industrial Alcohol. On December 6, 1933, the Bureau
was consolidated under the Bureau of Internal Revenue. By Execu-
tive order, the President on March 10, 1934, abolished the Bureau
of Industrial Alcohol and the Office of Commissioner of Industrial
Alcohol and transferred the functions, duties, and personnel of the
Bureau of Industrial Alcohol to the Bureau of Internal Revenue. By
the same Executive order, the functions and personnel of the Alcohol
Beverage Unit of the Division of Investigation of the Department of
Justice, except those employed in the Taxes and Penalty Section of
that Unit, were transferred to the Bureau of Internal Revenue. This
action was effective 60 days thereafter, namely, May 10, 1934. On
May 10, 1934, Treasury Decision 4432 established in the Bureau of
Internal Revenue a unit designated as the Alcohol Tax Unit, to which
was assigned all of the functions and duties theretofore performed by
the Bureau of Industrial Alcohol and those transferred from the
Department of Justice.
REPORT OF THE SECRETARY OF THE TREASURY 41
The Bureau of Internal Revenue and the Secret Service Division
were ordered to report directly to the Secretary of the Treasury
instead of to the Fiscal Assistant Secretary.
The various Executive and Treasury orders affecting the organiza-
tion of the Treasury are shown in exhibit 45 on page 258 of this report.
Attention is invited to the attached reports of other bureaus and
divisions of the Treasury Department and to the exhibits and tables
accompanying the report on the finances.
Henry Morgenthau, Jr.,
Secretary of the Treasury.
To the Speaker of the House of Representatives.
ADMINISTRATIVE REPORTS
OF BUREAUS AND DIVISIONS
43
ADMINISTRATIVE REPORTS OF BUREAUS AND DIVISIONS
OFFICE OF THE COMMISSIONER OF ACCOUNTS AND DEPOSITS
Daily Statement oj the United States Treasury
The Treasury makes available in the Daily Statement of the United
States Treasury information with respect to the receipts and expendi-
tures of the Government, the condition of the Treasury, and the public
debt. In view of the special interest in the status of the funds pro-
vided by the Congress for carrying out the recovery program, provision
was made to include in the Daily Statement of the United States
Treasury a statement showing the sources of funds of the emergency
organizations (1. e., from specific appropriations, statutory or execu-
tive allotments from lump-sum appropriations, or through allocations
from the Reconstruction Finance Corporation), the expenditures
therefrom, and the current unexpended balances. 1 . A copy of the
statement showing the status of funds for carrying out the recovery
program is shown on page 14 of this report.
Combined statement of assets and liabilities oj governmental corporations
and credit agencies
There is available as of June 30, 1934,2 a combined statement of
assets and liabilities of governmental corporations and credit agencies
of the United States, compiled from reports received from the organi-
zations concerned. This statement appears on page 381 of this report.
Statement oj the Public Debt oj the United States
The Statement of the Public Debt of tne United States, issued at the
end of each month, contains a detailed classification of the obligations
constituting the gross debt of the United States, together with certain
detailed information concerning the outstanding securities represent-
ing the interest-bearing debt. Since June 1920 the reverse side of the
Statement of the Public Debt has included a statement of the face
amount of securities owned by the United States Government.
Effective June 30, 1934, several important changes were made in the
form of the public debt statement for the purpose of making additional
information conveniently available. The detailed information rela-
tive to the outstanding interest-bearing issues has been extended to
include a condensed statement of the tax exemption features of the
various issues and of their receivability in payment of certain taxes
and their circulation privileges. This information appears in the
footnotes to the table beginning on page 340 of this report.
Contingent liabilities oj the United States. — The public debt repre-
sents a direct obligation of the United States, but there are classes of
indirect obligations of the United States which are in the nature of
1 First included in daily Treasury statement, July 6, 1934.
1 Released by the Secretary of the Treasury Aug. 29, 1934.
45
46 REPORT OF THE SECRETARY OF THE TREASURY
contingent liabilities. The United States has assumed responsibility
for the payment of such obligations, but they are, in the first instance,
secured by specific collateral assets. For example, under the act of
Congress approved June 25, 1910, as amended, the "faith of the United
States is solemnly pledged to the payment of the deposits made in
Postal Savings depositary offices." These funds when received in
the Postal Savings System are authorized to be redeposited in banks
throughout the United States, which pledge collateral to secure such
funds deposited with them. To the extent that such funds are not
deposited in banks or represented by cash in possession of the Postal
Savings System, they are invested in obligations of the United States.
Likewise, the United States guarantees as to "principal and
interest" bonds issued by the Home Owners' Loan Corporation and
the Federal Farm Mortgage Corporation. These bonds are backed
by mortgages on homes and farms acquired by these organizations at
conservatively appraised values and under safeguards and limitations
prescribed by statute. An additional margin of security is provided
to the extent of the capital stock of these corporations which has been
subscribed for and paid in by the United States.
No comprehensive tabulation of contingent liabilities of the
United States has previously been published by the Treasury.
Effective June 30, 1934, there is included with the Statement of the
Public Debt of the United States a monthly statement of contingent
liabilities of the United States, a copy of which appears on page 373.
Treasury accounting system
In order to provide a more effective and coordinated control of the
accounting in the various bureaus, divisions, and offices of the
Treasury Department, the Secretary, on June 30, 1934, issued
Department Circular No. 514, providing that thereafter no installa-
tion of new accounting forms, systems, and procedures and no change
in existing accounting forms, systems, and procedures shall be made
in the Treasury Department without express approval of the Secretary
of the Treasury or of an officer of the Department duly authorized
to act for the Secretary, and also providing that all recommendations
with respect thereto, before being acted upon by the Secretary of the
Treasury or by his duly authorized representative, shall be submitted
to the Office of the Commissioner of Accounts and Deposits for
investigation and report. A copy of this circular appears as exhibit
42 on page 256.
Obligations of foreign governments
During the fiscal year 1934 the United States received payments
aggregating $9,062,691.16 on account of the indebtedness of foreign
governments, of which $212,000 was for account of principal,
$8,812,630.16 was for account of interest, and $38,061 was for
account of annuities under the moratorium agreements.
Payments due July 1 to December 31, 1933. — The following statement
shows payments due during the period July 1 to December 31, 1933,
and the amounts actually paid on account by certain governments:
REPORT OF THE SECRETARY OF THE TREASURY
AMOUNTS PAYABLE
47
Country
Funding agreements
Principal
Interest
Moratorium
agreements
Total
Belgium,.
Czechoslovakia.
Estonia
Finland
France
Great Britain...
Greece '
Hungary
Italy
Latvia
Lithuania
Poland
$1, 500, 000
114, 500
62, 000
$2, 375, 000. 00
32, 000, 000
236, 000
12, 785
47,500
1~393,~ 666'
286, 265. 00
148, 592. 50
19, 261, 432. 50
75, 950. 000. 00
223, 445. 00
28, 444. 36
1, 245, 437. 50
119,609.00
92, 386. 01
3, 582, 810. 00
$484 153.88
182.812.78
36, 585. 29
19, 030. 50
3, 046, 879. 72
3, 720, 765. 05
(17, 137. 38
4, 225. 58
896. 155.88
15, 274. 26
13, 683. 26
456, 229. 71
22,
117.
859, 453. 88
682, S12. 78
437, 350. 29
229, 623. 00
30S, 312. 22
670, 765. 05
526, 582. 38
45, 454. 94
141, 593. 38
182, 383. 26
106, 069. 27
432, 039. 71
Total.
35, 365, 785
103, 313, 421. 87
14, 943, 233. 29
153, 622, 440. 16
AMOUNTS ACTUALLY PAID
Czechoslovakia
$150, 000
62,000
$150, 000. 00
Finland..
$148, 592. 50
7, 500, 000. 00
(2)
1, 000, 000. 00
9, 530. 16
7, 000. 00
$19, 030. 50
229, 623. 00
7, 500, 000. 00
(2)
1, 000, COO. 00
Italy
9, 530. 16
7, 000. 00
Total
212,000
8, 665, 122. 66
19, 030. 50
8,896,153.16
1 Exclusive of principal payment of $150,000 postponed under the provisions of the debt agreement with
Greece.
2 A payment of $59,928 (27H percent of the amount due Nov. 10, 1933) was received on July 6, 1934.
Payments due January 1 to June 80, 1934- — The following statement
shows payments due during the period January 1 to June 30, 1934,
and the amounts actually paid on account by certain governments:
AMOUNTS PAYABLE
Country
Funding agreements
Moratorium
agreements
Total
Principal
Interest
$4, 300, 000. 00
1, 500, 000. 00
$2, 375, 000. 00
$484, 453. 88
182, 812. 78
36, 585. 29
19, 030. 50
3, 046, 879. 72
9, 720, 765. 05
67, 137. 38
4, 225. 58
896, 155. 88
15, 274. 26
13, 683. 26
456, 229. 71
97, 500. 16
$7, 159, 453. 88
1, 682, 812. 78
286, 265. 00
147, 507. 50
19, 261, 432. 50
75, 950, 000. 00
226, 632. 50
33, 185. 08
1, 245, 437. 50
119,609.00
92, 386. 00
3, 582, 810. 00
322, 850. 29
166, 538. 00
36, 691, 906. 35
59, 000, 218. 57
85, 670, 765. 05
240, 000. 00
533, 769. 88
37, 410. 66
Italy...
12, 600, 000. 00
14, 741, 593. 38
134, 883. 26
41, 795. 00
147, 864. 26
4, 039, 039. 71
1, 200, 000. 00
300, 000. 00
1, 297, 500. 16
300, 000. 00
Total.
56, 873, 701. 35
103, 320, 265. 08
15, 040, 733. 45
175, 234, 699. 88
AMOUNTS ACTUALLY PAID
$147, 507. 50
(2)
$19, 030. 50
$166, 538
(2)
Total..
147, 507. 50
19, 030. 50
166, 538
1 Exclusive of payments postponed under the provisions of the respective debt agreements: Austria,
$494,860. 23; Greece, $150,000.
s A payment of $76,272 (35 percent of the amount due May 10, 1934) was received on July 6, 1934.
90353—35 5
48
REPORT OF THE SECRETARY OF THE TREASURY
A message from the President of the United States to the Congress,
dated June 1, 1934, containing a review of the situation with respect
to the debts owed the Government and people of this country by the
governments and peoples of other countries will be found as exhibit 36
on page 243 of this report.
Press releases and the various notes exchanged between the Depart-
ment of State and representatives of foreign governments regarding
the amounts due during the fiscal year will be found as exhibit 33
on page 223 of this report.
A statement showing the principal of the funded and unfunded
indebtedness of foreign governments to the United States, the accrued
and unpaid interest thereon, and payments on account of principal and
interest as of November 15, 1934, appears as table 42 on page 391.
Public No. 151, Seventy-third Congress, approved by the President
on April 13, 1934, provides that it shall be unlawful within the United
States or anj7 place subject to the jurisdiction of the United States,
for any person to purchase or sell bonds, securities, or other obligations
of any foreign government or political subdivision thereof or any
organization or association acting for or on behalf of a foreign govern-
ment or political subdivision thereof, issued after the passage of this
act, or to make any loan to such foreign government, political sub-
division, organization, or association, except a renewal or adjustment
of existing indebtedness while such government, political subdivi-
sion, organization, or association, is in default in the payment of its
obligations, or any part thereof, to the Government of the United
States. The text of this act appears as exhibit 34 on page 238. An
opinion of the Attorney General dated May 5, 1934, requested by the
Secretary of State, upon various questions arising under the act will
be found in exhibit 35 on page 238 of this report.
The total amounts previously due from foreign governments on
account of their indebtedness to the United States under the funding
and moratorium agreements and not paid as of November 15, 1934,
according to contract terms are shown in the following statement:
Country
Amounts not paid according to contract terms
Funding agreements
Principal
Interest
Moratorium
agreements
Total
Belgium
Czechoslovakia
Estonia
France
Great Britain..
Greece
Hungary '
Italy
Latvia
Lithuania
Poland
Rumania
Yugoslavia
Total
$8, 500,
4, 170,
135,
58, 169,
32, 000,
1, 179,
25,
24, 900,
47,
81,
1, 625,
2, 200,
825,
000.00
085. 83
500. 00
041. 35
000. 00
000. 00
070.00
000.00
500. 00
500. 00
000. 00
000. 00
000. 00
$9, 000, 000. 00
1, 104, 165. 00
77, 045, 730. 00
210, 349, 481. 58
780, 724. 00
118,518.14
1, 736, 291. 74
343, 296. 84
260, 167. 66
13, 819, 410. 00
$968, 907. 76
365, 625. 56
73, 170. 58
6,093,759.44
19, 441, 530. 10
201, 412. 14
8, 451. 16
1,792,311.76
30, 548. 52
27, 366. 52
912, 459. 42
97, 500. 16
$18, 468,
4, 535,
1,312,
141, 308,
261, 791,
2, 161,
152,
28, 428,
421,
369,
16, 356,
2, 297.
825,
907. 76
711.39
835. 58
530. 79
011.68
136. 14
039. 30
603. 50
345. 36
034. 18
869. 42
500.16
000.00
133, 857, 697. 18
314, 557, 784. !
30,013,043.12
478, 428, 525. 26
1 The Hungarian Government has deposited with the foreign creditor's account at the Hungarian National
Bank the aggregate amount of 676,105.17 pengo. The debt funding agreement with Hungary provides
for payment in dollars in the United States.
REPORT OF THE SECRETARY OF THE TREASURY 49
On September 6, 1934, the Trustees of the Austrian Guaranteed
Loan of 1923-43 notified the Austrian Government that the objection
raised in their letter of November 21, 1933, to the payments due by
Austria under the relief credit agreements on January 1, 1934, must
be considered as covering all payments due by Austria under relief
credit agreements, including the annuities due January 1, 1934,
covering payments postponed under the so-called Hoover moratorium.
In view of this action by the Trustees, in recently clarifying their
notice of November 21, 1933, the annuity of $34,767.23, due Janu-
ary 1, 1934, from Austria under the agreement of September 14, 1932,
which had previously been treated by the Treasury as a payment due
and unpaid, has been postponed, subject to repayment beginning
January 1, 1944, in accordance with the provisions of the agreements
of May 8, 1930, and September 14, 1932, between Austria and the
United States.
Receipts from Germany
During the fiscal year 1934 the United States received no payments
from the Government of Germany under the debt-funding agree-
ment of June 23, 1930, covering the costs of the American Army
of Occupation and the awards of the Mixed Claims Commission,
United States and Germany, other than a semiannual payment of
interest due on principal installments postponed under the provisions
of that agreement.
Army costs.- — Payments aggregating 18,600,000 reichsmarks due dur-
ing the fiscal year on account of the costs of the Army of Occupation
were postponed under the provisions of the debt-funding agreement.
In accordance with the provisions of the agreement such postponed
payments bear interest at the rate of 3% percent per annum. On
September 30, 1933, interest in the amount of 458,562.50 reichsmarks,
due on principal installments previously postponed, was paid in
reichsmarks into an account in Germany, and was not paid to the
United States in dollars, as required by the terms of the debt agree-
ment. The interest due on March 31, 1934, on account of principal
installments previously postponed was paid by Germany in the sum
of 627,125 reichsmarks, or $249,800.84.
There has been no change in the Army cost account from that
shown in the statement appearing on page 39 of the Annual Report
for 1932.
Mixed claims, United States and Germany. — The payment of
20,400,000 reichsmarks. due on September 30, 1933, from the Govern-
ment of Germany on account of mixed claim awards, was postponed
under the provisions of the debt agreement of June 23, 1930. The
amount postponed bears interest at the rate of 5 percent per annum,
payable semiannually. Germany paid the sum of 2,040,000 reichs-
marks, representing the interest due September 30, 1933, on amounts
previously postponed on this account into an account in Germany,
but this payment was not paid to the United States in dollars, as
required by the debt agreement.
50 REPORT OF THE SECRETARY OF THE TREASURY
On March 31, 1934, Germany paid the sum of 2,550,000 reichs-
marks, or $1,015,733.92, representing the interest due on that date
on payments aggregating 102,000,000 reichsmarks previously post-
poned under the provisions of the debt agreement. The payments
aggregating 102,000,000 reichsmarks, which were previously post-
poned, became due on March 31, 1934, and there also matured on
that date a payment of 20,400,000 reichsmarks. These principal
sums were not paid by the Government of Germany.
Annuities under moratorium agreement. — The first semiannual
installment of the annuity under the moratorium agreement with the
Government of Germany dated May 26, 1932, was due on September
30, 1933, in the amount of 1,529,049.45 reichsmarks. This amount
was paid in reichsmarks into an account in Germany and was not
paid to the United States in dollars, as required by the moratorium
agreement. The second semiannual installment of the annuity due
on March 31, 1934, in the amount of 1,529,049.45 reichsmarks, was
not paid by Germany.
Treasury administration of alien and mixed claims
The Settlement of War Claims Act of 1928 authorized the Secretary
of the Treasury to make payments on account of (1) awards of the
Mixed Claims Commission, United States and Germany, for claims
of American nationals against the Government of Germany; (2)
awards of the War Claims Arbiter for claims of German, Austrian,
and Hungarian nationals against the Government of the United
States; and (3) awards of the Tripartite Claims Commission for claims
of American nationals against the Governments of Austria and
Hungary.
The time within which claimants receiving awards from the Mixed
Claims Commission, United States and Germany, and the Tripartite
Claims Commission, United States, Austria,, and Hungary, could file
application expired on March 10, 1934. Congress, however, by act
of June 18, 1934 (Public Res. No. 38, 73d Cong.), extended the time
within which such applications could be filed for a period of an addi-
tional two years from March 10, 1934. A copy of the act will be
found as exhibit 38, page 253 of this report.
The joint resolution approved June 27, 1934, to amend the Settle-
ment of War Claims Act of 1928, as amended (Public Res. No. 53,
73d Cong.), which will be found as exhibit 39 on page 253 of this
report, requires the postponement of (a) further payments to German
nationals from the German special deposit account established under
section 4 of the Settlement of War Claims Act of 1928, on account of
awards made by the War Claims Arbiter for ships, patents, and a radio
station seized and used by this Government during the war; and (b)
further return of property belonging to German nationals held by the
Alien Property Bureau, Department of Justice, while Germany is in
arrears on its payments on claims of American nationals under the
debt agreement of June 23, 1930. The position of the United States
with respect to the enactment of this joint resolution is presented in
Senate Report No. . 1376, submitted by the Committee on Finance
after its consideration of the joint resolution. Senate Report No.
1376 appears as exhibit 37 on page 247.
REPORT OF THE SECRETARY OF THE TREASURY 51
Mixed Claims Commission: Claims against Germany. — The Treas-
ury had made payments up to September 30, 1934, in the aggregate
amount of $135,377,880.29 on account of awards of the Mixed Claims
Commission, from winch there has been deducted $676,889.99, repre-
senting one-half of 1 percent authorized by the Settlement of War
Claims Act, making net payments to claimants of $134,700,990.30.
Of the deductions so made, $650,025.54 have been covered into the
Treasury as miscellaneous receipts or reserved for such purpose in
accordance with the act as reimbursement to the United States for
expenses incurred, and $26,864.45 has been paid to the German
Government or reserved for payments to that Government in accord-
ance with the agreement of December 31, 1928, and the act of Congress
approved June 21, 1930, for defraying such expenses as were incurred
by that Government in connection with the adjudication of the late
claims.
The following summary shows by classes, number, and amount of
awards certified to the Treasury by the Secretary of State, the amount
paid on account, and the balance due as of September 30, 1934:
52
REPORT OF THE SECRETARY OF THE TREASURY
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54 REPORT OF THE SECRETARY OF THE TREASURY
War Claims Arbiter. — Under the Settlement of War Claims Act of
1928 it was the duty of the War Claims Arbiter, within certain limita-
tions, to hear the claims of the German, Austrian, and Hungarian
nationals and to determine the fair compensation to be paid by the
United States for ships seized, patents sold or used by the United
States, and a radio station sold to the United States.
War Claims Arbiter: Claims of German nationals. — Except for the
accrual of an additional year's interest, there has been practically
no change in the status of the awards of the War Claims Arbiter on
account of claims of German nationals since September 30, 1933, as
shown by the table on page 49 of the Annual Report of the Secretary
of the Treasury for the fiscal year 1933.
War Claims Arbiter: Claims oj Austrian and Hungarian nationals. — ■
The total awards of the War Claims Arbiter to Austrian nationals
amounted to the sum of $663,740, together with $248,948 as interest
at the rate of 5 percent per annum from July 2, 1921, to December
31, 1928, or a total of $912,688. The Treasury had made payments
on account of these awards as of June 30, 1934, in the amount of
$912,688, together with interest since December 31, 1928, at the rate
of 5 percent per annum in the amount of $149,549.
The awards made by the Arbiter to Hungarian nationals in the
sum of $39,125, together with interest amounting to $14,675 at the
rate of 5 percent per annum from July 2, 1921, to December 31, 1928,
or a total of $53,800, have been paid with the exception of three
awards amounting to $4,675.24, together with interest at the rate of
5 percent from December 31, 1928.
German special deposit account. — The following statement shows
the total amounts deposited in the German special deposit account,
the amounts paid therefrom up to September 30, 1934, and the balance
held in the account:
Statement showing funds deposited in the German special dej jsit account and the
payments made therefrom up to September 30, 1934
RECEIPTS
From investments by Alien Property Custodian under
Trading with the Enemy Act, as amended:
Unallocated interest fund $25,000,000.00
Less refunds . 3,250,000.00
21, 750, 000. 00
20 percent German property retained 17,552,096.91
$39,302,096.91
From Germany:
2J4 percent of Dawes' annuities available for repara-
tions (Paris agreement of Jan. 14, 1925). 32,183,060.87
Under German-American debt agreement, June 23,
1930 _ _ 19,469,964.00
Interest on payments postponed under terms of debt
agreement dated June 23, 1930.. _ 1,743,738.70
— ■ 53, 396, 763. 57
Appropriation for ships, patents and radio station 86, 738, 320. 83
Expenses of Administration, War Claims Arbiter, on
account German nationals ._. 113,624.20
_ 86, 851, 945. 03
Earnings and profits on investments by Secretary of the
Treasury 4,344,446.95
Total receipts „ $183,895,252.46
REPORT OF THE SECRETARY OF THE TREASURY
55
Statement showing funds deposited in the German special deposit account and the
payments made therefrom up to September SO, 1984 — Continued
PAYMENTS ON ACCOUNT
Awards of the Mixed Claims Commission:
Under agreement of Aug. 10, 1922... $129,354,916.20
Under agreement of Dec. 31, 1928 5,346,074.10
Awards of War Claims Arbiter:
For ships 37, 126, 205. 21
For patents andoneradiostation 6, 242, 006. 50
$134,700,990.30
One-half of 1 percent deducted from mixed claims payments covered into
Treasury ($3,597.14 withheld but not paid)..
One-half of 1 percent deducted from mixed claims payments on account of
awards entered under agreement of Dec. 31, 1928 (act of June 21, 1930)
and paid to Germany ($2,714.36 withheld but not paid)
Advances to special fund, expenses of administration of the settlement of
War Claims Act of 1928 (Office of the Secretary of the Treasury)
Expenses of administration, War Claims Arbiter account of German
nationals
43,368,211.71
646, 428. 40
35, 175. 00
113, 624. 20
Balance in German special deposit account (including investments).
Made up as follows:
$4,447,000 face amount 3 percent Treasury bonds of 1951-55.
$178, 888, 579. 70
5, 006, 672. 76
$110,000 face amount 3J4 percent Treasury notes, series A, due
Sept. 15, 1937
Cash balance
Total —
Principal cost
,425,098.51
110, 103. 13
471,471.12
5, 006, 672. 76
Tripartite Claims Commission: Claims against Austria. — A full
statement of the payments made to American nationals on account
of the awards entered by the Tripartite Claims Commission against
Austria was included in the annual reports for the fiscal years 1929
to 1932. No payments were made on the awards during the past
year. There is one award unpaid in the amount of $135.06.
Tripartite Claims Commission: Claims against Hungary. — The
awards entered by the Tripartite Claims Commission against Hun-
gary, in favor of American nationals, amounted to $199,975.57. As
of June 30, 1934, awards aggregating $23,765 had not been paid
because claimants had not filed applications required by law.
Railroad obligations
The total receipts during the fiscal year on account of railroad
securities amounted to $1,270,803.10, classified as follows:
Principal
Interest
Total
Collections by Treasury Department:
Sec. 210 .
$704, 016. 27
$475, 405. 27
12, 841. 02
5, 266. 45
$1, 179, 421. 34
Sec. 207
12,841.02
67, 200. 00
72, 466. 45
Total
771, 216. 27
5, 000. 00
493, 512. 74
1,074.29
1, 264, 728. 81
6, 074. 29
776, 216. 27
494, 587. 03
1,270,803.10
56
REPORT OF THE SECRETARY OF THE TREASURY
There was also received the sum of $2,207,745.62 from the Pullman
Co. under the provisions of section 209 (d) of the Transportation Act
of 1920, as amended. The company made this payment because its
railway operating income for the guaranty period from March 1, 1920,
to September 1, 1920, was $2,207,745.62 in excess of the minimum
railway operating income for the 3-year "test period" ending June
30, 1917.
The following statement shows the total amount of railroad obli-
gations, by classes, originally held by the United States Government,
the amount held on June 30, 1934, and payments received on account
(exclusive of certain miscellaneous obligations held by the Director
General of Railroads):
Railroad obligations held originally by the United States Government, amount held
June 30, 1934, o,nd total payments of principal and interest received (exclusive of
certain miscellaneous obligations held by the Director General of Railroads)
Principal amount
originally held
Principal
amount held
on June 30,
1934
Total payments received
Principal
Interest
Federal Control Act:
$346, 556, 750. 00
98, 401, 755. 00
62, 103, 453. 28
282, 712, 837. 36
290, 800, 667. 00
$33, 600. 00
$346, 523, 150. 00
98, 401, 755. 00
62, 103, 453. 28
277, 493, 337. 36
258, 342, 725. 66
$45, 292, 355. 38
See. 7
23, 100, 562. 27
See. 12. .
4,248,171.96
Transportation Act:
Sec. 207 —
5, 219, 500. 00
32, 457, 941. 34
54, 334, 839. 70
Sec. 210
89, 952, 264. 89
Total.
1, 080, 575, 462. 64
37, 711, 041. 34
1, 042, 864, 421. 30
216,928,194.20
Section 204- — There have been no transactions under section 204
since June 30, 1931. The total payments under this section have
amounted to $10,967,801.80.
Section 207. — A statement showing the principal amount of obliga-
tions of carriers acquired pursuant to section 207 of the Transportation
Act, 1920, as amended, receipts on account of principal, and obliga-
tions outstanding June 30, 1933, appears as table 38 on page 370 of
the Annual Report of the Secretary of the Treasury for 1933. There
was no change in the status of such obligations during the fiscal year
ended June 30, 1934.
Sections 209 and 212.— During the year there was paid to carriers on
this account the sum of $51,572.64, making the total payments
$532,006,103.30.
Section 210. — This section established a revolving fund of $300,000,-
000 to be used for loans to railroads under the conditions set forth in a
certificate of the Interstate Commerce Commission authorizing each
loan, and also for paying judgments, decrees, and awards rendered
against the Director General of Railroads. No new loans are being
made as the time for making application has expired. The net ex-
penditures by the Director General during the fiscal year under this
section, after deducting repayments, amounted to $3,562.41, making
net expenditures bv him on this account of $33,631,037.66 to June 30,
1934.
Total loans (including renewal loans and repayments thereof aggre-
gating $59,800,000) to June 30, 1934, amounted to $350,600,667,
repayments amounted to $318,142,725.66, and loans outstanding as
REPORT OF THE SECRETARY OF THE TREASURY
57
of that date amounted to $32,457,941.34. Table 39 on page 371 of
the Annual Report for 1933 shows by carriers the obligations held on
June 30, 1933, on account of loans under section 210. Repayments
during the fiscal year ended June 30, 1934, were made by the follow-
ing carriers:
Chicago & Western Indiana R. R. Co . _ $219,000 00
Fernwood, Columbia & Gulf R. R. Co 2^000.00
National Railway Service Corporation, account of the —
Minneapolis & St. Louis Railroad Co 45,711.90
Wheeling & Lake Erie Ry. Co 391,304 37
Toledo, St. Louis & Western R. R. Co 46,000.00
Total 704,016.27
The following statement shows the amounts of principal and inter-
est due from carriers in default as of June 30, 1934, on account of
their obligations for loans under this section:
Principal and interest due from carriers in default on June 30, 1934, on account
of loans under sec. 210
Name of carrier
Principal
in default
Interest in
default
Total
Aransas Harbor Terminal Ry .
Des Moines & Central Iowa R. R
Fort Dodge, Des Moines & Southern R. R. Co.
Gainesville & Northwestern R. R. Co
Georgia & Florida Ry., receiver
Minneapolis & St. Louis R. R. Co
Missouri & North Arkansas Ry. Co
Salt Lake & Utah R. R. Co
Seaboard Air Line Ry. Co -.
Seaboard-Bay Line Co
Virginia Blue Ridge Ry. Co
Virginia Southern R. R. Co
Waterloo, Cedar Falls & Northern Ry. Co
Wichita Northwestern Ry. Co
Wilmington, Brunswick & Southern R. R. Co..
$44, 304. 67
633, 500. 00
200, 000. 00
75, 000. 00
0)
382, 000. 00
0)
141, 300. 00
(')
785, 000. 00
106, 000. 00
38, 000. 00
800, 000. 00
381, 750. 00
90, 000. 00
263
53
49,
213,
874,
2, 033
497,
3, 168,
188,
50,
18,
929,
240,
21,
066. 17
619. 73
168. 02
352. 53
840. 00
769. 73
255. 19
326. 80
834. 96
400. 00
880. 00
627. 84
615. 88
502. 50
600. 00
897,
253,
124,
213,
2, 256,
2, 033,
638,
3, 168,
973,
156,
56,
1, 729,
622,
111,
370. 84
119. 73
168. 02
352. 53
840. 00
769. 73
255. 19
626. 80
834. 96
400. 00
880. 00
627. 84
615. 88
252. 50
600. 00
Total 4, 676, 854. 67 8, 607, 859. 35
13, 284, 714. 02
1 Principal not yet due.
Securities owned by the United States Government
The aggregate amount of securities owned by the Government on
June 30, 1934, based upon the latest reports received, was $17,026,-
671,010.22 (including securities aggregating $235,445,700 acquired
with funds originally advanced to the Reconstruction Finance Cor-
poration) as against $14,776,524,896.68 on June 30, 1933, an increase
of $2,250,146,113.54. A summary comparison of the holdings at
the end of the last two fiscal years is as follows:
Summary of securities owned by the United States on June SO, 1933 and 1934
June 30, 1933
June 30, 1934
Increase (+) or
decrease (— )
Foreign obligations:
Received under debt settlements
All other
$11, 064, 038, 496. 50
683, 210, 284. 67
$11, 155, 851, 007. 57
859, 205, 363. 64
+$91, 812, 511. 07
+175, 995, 078. 97
Total
11,747,248,781.17
56, 334, 508. 04
7, 000, 000. 00
12,000,000.00
2, 057, 959, 236. 28
12, 015, 056, 371. 21
59, 601, 795. 44
7, 000, 000. 00
12, 000, 000. 00
3, 705, 424, 714. 69
+267, 807, 590. 04
Capital stock of war emergency corpora-
+3, 267, 287. 40
Capital stock, etc., of other Government
corporations and credit agencies:
Capital stock of Panama Railroad Co...
Capital stock of Inland Waterways
Reconstruction Finance Corporation
+1, 647, 465, 478. 41
58
REPORT OF THE SECRETARY OF THE TREASURY
Summarxj of securities owned by the United States on June 30, 1933 and 1934-
Continued
June 30, 1933
June 30, 1934
Increase (+) or
decrease (— )
Capital stock, etc., of other Government
corporations and credit agencies — Con.
Capital stock of Federal Deposit Insur-
ance Corporation
Capital stock of Federal home loan
banks '
Capital stock of Home Owners' Loan
Corporation '
Capital stock (preferred and full-paid
income shares) of Federal savings
and loan associations _.
Capital stock and paid-in surplus of
Federal land banks
Capital stock and paid-in surplus of
Federal intermediate credit banks
Capital stock of central bank for co-
operatives
Capital stock of banks for cooperatives. .
Other obligations and securities:
Railroad obligations..
Obligations acquired by Public Works
Administration
Notes received by Farm Credit Admin-
istration evidencing outstanding ad-
vances made from the revolving
fund created by the Agricultural
Marketing Act
Securities received by Secretary of War. .
Securities received by Secretary of Navy.
Securities received by U. S. Shipping
Board Bureau
$42, 970, 000. 00
1, 000, 000. 00
124, 871, 729. 25
60, 000, 000. 00
38, 482, 257. 61
465, 452, 216. 77
828, 000. 00
4, 924, 381. 40
157, 453, 786. 16
$150,000,000.00
81, 445, 700. 00
154, 000, 000. 00
1, 086, 300. 00
163, 883, 152. 16
85, 000, 000. 00
50, 000, 000. 00
60, 000, 000. 00
37,711,041.34
145, 423, 423. 39
150, 360, 286. 43
828, 000. 00
4, 909, 988. 20
142, 940, 237. 36
+$150, 000, 000. 00
+38, 475, 700. 00
+153, 000, 000. 00
+ 1,086,300.00
+39,011,422.91
+25, 000, 000. 00
+50, 000, 000. 00
+60, 000, 000. 00
-771, 216. 27
+145, 423, 423. 39
-315,091,930.34
-14,393.20
-14,513,548.80
Total.
14, 776, 524, 896. 68
17,026,671,010.22
+2, 250, 146, 113. 54
1 Acquired with funds originally advanced to the Reconstruction Finance Corporation.
There was a net increase during the year of $267,807,590.04 in the
principal amount of obligations of foreign governments held by the
United States. This increase was due to an increase of $267,874,750
in the dollar equivalent of the German bonds held by the United
States, which are in reichsmarks. On June 30, 1933, for purposes of
showing the securities owned, the bonds were converted at 23.82
cents to the reichsmark, whereas on June 30, 1934, the bonds were
converted at 40.33 cents to the reichsmark. There was also a decrease
of $67,159.96 in principal, due to a payment by the Government of
Finland. A detailed statement of the securities held on June 30,
1934, will be found as table 36, page 378.
Trust funds invested by the Treasury
Adjusted service certificate fund. — Investments for the account of the
adjusted service certificate fund, created by the act of May 19, 1924,
were made during the fiscal year 1934 in special issues of Treasury
obligations bearing interest at the rate of 4 percent per annum in
accordance with the procedure outlined on pages 118-120 of the
Annual Report of the Secretary of the Treasury for the fiscal year 1925.
Investments made during the year amounted to $180,100,000 of
which $50,000,000 represented funds appropriated by Congress under
the provisions of the act approved June 16, 1933; $126,100,000 repre-
sented the principal proceeds of maturing notes reinvested; and
$4,000,000 was derived from interest on investments. During the
REPORT OF THE SECRETARY OF THE TREASURY 59
year $154,300,000 face amount of securities (including $126,100,000 of
maturing notes and notes amounting to $38,200,000 redeemed to meet
current payments from the fund) were redeemed on account of the
adjusted service certificate fund, the proceeds of which, together with
interest thereon, were credited to the fund.
According to reports received by the Treasury from the Veterans'
Administration, net expenditures of the fund during the fiscal year
1934 amounted to approximately $66,000,000, of which about
$40,000,000 represented the net increase in direct loans to veterans.
A statement of the fund as of June 30, 1934, as shown by the books
of the Treasury (exclusive of fund assets held by the Veterans'
Administration on account of bank loans on adjusted service cer-
tificates redeemed amounting to $51,963,727.88 and direct loans to
veterans amounting to $1,101,108,119.40) is as follows:
Adjusted service certificate fund, June SO, 1984
FUND ACCOUNT
Appropriations:
To June 30, 1933 $1, 196, 000, 000. 00
Available July 1, 1933 50, 000, 000. 00
$1, 246, 000, 000. 00
Interest on investments:
To June 30, 1933.... - 103,377,513.78
July 1, 1933, to June 30, 1934 4, 614, 783. 61
107, 992, 297. 39
Total 1,353,992,297.39
Checks paid by Treasurer of the United States, less credits on account of repayments of
loans and interest thereon.. - 1,234,505,953.30
Balance in fund June 30, 1934 119, 486, 344. 09
FUND ASSETS 1
Investments, 4 percent Treasury certificates of indebtedness.. 117,800,000.00
Unexpended balances:
To credit of chief disbursing officer, Division of Disbursement, and disbursing officers
of the Veterans' Administration with the Treasurer of the United States 1,611,272.65
To credit of fund on books of the Division of Bookkeeping and Warrants 75, 071. 44
Total fund assets June 30, 1934 119,486,344.09
Civil service retirement and disability fund.- — -The civil service retire-
ment and disability fund was created by the act of May 22, 1920.
During 1934 the Treasury continued to make investments for account
of the fund in special issues of Treasury notes bearing interest at the
rate of 4 percent per annum in accordance with the procedure outlined
in the Annual Report of the Secretary of the Treasury for the fiscal
year 1926. Total investments amounting to $47,700,000 were made,
of which $16,900,000 represented the proceeds of maturing notes.
Redemptions, in addition to the maturing notes, were made in the
amount of $18,900,000 to meet current payments from the fund.
Total credits to the fund during the fiscal year amounted to
$60,221,817.47, of which $28,703,458.68 was on account of deductions
from basic compensation of employees and service credit payments,
$10,518,358.79 represented interest on investments, $20,850,000 was
appropriated by Congress to fulfill the current liability of the United
States Government in connection with the fund, and $150,000 was
appropriated from the revenues of the District of Columbia to cover
its liability on account of the fund. The total earnings and profits on
investments to June 30, 1934, amounted to $59,748,989.07.
' Exclusive of assets held by Veterans' Administration.
60 REPORT OF THE SECRETARY OF THE TREASURY
The following statement shows the status of the fund as of June 30,
1934:
Civil service retirement and disability fund, June 30, 1984
Credits:
On account of deductions from basic compensation of employees and
service credit payments:
From Aug. 1, 1920, to June 30, 1933. » $290, 760, 432. 58
July 1, 1933, to June 30, 1934... 28, 703, 458. 68
$319, 463, 891. 26
Appropriations:
To June 30, 1933 103, 450, 000. 00
Available July 1, 1933 '21,000,000.00
124,450,000.00
Interest and profits on investments:
From Aug. 1, 1920, to June 30, 1933 49, 230, 630. 28
July 1, 1933, to June 30, 1934. — 10, 518, 358. 79
59, 748, 989. 07
Total... 503,662,880.33
Less checks paid by Treasurer of the United States on account of annuities and refunds,
Aug. 1, 1920, to June 30, 1934 241,608,546.38
Total 262,054,333.95
Assets:
Face amount Principal cost
$15, 811, 050 4<4 percent fourth Liberty Loan bonds $15, 605, 115. 98
6, 884. 000 4!4-3>4 percent Treasury bonds, 1943-45 6, 794, 338. 03
32, 400, 000 4 percent special Treasury notes payable June 30, 1935 32, 400, 000. 00
64, 200. 000 4 percent special Treasury notes payable June 30, 1936 64, 200, 000. 00
44, 000, 000 4 percent special Treasury notes payable June 30, 1937 44, 000, 000. 00
72. 100, 000 4 percent special Treasury notes payable June 30, 1938 72, 100, 000. 00
26, 000, 000 4 percent special Treasury notes payable June 30, 1939 26, 000, 000. 00
261,099,454.01
261, 395, 050
Unexpended balances June 30, 1934:
To credit of disbursing officers 406,801. 14
On books of Division of Bookkeeping and Warrants 548, 078. 80
954, 879. 94
Total fund assets June 30, 1934 262, 054, 333. 95
Foreign service retirement and disability fund. — The foreign service
retirement and disability fund was established by section 18 of the
act of May 24, 1924 (43 Stat. 144), and is under the administrative
supervision of the Secretary of State, but under the act the Secretary
of the Treasury is directed to make investments from time to time of
such portion of the fund as in his judgment may not be immediately
required for authorized payments, the income derived from such
investments to be credited to the fund as a part thereof.
Investments for account of the foreign service retirement and disa-
bility fund were made during the fiscal year 1934 in special issues of
Treasury notes in the face amount of $772,000, bearing interest at the
rate of 4 percent per annum in accordance with the procedure outlined
in the Annual Report of the Secretary of the Treasury for the fiscal
year 1927. Redemptions during the year amounted to $454,000 face
amount, including $246,000 maturing notes and $208,000 of notes
redeemed to meet current payments from the fund. The net invest-
ments amounted to $318,000.
Credits to the fund during the year aggregated $554,936.29, of which
$163,733.60 was on account of deductions from basic compensation of
employees and service-credit payments, $98,502.69 represented earn-
ings on investments, and $292,700 was appropriated by Congress to
1 Exclusive of $1,430,808.84 transferred to the Canal Zone retirement and disability fund pursuant to act
of May 2, 1931.
' Includes $20,850,000 appropriated from the General Fund to cover the liability of the United States
and $150,000 appropriated from the revenues of the District of Columbia to cover its liability in connection
with the financing of the fund.
REPORT OF THE SECRETARY OF THE TREASURY 61
meet the current liability of the Government in connection with
the fund.
The following statement shows the status of the fund as of June
30, 1934:
Foreign service retirement and disability fund, June 30, 1934
Credits:
On account of deductions from basic compensation and service credit
payments:
From May 24, 1924, to June 30, 1933 $1,454,802.02
July 1, 1933, to June 30, 1934 163, 733. 60
$1, 618, 535. 62
Appropriations:
To June 30, 1933 1,276,000.00
Available July 1, 1933 292, 700. 00
1,568,700.00
Interest and profits on investments:
From May 24, 1924, to June 30, 1933 302, 586. 48
July 1, 1933, to June 30, 1934.. 98,502.69
401, 089. 17
Total 3,588,324.79
Less cheeks paid by Treasurer of the United States on account of annuities
and refunds, May 24, 1924, to June 30, 1934 1, 107, 049. 63
Balance in fund June 30, 1934.. 2, 481, 275. 16
Assets:
Face amount Principal cost
$509, 000 4 percent special Treasury notes due June 30, 1935. $509, 000. 00
440, 000 4 percent special Treasury notes due June 30. 1936. 440, 000. 00
654, 000 4 percent special Treasury notes due June 30, 1937 654, 000. 00
514, 000 4 percent special Treasury notes due June 30, 1938 514, 000. 00
320, 000 4 percent special Treasury notes due June 30, 1939 320, 000. 00
2,437,000.00
2, 437, 000
Unexpended balance June 30, 1934:
Treasurer of the United States, disbursing account 23, 357. 22
On books of Division of Bookkeeping and Warrants 20,917.94
44, 275. 16
Total fund assets June 30, 1934. 2, 481, 275. 16
Canal Zone retirement and disability fund.- — The Canal Zone retire-
ment and disability fund was created by section 9 of the act of March
2, 1931 (46 Stat. L. 1477), and under section 10 of the act the Secretary
of the Treasury is directed to make investments from time to time of
such portions of the fund as in his judgment may not be immediately
required for the payment of the annuities, refunds, and allowances
authorized by the act, the income from such investments to be credited
to the fund.
Investments for account of this fund in the face amount of $97,000
were made during the fiscal year 1934 in special issues of Treasury
notes bearing interest at the rate of 4 percent per annum in accordance
with the procedure outlined on page 125 of the Annual Report of the
Secretary of the Treasury for the fiscal year 1931. Redemptions
to meet current expenditures from the fund during the year amounted
to $52,000 face amount, making net investments of $45,000 for the
year. Credits to the fund during the year aggregated $595,157.46,
of which $506,262.88 was on account of deductions from basic com-
pensation of employees and service-credit payments, and $88,894.58
represented earnings on investments.
62
REPORT OF THE SECRETARY OF THE TREASURY
The following statement shows the status of the fund as of June
30, 1934:
Canal Zone retirement and disability fund, June 80, 1934
Credits:
Account of deductions from basic compensation of employees subject to
retirement act:
From July 1, 1931, to June 30, 1933 $2,683,686.93
July 1, 1933, to June 30, 1934 506, 262. 88
Interest and profits on investments: — *3, 189, 949- 81
From July 1, 1931, to June 30, 1933 151,371.20
July 1, 1933, to June 30, 1934 88,894.58
— — 240, 265. 78
Total 3, 430, 215. 59
Less checks paid by Treasurer of the United States, on account of annuities
and refunds, July 1, 1931, to June 30, 1934.... 1, 071, 694. 70
Balance in fund June 30, 1934 2, 358, 520. 89
Assets:
Face amount Principal cost
$1, 942, 000 4 percent special Treasury notes maturing June 30, 1936 $1, 942, 000. 00
179, 000 4 percent special Treasury notes maturing June 30, 1937 179, 000. 00
93, 000 4 percent special Treasury notes maturing June 30, 1938 93, 000. 00
88, 000 4 percent special Treasury notes maturing June 30, 1939 88, 000. 00
2,302,000 2,302,000.00
Unexpended balances June 30, 1934:
Treasurer of the United States, disbursing account 11,905.04
On books of Division of Bookkeeping and Warrants 44,555.85
56. 520. 89
Total fund assets June 30, 1934 2,358,520.89
District of Columbia teachers' retirement fund. — The act of January
15, 1920, as amended by the District of Columbia appropriation act
of June 5, 1920, vested the administration of this fund in the Commis-
sioners of the District of Columbia, except that it was directed that
such funds shall be held and invested by the Treasurer of the United
States. A further amendment of June 11, 1926, created a reserve
fund, provided for annual appropriations to this end, and provided
that investments on account of such fund shall be held by the Treas-
urer of the United States separate from the investments on account of
contributions of teachers. During the fiscal year 1934, the Treasurer
purchased for account of the deductions fund (derived from deduc-
tions from teachers' compensation) $285,000 face amount of United
States and Puerto Rican bonds at a principal cost of $308,777.26, as
follows:
Class of security
4 percent Treasury bonds of 1944-54. _
4J4 percent Treasury bonds of 1947-52
4J^ percent Puerto Rican bonds
Face amount
$43, 000. 00
220, 000. 00
16, 000. 00
285, 000. 00
Principal
cost
$44, 021. 25
248, 793. 44
15, 962. 57
3, 777. 26
There were also purchased for account of the Government reserves
fund $202,000 face amount of United States and Puerto Rican bonds
at a principal cost of $215,832.69, as follows:
Class of security
Face amount
Principal
cost
4 percent Treasury bonds of 19 14-54 _ .
4H percent Treasury bonds of 1947-52
4J4 percent Puerto Rican bonds
$12,000.00
135, 000. 00
55, 000. 00
202, 000. 00
$12. 285. 00
148, 438. 13
55, 109. 56
215, 832. 69
REPORT OF THE SECRETARY OF THE TREASURY 63
The following statement shows the status of the combined funds
as of June 30, 1934:
District of Columbia teachers' retirement fund, June SO, 1934
Credits:
On account of deductions from basic compensation of teachers:
From Jan. 15, 1920, to June 30, 1933 $3,403,324.77
July 1, 1933, to June 30, 1934 291,646.59
$3, 694, 971. 36
Appropriations:
To June 30, 1933 2,669,940.91
Available July 1, 1933 400,000.00
3,069,940.91
Interest on investments:
From Jan. 15, 1920, to June 30, 1933 1,057,939.33
July 1, 1933, to June 30, 1934 219,477.40
1,277,416.73
Total 8,042,329.00
Less disbursements on account of annuities, refunds, etc., Jan. 15, 1920, to
June 30, 1934 2,418, 180.32
Balance in fund June 30, 1934 - _. 5, 624, 148.68
Assets:
DEDUCTIONS FUND
Face amount Principal cost
$26, 850 4% percent First Liberty Loan converted bonds $27, 529. 64
562,750 4}4 percent Fourth Liberty Loan bonds 541,497.81
339, 200 414 percent Treasury bonds of 1947-52 367, 781. 44
122,000 4 percent Treasury bonds of 1944-54 123,387.50
87,000 3*4 percent Treasury bonds of 1946-56 87,437.81
48,000 3?6 percent Treasury bonds of 1943-47 49,500.00
142, 000 3?6 percent Treasury bonds of 1941-43 . 137, 657. 50
232, 000 4H-&A percent Treasury bonds of 1943-45 232, 000. 00
182, 000 4V2 percent Philippine Islands bonds 197, 669. 56
16,000 4y2 percent Puerto Rican bonds 15,962.57
55,320 4 percent Federal land bank bonds 54,660.95
1,358,880 4}4 percent Federal land bank bonds 1,313,830.89
459,440 4y2 percent Federal land bank bonds 467,020.91
91,380 4% percent Federal land bank bonds 94,627.91
166,000 5 percent Federal land bank bonds 156,835.78
3,867,400.27
3, 888, 820
= GOVERNMENT RESERVES FUND
21, 000 4}4 percent Fourth Liberty Loan bonds 21, 183. 75
135, 000 4M percent Treasury bonds of 1947-52 148, 438. 13
12,000 4 percent Treasury bonds of 1944-54 12,285.00
31,000 334 percent Treasury bonds of 1946-56 31,145.31
199,000 3% percent Treasury bonds of 1943-47 204, 701. 25
178, 000 3% percent Treasury bonds of 1941-43 177, 606. 56
55, 000 4j/2 percent Puerto Rican bonds 55, 109. 56
215,640 4 percent Federal land bank bonds 208,050.78
819,600 4% percent Federal land bank bonds 776,281.48
100 4?4 percent Federal land bank bonds 101. 64
40,000 5 percent Federal land bank bonds.. 37,547.20
1, 672, 450. 66
1, 706, 340
5, 539, 850. 93
Accrued interest paid in 1934 (on investment purchases) , repayable in 1935 658. 04
Unexpended balance June 30, 1934 on books of Division of Bookkeeping and
Warrants - 83, 639. 71
Total fund assets June 30, 1934 5,624,148.68
Longshoremen's and harbor workers1 compensation fund. — This fund
was established under the act of March 4, 1927 (44 Stat. 1444, sec.
44), to provide for the payment of compensation for disability or
death resulting from injury to employees, in certain maritime employ-
ments, and for the maintenance of employees undergoing vocational
rehabilitation. Each employer is required to pay into the fund the
sum of $1,000 as compensation for the death of an employee of such
employer resulting from injury where it is determined that there is
no person entitled under the act to receive compensation for such
death. Fifty percent of each such payment shall be available for the
payments on account of injury increasing disability and 50 percent
shall be available for the payments on account of maintenance for
employees undergoing vocational rehabilitation.
90353—35 6
64
REPORT OF THE SECRETARY OF THE TREASURY
The fund is administered by the United States Employees' Com-
pensation Commission. Moneys not required for immediate dis-
bursement are invested by the Treasurer of the United States.
The following statement shows the status of the fund as of June
30, 1934:
Longshoremen' s and harbor workers' compensation fund, June 80, 1984
Credits:
On account of assessments:
To June 30, 1933 $110,000.00
July 1, 1933, to June 30, 1934 10,000.00
Interest on investments:
To June 30, 1933
July 1, 1933, to June 30, 1934.
$120, 000. 00
9, 731. 92
4, 327. 85
14, 059. 77
Total 134,059.77
Less disbursements on account of current claims and expenses 21.041.64
Balance in fund June 30, 1934 113,018. 13
Assets:
Face amount Principal co.it
$47,600 4J4 percent fourth Liberty Loan bonds 1933-38 $47,988.64
5,500 4J4 percent Treasury bonds, 1947-52 5,840.31
11,550 4H-3J4 percem Treasury bonds, 1943-45 11,550.00
11,000 4J4 percent Federal land bank bonds- 9, 680. 48
11,000 4H percent Federal land bank bonds 9,542.97
10.000 3 percent Treasury bonds 1951-55.
11,000 AYi percent Federal farm loan bonds.
107,650
Unexpended balances:
Disbursing Officer (check book balances).
Division of Bookkeeping and Warrants. .
9, 959. 38
9,171.77
1, 093. 27
8, 191. 31
103, 733. 55
9, 284. 58
Total fund assets June 30, 1934 113,018. 13
Library of Congress trust fund. — Under the act of March 3, 1925,
as amended, a Library of Congress Trust Fund Board, consisting of
the Secretary of the Treasury, the chairman of the Joint Committee
on the Library, the Librarian of Congress, and two persons appointed
by the President, is authorized to accept, receive, hold, and administer
such gifts or bequests of personal property for the benefit of or in
connection with the Library, its collections, or its service as may be
approved by the Board and by the Joint Committee on the Library.
The moneys or securities given or bequeathed to the Board are required
to be receipted for by the Secretary of the Treasury, who is authorized
to invest, reinvest, or retain investments as the Board may determine.
In accordance with the policy adopted by the board, investments
and reinvestments of the trust funds are made in interest-bearing
securities of high rating.
The following statement shows the earnings collected on account
of each donation as of June 30, 1934:
Library of Congress trust fund earnings to June 30, 1934
Donation
Income account
Total col-
lected to
June 30, 1933
Collected
during fiscal
year 1934
Total col-
lected to
June 30, 1934
Babine
Beethoven...
Benjamin...
Bowker
Carnegie
Coolidge
Guggenheim
Huntington.
Longworth..
Wilbur
Total..
$571. 25
1, 729. 96
20, 000. 50
629. 82
20, 390. 06
54, 274. 68
12, 861. 67
34, 882. 46
13.97
45, 096. 15
$250. 51
504. 75
1, 352. 00
110.30
3, 486. 80
6, 815. 39
3, 785. 15
4, 247. 50
54.93
13, 336. 62
$821. 76
2, 234. 71
21, 352. 50
740. 12
23, 876. 86
61,090.07
16, 646. 82
39, 129. 96
68.90
68, 432. 77
190, 450. 52
33, 943. 95
224, 394. 47
REPORT OF THE SECRETARY OF THE TREASURY
65
The following statement shows the principal cash accounts for
each donation:
Library of Congress trust fund — Cash receipts, cost of investments, and unexpended
balances, fiscal year 1934
Donation
Principal account
Unex-
pended
balance,
June 30,
1933
Cash re-
ceipts dur-
ing fiscal
year 1934
Cash avail-
able during
fiscal year
Cost of in-
vestments
made dur-
ing fiscal
year
Unex-
pended
balance,
June 30,
1934
Babine
Beethoven. ..
Benjamin— .
Bowker
Coolidge
Guggenheim
Huntington.
Longworth..
Wilbur
Total..
$38. 16
4.00
26.62
45.68
18.38
39.60
33. 75
39.38
225. 83
$250. 00
5, 284. 70
103, 609. 81
$38. 16
4.00
26.62
45.68
268. 38
39.60
33.75
5, 324. 08
103, 835. 64
$4, 351. 03
103, 635. 00
471. 40
109, 144. 51
109, 615. 91
107, 986. 03
$38. 16
4.00
26.62
45.68
268. 38
39.60
33.75
973. 05
200. 64
1, 629. 88
The board received on account of the securities held in the donation
of Mrs. Elizabeth Sprague Coolidge the sum of $250 representing
5 percent payment on account of $5,000 face amount of Chicago
Railway 5 percent bonds. Cash donations aggregating $3,930 were
received on account of the Longworth Foundation. There was also
received during the year on account of this donation $1,354.70
from maturing investments. Receipts aggregating $103,609.81 were
received from maturing investments held for account of the Wilbur
donation; $1,000 face amount of called fourth Liberty Loan 4%
percent bond held for account of the Babine donation was exchanged
for $1,000 face amount of 4:%-3% percent Treasury bonds of 1943-45.
Investments made during the year were as follows:
Donation
Face
amount
Securities
Principal
cost and
accrued
interest
$4, 100
$4,316.81
Accrued interest paid on above bonds (reimbursable to
principal account).
34.22
Wilbur
100, 800
103, 635. 00
Total....
104, 900
107, 986. 03
The following statement shows the securities held by the Board for
account of each donation as of June 30, 1934. The securities are
held in safe-keeping by the Treasurer of the United States, and the
Federal Reserve Bank of New York, subject to the order of the
Secretary of the Treasury for account of the Board.
66 REPORT OF THE SECRETARY OF THE TREASURY
Library of Congress Trust Fund Board securities held June SO, 1984
Name of security
Alexis V. Babine donation
American Chain Co., Inc.
Federal land hank bonds.
U. S. Government
U. S. Government
Tuns-Sol Lamp Works, Inc., 2 shares.
Tung-Sol Lamp Works, Inc., 4 shares.
Beethoven Association donation
Canadian National Railway.
Federal land bank bonds
William E. Benjamin donation
Standard Oil Co. of California
R. R. Bowker donation 2
Austrian Government
German Government
J apanese Government
American Telephone & Telegraph Co.
Carnegie donation
Commonwealth Edison Co
Federal land bank bonds
Missouri Pacific R. R. Co
New England Telephone & Telegraph Co.
Eli2abeth Sprague Coolidge donation
Canadian National Railways Co
Do
Chicago Railways Co
Federal land bank bonds
Do
Do
Great Northern Ry. Co
Houston Home Telephone Co
Missouri Pacific R. R. Co
New England Telephone & Telegraph Co.
Public Service Co. of Northern Illinois
Rio Grande Southern R. R. Co
U. S. Government
Utah Power & Light Co
American Ship Building Co
American Telephone & Telegraph Co
American Window Glass Co
Board of Trade Building Trust of Boston..
Commonwealth Edison Co
Elgin National Watch Co
Mexican Northern Ry. Co
Public Service Co. of Northern Illinois
Harry F. Guggenheim donation
Federal land bank bonds
Harbor Commissioners of Montreal
Archer M. Huntington donation
Central Pacific Ry. Co
Federal land bank bonds
Missouri Pacific R. R. Co
Nicholas Longworth donation
U. S. Government
James B. Wilbur donation
Canadian National Railways
Federal land bank bonds
Do
Public Service Co. of Northern Illinois.
U. S. Government
Do
Total.
Face
amount
$600
3. soo
1,000
1.000
0)
0)
10, 000
100
33,800
1,000
2, 000
2,000
4,800
52, 000
80
5,000
25, 400
7,000
10, 000
3, 750
ll,fi40
2, GOO
680
10,000
100
2,000
16, 400
13, 000
1,000
300
10, 000
6,000
17, 100
2,500
700
12,400
5, 625
800
5,000
740
75, 000
105, 000
1,000
49, 500
4,100
44, 000
16, 300
280
100, 000
3,000
100, 800
780, 895
Rate
Percent
7
4H
,5
4M
5
f34
5
5
4K
*H
iM.
7
5
5
*M
5
4
W%
5
4S(
5
4
I3}
.5
5
m
7
4
Class of security
Preferred stock.
Farm loan bonds.
Fourth Liberty Loan bonds of 1933-38.
414-3K percent Treasury bonds of
1943-45.
Preferred stock.
Common stock.
Guaranteed gold bonds.
Farm loan bonds.
Common stock.
Sinking fund bonds guaranteed loan.
German external loan.
Sinking fund gold bonds.
Common stock.
First mortgage bonds.
Farm loan bonds.
First and refunding mortgage bonds.
First mortgage bonds.
Guaranteed gold bonds.
Do.
First mortgage bonds.
Farm loan bonds.
Do.
Do.
General mortgage bonds.
First mortgage bonds.
First and refunding mortgage bonds.
First mortgage bonds.
First and refunding mortgage bonds.
First mortgage bonds.
Treasury bonds of 1940-43.
First mortgage bonds.
Common stock.
Do.
Do.
Do.
Do.
Do.
Do.
Preferred stock.
Farm loan bonds.
Guaranteed gold bonds.
First and refunding mortgage bonds.
Farm loan bonds.
First and refunding mortgage bonds.
Treasury bonds of 1944-54.
Guaranteed gold bonds.
Farm loan bonds.
Do.
Preferred stock.
Treasury bonds of 1940-43.
Treasury bonds of 1944-54.
1 No par.
* Life interest in ¥i of income retained under terms of donation.
REPORT OF THE SECRETARY OF THE TREASURY
67
United States Government life insurance fund. — Under the provisions
of section 18 of the act approved December 24, 1919, as amended
March 4, 1923, the Secretary of the Treasury is required to invest in
interest-bearing obligations of the United States or in bonds of the
Federal land banks all moneys received in payment of premiums on
converted insurance in excess of authorized payments. The act
approved March 3, 1927, as amended by the Emergency Adjusted
Compensation Act of February 27, 1931, authorized the Administra-
tor of Veterans' Affairs to make loans to veterans upon their adjusted
service certificates out of the United States Government life insurance
fund. All of the funds available for investment during the fiscal year
1934 were used to make loans to veterans or invested in obligations
of the United States. The Administrator of Veterans' Affairs reported
outstanding loans to veterans from this fund, June 30, 1934, on policies
and adjusted service certificates, aggregating $550,061,163.97. The
net increase in loans on adjusted service certificates during the year
amounted to $33,346,218.45.
Monthly reports are made by the Treasury to the Veterans'
Administration of all securities in the fund and the principal cost
thereof as the result of investments made by the Secretary of the
Treasury, and periodic verifications of the security holdings are made
through reports rendered to the Administrator by the safe-keeping
offices. The investments as of June 30, 1934, were as follows:
Government life insurance fund, June 30, 1934
4J4 percent Treasury bonds of 1947-52..
4 percent Treasury bonds of 1944-54
3% percent Treasury bonds of 194C-56
4H percent Federal farm loan bonds
4J^ percent Federal farm loan bonds
Total investments made by the Secretary of the Treasury
Policy loans.
Adjusted service certificate loans
Total investments made by Administrator of Veterans' Affairs
Total investments in fund
Par value Principal cost
$35, 479,
6,371,
200,
32, 550,
69, 200,
000. 00
000. 00
000. 00
000. 00
000. 00
143,800,000.00
121,718,
428, 343,
128.89
035. 08
550,061,103.97
693, 861, 163. 97
$36, 190,
6, 680,
207,
32, 477,
69, 742,
122.74
295. 98
437. 50
590. 04
644. 40
145, 298, 090. 66
121, 718,
428, 343,
128. 89
035. 08
550. 061, 163. 97
695, 359, 254. 63
National Institute of Health gift fund. — The National Institute of
Health was created by the act of May 26, 1930 (46 Stat. 379), for
the purpose of creating a system of fellowships in said institute, and
to authorize the Government to accept donations for use in ascertain-
ing the cause, prevention, and cure of diseases affecting human
beings, and for other purposes.
Under the provisions of section 2 of the act, the Secretary of the
Treasury is authorized to accept, on behalf of the United States,
gifts made unconditionally by will or otherwise for study, investiga-
tion, and research in the fundamental problems of diseases of man
and matters pertaining thereto, and for the acquisition of grounds
or for the erection, equipment, and maintenance of buildings and
premises.
The Secretary of the Treasury is also authorized to accept condi-
tional gifts if recommended by the Surgeon General of the Public
Health Service and the National Advisory Health Council. Any
such gifts shall be held in trust and shall be invested by the Secretary
of the Treasury in securities of the United States, and the principal
or income thereof shall be expended by the Surgeon General, with the
68 REPORT OF THE SECRETARY OF THE TREASURY
approval of the Secretary of the Treasury, for the purposes indicated
in the act.
No gifts were received during the year. In order to meet expendi-
tures of the institute, $1,000 face amount of 4^ percent Treasury
bonds of 1947-52 was sold. The receipts and expenditures during
the year were as follows:
Receipts and expenditures during 1934
Unexpended balance June 30, 1933 - $847. 56
Receipts:
Net earnings collected during year on investments - 3,739.03
Principal cost of securities sold during year -.- - 1,115.68
Total - 5,702.27
Expenditures: Advances to institute - --- 4, 2]8- 67
Unexpended cash balance June 30, 1934 1, 483. 60
The following statement shows the status of the fund as of June
30, 1934:
National Institute of Health conditional gift fund, June 80, 1934
Credits:
Principal proceeds of donated securities redeemed at par at maturity - $100, 000. 00
Net earnings on investments --- 12, 860. 90
Total - - - 112,860.90
Less advances to meet expenditures on account of the institute -- 13, 197. 69
Balance in fund June 30, 1934 - - 99,663.21
Assets*
$88,000 face amount 4J4 percent Treasury bonds of 1947-52, principal cost 98, 179. 61
Unexpended balance to credit of the fund on books of Division of Bookkeeping and War-
rants. — - 1,483.60
Total fund assets June 30, 1934 99, 663. 21
Alien property trust fund. — Under the act of October 6, 1917, as
amended, and the Settlement of War Claims Act of 1928, approved
March 10, 1928 (44 Stat. 254), as amended, the Secretary of the
Treasury held on June 30, 1934, Government securities in the face
amount of $26,710,000 for account of the Alien Property Custodian.
During the year the following transactions were made in this account.
Securities: Face amount
Held June 30, 1933 — - $28,976,500.00
Sold or redeemed.... - - 2, 266, 500. 00
Held June 30, 1934 - — - 26,710,000.00
A statement of the alien property trust fund as of September 15,
1934, follows:
Alien property trust fund as of Sept. IB, 1934
Credits:
Trusts - $36,920,029.87
Earnings on investments, etc - -- --- 30, 763, 799. 20
Total 67,683,829.07
Assets: Principal at
Face amount amortized cost
$9,800,000 4 percent Treasury bonds 1944-54.... $10,432,461.93
11,250,000 4 H percent Fourth Liberty Loan bonds 11,250,000.00
5,100,000 4J4-3M percent Treasury bonds 1943-45 5,100,000.00
350. 000 3W percent Treasury notes maturing Aug. 1, 1936 353, 828. 13
200, 000 3J4 percent Treasury notes maturing Sept. 15, 1937 203, 000. 00
10,200 2}i percent Treasury notes, series A-1939 10,413.56
27,349,703.62
26, 710, 200
Accrued interest receivable - 390, 461. 51
Participating certificates issued under section 25 (e) of the Trading With the Enemy
Act-
Noninterest-bearing. - $21, 750, 000. 00
5 percent interest-bearing.. 17,552,096.91
39,302,096.91
Cash with Treasurer of the United States < 641, 667. 03
Total fund assets, Sept. 15, 1934 67,683,829.07
REPORT OF THE SECRETARY OF THE TREASURY 69
Checks issued by the Treasury Department during the fiscal year
on account of the alien property trust fund were as follows:
To claimants upon authorizations of the Alien Property Custodian and the Attorney Gen-
eral $1,636,827.58
To the Alien Property Custodian for —
Distribution of income... 1,910, 171.92
Distribution of Government earnings 500,000.00
Administrative expenses.. 250,000.00
Total 4,296,999.50
General railroad contingent fund.- — The general railroad contingent
fund was created by paragraph 6 of section 15 (a) of the Interstate
Commerce Act, approved June 18, 1910, as amended by the act of
February 28, 1920 (41 Stat. 489). Under the provisions of this
section any carrier which received for any year a net railway operat-
ing income in excess of 6 percent of the value of the railway's property
held for and used by it in the service of transportation was required
to place one half of such excess in a reserve fund established and
maintained by and for use of the carrier, the other half to be paid to
the Government for deposit in the general railroad contingent fund.
Under the provisions of section 15 (a) of the Interstate Commerce
Act as amended by section 206 (a) of the Emergency Railroad Trans-
portation Act, 1933, approved June 16, 1933, the Secretary of the
Treasury is directed to liquidate the general railroad contingent fund
and to distribute the fund among the carriers which have made
payments under that section.
A statement showing the distribution by the Secretary of the Treas-
ury of the general railroad contingent fund as of October 31, 1933,
is included in the annual report of the Secretary of the Treasury for
the fiscal year 1933 as exhibit 40, page 270. During the year ended
June 30, 1934, the Treasury made refunds to the following carriers:
Fianklin & Abbeville Ry. Co $22,404.18
Gideon & North Island R. R. Co 1,484.77
Jonesboro, Lake City & Eastern R. R. Co 56.234.48
Kinston Carolina R. R. Co.. 91.82
Potato Creek R. R. Co 1,575.82
Sugar Land Ry. Co 40,246.05
Wichita Falls & Southern R. R. Co 521.04
Total 122,558.16
All amounts due carriers have been paid except the sum of $30,000
due the Genesee & Wyoming R. R. Co. and the sum of $2,388.61 due
the Central Railroad Co. of Arkansas. The existence of the latter
corporation has terminated. A refund will be made as soon as it is
determined who is entitled to receive payment.
The following statement shows the status of the fund as of June
30, 1934:
General railroad contingent fund, June SO, 193 4
Credits:
Excess earnings deposited in Treasury under section 15 (a) of the Interstate Commerce
Act $10,739,279.57
Interest and profits on investments 3,735,720.97
Total 14,475,000.54
Deduct:
Amounts refunded prior to passage of Emergency Rail-
road Transportation Act of 1933:
Illinois Terminal Co $800,000.00
Tuckerton R. R. Co 2,164.28
Washington Run R. R. Co. 3,167.20
$805,331.48
Amounts refunded to June 30, 1934, under Emergency
Railroad Transportation Act of 1933 13,637,280.45
14,442,611.93
Balance in fund June 30, 1934.. 32, 388. 61
70 REPORT OF THE SECRETARY OF THE TREASURY
Special funds
Colorado River Dam fund.- — This fund was established under the
act of December 21, 1928, to provide for the construction of works
commonly referred to as the Boulder Canyon project. All revenues
received in carrying out the provisions of the act are payable into the
fund. Expenditures are made out of the fund under the direction of
the Secretary of the Interior.
The Secretary of the Treasury is authorized to advance to the fund,
from time to time, within the appropriations therefor, such amounts
as the Secretary of the Interior deems necessary for carrying out the
provisions of the act, except that the aggregate amount of such
advances shall not exceed the sum of $165,000,000. Of this amount,
$25,000,000 shall be allocated to flood control, and shall be repaid to
the United States out of 62 }{ percent of revenues, if any, in excess of
the amount necessary to meet periodical payments during the period
of amortization, as provided in section 4 of the act. If the $25,000,000
is not repaid in full during the period of amortization, then 62 % per-
cent of all net revenues shall be applied to payment of the remainder.
The Secretary of the Treasury is required to charge the fund, as of
June 30 each year, with such amount as may be necessary for the
payment of interest at the rate of 4 percent per annum accrued during
the year upon the amounts advanced from the General Treasury and
remaining unpaid, except that if the fund is insufficient to meet the
payment of interest the Secretary of the Treasury may, in his dis-
cretion , defer any part of such payment, and the amount so deferred
shall bear interest at the rate of 4 percent per annum until paid.
Under an opinion of the Attorney General of the United States, dated
December 26, 1929, funds advanced from the General Treasury to
the Colorado River Dam fund for construction costs of the all-
American canal are not subject to the interest charge. To date,
however, no funds have been advanced to the fund on account of the
all-American canal.
On June 30, 1934, the liability of the Colorado River Dam fund to
the General Fund of the Treasury amounted to $61,508,529.64 repre-
senting advances in the sum of $58,058,561.96 and interest in the
amount of $3,449,967.68. Upon recommendation of the Secretary of
the Interior and in accordance with the authority contained in sec-
tion 2 (d) of the act of December 21, 1928, the Secretary of the
Treasury deferred for one year the payment of the total amount of
interest due on June 30, 1934, of $3,449,967.68.
The status of the fund as of June 30, 1934, was as follows:
Colorado River Dam fund, June SO, 1934
Advances from General Fund:
Fiscal year 1931 $1,745,866.46
Fiscal year 1932 - 17,018,608.34
Fiscal year 1933 19,709,297.48
Fiscal year 1934.... 19, 584, 789. 68
T . . $58, 058, 561. 96
Interest:
Fiscal year 1931 - 25,631.58
Fiscal year 1932 355.029.92
Fiscal year 1933_ 1, 161, 488. 18
Fiscal year 1934 1,933,449.58
Total - 3,475,599.26
Less amount covered into Treasury as miscellaneous receipts 25, 631. 58
'3,449,967.68
Total liability to General Fund - 61, 508, 529. 64
i Payment of interest due June 30, 1934, $3,449,967.68 deferred for 1 year under sec. 2 (d) of the act of Dec.
21, 1928.
REPORT OF THE SECRETARY OF THE TREASURY 71
Advances to reclamation fund. — Under the act of Congress approved
June 17, 1902 (32 Stat. 388), there was established in the Treasury a
special fund known as the "reclamation fund", representing receipts
from the sale of public lands in certain States and Territories to be used
for the construction of irrigation works for the reclamation of arid
lands. Pursuant to the act of Jane 25, 1910 (36Stat.835),theSecretary
of the Treasury advanced to the reclamation lund from the General
Fund of the Treasury $20,000,000. The act of June 12, 1917 (40 Stat.
149), provides for the reimbursement of the money so advanced
through the transfer of $1,000,000 annually from the reclamation fund
to the General Fund of the Treasury beginning July 1, 1920, and con-
tinuing until full reimbursement is made. Beginning with the fiscal
year 1921 there has been returned to the General Fund $1,000,000
annually, making a total of $10,000,000 for the 10 years ended with
the fiscal year 1930. The Deficiency Act of February 6, 1931, provided
for a suspension of the annual payments for a period of two years and
the act of April 1, 1932, as amended by the act of March 3, 1933,
provided a further extension until the fiscal year beginning July 1,
1936.
The Deficiency Act of March 4, 1931, authorized an additional
advance to the reclamation fund from the General Fund of $5,000,000
all of which was advanced between April 28, 1931, and November 30,
1931.
The following statement shows the status of the account as of
June 30, 1934:
Charges:
Advances from the General Fund:
Under act of June 25, 1910 $20, 000, 000
Under act of Mar. 4, 1931 5,000,000
Total 25,000,000
Less repayment of advances to June 30, 1930 '. 10,000,000
Unreimbursed balance. 15,000,000
Division of Bookkeeping and Warrants
The Division of Bookkeeping and Warrants, in the name of the
Secretary of the Treasury, issues all warrants on the Treasurer of the
United States, and under section 10 of the act of July 31, 1894 (U. S. C,
title 5, sec. 255), keeps the official accounts relating to the receipt,
appropriation, and expenditure of the public money, covering all
departments and establishments of the Government. Other duties
of the Division include the preparation of the annual digest of appro-
priations and the combined statement of receipts and expenditures,
and the handling of duplicate checks, outstanding liability claims,
budget matters, special deposit accounts, etc. The Division also
maintains budgetary accounts relating to the apportionment and
obligation of public funds covering all executive departments and
independent establishments.
Statements of the receipts and expenditures of the Government for
the fiscal year 1934, compiled by this Division, are shown as tables
1 and 2, pages 276 to 293 of this report.
» Installments'for 1931-36 suspended.
72
REPORT OF THE SECRETARY OF THE TREASURY
Division of Deposits
The Division of Deposits is charged with the administration of
matters pertaining to the designation and supervision of Government
depositaries and the deposit of Government funds in such depositaries.
The regulations of the Treasury governing the deposit of public funds
in depositaries are incorporated in Department Circulars Nos. 176
and 92.
The following statement shows the number and classes of deposi-
taries maintained by the Treasury and the Government deposits
held by such depositaries on June 30, 1934:
Number of depositaries and amount of Government deposits held on June SO, 1984,
by class of depositaries
[On basis of daily Treasury statements (revised), see p. 273]
Depositaries
Federal Reserve banks (including branches)
Member bank depositaries:
To credit of Treasurer of the United States
To credit of other Government officers
Insular depositaries (including Philippine treasury) :
To credit of Treasurer of the United States
To credit of other Government officers
Foreign depositaries:
To credit of Treasurer of the United States
To credit of other Government officers
Special depositaries
Total..
$64, 185, 068. 68
6, 437, 148. 95
24, 319, 522. 60
1,220,034.09
89, 077. 92
1, 338, 468. 05
1,750,451.20
1,854,045,099.45
1, 953, 384, 870. 94
i In addition 217 branch banks are carried on the depositary list of the Treasury under the designation
of the parent banks.
2 Includes 2,018 national banks and 1,422 State banks and trust companies, of which 2,066 held deposits
on June 30, 1934.
Several factors contributed toward unusual activity in the Treas-
ury's depositary system during the fiscal year ended June 30, 1934,
principally the rapid progress made by the Comptroller of. the Cur-
rency in the reopening of unlicensed banks under old or new charters,
or absorption by going banks, the establishment of new bureaus and
agencies of the Government, requiring additional depositary facilities,
and the increased number of special depositaries which were qualified
to make payment by credit for Government securities purchased
under the terms of Department Circular No. 92. On March 16, 1933,
approximately one-third of the regular depositaries were unlicensed.
At the end of June 1934, all cases, with a few exceptions, had been
adjusted. During the fiscal year 1934, approximately 1,300 changes
and adjustments were effected within the depositary system, including
new designations; some were necessary to meet new or changed
governmental requirements and others resulted from reorganization
of depositaries under new charters, the cancelation of designations
in cases involving the curtailment or termination of governmental
activities in certain localities, or the liquidation of existing depositaries,
and other adjustments involving changes in the balances carried
with general or limited depositaries. Changes in the collateral se-
curity accounts of depositary banks were abnormal, chiefly as the
result of the Treasury's call for redemption of? 4% percent Fourth
Liberty Loan bonds on October 15, 1933, and April 15,^1934, and
REPORT OF THE SECRETARY OF THE TREASURY 73
the issuance of new Government securities and of securities guaran-
teed by the Government, either as to interest or principal, or both,
all of which were made eligible as collateral security for Government
deposits supervised by the Secretary of the Treasury. (Amendments
to Department Circulars Nos. 92 and 176, in this connection, will
be found as exhibits 40 and 41 on pp. 255 and 256.)
The adjustment of depositary accounts in banks closed for liquida-
tion during the past two years has proceeded in orderly fashion and was
substantially completed during the past fiscal year. To date, the
United States has not sustained any losses through the failure of
depositary banks.
As indicated on page 70 of the annual report for the fiscal year 1933,
the collection of interest upon Government deposits carried with
banks by the Secretary of the Treasury, terminated by June 30, 1933,
except in the case of certain special deposits. The total of all interest
received by the Treasury to June 30, 1934, from all depositaries
designated by the Secretary of the Treasury, including past-due
interest accrued on deposits to June 30, 1933, is $112,702,126.59,
according to the latest revised figures.
Section of Surety Bonds
On June 30, 1934, there were 62 domestic companies holding certifi-
cates of authority from the Secretary of the Treasury under the act
of Congress approved August 13, 1894, as amended by the act of
Congress approved March 23, 1910, qualifying them as sole sureties
on recognizances, stipulations, bonds, and undertakings permitted
or required by the laws of the United States, to be given with one or
more sureties. There were also 2 domestic companies and 5 branches
of foreign companies holding certificates of authority authorizing
them to act only as reinsurers on bonds in favor of the United States.
Changes in the outstanding certificates of authority during the period
ended June 30, 1934, are indicated in the following table:
Companies authorized as of June 30, 1933 71
Changes during the year ended June 30, 1934:
Certificates terminated:
Companies in process of liquidation 3
Company in rehabilitation 1
4
Certificates issued - 2
Net reduction in number 2
Companies authorized as of June 30, 1934 69
In accordance with the practice of the Treasury, a number of
departmental circulars to the heads of departments and independent
establishments of the Government, bond-approving officers, and
others concerned, have been issued during the past year to advise
such officials of the status of the bonds in favor of the United States
executed by the companies whose certificates of authority were
terminated. These circulars are numbered as follows: 492, 493, 495,
496, 497, 510, and 511.
Division of Disbursement
The Division of Disbursement was organized December 16, 1933,
under the provisions of section 4 of Executive Order No. 6166, which
transferred the function of disbursement of moneys of the United
74 REPORT OF THE SECRETARY OF THE TREASURY
States exercised by any agency of the executive branch of the Govern-
ment to the Division of Disbursement of the Treasury Department.
The office of the Disbursing Clerk of the Treasury Department was
transferred on December 16, 1933, and one week later the disbursing
functions of eight independent establishments were likewise trans-
ferred. At various times up to June 1, 1934, this function was trans-
ferred from each of the departments and independent establishments
located in Washington, except the Post Office Department, the Panama
Canal, and that portion of the War and Navy Departments relating
to national defense.
The personnel, supplies, equipment, and appropriations which were
available for the disbursing work performed by these various depart-
ments and establishments were transferred to the Division of Disburse-
ment as provided by the Executive order. The Division has been
furnished quarters in the Treasury Annex, with an assignment of
space in the old Post Office Building, for making rental and benefit
payments for the Agricultural Adjustment Administration, and on
June 30, 1934, had a force of approximately 700 employees. As the
consolidation has been effected, the various accounts have been
merged when possible without conflicting with established accounting
procedures.1
In March 1934, at the request of the Federal Emergency Relief
Administration, the Division of Disbursement established an office at
Oklahoma City, Okla., for the purpose of disbursing relief administra-
tion funds in that State. About a month later offices at Boston, Mass.,
and Bismarck, N. Dak., were established for the same purpose.
During the month of June, field offices were established at Minne-
apolis, Kansas City, and San Francisco for the purpose of making dis-
bursements in connection with emergency purchases of livestock and
seed under the drought relief program of the Agricultural Adjustment
Administration. It is anticipated that additional offices in other
parts of the country will be established in the near future for the same
purpose.
At various times assistant disbursing officers of the Division have
been sent to various localities in order to make payments for land
purchased for slum eradication projects of the Public Works Ad-
ministration.
The Division has been requested by several of the Government-
owned corporations to perform the disbursing services for those organ-
izations, and as new agencies of the Government have been created,
the Division has assumed the function of disbursement for those
agencies. Among the largest agencies for which the function of dis-
bursement has been assumed are the Railway Labor Retirement
Board and the Federal Housing Administration.
On June 30, 1934, the Division of Disbursement was issuing in
Washington an average of approximately 75,000 checks per day in
payment of pay rolls and vouchers. The various field offices were
issuing an average of approximately 50,000 checks per day, and in
addition, the offices disbursing emergency relief funds were making
several thousand payments in cash each week for the relief of transients.
1 On July 1, 1934, all disbursements by the Division were consolidated in the account of the Chief Disburs-
ing Officer.
REPORT OF THE SECRETARY OF THE TREASURY 75
DIVISION OF APPOINTMENTS
Number of employees
For the fiscal year ended June 30, 1934, there was a net increase
of 2,310 in the number of employees in the Treasury Department in
Washington. The principal increases occurred in the Office of the
Treasurer, due to the large number of checks issued by the Civil
Works Administration, and in the Division of Loans and Currency,
because of the activities in connection with the calling of the Fourth
Liberty Loan and the handling of bonds of the Home Owners'
Loan Corporation and the Federal Farm Mortgage Corporation.
The principal decrease was in the Bureau of Engraving and
Printing.
In the field service the force was reduced from 48,922 on June 30,
1933, to 45,245 on June 30, 1934, a net decrease of 3,677. The prin-
cipal decrease was caused by the transfer of the Custodian Service
to the Post Office Department. Considerable increases occurred in
the Public Health Service, due to the activities in connection with
the Civil Works Administration program, and in the Bureau of
Internal Revenue, caused by various new tax laws.
The number of employees in the departmental service of the Treas-
ury, classified according to bureaus and offices, at the end of each
month from June 30, 1933, to June 30, 1934, is shown in table 48,
page 402, of this report. A comparison of the number of employees
in the departmental and field services of the Treasury on June 30,
1933, and June 30, 1934, is contained in table 49, page 403.
Retirement of employees
During the fiscal year 1934, 318 persons were retired from the
departmental service of the Treasury Department, 23 of whom
were retired at their own option. During the same period 290
persons were retired from the field services, 18 at their own option.
As of June 30, 1934, 10 persons above the retirement age were re-
tained in the departmental service of the Treasury and 1 in the
field service, under authority of the President in accordance with
the provisions of section 204 of the Economy Act. Up to June 30,
1934, 36 employees of the Treasury Department in Washington, and
177 employees of the field services, who have served 30 years or more,
and whose services were discontinued on account of necessary reduc-
tion of force on or since June 30, 1933, have been granted annuities
under the provisions of section 8 (a) of the Independent Offices
Appropriation Act of June 16, 1933.
Table 50, page 404, shows the number of persons retired and the
number retained in the departmental and field services of the Treas-
ury under the provisions of the Civil Service Retirement Act, as
amended, and of section 204 of the Economy Act of June 30, 1932,
and the number granted annuities under the provisions of sec-
tion 8 (a) of the Independent Offices Appropriation Act of June
16, 1933.
BUDGET AND IMPROVEMENT COMMITTEE
The Budget and Improvement Committee is responsible, under
the direction of the budget officer, for the preparation and examina-
tion of Treasury estimates of appropriations and for the improve-
76 REPOKT OF THE SECRETARY OF THE TREASURY
ment of administrative methods and procedure within the Treasury
Department. In addition to examining all estimates, the committee
makes inquiries as to the reserves which may be set up under the
various appropriations and considers other matters affecting expendi-
tures of the Department.
Subsequent to the submission of the regular estimates of appro-
priations for the fiscal year 1935, supplemental and deficiency esti-
mates aggregating $98,831,462 were received. After examination by
the budget officer, with the assistance of the committee, these esti-
mates were reduced to $98,754,441 and submitted to the Director of
the Bureau of the Budget.
In pursuance of the President's intention to effect substantial
reductions in all expenditures, the Director of the Bureau of the
Budget indicated that the cash withdrawals from the Treasury dur-
ing the fiscal year 1934 on account of appropriations for the Treasury
Department, other than for interest on and retirement of the public
debt, should not exceed amounts under particular appropriations
which were determined in general by taking as a base for each the
amount appropriated for 1934, or the actual expenditures for 1932,
whichever was less; and, after deducting the amount of the 15 per
cent reduction in compensation of all officers and employees, making
a further reduction equal to 10 percent of the remainder. The
amounts so allocated were modified from time to time in accordance
with changed conditions during the year and particularly because
of the restoration of 5 percent of the compensation effective Febru-
ary 1, 1934. The revised total of the allocations for cash withdrawals
was $252,884,936 of which $246,764,423 was actually withdrawn from
the Treasury, leaving a saving of $6,120,513.
For the fiscal year 1935 the Director of the Bureau of the Budget
has approved $182,817,841 for expenditure from appropriations, with
reserves of $2,631,670 for savings.
For the fiscal year 1936 heads of bureaus and offices submitted
estimates for annual and permanent and indefinite appropriations
aggregating $1,635,269,793. After the examination by the Budget
and Improvement Committee, items aggregating $21,721,720 were
disapproved in estimates for annual appropriations. There was
approved and submitted to the Director of the Bureau of the Budget
for annual appropriations, $180,084,953 (which amount included
$16,801,550 of appropriations made in lieu of permanent and indefi-
nite appropriations, which were repealed by the Permanent Appro-
priations Repeal Act 1934, approved June 26, 1934) ; for permanent
and indefinite appropriations and special funds, $2,491,420; trust
funds, $15,535,300; interest on the public debt, $854,000,000; and
public debt retirements chargeable against ordinary receipts, $561,-
434,000; making a grand total of $1,613,545,673.
COAST GUARD
The following is a summary of the principal operations of the
Coast Guard for the fiscal year 1934, in which comparisons with the
preceding year 1933 are indicated :
REPORT OF THE SECRETARY OF THE TREASURY
77
1933
Increase (+)
or decrease
(-)
Lives saved or persons rescued from peri]
Persons on board vessels assisted ___
Persons in distress cared for
Vessels boarded and papers examined.
Vessels seized, reported, or warned for violations of law
Fines and penalties incurred by vessels reported
Regattas and marine parades patrolled
Instances of lives saved and vessels assisted
Instances of miscellaneous assistance
Derelicts and other obstructions to navigation removed or
destroyed
Value of derelicts and other obstructions recovered
Value of vessels assisted (including cargoes)
Persons examined for certificates as lifeboat men
6,492
33, 716
595
S3, 031
1,549
$244, 558
155
7,176
7,476
300
$55, 565
$40, 516, 220
3,828
5, 597
34, 767
1,246
31,730
1,401
$94, 500
204
6,861
7,877
267
$112, 100
17, 296, 109
5,917
-895
+1,051
+651
-51,301
-148
-$150, 058
+49
-315
+401
-33
+$56, 535
+$6, 779, 889
+2, 0S9
Protection to navigation
International service of ice observation and ice patrol. — Two cut-
ters and one 125-foot patrol boat were detailed to carry on this
service for the season of 1934. Since vessels using the Canadian
steamship lanes had reported numerous icebergs just north of lati-
tude 45°, of which many were in positions for a probable drift to
the southward, the 125-foot patrol boat was detailed in April 1934
to make a survey of ice conditions in the regions of the Grand
Banks. The ice patrol was inaugurated on April 17, and from
that date to June 29, 1934, two cutters made alternate cruises of
about 15 days each in the ice regions. Four times each day ice in-
formation was broadcast to shipping, and once each day the Hydro-
graphic Office of the Navy was furnished the latest ice information.
Surface sea temperatures were collected for use in the preparation
of surface isotherm charts which were valuable in predicting the
drift of icebergs. The 125-foot patrol boat was employed exclu-
sively in oceanographic work. This vessel made three oceano-
graphic cruises and dynamic surveys of the patrol area, and from
these data current charts were prepared for use in determining the
probable set and drift of the ice. During the first 7 months of
1934 approximately 575 different icebergs were reported south of
latitude 48°, which number is considerably greater than the yearly
average of 377. While the ice season as a whole was heavier than
usual, the menace to the North Atlantic steamship lanes, United
States tracks, was considerably less than during years of average
ice conditions. The patrol was discontinued on June 29, 1934.
Winter patrol. — The President, on November 6, 1933, on the rec-
ommendation of the Secretary of the Treasury, designated 12 cutters
to perform the customary special winter cruising along the coast for
the season 1933-34 to aid vessels in distress. One of the cutters was
withdrawn and ordered to the Coast Guard depot for overhauling
and repairs. These cutters cruised 36,606 miles, afforded assistance
to 45 vessels, whose value, including cargoes, amounted to $3,763,832.
There were 480 persons on board the vessels assisted. Sixty-three
vessels were boarded in the interest of United States laws.
Anchorage and movements of vessels. — Supervision was continued
over the anchorage and movements of vessels at ports and in local-
ities where Federal regulations have been promulgated in the inter-
est of safe navigation and the free and orderly movement of marine
78 REPORT OF THE SECRETARY OF THE TREASURY
traffic in congested areas. At the larger ports this duty has been
performed by officers designated as captains of the port, and en-
forcement of the regulations in other localities has been carried out
through periodic inspections by Coast Guard vessels and by special
assignments.
Enforcement of customs and other laws
The duties of the Coast Guard in connection with the enforcement
of the customs, navigation, and motor-boat laws of the United States
were continued as was also the customary assignment of Coast
Guard vessels at the principal ports to assist the customs authorities
in boarding incoming vessels, and in the conduct of other customs
duties. Assistance was also afforded to other branches of the Gov-
ernment in the enforcement of Federal laws.
Liquor smuggling. — Smuggling of liquor into the United States
from the sea changed considerably as a result of the repeal of the
eighteenth amendment on December 5, 1933. As a result of re-
duced appropriations a large number of units were put out of com-
mission and the Coast Guard was not in a position to resume
promptly effective antismuggling measures. Immediately follow-
ing repeal there was a sharp decline in smuggling on all coasts, but
the end of the fiscal year 1934 witnessed a considerable renewal of
smuggling activities. At that time smuggling was of moderate ex-
tent off the Atlantic coast north of the Chesapeake Capes, of con-
siderable volume in the Carolinas and Georgia, and heavy in Florida
and along the coast of the Gulf of Mexico. On the Pacific coast
smuggling in bulk has almost terminated. A serious problem is the
control of smuggling in aircraft which fly from the Bahamas into
Florida, and from Mexico into the United States. Night flights and
night landings are known to have been made, and destinations far
inland are said, to be common. A construction program of aircraft
has been undertaken in an endeavor to control this form of smug-
gling- . , , - ,
Patrol in northern waters. — The regular annual patrol of the
waters of the North Pacific Ocean, Bering Sea, and southeastern
Alaska was conducted for the season of 1933 by six Coast Guard cut-
ters and one 125-foot patrol boat. The vessels cruised over 51,000
miles, assisted 16 vessels, boarded 61 vessels, afforded medical and
dental aid to 1,886 persons, and transported 317 persons.
The patrol for the season of 1934, which was in progress at the
close of the fiscal year, is being performed by seven cutters and two
125-foot patrol boats.
Northern Pacific halibut fishery. — The Coast Guard annually per-
forms for the Bureau of Fisheries, Department of Commerce, the
duty of patrolling the waters in the interest of law enforcement with
respect to halibut fishing. The work was carried on by one cutter
from October 16 to 26, 1933, and March 3 to 21, 1934.
Communications
Telephone and telegraph lines and cables. — The Coast Guard owns
and operates a coastal communication system consisting of telephone
and telegraph lines of approximately 1,488 miles of pole line, 2,712
REPORT OF THE SECRETARY OF THE TREASURY 79
miles of open wire aerial circuits, 46 miles of aerial and underground
cables, and 607 miles of submarine cable. In addition to the routine
overhauling and repairing of the telephone and telegraph lines,
major projects were undertaken involving the replacement of sub-
marine cable at various places on the coasts. Other improvements
were made in the construction, rebuilding, and extension of service
lines, and the installation of cables connected with new projects.
The Coast Guard continued its scientific study and investigation
of telephone transmission problems, with the result that considerable
progress has been made.
Radio. — The extended use of aircraft in the Coast Guard necessi-
tated the development of radio equipment to meet the special needs
of the service. Material progress has been made in the matter of
the elimination of electrical induction interference to radio recep-
tion on the planes and in the development of radio direction finders.
The program for the standardization and improvement of radio
installations aboard vessels and aircraft of the service was continued.
Previous experimentation in the matter of the installation of radio
equipment on lifeboats located at life-saving stations of the Coast
Guard has definitely proven that a standard plan could be evolved
and put into operation.
An officer of the Coast Guard continued to represent the Treas-
ury Department on the Interdepartmental Radio Advisory Com-
mittee.
Equipment
Floating equipment. — On June 30, 1934, there were in commission
in the Coast Guard 37 cruising cutters, 24 harbor craft, 4 special
craft, nine 165-foot patrol boats, thirty-two 125-foot patrol boats,
thirteen 100-foot patrol boats, six 78-foot patrol boats, fifty-eight
75-foot patrol boats, 75 picket boats, and 24 miscellaneous patrol
boats. This floating equipment does not include the primarily life-
saving boat equipment attached to Coast Guard vessels and stations.
The remaining eight destroyers formerly obtained from the Navy
were decommissioned and returned to the custody of the Navy.
A program for the construction of seven 328-foot cutters and
five 165-foot cutters, nine 165-foot patrol boats, four 110-foot harbor
cutters, and a number of lifeboats and surfboats for cutters and sta-
tions is now underway.
In addition to overhauling, reconditioning, and repairing certain
vessels at the Coast Guard repair depot at Curtis Bay, Md., routine
repairs to vessels and boats were made under contract with private
concerns and at navy yards. New engines were installed in two
patrol boats at an Army base.
Special study has been given to the preservation of the steel struc-
ture of Coast Guard floating units and it is thought the subject has
so developed as to permit the service to take an advanced step in the
preservation of all cutters and patrol boats.
Small boats. — Investigation and research work in connection with
accelerated corrosion of lifeboat sheathing has continued with the
cooperation of the laboratories and metallurgists of the various com-
mercial firms which manufacture sheathing material. Conclusions
will be available shortly and it is contemplated that steps will be
taken to adopt the latest and most satisfactory material for sheathing
90353—35 7
80 REPORT OF THE SECRETARY OF THE TREASURY
not only new boats, but also present boats in service on which the
sheathing is deteriorated.
Research work on copper bottom paint has been completed, and a
standardized paint of known ingredients has been adopted. This
procedure eliminates the use of various commercial brands of copper
bottom paints for wood hulls which have proven unsatisfactory.
Experimental work of investigating and testing in the related
fields of special metals, woods, marine equipment, fittings, and out-
fits was continued with success. Considerable economy has resulted
from the improvement of lumber procurement, and the adoption at
the Coast Guard depot of modern practices in the bending of white-
oak frames.
Special attention was given to the incorporation of modern innova-
tions in the design and construction of the two new 52-foot motor
lifeboats. One boat will probably be completed by the end of 1934;
the construction of the second boat, which is in frame, will follow.
Aviation. — During the year Coast Guard airplanes cruised 219,572
miles and searched over an area of 1,975,014 square miles. The
planes were in the air 2,752 hours, and 5,494 vessels and planes were
identified. Through the checking and reporting system established
by the service along the Atlantic seaboard 11,592 airplanes were
reported.
Coast Guard aircraft rendered assistance in 44 cases; transported
critically sick or injured persons at sea to hospitals on shore, and
serum and oxygen flasks to hospitals ; located lost, missing, or over-
due vessels and boats, and boats suspected of smuggling, and carried
on regular patrol duty in the prevention of smuggling of contraband
and aliens into the United States.
Contracts were awarded for the construction of 10 Douglas and
9 Grumman amphibian airplanes. A program for the erection of
four new air stations has been started and is progessing rapidly.
On March 9, 1934, the Secretary of the Treasury directed that all
aviation activities of the Treasury Department be consolidated under
one head, and 15 planes of miscellaneous types, and their equipment,
belonging to the Customs Service, were transferred to the Coast
Guard.
Three Coast Guard air patrol detachments have been established,
respectively, at Buffalo, N. Y., San Antonio, Tex., and San Diego,
Calif., to aid in combatting' smuggling of contraband over the
Canadian and Mexican borders. Six land planes of the 02U-2 type
were transferred from the Navy to the Coast Guard during the year.
Twenty commissioned Coast Guard officers are undergoing flight
training at the Naval Air Station, Pensacola, Fla. Thirty enlisted
men were sent to Pensacola for flight training during the year. A
school for the training of enlisted men for aviation ratings has been
established at the Coast Guard air station, Cape May, N. J.
Ordnance. — The curtailment of expenditures has been continued in
the interests of economy, but efforts have been made to maintain
efficiency both in the use of arms and in the upkeep of equipment.
The Coast Guard won 3 national championship trophies, 1 gold
medal, 19 silver medals, 43 bronze medals, and 11 President's bras-
sards in small arms competitions with other services and civilian
organizations. Interest in small arms efficiency has steadily grown,
particularly among the personnel of stations.
REPORT OF THE SECRETARY OF THE TREASURY 81
Work on an armory at the Coast Guard depot has been completed,
making possible the overhaul and repair of small arms at minimum
cost. A large part of the work of reconstructing surveyed material
is performed by personnel who are taking the armorer's course. This
course includes training in the operation of small arms target ranges
and in the use of the new light type wrecking outfit. An under-
ground, reinforced concrete magazine completed at the depot pro-
vides safe stowage space for all classes of ammunition and pyro-
technic material, and a new landing dock facilitates the loading and
unloading of magazine stores.
Experiments with shoulder line-throwing equipment have been
continued. A special projectile for use with the service rifle has been
developed.
When the modification of the fire control systems of two cutters
has been completed, and the installations authorized for two others
have been accomplished, all electric-drive cutters with the exception
of one cutter will have sound powered telephone systems for fire con-
trol and intercommunication. Each of 22 units has been equipped
with two vertical range-finder mounts, a range-computer slide rule
and a check plate, and at the academy a Vickers director has been
installed for instruction purposes. This equipment has been fur-
nished in order to increase gunnery efficiency.
The academy, stations, oases, repair depot, engine school, repair
base, etc.
Coast Guard Academy. — During the fiscal year, 51 cadets were
appointed to the academy, 25 cadets resigned, and 5 cadets completed
the course of instruction and were graduated from the academy and
commissioned as ensigns on May 28, 1934. There were 101 cadets
under instruction at the end of the fiscal year.
The practice cruise for cadets for 1933 was in progress at the close
of the last fiscal year. Two cutters composed the special practice
squadron for the 1934 cruise, and left New London, Conn., on June 3,
1934. Their itinerary includes calls at two United States ports and
a number of foreign ports. The cruise is expected to terminate the
latter part of August.
Stations and bases. — On June 30, 1934, 242 Coast Guard (life-sav-
ing) stations were in an active status and three shore bases were in
commission. Ten shore bases and one floating base were discontinued
during the year.
Rebuilding, repairs, alterations, additions, and improvements
were completed during the year at 151 Coast Guard stations, 2 divi-
sions, 8 bases, 12 radio stations, 1 communications storehouse, 6 air
stations, at the Coast Guard Academy ( New London, Conn.), Fort
Trumbull Training Station (New London, Conn.), the Coast Guard
depot (Curtis Bay, Md.), 7 miscellaneous units, and in 4 Coast
Guard districts on property damaged by storm.
Contracts were awarded or work was begun within the year for
major work of rebuilding, alterations, and improvements at 11 Coast
Guard stations, 1 division, 2 radio stations, 1 communications store-
house, 4 air stations, at the Coast Guard Academy, and the Coast
Guard depot. The Port Orford station, contract for the construe-
82 REPORT OF THE SECRETARY OF THE TREASURY
tion of which was awarded in the last fiscal year, was placed in
commission July 1, 1934.
Repair depot. — During the year a number of Coast Guard vessels
were overhauled, reconditioned, repaired, and improved at the repair
depot, Curtis Bay, Md. The boat-building shop at the depot con-
structed a number of standard and miscellaneous boats for assign-
ment to units of the Coast Guard as needed.
Engine School and Repair Base. — The reclamation plant, which
operated at base 9, Cape May, N. J., as an industrial unit of the
service, was used in reconditioning several types of marine engines
and in converting aircraft engines for marine use, and also in re-
pairing vessels of other units operating in the vicinity. The latter
part of April 1934 the plant was moved to the Gas Engine School,
at Norfolk, Va., and both units were combined under the name of
Engine School and Repair Base. The duties of the repair base will
remain the same.
Engineering competition
Thirty-one cruising cutters and eight Coast Guard destroyers took
part in the engineering competition during the year. Before the
end of the year the eight destroyers were decommissioned so none
of these qualified. The engineering competition results in maintain-
ing engineering personnel and material in the highest possible state
of readiness and efficiency.
Personnel
On June 30, 1934, there were on the active list of the Coast Guard
459 regular and 2 temporary commissioned officers; 101 cadets; 84
chief and 503 regular warrant officers; 180 temporary warrant offi-
cers, 160 of whom were on duty with the War Department under
orders contained in Executive Order 6169; 8,754 enlisted men, and
277 civilian employees in the field, of whom 234 were per diem
civilian employees at the Coast Guard depot, Curtis Bay, Md.
Recruiting. — At the beginning of the fiscal year the recruiting
service of the Coast Guard comprised 4 main stations and 3
substations. During the year two substations were closed due to
the suspension of recruiting. Of 6,054 applicants for enlistment,
189 were enlisted, 248 were rejected for physical disability, and
5,617 rejected for other disabling causes.
Training. — The training for enlisted personnel was necessarily
curtailed on account of a lack of funds, but where circumstances
permitted, men were trained in various schools with excellent re-
sults. Equipment was added to the plant of the Engine School and
Repair Base, at Norfolk, Va., providing better facilities for train-
ing. During the early part of the year Coast Guard men were
trained in the Marine Corps Armorer's School, Philadelphia, Pa.,
and in the Naval Gun Factory, Washington, D. C. Several men
were also trained at the Parachute Materiel School, Lakehurst, N. J.,
maintained by the Navy.
The Coast Guard Institute, at New London, Conn., continues to
afford opportunities to men desiring to pursue home-study courses
to prepare for promotion in whatever specialty they desire. During
REPORT OF THE SECRETARY OF THE TREASURY
83
the year, 256 International Correspondence Schools diplomas and
592 Coast Guard Institute educational certificates were awarded to
the personnel.
Awards of life-saving medals
The Secretary of the Treasury, under the provisions of law,
awarded during the year 10 gold and 47 silver life-saving medals of
honor in recognition of bravery exhibited in the rescue or attempted
rescue of persons from drowning in waters over which the United
States has jurisdiction, or upon an American vessel.
Appropriations and expenditures
The following table shows the amounts appropriated for the Coast
Guard for the fiscal year 1934, together with the balances of appro-
priations from the previous year, and the expenditures and unex-
pended balance of each appropriation. This includes an allotment
of $25,031,872 from the National Industrial Recovery Appropria-
tion for repairs on, and construction of, vessels, stations, etc.
Appropriations, expenditures, and unexpended balances for the Coast Guard for
the fiscal year 193^
Title of appropriation for Coast Guard
Amount of
appropria-
tion,
allotment,
or balance
Expended
and
obligated
Trans-
ferred
Impounded
salaries
Unex-
pended
balance
Salaries, Office of Coast Guard
Pay and allowances
Fuel and water
Outfits
Rebuilding and repairing stations, etc
Communication lines
Civilian employees
Contingent expenses
Repairs to Coast Guard vessels
Retired pay, former life-saving service
National Industrial Recovery, Treasury,
Coast Guard
Additional vessels
Coast Guard Academy
Total
$341,
18, 900,
1,825,
1, 800,
327,
140,
94,
225,
2, 000,
120,
25, 031,
101,
62,
000. 00
000. 00
hoc. oo
ooo. 00
040. 00
000. 00
910. 00
000. 00
000. 00
000. 00
872. 00
384. 80
427. 44
$306,
14, 845,
1, 254,
1, 400,
264,
130,
86,
177,
1,516,
23, 220,
i 16,
4,
393. 02
343. 02
171. 24
374. 25
353. 04
528.10
033.41
791. 45
46S. 30
714. 79
040. 87
140. 20
930. 44
$495
49, 691
$21, 664
, 505, 406
9,586
1,732
649
8, 305
553
15,011
13, 278
$12, 447. 38
, 499, 559. 98
570, 828. 76
390, 039. 75
60, 954. 96
8, 822. 90
571. 59
46, 655. 55
468, 520. 70
17, 007. 21
,811,831.13
117, 525. 00
57, 497. 00
50, 90S, 634. 24
43, 280, 002. 33 2 50, 186 1, 576, 184
6, 062, 261. 91
' 1933 obligations canceled.
2 Transfers:
From pay and allowances, Coast Guard $49,691
To Commissioner of Accounts 9, 167
To salaries, Procurement Division 7,697
To salaries and expenses, Bureau of Engraving and Printing 29,827
To salaries, Procurement Division 3,000
49, 691
From salaries, Coast Guard 495
To Division of Disbursements, salaries 495
COMPTROLLER OF THE CURRENCY
Changes in the condition of national banks
The total assets of the 5,422 licensed national banks on June 30,
1934, aggregated $23,901,592,000, in comparison with assets of
$20,860,491,000 reported by 4,902 licensed banks on June 30 the
84
REPORT OF THE SECRETARY OF THE TREASURY
previous year. The deposits of the licensed banks in 1934 aggre-
gated $19,932,660,000, or $3,158,545,000 more than the amount re-
ported for licensed banks a year earlier. The loans and investments
totaled $17,046,296,000, or $1,554,893,000 more than on June 30, 1933.
The 95 unlicensed national banks still in the hands of conservators
had total assets of $136,128,000 and total deposits of $97,999,000.
The assets and liabilities of licensed national banks on the date of
each report from June 30, 1933, to June 30, 1934, are shown in the
following statement:
Abstract of reports of condition of licensed national banks at the date of each
report from June 30, 1933, to June 30, 193/,
[Dollars in thousands]
Number of banks.
ASSETS
Loans and discounts (including rediscounts)1
Overdrafts
United States Government securities
Securities guaranteed by United States Government
as to interest and/or principal
Other bonds, stocks, securities, etc..
Customers' liability account of acceptances. --.
Banking house, furniture and fixtures.
Other real estate owned
Reserve with Federal Reserve banks
Cash in vault
Balances with other banks
Outside checks and other cash items -.
Redemption fund and due from United States
Treasurer
Acceptances of other banks and bills of exchange or
drafts sold with endorsement
Securities borrowed
Other assets '.
Total.
LIABILITIES
Demand deposits, except United States Government
deposits, other public funds and deposits of other
banks _
Time deposits, except postal savings, public funds,
and deposits of other banks..
Public funds of States, counties, municipalities, etc..
United States Government and postal savings de-
posits
Deposits ot other banks, certified and cashiers' checks
outstanding, and cash letters of credit and travelers'
checks outstanding
Total deposits
Secured by pledge of loans and/or invest-
ments a
Not secured by pledge of loans and/or in-
vestments >
Circulating notes outstanding
Agreements to repurchase United States Government
and other securities sold
Bills payable
Rediscounts
Acceptances of other banks and bills of exchange or
draft sold with endorsement
Acceptances executed for customers.
Acceptances executed by other banks for account of
reporting banks
Securities borrowed
Interest, taxes, and other expenses accrued and un-
paid-
Other liabilities-
June 30,
1933
«, 116, 972
2,800
4, 031, 576
3, 340, 055
225, 835
641, 694
132, 187
1,412,127
288, 478
2, 381, 333
37, 008
37,428
4,912
4,359
203, 727
20, 860, 491
7, 035, 751
354, 017
089, 388
1, 024, 374
2, 270, 585
16, 774, 115
730, 435
9,223
88,528
29,327
4,912
229, 304
3,374
4,359
41,617
88,743
Oct. 25,
1933
5,057
58, 257, 937
4,224
4,111,645
3, 383, 270
198, 820
646, 292
158, 422
1, 684, 024
329, 786
2, 149, 654
25, 543
38, 387
4,330
3,699
202, 616
21, 198, 649
7, 180, 766
5, 484, 561
1, 076, 691
1, 095, 139
2, 218, 051
17, 055, 208
746, 913
13,412
81, 064
19, 302
4,330
205, 624
7,777
3,699
60, 009
77, 710
Dec. 30,
1933
5,159
!8, 101, 156
3,053
4, 469, 147
3, 401,
229,
645,
158,
1, 747,
343,
2, 313,
43,
40, 474
14, 005
5,716
231, 358
$7, 899, 279
3,394
5, 407, 348
141, 579
3, 286, 864
191, 258
643, 643
165,415
2, 029, 848
358, 302
2, 498, 833
32, 812
40,851
12, 504
4,508
224, 735
21, 747, 483
7, 331, 057
5, 519, 119
1, 253, 554
1, 125, 215
2, 360, 937
17, 589, 882
778, 566
5,905
68, 452
13, 535
14, 005
235, 718
6,816
5,716
45, 100
81, 622
Mar. 5,
1934
5,293
$7, 694, 749
2,994
5, 645, 741
357,911
3, 344, 901
129, 128
655, 819
151,970
2, 497, 400
352, 402
2, 798, 241
48, 922
36, 426
1,408
2,112
181,468
22, 941, 173
7, 463, 649
5, 730, 547
1,331,771
1, 509, 252
2, 755, 268
790, 487
640, 397
150, 090
790, 037
6,051
47, 369
5,350
12,504
194, 824
5,790
4,508
55, 618
108,073
June 30,
1934
5,422
23, 901, 592
, 041, 580
075, 625
499, 013
1, 330, 460
2, 985, 982
932, 660
523, 159
409, 501
698, 293
4,399
13, 672
2,007
1,408
133, 221
6,683
2,112
41,741
64,363
1 Includes customers' liability under letters of credit.
2 Information not compiled prior to Mar. 5, 1934.
REPORT OF THE SECRETARY OF THE TREASURY
85
Abstract of reports of condition of licensed national banks at the date of each
report from June 80, 1933, to June 30, 1934 — Continued
[Dollars in thousands]
June 30,
1933
Oct. 25,
1933
Dec. 30,
1933
Mar. 5,
1934
June 30,
1934
liabilities— continued
$1,515,647
940, 598
235, 600
164, 709
$1, 566, 698
916, 183
264, 376
176, 344
$1, 588, 250
880, 670
236, 022
197, 224
$1, 653, 930
867, 825
248, 870
149, 807
130
$1, 737, 827
854, 057
257,311
151, 207
571
Total
20, 860, 491
21, 198, 649
21, 747, 4?3
22, 941, 173
23, 901, 592
Memoranda:
Par value of capital stock:
51,193
2,600
1, 463, 412
75,119
3,800
1, 488, 682
140, 295
4,400
1, 444, 759
243,291
5,535
1, 406, 162
401,989
10, 081
1,326,722
Total -.
1, 517, 205
1, 567, 601
1, 589, 454
1, 654, 988
1, 738, 792
Loans and investments pledged to secure liabilities:2
2, 869, 879
997, 637
121, 407
2, 606, 142
991,388
102, 226
Total.
3, 988, 923
3, 699, 756
Pledged:
816, 269
1,658,117
935, 153
245, 805
146, 572
87, 907
64, 893
34, 207
724, 566
Against United States Government and
1, 445, 592
Against public funds of States, counties,
school districts, or other subdivisions or
975, 448
249, 491
176, 768
26, 387
With State authorities to qualify for the exer-
82, 902
18, 602
Total
3, 988, 923
3, 699, 756
2 Information not compiled prior to Mar. 5, 1934.
Reopening and reorganization of national banks
On July 1, 1933, there remained in conservatorship as a result
of the President's proclamation of March 6, 1933, 985 national banks
with total deposits of $990,218,000. During the fiscal year 1934,
three banks previously licensed to reopen had their licenses revoked
and were placed in conservatorship bringing the total to 988 with
total deposits of $994,201,000.
As the result of the activities of the Reorganization Division, 583
banks with deposits of $742,833,000 were licensed to reopen under
old or new charters or absorbed by other national banks ;^ 14 banks
with deposits of $4,972,000 were placed in voluntary liquidation or
received authorization for the sale of their assets to State banks ; and
296 banks with deposits of $148,317,000 were placed in receivership.
On June 30, 1934, there remained unlicensed 95 national banks, of
which 82 with deposits of $89,747,000 have approved plans of re-
organization, leaving only 13 with deposits of $8,332,000 without
approved reorganization plans.
86
REPORT OF THE SECRETARY OF THE TREASURY
Summary of national banks, licensed and unlicensed, from July 1, 1938, to
June SO, 193Jt
[Dollars in thousands]
Status of banks
Number
Deposits '
Unlicensed, July 1, 1933.. .
985
3
$990, 218
Revocation of licenses ..
3,983
Changes in unlicensed banks, July 1, 1933, to June 30, 1934: Num-
Reorganized under old or new charter or absorbed by an- ber Deposits
other national bank 583 $742,833
Voluntary liquidation or left the national banking system. 14 4, 972
Placed in receivership.. 296 148, 317
988
893
994,201
896 122
Unlicensed, June 30, 1934
95
98, 079
Unlicensed, June 30, 1934 (deposits as of June 30, 1934) ..
95
97, 999
Licensed, July 1, 1933
4,902
520
16, 821, 850
Changes in licensed banks, July 1, 1933 to June 30, 1934:
Number Deposits
New charters issued2 495 $555,037
Restored to solvency. 3 2,229
Total increase for year 652 713,740
Voluntary liquidations 123 107,635
Placed in receivership 2 334
Revocation of licenses . 3 3,637
Total reduction for year 132 111,606
Net increase in licensed banks for year ..
602, 134
Licensed, June 30, 1934 ..
5,422
17,423,984
Licensed, June 30, 1934 (deposits as of June 30, 1934, call)..-
5,422
19, 932, 660
1 Deposits, unless otherwise indicated, are taken from condition reports as of Dec. 31, 1932, and con-
servators' first reports. In the case of new banks, deposits are approximately as of opening date.
2 Represents newly chartered banks which opened in period.
/Summary of changes in membership in the national banking system
The authorized common capital of the 5,633 national banks in
existence on June 30, 1934, was $1,354,428,741, a decrease during the
year of $242,828,434, and the authorized preferred capital of these
banks was $412,963,600, an increase during the year in this class of
capitalization of $358,519,000. The net increase in capitalization
was $115,690,566. During the year charters were issued to 491
national banking associations, of which 205 had common stock only,
aggregating $30,192,500 ; the remaining 286 banks had an aggregate
of $23,061,800 common stock and $25,873,800 preferred stock.
During the year, 798 existing national banks took advantage of
the provisions of the act of March 9, 1933, and increased their capital
by issuing preferred stock of an aggregate par value of $332,728,900.
While charters were issued during the year to 491 associations, there
was a net decrease of 313 in the number of banks — that is, from 5,946
to 5,633 — by reason of voluntary liquidations, receiverships, and
consolidations.
Changes in the number and capital of national banks during the
last year are shown in the following summary :
REPORT OF THE SECRETARY OF THE TREASURY
87
Organisation, capital stock changes, and liquidations of national banks during
the fiscal year 193't
Charters granted
Issues of preferred capital (798 banks) 2_-
Increases of common capital (87 banks) 3-
Restored to solvency
Total-
Voluntary liquidations
Receiverships 4 --.
Decreases of capital (328 banks) 5
Closed under consolidation (Act of Nov. 7, 1918) and capital
decreases incident thereto
Total-
Net increase in preferred capital
Net decrease in banks and common capital
Charters in force June 30, 1933, and authorized capital.
Charters in force June 30, 1934, and authorized capital .
Number of
banks
294
563
861
6 313
5,946
5,633
Capital
Common
$53, 254, 300
9,636,116
3, 555, 000
S, 445, 416
41, 428, 000
71, 867, 500
201, 248, 350
1, 250, 000
315, 793, 850
242, 828, 434
1, 597, 257, 175
1, 354, 428, 741
Preferred
$25, 873, 800
332, 728, 900
358, 602, 700
50, 000
"33,766
83, 700
358, 519, 000
54, 444, 600
412, 963, 600
1 Of these banks 286 had both common and preferred capital stock.
2 Includes 2 increases aggregating $400,000 which were accomplished in connection with consolidations
under the acts of Nov. 7, 1918, and Feb. 25, 1927.
3 Includes 1 increase of $50,000 which was effected as a result of a consolidation under the act of Nov. 7,
1918, and 1 increase of $100,000 incident to the consolidation of a State bank under the act of Feb. 25, 1927,
and 7 increases aggregating $710,000 by stock dividends.
* Includes 41 banks with aggregate capital of $6,520,000, which had been previously reported in voluntary
liquidation.
5 Includes 2 banks with preferred stock retirements.
8 Net decrease in number of national banks in existence including adjustment of the number of receiver-
ships for 41 banks previously reported in voluntary liquidation.
BUREAU OF CUSTOMS
Receipts
Customs receipts during the fiscal year 1934 showed an increase
over those for the preceding year for the first time since 1929. Total
collections for the year, $314,093,508, represented an increase of 25
percent over those for 1933, although they were 4 percent lower than
the receipts for 1932.
A large portion of the increase is the result of the collection of duty
on distilled liquors and wines, which, from December 5, 1933, to June
30, 1934, amounted to $24,023,703. The difference was due in part to
increases in the quantities of certain commodities imported and in
part to higher unit values of imported merchandise dutiable on an ad
valorem basis.
The following statement shows in detail customs collections, refunds,
and payments of drawback claims for the fiscal years 1933 and 1934.
The total amount collected and covered into the Treasury as customs
receipts does not include tonnage tax, head tax, internal revenue tax,
and miscellaneous collections made by customs officers for other
bureaus and deposited as receipts for the appropriate bureau or
service.
88
EEPORT OP THE SECRETARY OF THE TREASURY
Customs receipts and refunds during the fiscal years 1933 and 1934
[On basis of accounts of Bureau of Customs]
1933
1934
Receipts:
$250, 501, 722
$39, 356
622. 421
23.698
41, 756
71, 707
$313, 093, 728
Miscellaneous:
Sale of unclaimed merchandise and abandoned
$133,351
485, 826
200,524
88,249
91,830
798, 838
999, 780
251, 300, 560
4, 923, 378
7, 590, 971
314, 093, 508
Refunds:
5, 849, 243
8, 076, 988
12, 514, 349
13,926,231
Volume of business
Entries of merchandise. — The number of entries of merchandise
increased from 2,010,068 in 1933 to 2,159,660 in 1934. Every type
of entry participated in this increase, with the exception of mail.
Although the mail entries decreased from 521,032 in 1933 to 449,799
in 1934, duties collected on importations through the mails, exceeding
$100 in value, aggregated $3,047,944, an increase of $809,302 over
1933.
Vessels, highway traffic. — The decline in international traffic con-
tinued during 1934, as shown in the following table:
Number of vehicles and persons entering the United States from abroad during the
fiscal years 1933 and 1934
1933
1934
Increase
(+) or de-
crease (— )
Vehicles:
9, 433, 328
27, 731
39,284
5,209
8, 744, 310
28,590
38,420
4,572
Percent
-7.3
+3.1
-2.2
-12.2
Total
9, 505, 552
8, 815, 892
-7.3
Passengers by:
26, 960, 991
3, 652, 768
811,301
19, 847
9, 383, 672
25, 555, 099
3, 569, 714
905, 021
20, 729
9, 635, 860
-5.2
-2.3
+11.5
+4.4
+2.7
Total
40, 828, 579
39, 686, 423
-2.8
Drawback transactions. — Drawback entries numbered 17,319, which
is 9.3 percent more than for 1933. In addition 160,609 notices of
intent to export merchandise with benefit of drawback were filed,
an increase of 55.3 percent over 1933. Drawback claims allowed
increased from $7,708,797 in 1933 to $8,092,783 for the past year,
while drawback claims paid increased from $7,590,971 to $8,076,988.
REPORT OP THE SECRETARY OF THE TREASURY 89
Under authority of section 318 of the Tariff Act of 1930, the Presi-
dent, by proclamation dated December 30, 1933, declared an emerg-
ency to exist because of tne general business conditions and author-
ized the Secretary of the Treasury to extend for 1 year, after the
expiration of the 3-year period prescribed by law, the time within
which merchandise imported during 1931 may be permitted to re-
main in warehouse under the provisions of sections 557 and 559 of
tne Tariff Act of 1930; the time^during which proof may be fur-
nished that wool or camel's hair imported or withdrawn from bonded
warehouse conditionally free of duty, under bond, during the calendar
year 1931 has been used in manufactures prescribed in paragraph
1101, Tariff Act of 1930; and the time within which articles manu-
factured or produced with the use of merchandise imported during the
calendar year 1933 may be exported with benefit of drawback under
section 313, Tariff Act of 1930. Pursuant to this proclamation the
Secretary of the Treasury issued Treasury Decision 46823, granting
an extension of the time for 1 year in these cases.
Public Act No. 397, Seventy-third Congress, to provide for the
establishment, operation, and maintenance of foreign trade zones in
ports of entry of the United States, to expedite and encourage foreign
commerce, and for other purposes, was approved June 18, 1934.
Regulations covering the protection of the revenue and prescribing
customs procedure in zones to be established pursuant to this act
are in course of preparation.
Seizures. — Seizures for violations of the customs laws continued to
decline, the number effected being 38,841, or a decrease of 12 percent
from the preceding year. The number of liquor seizures was 11,721,
as compared with 21,013 for 1933. Since repeal of the eighteenth
amendment, most of the liquor seizures have been made either along
the Atlantic coast or in dry States adjacent to the Mexican border.
In connection with violations of the customs laws, 786 automobiles,
161 boats, and 14 airplanes, with an aggregate value of $502,078, were
seized, a decrease of 374 automobiles, 235 boats, and 16 airplanes
from the number seized during 1933. In addition, customs officers
effected 1,169 seizures for other agencies of the Government and de-
tained 672 persons for violation of immigration, prohibition, and other
laws.
Fines and penalties.- — Collections due to violations of laws pertain-
ing to the Customs Service aggregated $686,349, an increase of $40,-
330 over 1933. Undervaluation and false invoicing were responsible
for almost one-third of the collections during 1934. Penalties for
failure to declare foreign merchandise were responsible for only 5
percent of the total, whereas in 1933 they aggregated practically one-
fourth of all fines collected.
Antidumping
Upon the recommendation of tne antidumping unit of the investi-
gative branch of the Customs Service, in cooperation with the Bureau
of Customs, findings of dumping have been issued by the Secretary of
the Treasury on a number of commodities. Only $6,625 was collected
in dumping duties during the year, as compared with $37,807 col-
lected in 1933.
90 REPORT OF THE SECRETARY OF THE TREASURY
Countervailing duties
Countervailing duties are collected under the provisions of section
303 of the Tariff Act of 1930, which directs the Secretary of the
Treasury to impose rates of duty comparable with those imposed
by foreign countries on the same commodity. The total collected
amounted to $223,625, as compared with $203,556 during the pre-
ceding year. Approximately one-half of the 1934 collections was on
coal and lumber products imported from Canada, while more than
one-fourth represents duties on automobiles and parts from Great
Britain and other countries. Countervailing duties on liquors and
wines from Great Britain constituted 11 percent of the collections of
such duties.
Smuggling
The system of handling criminal cases in connection with the
smuggling of merchandise has resulted in securing a high percentage
of convictions. All criminal cases incident to seizures effected by the
Customs Service are investigated, reported, and followed through
the courts by customs agents. When seizures are made, customs
agents interrogate the persons immediately after arrest, are respon-
sible for the taking of their fingerprints and photographs, undertake
to develop evidence in connection with the cases, present the case
to the United States Commissioner, report them in proper form to
the United States attorney, cooperate in their presentation to grand
juries, cooperate with United States marshals in locating and enforcing
attendance of defendants and witnesses at trials, and cooperate with
the United States attorney in the actual presentation of testimony
during trials.
Obscene books, pamphlets, stationery, etc., abortive and preventive
drugs and appliances, lottery tickets and related advertisements, and
insurrectionary or treasonable literature are prohibited importations
under section 305, Tariff Act of 1930. During the past year, 16,440
seizures of lottery tickets and advertisements and 714 seizures of
obscene and other prohibited articles were destroyed. In addition,
31 seizures were permitted to be exported under customs supervision,
17 were released to the importers after investigation, and 758 lottery
seizures were assigned to the Post Office Department for the issuance
of fraud orders.
The prevention of smuggling of narcotics has occurred in several
instances by the use of a file containing the names of all persons
suspected of smuggling and methods employed for landing contraband.
The work has also been facilitated by the close relationship main-
tained between the Royal Canadian Mounted Police and the
Customs Service.
Smuggling of watches and watch movements declined during the
year. The activities of the customs agents, especially on the Cana-
dian border, resulted in the apprehension of some of the most no-
torious smugglers of these articles.
The smuggling of grain, grain products, and particularly raw wool
from Canada, has been continuous. These products are brought into
border territory, a large portion of which is difficult to patrol be-
cause of inadequate equipment and the climatic conditions during
the winter months. Last winter the international boundary line
REPORT OF THE SECRETARY OF THE TREASURY 91
was accessible for crossing at practically all points by utilizing sleighs
and sleds.
An investigation instituted at the beginning of the present calendar
year into the smuggling activities of a certain company and its allied
companies, owned or controlled by persons of Vancouver, British
Columbia, disclosed that more than 200,000 cases of foreign liquors
had been landed on the Pacific coast between July 1929, and the
date of the repeal of the eighteenth amendment. A civil suit was
instituted in the United States District Court at Seattle, Wash., for
the recovery of $17,500,000, the forfeiture value of the liquors and
other charges due the United States. Two of the four defendants
named in the indictment posted a $100,000 bond, each, which they
forfeited by default. In order to further secure itself in case of
favorable judgment, the Government has levied attachments against
the real and personal property of the defendant companies valued
at approximately $500,000.
Miscellaneous provisions of the tariff act
Marking of imported articles. — Importations received _ without
having been marked so as to indicate the country of origin, as re-
quired by section 304, Tariff Act of 1930, were disposed of as follows:
In 7,935 cases, the articles were released after having been marked
under customs supervision; in 5,074 cases, they were released as
incapable of being marked; and in 211 cases, were exported. The
10 percent additional dutv imposed under this section resulted in a
collection of $125,097 in 1934, as compared with $69,741 in 1933.
Merchandise bearing American trade marks. — Under the provisions
of section 526 of the Tariff Act of 1930, prohibiting the unauthorized
importation of merchandise bearing an American trade mark,
2,701 seizures were accomplished during the year, of which 9 were
destroyed, 19 exported, 2,400 permitted to be imported after removal
or obliteration of the trade mark, and 256 permitted to be imported
by consent of the trade-mark registrant, the remainder being either
sold or released under bond.
Investigative unit
Undervaluation. — Investigations of undervaluation cases continued
a most important factor in the work of the investigative unit, both
in the United States and abroad. Information was obtained which
indicates the continued attempt on the part of unscrupulous importers
to invoice merchandise incorrectly. Recoveries made as the result
of this class of work during 1934/ amounted to $284,590, which was
in excess of that collected in 1933.
A major undervaluation and smuggling case involving an importer
of women's apparel was concluded in Philadelphia, Pa., and resulted
in the acceptance of an offer in compromise of $30,553, and in
addition $700 in penalties and forfeiture value was collected from the
president of the firm for the smuggling of a diamond bracelet.
Criminal cases. — Criminal cases incident to seizures effected by
the Customs Service are investigated, reported, and followed through
the courts by customs agents. This system has continued with
gratifying success since it has resulted h/securing a high percentage
of convictions.
92 REPORT OF THE SECRETARY OF THE TREASURY
Classification. — Many investigations have been conducted relative
to the classification of merchandise imported. Evidence was de-
veloped to warrant a change in the classification of human hair
imported from China so as to provide a 20 percent instead of a 10
percent ad valorem rate of duty. This change will result in increased
revenue of hundreds of thousands of dollars per year. It was also
found that leaf tobacco imported from Cuba was not being properly
classified and appraised.
Customs foreign service. — The investigative unit maintains offices
in Canada, Europe, the Orient, and Cuba, which are divided for
administrative purposes into districts. An officer, known as a
Treasury attache, is in charge of each of these foreign offices, except
the district of Montreal, Canada, whose chief officer is the supervising
customs agent. A corps of trained investigators is assigned to each
Treasury attache. These investigators contact foreign manufac-
turers in an effort to establish foreign market values of merchandise
exported to the United States, in response to requests made by
appraising officers in this country.
The foreign service officers render invaluable service through their
cooperation with the domestic service in the detection and prevention
of the smuggling of narcotics and other articles.
Customs information exchange. — The customs information ex-
change is the medium used by the Customs Service to disseminate
information relative to market values and classifications of imported
merchandise and other pertinent customs data. The statement
following summarizes its activities during the year:
Number
Appraisers' reports of value received 11, 506
Appraisement of appeal reports received . - -. 2,575
Changes in values circulated 2, 346
Requests for investigations abroad 1,361
Reports received in response to requests for investigations 1,948
Reports received covering original investigations by Treasury attaches... 5,751
Difference in classification reported 357
The exchange issues weekly circulars giving the dates of sailing
of vessels from foreign ports and their arrival at the various United
States ports.
Summary. — The following statement shows the results achieved
by the investigative unit during the past year, in so far as direct
results have a monetary measure or may be measured by count of
individual cases:
Number
Ports examined.. 196
Drawback investigations 1,936
Foreign investigations - 2,087
Arrests — - 1,087
Convictions 789
Acquittals 104
Failures to indict --- 97
Indictment cases pending 274
Seizures made - - - 1,003
Seizures appraised.. — 946
Seizures released or pending. 270
Cases pending investigation:
July 1, 1933 - — — 1,309
June 30, 1934 1,531
Amount
Appraised value of seized merchandise $1,213,112.27
Merchandise entered free but found dutiable 23, 140.73
Bail forfeitures. 54,380.50
Fines imposed by United States courts 139,549.49
Fines, penalties, and forfeitures incurred, exclusive of court fines 621, 316. 00
Increased and additional duties collected 284, 589. 53
Deposits as offers in compromise 556,643.34
Proceeds of sale of seized merchandise 278, 607. 62
REPORT OF THE SECRETARY OF THE TREASURY 93
BUREAU OF ENGRAVING AND PRINTING
Deliveries of currency, securities, stamps, and miscellaneous work
by the Bureau during the year amounted to 315,905,581 sheets, as
compared with 308,917,247 sheets for the previous year, an increase
of 6,988,334 sheets. A comparative statement of deliveries of finished
work follows :
Deliveries of finished tvorh in the fiscal years 1933 and 193'i
Currency:
United States notes
Silver certificates
Gold certificates
National bank currency
Federal Reserve notes
Federal Reserve bank notes (national cur-
rency)..
Total...
Bonds, notes, certificates, and bills:
Pre-war bonds
Liberty bonds
Treasury bonds..
Treasury notes
Treasury bills
Certificates of indebtedness
Insular bonds:
Philippine Islands
Puerto Rican
Farm loan bonds
Consolidated farm loan bonds
Collateral trust debentures
Federal Farm Mortgage Corporation
bonds
Home Owners' Loan Corporation bonds. ..
Reconstruction Finance Corporation notes
Philippine treasury certificates
Notes for the bank of the Philippine
Islands
Interim receipts for bonds of Home 0 wners'
Loan Corporation
Interim certificates for Puerto Rican bonds
Interim transfer certificates for postal savings
bonds
Specimens:
Treasury bonds
Treasury notes
Treasury bills
Certificates of indebtedness
Insular bonds, Puerto Rican
Farm loan bonds
Consolidated farm loan bonds
Collateral trust debentures
Federal Farm Mortgage Corporation bonds
Home Owners' Loan Corporation bonds...
Reconstruction Finance Corporation notes.
Total
Stamps:
Customs
Internal revenue:
United States
Philippine Islands
Puerto Rican
Virgin Islands
District of Columbia
Specimens, United States
Postage stamps:
United States
United States, surcharged
Zone"
Canal Zone
Philippine Islands
Specimens, United States
Proofs, United States
Postal Savings stamps
Total
Sheets
1933
8, 746, 000
49, 248, 000
1, 662, 000
6, 579, 285H
10, 424, 000
3, 174, 000
7!), ,s:«, 285 Yi
37, 823
102, 678H
482, 447M
367, 025
18, 206
115,140
200
3,440
25, 245?lo
8,182
1, 538, 600
132, 200
750
1H
11
4
2,831,9661^0
119, 700
93, 854, 696^04
' Canal
419, 350
38
102%
116, 145, 256
16,800
3,150
344, 483
151*%oo
5,318
210,909,0453^40
1934
Face value, 1934
4, 500, 001
39, 273, 000
20, 000
4, 527, 120
3, 916, 600
2, 224, 000
54, 460, 721
60, 900J^
140, 484
2, 298, 333%
339, 625
19, 934
69, 125
700
1,938
33, 457
249, 636
21,440
2,118,310
2, 956, 300
29, 850
724, 500
93, 500
100
1,000
5%
3
%
10
18
23
10
14
9, 159, 2343%o
145, 365
108, 633, 98617%04
189, 425
423, 200
525
22, 440
12754
113,628,878
15, 750
20, 664
122, 976
4423/ioo
2
5,882
223,209,265*3734,00
$234, 000, 012
476, 244, 000
456, 000, 000
457, 921, 200
609, 480, 000
221, 760, 000
2, 455, 405, 212
206, 115, 520
1, 461, 756, 800
10, 606, 165, 300
8, 881, 400, 000
11, S91, 118,000
3, 753, 000, 000
700. 000
1, 350, 000
33, 439, 500
784, 500, 000
648, 200, 000
893, 800, 000
1, 204, 525, 000
1, 749, 500, 000
2, 628, 750
42,118,198.870
Subjects
4, 537, 300
9, 500, 659, 758
22, 291, 584
30, 403, 000
52, 500
4, 488, 000
3, 238H
11, 839, 687, 310
1, 575, 000
1, 558, 200
12, 418, 560
3,020
450
588, 200
21, 418, 266, 120H
94
REPORT OF THE SECRETARY OF THE TREASURY
Deliveries of finished work in the fiscal years 1933 and 1934 — Continued
Sheets
Subjects
1933
1934
Miscellaneous:
8, 444, 205
58, 260
31, 290%
4, 348, 704
281, 111
2, 032, 125
147, 1261 %s
1
127
24, 430, 978
50,440
112, 966
3, 907, 372
255, 470
156, 937H
161, 076^6
122, 154, 890
243, 020
63, 718
17, 531, 207
1, 277, 350
755, 500
2, 722, 412
Specimens
1,120
5,648
Total
15, 342, 950^5
29, 076, 359%
144, 753, 745
308,917, 246'26^/1276
315,905,581^25
There was expended during the year for salaries and expenses
$7,101,598, as compared with $7,840,291 in 1933. These expenditures
are exclusive of $311,221 and $892,836 for 1934 and 1933, respectively,
the amounts impounded under the provisions of sections 110 and
203 of the Economy Act. The following statement shows the appro-
priations, reimbursements, and expenditures for the fiscal years 1933
and 1934 :
Appropriations, reimbursements, and expenditures for the fiscal years 1933
and 1934
1933
1934
Increase (+) or
decrease (— )
Appropriated by Congress, salaries and expenses
$6, 430, 000. 00
$5, 060, 680. 00
29, 827. 00
2. 692, 005. 31
-$1, 369, 320. 00
+29, 827. 00
Reimbursements to appropriation from other bureaus
2, 531, 569. 36
+160, 435. 95
Total --
8, 961, 569. 36
7, 840, 291. 57
7, 782, 512. 31
7, 101, 598. 56
- 1, 179, 057. 05
-738, 693. 01
Unexpended balance (including impoundments)
1, 121, 277. 79
680, 913. 75
-440, 364. 04
1 An additional amount of $3,239.65, received from sale of by-products and useless
property, was deposited to the credit of the Treasurer of the United States as miscella-
neous receipts.
2 Includes $12,000 and $S,000 transferred to Bureau of Standards for research work
in the fiscal years 1933 and 1934, respectively ; $264,993.98 and $238,485.42 transferred
to retirement fund in the fiscal years 1933 and 1934, respectively.
Spoilage of currency was reduced from 2.59 percent for 1933 to
2.52 percent for 1934.
The following dies for new postage stamps and other work were
engraved during the year :
UNITED
STATES
POSTAGE STAMPS
Issue
Denomi-
nation
Issue
Denomi-
nation
Cents
3
5
3
3
3
3
Wisconsin Tercentenary
Cents
3
National Park, Yosemite (orders for 2
to 10 cent, inclusive, also received)
Air mail, Flight of Zeppelin to the Cen-
tury of Progress Exposition
1
50
Air mail
6
PHILIPPINE POSTAGE STAMPS, ORDINARY
Rizel
Woman with Palay.
Filipino Girl
Pearl Fishing
Fort Santiago
Salt Springs
Magellan's Landing.
Juan de la Cruz
Centavos
10
12
16
20
REPORT OF THE SECRETARY OF THE TREASURY 95
The passage of the 40-hour week law for mechanics affected 769
employees of the Bureau. Inasmuch as 3,289 employees were not
included in this legislation it was necessary to continue operating
the plant on a 44-hour basis and to coordinate as effectively as pos-
sible the work of these two groups of employees.
The rotating furlough continued throughout the year, but sched-
ules were changed frequently to meet conditions brought about by
the receipt of new and increased orders for securities of various
classes.
The greatest pressure for work during the year occurred in con-
nection with checks, bonds, and postal savings certificates. All or-
ders received were urgent and three shifts were frequently estab-
lished until sufficient engraved stock was available. Much overtime
work was necessary to meet delivery schedules. There was also con-
siderable loss of time and extra expense in meeting orders as a result
of changes in regular production routine in order to meet urgent
orders.
The largest bond orders came from the Federal Farm Mortgage
Corporation and the Home Owners' Loan Corporation, and aggre-
gated (the orders totaling) more than 2,000,000 sheets. Special
stamps were prepared for bottled distilled spirits, and a special
issue of liquor stamps was ordered by the District of Columbia.
In addition, certificates of indebtedness, Treasury notes, and bonds
were printed in connection with the Treasury financing program.
New models were prepared for gold and silver certificates and for
Federal Reserve notes. The engraving work of a few denominations
of silver certificates was completed before the end of the year and a
small quantity was printed and delivered.
Production and distribution of Civil Works Administration checks
required the employment of 50 temporary employees and the organi-
zation of three 8-hour shifts.
COMMITTEE ON ENROLLMENT AND DISBARMENT OF ATTORNEYS
AND AGENTS
The Committee on Enrollment and Disbarment of Attorneys and
Agents, created by Department Circular No. 230, dated February
15, 1921, is responsible for the examination of applicants wishing to
practice as attorneys, agents, or other representatives before the
Treasury Department or offices thereof; and receives complaints, con-
ducts hearings, and makes inquiries concerning violations of the regu-
lations by enrolled practitioners. The conclusions of this committee
in each case are submitted as recommendations to the Secretary of
the Treasury.
During the fiscal year 1934, 1,329 applications for enrollment of
attorneys and agents were approved and 4 were disapproved. In
one case the applicant for enrollment was afforded a formal hearing
by the committee.
On June 30, 1933, complaints were pending against 93 enrolled indi-
viduals, 48 new complaints were filed during the year, and 49 were
disposed of by the Secretary, leaving 92 pending on June 30, 1934. In
16 cases the Secretary, on recommendation of the committee, accepted
the answers of the respondents as sufficient and the complaints were
dismissed. In each of 33 cases the committee, after formal hearing
accorded the respondent, submitted its findings and recommenda-
90353—35—8
96 REPORT OF THE SECRETARY OF THE TREASURY
tions to the Secretary, who disposed of them as follows: In 3 cases it
was found that the charges were not proven and the complaints were
dismissed; in 30 cases the charges were found proven in whole or in
part and the Secretary imposed penalties — 22 practitioners were dis-
barred from further practice before the Treasury Department, 4 were
suspended from practice for various periods, and 4 were reprimanded.
It is the policy of the committee to give an enrolled attorney or
agent opportunity to show cause why formal disbarment proceedings
should not be instituted against him; 11 such cases occurred during
the year.
Since the organization of the Committee on Enrollment and Dis-
barment, 36,241 applications for enrollment have been approved and
502 disapproved. One hundred and sixty-one practitioners have
been disbarred from further practice before the Treasury Department,
114 have been suspended from practice for various periods, and 156
have been reprimanded. In 13 cases the order of disbarment has
been terminated and the practitioner restored to good standing before
the Department.
SECTION OF FINANCIAL AND ECONOMIC RESEARCH >
The section, which includes the Office of Government Actuary, per-
forms a combined research, editorial, actuarial, and service function
for the Treasury, largely in the field of finance. Upon request or on
the initiative of the section, studies and investigations in taxation,
public debt, and other subjects in or related to the field of public
finance are conducted, largely for use within the Department. Studies
in taxation during the fiscal year were related especially to tax legisla-
tion passed during the period. The section engages also in estimating
revenue receipts.
As in the past, the Annual Report of the Secretary of the Treasury
was edited and in part prepared by the section, under the general
supervision of the Under Secretary; the section also participated in
the preparation and editing of Statistics of Income for 1932, and of
other Treasury publications.
The monthly publication of daily yields of Government bonds and
notes, and the monthly estimate of the population of the United
States (appearing on the Circulation Statement of United States
Money) were continued. A monthly index of yields of Treasury
bonds was inaugurated during the fiscal year.
Service on various governmental committees was performed by
members of the section, including the service of the Government
Actuary on the Board of Government Actuaries in connection with
the Civil Service retirement law.
1 By order of the Secretary of the Treasury, dated Sept. 17, 1934, the Section of Financial and Economic
Research was abolished. The same order created the Office of Director of Research and Statistics to exercise
direct authority over and responsibility for all economic research, production, analysis, and publication of
statistics in all branches of the Treasury Department. The Director is also the Chief of the Division of
Research and Statistics (including the Office of the Government Actuary) which was created to absorb the
duties theretofore assigned to the Section of Financial and Economic Research.
REPOET OF THE SECRETARY OF THE TREASURY
BUREAU OF INTERNAL REVENUE
General
97
Internal revenue collections. — Receipts from internal revenue, in-
cluding agricultural adjustment taxes, during the fiscal years 1933
and 1934 were as follows :
Summary of internal revenue receipts for the fiscal years 1933 and 1934 l
[On basis of reports of collections, see p. ?74]
Sources
1933
1934
Increase
Income Tax Unit:
$394, 217, 783. 93
352, 573, 620. 18
$397, 515, 851. 94
419, 509, 487. 78
$3, 298, 068. 01
66, 935, 867. 60
Total
746,791,404.11
817,025,339.72
50, 229, 122. 97
2, 630, 615. 56
70, 233, 935. 61
2, 630, 615. 56
Total
869, 885, 078. 25
123, 093, 674. 14
Miscellaneous Tax Unit:
34, 309, 723. 85
402, 739, 059. 25
392, 238, 008. 12
113, 138, 364. 10
425, 168, 897. 04
633, 282, 270.' 62
78, 828, 640. 25
22, 429, 837. 79
241, 044, 262. 50
Sales (capital stock, stamp and excise, admis-
sion, communications, checks, oleomargarine,
Total _
829, 286, 791. 22
1, 171, 589, 531. 76
371, 422, 885. 64
342, 302, 740. 54
371 422 885 64
Agricultural adjustment tax
Alcoholic Tax Unit:
Alcoholic liquor taxes:
Received by collectors of internal revenue. .
43,174,316.92
5, 505. 52
252, 333, 373. 97
6, 577, 958. 65
209, 159, 057. 05
6, 572, 453. 13
Total
43, 179, 822. 44
581, 206. 53
258,911,332.62
430, 366. 25
215 731 510 18
Miscellaneous receipts (prohibition, delinquent
160, 840. 28
1, 619, 839, 224. 30
2, 672, 239, 194. 52
1, 052, 399, 970. 22
1 In this summary tax receipts are classified according to the administrative organization for the audit of
returns, i. e., the Income Tax Unit, the Miscellaneous Tax Unit which includes the Estate Tax Division,
the Tobacco Division, the Sales Tax Division, the Processing Tax Division, and the Alcohol Tax Unit.
A detailed statement of collections appears in table 7, p. 317.
2 Includes income tax on Alaska railroads (act of July 18, 1914) amounting to $4,262.03 for 1933 and $2,240.12
for 1934.
Refunds. — In the foregoing statement of receipts no deductions
have been made on account of refunds, which during the fiscal year
1934 were paid from the several appropriations as follows:
Refunding taxes illegally collected 1932 and prior years. $402. 96
Refunding taxes illegally collected 1933 and prior years. 7, 792, 909. 27
Refunding taxes illegally collected 1934 and prior years.. 38, 027, 006. 05
Total 45,820,318.28
Advances to Agricultural Adjustment Administration (transfer to Internal Revenue for
refunds) 1,374,404.47
Grand total, all refunds (interest included) 47, 194, 722. 75
In addition to the above amount, there were certain repayments
as provided under specific appropriations which were not refunds
of taxes erroneously paid under our present internal revenue laws.
The redemption of stamps represents the return to the Government
of stamps purchased by the taxpayer in excess of his requirements.
The stamps so redeemed during the fiscal year, including interest,
totaled $1,479,237.36.
98
REPORT OF THE SECRETARY OF THE TREASURY
Number of claims, amount refunded, and interest allowed on each class of tax
during the fiscal year 193^
Appropriation and class of tax
Number
of claims
Amount re-
funded '
Interest allowed
"Refunding taxes illegally collected", for the fiscal year 1932
and prior years, 1933 and prior years, and 1934 and prior
years:
Income taxes
Miscellaneous internal revenue:
Capital stock
Estate and gift
Sales
Spirits and narcotics
Tobacco
Miscellaneous
Total
Agricultural adjustment taxes
Grand total, all refunds
Repayments (not refunds of taxes erroneously collected) :
Redemption of stamps:
Tobacco
Spirits and narcotics
Miscellaneous
Total
65, 495
720
1,007
1,837
638
13
$40,810,312.65
128,401.07
3, 386, 790. 93
1, 334, 895. 84
46, 407. 29
637. 92
112, 872. 58
$11,754,027.39
30,320.16
395, 406. 14
407,124.62
992. 52
15.76
20, 197. 18
70, 058
8,320
45, 820, 318. 28
1, 374, 404. 47
12, 608, 083. 77
2, 685. 57
78, 378
47, 194, 722. 75
12, 610, 769. 34
1,213
3,064
8, 566
902, 946. 64
83, 520. 82
492, 769. 90
1, 479, 237. 36
184. 16
51, 954. 09
52, 138. 25
1 Including interest.
If the tax refunds during the year on account of erroneous or
illegal collections for 1934 and prior years, amounting to $47,194,-
722.75, and payments for redemption of stamps, amounting to
$1,479,237.36, were deducted from the gross collections of $2,672,-
239,194.52, the net collections for the fiscal year 1934 would be
$2,623,565,234.41. The gross collections, however, are used for com-
parative purposes in this report.
Additional assessments. — The additional assessments resulting
from office audits and field investigations, which amounted to
5,188,720.51, were as follows :
Additional assessments made during the fiscal year 193J/, by class of tax
Class of tax
Amount
' $279, 971, 171. 04
Miscellaneous internal revenue:
14, 773, 265. 93
Gift
152,485.74
229, 464. 70
3, 418, 745. 54
207, 179. 81
16,910,810.72
Total
2 35, 691, 952. 44
3 12, 525, 597. 03
328, 188, 720. 51
i Includes, for income taxes, $247,327,330.04 from the Income Tax Unit and $32,643,841 from the Accounts
and Collections Unit. The assessments of the Income Tax Unit include $53,296,583.68 made under the
jeopardy provisions of sees. 279 and 280 of the Revenue Act of 1926 and sec. 273 of the Revenue Acts of 1928
and 1932.
2 Includes, for miscellaneous internal revenue, $22,463,679.44 from the Miscellaneous Tax Unit and
$13,228,273 from the Accounts and Collections Unit.
3 Includes, for agricultural adjustment taxes, $905,912.03 from the Processing Tax Unit and $11,619,685
from the Account? and Collections Unit,
REPORT OF THE SECRETARY OF THE TREASURY
99
Cost of administ?'ation.- — The total amount expended and obli-
gated in administering tax laws during the fiscal year 1934 was
$31,370,404.12. This sum does not include the amount expended for
refunding taxes illegally or erroneously collected, and for redemp-
tion of stamps, which is in no sense an administrative expense. The
total revenue collected was $2,672,239,194.52 of which $2,300,816,-
308.88 represented internal revenue and $371,422,885.64, agricultural
adjustment taxes. Therefore, the cost of collecting each $100 of the
total revenue was $1.17. Administration of the internal revenue
laws cost $28,826,225.73, as compared with $30,031,722.98 during the
fiscal year 1933. The cost of collecting each $100 of internal revenue
was $1.25, as compared with $1.85 for the fiscal year 1933. (The
amounts expended by the Bureau of Industrial Alcohol in adminis-
tering the liquor laws prior to consolidation with the Bureau of
Internal Be venue, May 10, 1934, are not included in these figures.)
The amount expended and obligated in administering the agricultural
adjustment tax laws was $2,544,178.39, or 69 cents for each $100 of
agricultural adjustment taxes collected.
Income Tax Unit
The Income Tax Unit is charged with the duty of auditing and
closing all income tax returns except those filed on form 1040A.
Returns filed on form 1040A (returns of individuals reporting in-
come, chiefly from salaries and wages, of less than $5,000) are
audited in the collectors' offices under the supervision of the Accounts
and Collections Unit.
Summary of work of the Income Tax Unit for the fiscal years 1933 and 1984
Returns on hand in Washington and in the field at beginning of year '
Returns received during year:
Reopened and amended
Original
Total
Total to be disposed of
Returns closed during year: 2
Additional assessments except, jeopardy:
Before final notice of deficiency
After final notice of deficiency: 3
Agreement
Default
Total
Jeopardy assessments (subject to appeal)..
Certificates of overassessment
No change
Total closed
Returns not closed during year:
On hand for audit in Washington and in the field at end of year
Awaiting action of taxpayer after mailing final notice of deficiency
Involved in appeals to Board on final 60 or 90-day notice of deficiency mailed
during year
Total not closed
Number
1933
254, 771
112, 972
2, 080, 146
2,193,118
2, 447, 889
85, 628
3,136
9,657
98, 421
1,595
45, 986
1, 967, 582
2, 113, 584
325, 734
2,836
5,735
334, 305
325, 734
87, 252
1, 920, 041
2, 007, 293
2, 333, 027
84, 026
4, 339'
7, 255
95, 620
1,600
34, 859
1, 830, 018
1, 962, 097
363, 670
1,913
5,347
370, 930
1 This total does not include returns with respect to which final notices of deficiency (60 or 90-day letters)
were mailed prior to the beginning of the year.
2 Excludes returns closed through decisions of Board of Tax Appeals.
3 Includes some returns with respect to which final notices of deficiency (60 or 90-day let ters) were mailed
prior to the beginning of the year.
100
REPORT OF THE SECRETARY OF THE TREASURY
Additional revenue. — The total additional revenue made avail-
able for collection (exclusive of jeopardy assessments) was $194,-
030,746.36 as compared with $169,629,609.96 the previous fiscal year,
an increase of $24,401,136.40. The field forces of the Income Tax
Unit secured agreements to the immediate assessment and collection
of $18,897,448.21, while $175,133,298.15 was assessed after considera-
tion in Washington.
The additional revenues are classified in the following table to
show the amounts involved as additional tax, interest, and penalty,
and also the procedure involved in reaching a settlement with the
taxpayers.
Additional revenue made available for collection during the fiscal years 1983
and 193Ji, classified according to the tax, interest, and penalty, and the agree-
ment procedure involved
1933
1934
Amount
Percent
Amount
Percent
Tax ---
$134, 914, 736. 48
31, 232, 819. 66
2, 003, 206. 42
79.5
18.4
1.2
$151, 483, 716. 42
38, 126, 719. 46
2, 284, 213. 67
78.1
19.6
1.2
Total --- --
168, 150, 762. 56
1, 478, 847. 40
99.1
.9
191,894,649.55
2, 136, 096. 81
98.9
Rejected claims for abatement and credit
1.1
169, 629, 609. 96
100.0
194, 030, 746. 36
100.0
Procedure involved in settlement:
21, 361, 130. 31
39, 754, 168. 16
10, 653, 592. 10
27, 751, 240. 03
68, 630, 631. 96
12.7
23.7
6.3
16.6
40.8
18, 897, 448. 21
41, 742, 943. 05
38, 503, 162. 99
23, 420, 736. 50
69, 330, 358. 80
9.8
Regular procedure:
Agreements executed by taxpayer with-
21.8
Agreements executed by taxpayer sub-
sequent to 60 or 90-day letters .-.
Appeals not filed within 60 or 90-day
20.1
12.2
Action of Board of Tax Appeals
36.1
Total
168, 150, 762. 56
100.0
191,894,649.55
100.0
i The effect of Mimeograph 3552 is to shorten the interest period when the additional tax is agreed to
by the taxpayer and field force. The above figures cover assessments made during periods June 1, 1932,
to May 31, 1933, and June 1, 1933, to May 31, 1934.
In addition to the amount of revenue thus made available, addi-
tional taxes were also assessed under the jeopardy provisions of the
several revenue acts, as follows:
Additional revenue assessed under the jeopardy provisions of revenue acts
during the fiscal years 1933 and 1934 1
1933
1934
$78, 177, 841. 35
11, 783, 456. 63
$26, 223, 540. 96
13, 425, 730. 81
89, 961, 297. 98
16, 806, 103. 31
3, 128, 595. 28
39, 649, 271. 77
8, 875, 646. 89
4, 771, 665. 02
109, 895, 996. 57
53,296,583.68
i The amounts shown in this table may or may not represent taxes upon which collectors can proceed to
immediate collection, since the majority of jeopardy assessments are appealed to the Board of Tax Appeals.
EEPORT OF THE SECRETARY OP THE TREASURY
101
Final notices of deficiency (60 or 90-day letters). — During the
year 13,003 final notices of deficiency (60- or 90-day letters) were
mailed by the Income Tax Unit, as compared with 17,772 for the
previous fiscal period.
Petitions were filed with the Board of Tax Appeals involving 41
percent of the returns with respect to which 60- or 90-day letters had
been issued. This compares with 37 percent (revised basis) during
the fiscal year 1933.
The following table shows the number of tax years involved in
petitions filed with the Board of Tax Appeals during the fiscal years
1931 to 1934, inclusive :
Number of tax years involved in petitions filed with the Board of Tax Appeals
during the fiscal years 1931 to 1934, by tax years
Tax year
1931
1932
1933
1934
Tax year
1931
1932
1933
1934
1917
30
38
50
127
86
105
174
452
617
1,288
18
28
28
86
29
82
66
108
161
246
9
35
32
64
37
35
37
52
65
113
24
21
18
37
58
33
60
76
95
128
1927
3,164
5,643
378
5
1
849
1,493
5,107
269
4
1
175
298
1,827
3,576
236
6
1
172
1918
192S..
223
1919
1929.
589
1920
1930.
1 632
1921
1931
2,023
156
1922
1932..
1923
1933
2
Total
1925...
12, 158
8,575
6,598
5 347
1926
Claims and over assessments. — The following table shows the num-
ber of refund claims adjusted and the certificates of overassessment
issued, together with the amounts of overassessments involved, during
the fiscal years 1933 and 1934 :
Refund claims adjusted and overassessments determined during the fiscal years
1933 and 1984
1933
1934
Claims:
Number
24,046
39, 326
Number
22, 434
34, 135
63, 372
56, 569
Allowed in full or in part
27, 147
13, 791
25, 641
10, 196
•it). 938
35, 837
22, 434
20, 732
Certificates of overassessment issued when no claim had been filed..
Amount of overassessments settled by:
Abatement
30, 157
Amount
$108, 614, 453. 21
18, 877, 869. 82
32, 627, 780. 15
26,480
Amount
$112, 371, 340. 67
Credit
19, 123, 080. 94
Refund .
29, 056, 285. 26
Total
160, 120, 103. 18
10, 379, 441. 26
160, 550, 706. 87
11, 754, 027. 39
Grand total
170, 499, 544. 44
172,304,734 26
Note. — The amount involved in claims filed during the year was $176,132,959.94 as
compared with $229,134,005.48 the preceding year. Of the claims adjusted during the
year, the amounts rejected totaled $113,340,642.51 as compared with $170,934,417.94 the
preceding year.
102
REPORT OF THE SECRETARY OF THE TREASURY
There were also allowed during the year 10,114 collectors' claims,
of which 8,898 recommended abatements or credits and 1,216 recom-
mended refunds. A collector's claim usually lists a number of items
in favor of different taxpayers, and those settled during the year
covered 13,590 items for abatement or credit and 42,128 for refund.
Returns on- hand. — A comparative table of returns for all tax years
on hand at the close of the past four years follows :
Returns on hand in the Income Tax Unit on June 30, 1931 to 193Jf, by tax years
Tax year
1931
1932
1933
1934
1917
142
180
174
298
249
276
423
735
1,001
1,630
150
207
251
275
261
307
373
517
677
1,101
293
248
267
240
239
245
315
536
1,028
1,265
116
85
118
116
98
146
157
212
277
388
1918
1919 .
1920
1921 .
1922
1923
1924
1925
1926
Tax year
1927.
1928.
1929 _
1930.
1931.
1932.
1933.
Total.
1931
5,061
10, 172
237, 868
' 106, 491
364, 700
3,713
4,380
10, 496
209, 921
' 22, 142
254, 771
1933
2,939
2,632
5,236
9,929
208,111
'92,211
325, 734
634
1,033
3,246
4,298
9,522
297, 803
i 45, 421
363, 670
1 Figures are incomplete, since the preliminary work against the returns for the year just previous to
the end of the fiscal year cannot be completed within that fiscal year.
Audit in Washington. — The following table presents an analysis of
the returns, original and reopened, pending in the several divisions
and sections of the Washington office :
Original and reopened returns under consideration in Washington, June 30,
193 1], by tax years
Audit Review Division and Conference
Section
Valuation
Division
Special
Ad-
just-
ment
Sec-
tion
Total
Tax year
Individual
returns
Corporation
returns
Consolidated
returns
Orig-
inal
Re-
opened
Orig-
inal
Re-
opened
Orig-
inal
Re-
opened
Orig-
inal
Re-
opened
Re-
opened
Orig-
inal
Re-
opened
1917
58
31
51
25
20
1
2
3
6
1
23
20
17
23
17
1
5
5
8
9
9
23
17
22
34
39
1
110
1918
75
1919
101
1920
97
1921
86
Total.
185
13
100
1
36
135
1
469
1922
20
18
30
29
52
161
222
903
920
1
2
2
5
6
40
125
5
4
3
7
19
41
68
179
292
4
4
18
19
29
39
50
127
232
18
18
30
36
66
95
147
214
206
2
2
4
14
20
30
42
63
238
9
11
19
13
19
28
50
100
106
66
80
74
104
110
105
216
428
554
6
6
24
37
53
77
104
409
1,223
118
1923 .
131
1924...
1
2
2
3
6
179
628
156
1925
189
1926
266
1927
430
19281
703
1929
1,824
1930
2,078
Total
821
2,355
181
618
522
830
415
355
1,737
1,939
5,895
1931..
2,750
6,695
202
1,182
519
36
600
1,638
100
264
98
9
461
1,185
73
140
43
4
604
1,323
11
90
66
831
540
15
4,415
10,841
386
2,507
1932
1,266
1933..
64
Total
9,647
1,737
2,338
371
1,719
187
1,938
156
1,386
15, 642
3,837
Grand total
10, 468
4,277
2,519
1,002
2,241
1,117
2,354
547
3,258
17, 582
10, 201
REPORT OF THE SECRETARY OF THE TREASURY 103
Audit in the field. — On June 30, 1934, there were 310,566 returns
for all years pending for verification in the offices of the 38 field
divisions of the Income Tax Unit, compared with 230,119 returns on
hand June 30, 1933.
Changes in tax liability were recommended by the field forces in
137,682 returns, or 26 percent of the 527,517 returns disposed of by
the field during the year. On 110,590 returns, or 80 percent of those
changed, taxpayers agreed with revenue agents' conclusions. The
total additional tax recommended by revenue agents during the fiscal
year was $203,510,465.96, compared with $209,560,777.80 the preced-
ing fiscal year.
The technical staff
Effective November 16, 1933, the Commissioner of Internal Reve-
nue abolished the special advisory committee and created in lieu
thereof the technical staff. The following represents the results of
the settlement work conducted by these two settlement agencies
during the fiscal year 1934 :
On July 1, 1933, the special advisory committee had on hand a
total of 7,652 docketed cases pending before the United States Board
of Tax Appeals. During the period from July 1, 1933, to November
15, 1933, it considered to a conclusion 2,333 Board cases and recom-
mended for settlement 1,410 Board cases, or 60 percent thereof. The
deficiency proposed on cases recommended for settlement by the com-
mittee during this period was $37,352,377.57 and the recomputed
deficiency (without eliminating the enforced credit in estate tax
cases) was $7,680,868.25.
On November 16, 1933, the staff took over 5,970 docketed Board
cases. During the period from November 16, 1933, to June 30, 1934,
it considered to a conclusion 3,410 Board cases, and recommended for
settlement 2,135 Board cases, or 63 percent thereof. The deficiency
proposed on cases recommended for settlement by the staff from
November 16, 1933, to June 30, 1934, was $36,755,176.44; and the
recomputed deficiencv (eliminating the enforced credit in estate tax
cases) was $20,454,996.51.
Miscellaneous Tax Unit
The Miscellaneous Tax Unit is charged with the administration of
all internal revenue taxes, other than those applicable to incomes and
alcoholic liquors, as well as agricultural adjustment taxes. The unit
is composed of five divisions, namely, Estate Tax Division, Sales Tax
Division, Tobacco Division, Processing Tax Division, and Silver Tax
Division. A force operating in the field is engaged solely in investi-
gating matters affecting the miscellaneous taxes. There has been a
substantial increase in the personnel of the Miscellaneous Tax Unit,
made necessary by additional work in connection with the admin-
istration of the processing and related taxes, the capital stock tax,
the silver tax, and other miscellaneous taxes imposed under laws
recently enacted.
Estate Tax Division. — Estate tax collections amounted to $103,-
985,288.04, an increase of $74,292,226.15 over the collections for the
preceding year. This increase is due primarily to the additional
estate tax imposed under the Revenue Act of 1932. Gift tax collec-
tions amounted to $9,153,076.06, an increase of $4,536,414.10 over the
104
REPORT OF THE SECRETARY OF THE TREASURY
preceding year. The collection of approximately $7,000,000 of defi-
ciencies asserted in estate and gift taxes was stayed by the filing of
appeals with the United States Board of Tax Appeals.
The Kevenue Act of 1932 lowered the exemption applicable to
estates in the case of residents from $100,000 to $50,000. Chiefly as a
result of the lowered exemption there were 11,210 estate tax returns
filed during the year 1934, an increase of 2,706 over the number filed
during the preceding year. There were filed 3,619 gift tax returns,
which represented an increase over the preceding year of 1,909
returns.
The administrative work of investigating and auditing returns of
estate and gift taxes is shown in the summary which follows :
Summary of investigation and audit of estate tax and gift tax returns for the
fiscal years 1933 and 1934
Estate tax
Gift tax
1933
1934
1933
1934
Returns in field:
On hand at beginning of year.
2,118
7,632
1,967
10, 410
1,068
Received for investigation .
1,397
1,045
Total to be disposed of .
9,750
7,783
12, 377
8,928
1,397
329
2,113
Major reports submitted by field force
1,440
On hand at end of year
1,967
3,449
1,068
673
Returns in Bureau:
On hand at beginning of year..
5,523
8,504
4,587
11,210
867
1,706
Received
1,710
3,619
Reopened.
Total to be disposed of
14, 027
9,440
16, 664
10, 176
1,710
4
5,325
Closed (assessment made)...
2,034
On hand at end of year
4,587
6,488
1,706
3,291
Protest letters of taxpayers as a result of tax determined
by audit:
139
2,137
98
864
Received.
25
Total to be disposed of .
2,276
2,178
962
726
25
Disposed of by Estate Tax Division -
9
On hand at end of year
98
236
16
Final and conclusive agreements (sec. 606 of the Rev-
enue Act of 1928):
216
386
288
132
602
314
420
417
Closed
288
3
297
•243
1 This figure is included in the 10,176 returns closed, shown above.
As a result of the audit of estate tax returns, deficiencies in tax
aggregating $13,185,549.91 were assessed, such deficiencies being at-
tributable to approximately 52.5 percent of the cases closed. Defi-
ciencies in gift tax amounting to $138,097J)1 were assessed. The
refunds of estate and gift taxes amounted to $2,991,384.79 (exclusive
of interest), and taxes were abated in the amount of $61,130,238.15.
Substantially all of the abatements of estate tax resulted from the
allowance of credit for State estate, inheritance, legacy, or succession
REPORT OF THE SECRETARY OF THE TREASURY
105
taxes. In these cases the Federal estate tax had been assessed either
at the time the return was filed, or later for the purpose of protecting
the interests of the Government because the evidence required to sub-
stantiate the credit had not been filed by the end of the statutory
period provided for the assessment of the tax. A summary of
refund and abatement claims follows:
Estate tax and gift ta-x claims on hand, received and disposed of during the
fiscal year 1934
Estate tax claim?
Gift tax claims
Refund
Abatement
Relund
Abatement
Num-
ber
Amount
Num-
ber
Amount
Num-
ber
Amount
Num-
ber
Amount
Claims filed:
On hand July 1, 1933-...
219
646
$6, 504, 801. 50
2, 588, 305. 20
6
304
$14, 680. 55
29,711,713.82
1
14
$8, 654. 40
11,615.55
Received during year
4
$6, 357. 83
Total to be disposed of_
865
9, 093, 106. 70
370
29, 726, 394. 37
15
20, 269. 95
4
6, 357. 83
591
118
2, 509, 778. 81
3, 401, 820. 35
365
29, 724, 421. 09
6
1
3, 837. 16
8, 708. 18
4
6, 357. 83
Rejected
Total disposed of
709
5,911,599.16
365
29, 724, 421. 09
6
12, 545. 34
4
6, 357. 83
On hand June 30, 1934.
156
3, 181, 507. 54
5
1, 973. 28
9
7, 724. CI
No claims filed, overassess-
ments allowed
Interest allowed -
444
472,911.03
389,895.83
5, 163. 04
3, 377, 748. 71
270
31,383,102.14
19
4, 857. 79
347. 27
4
16, 357. 09
Additional 2 percent inter-
est' -...
8
1,043
Total amount allowed, in-
635
61, 107, 523. 23
24
9, 042. 22
8
22, 714. 92
1 As provided by the act of Mar. 3, 1933.
Sales Tax Division. — The yield from the taxes administered in the
Sales Tax Division amounted to $633,282,185.22, an increase over the
preceding year of approximately $241,000,000. These figures do not
include the taxes relating to distilled spirits, wines, and fermented
liquors, since the alcoholic liquor taxes are now administered by the
Alcohol Tax Unit of the Bureau. The increase in collections is due
principally to the imposition of the capital stock tax and to larger
returns of manufacturer's excise taxes, stamp taxes, tax on checks,
tax on electrical energy, and taxes on telegraph, telephone, cable,
and radio messages.
A comparison of the taxes collected by the Sales Tax Division
during the fiscal years 1933 and 1934, and the sources of those taxes,
are shown in the table which follows :
Miscellaneous taxes collected during the fiscal years 1983 and 1984
Source
1933
1934
Increase (+) or
decrease (— )
Documentary stamps, including playing cards:
Bonds of indebtedness, capital stock issues, etc
Capital stock sales or transfers.
$16, 034, 755. 59
33, 188, 494. 94
4, 206, 597. 74
3, 908, 354. 20
$16, 259, 304. 76
38, 065, 999. 47
7, 847, 743. 08
4, 406, 384. 68
+$224, 549. 17
+4, 877, 504. 53
Sales of produce (future delivery)
+3, 641, 145. 34
Playing cards
+498, 030. 48
Total.
57, 338, 202. 47
66, 579, 431. 99
+9,241,229 52
106 REPORT OF THE SECRETARY OF THE TREASURE
Miscellaneous taxes collected during the fiscal years 1933 and 1934 — Continued
Source
1933
1934
Increase (+) or
decrease (— )
$1, 347, 190. 45
15,511.97
$1, 476, 230. 32
14, 984. 59
+$129, 039. 87
Adulterated and process or renovated butter, filled
-527. 38
Total —
1, 362, 702. 42
1,491,214.91
+128,512.49
Manufacturer's excise taxes (title IV, Revenue Act of
1932)
219, 188, 686. 92
7, 467, 297. 50
28, 562, 739. 33
13, 734. 173. 58
830, 582. 59
2, 365, 040. 83
38, 456, 493. 49
356, 850, 559. 07
10, 379. 369. 59
33, 134, 407. 26
18, 094, 685. 26
1,156,114.59
2, 715, 850. 67
41, 383, 198. 66
+ 137,661.872.15
+2,912,072.09
+4,571,667.93
Telegraph, telephone, cable, and radio messages, etc
+4.360,511.68
+325, 532. 00
+350, 809. 84
+2, 926, 705. 17
Total
310, 605, 014. 24
463, 714. 185. 10
+153, 109,170.86
15, 520, 512. 30
6, 679, 260. 95
14,613,414.42
5,986,150.46
-907, 097. 88
-693, 110. 49
Total
22, 199, 773. 25
20, 599, 564. 88
-1,600,208.37
35, 388. 89
457, 067. 63
239, 859. 22
44, 612. 64
52, 980. 41
495, 270. 18
180, 672. 98
520. 64
+ 17,591.52
+38, 202. 55
-59, 186. 24
-44, 092. 00
Total
776, 928. 38
729, 444. 21
-47, 484. 17
80, 168, 344. 13
+80, 168, 344. 13
392, 282, 620. 76
633, 282, 185. 22
+240, 999, 564. 46
The claims for refund and abatement of taxes received and ad-
justed in the Sales Tax Division during the fiscal years 1933 and
1934 are shown in the table which follows :
Claims for refund and abatement received and disposed of during the fiscal
years 1933 and 193 h
1933
1934
Number
3,283
39, 407
Number
8,881
29, 531
Total
42, 690
38,412
3,173
42, 690
33,809
35, 239
28, 122
8,881
7,117
Amount
$4, 856, 797. 72
694, 285. 98
Amount
$4, 402, 950. 35
510, 206. 32
There were 9,041 sales tax credit cases, totaling $1,927,597.94, on
hand at the beginning of the year; 17.891 cases amounting to $3,-
982,614.23 were received ; 18,663 cases aggregating $2,770,365.88 were
disposed of, leaving on hand at the end of the year 8,269 sales tax
credit cases amounting to $3,139,846.29.
A total of $673,460,413.37, representing 1,803,570 items, was ap-
proved by the Commissioner on miscellaneous assessment lists. The
REPORT OF THE SECRETARY OP THE TREASURY
107
miscellaneous tax lists do not include the processing and related taxes,
or the taxes collected by the sale of stamps. There was included
in these lists a total of $22,463,679.44, representing 50,180 additional
assessments resulting from office audit and field investigation. The
interest paid and assessed on the miscellaneous tax lists amounted
to $1,898,607.61.
During the year there were received and examined 1,288,348 re-
turns filed by taxpayers in connection with the taxes administered
in the Sales Tax Division, not including the capital stock tax returns.
There were received in the same period returns of capital stock by
corporations as follows: 371,496 taxable domestic returns; 115,092
nontaxable domestic returns; 272 taxable foreign returns and 37
nontaxable foreign returns. The total capital stock returns filed
numbered 486,897, of which approximately 150,000 had been exam-
ined at the end of the year and closed.
The number of offers in compromise submitted in settlement of
liabilities incurred in connection with sales, tobacco, estate, gift,
spirits, narcotics, capital stock, and miscellaneous stamp and special
taxes, and the aggregate amounts thereof, received and disposed of
are shown in the table which follows :
Offers in compromise received and disposed of during the fiscal years 1933
and WSJf
1933
1934
Number
Amount
Number
Amount
1,532
17, 194
$116,277.73
689,054.41
9,898
25, 168
$391, 287. 95
627, 182. 48
18, 726
805, 332. 14
35, 066
1, 018, 470. 43
7,751
715
362
327, 629. 89
52, 259. 70
34, 154. 60
23, 242
926
6
6,027
389, 894. 83
83, 418. 71
235. 00
79, 750. 99
8,828
414,044.19
30, 201
553, 299. 53
9,898
391, 287. 95
4,865
465, 170. 90
1 The duties and functions of the Miscellaneous Tax Unit relating to alcoholic liquor offers in compro-
mise were transferred to the Bureau of Industrial Alcohol on Dec. 13, 1933.
Tobacco Division. — The collections from tobacco taxes amounted
to $425,168,897.04, which reflected an increase of $22,429,837.79, or
5.57 percent, over the previous year. The sources of the taxes col-
lected on the various tobacco products are shown in table 8, page 319.
Processing Tax Division. — The total collections from processing,
compensating, and floor stock taxes imposed under the Agricultural
Adjustment Act during the year amounted to $371,422,885.64. The
amount of tax liability due is somewhat in excess of actual collec-
tions, as many taxpayers availed themselves of the privilege pro-
vided by the act of securing extensions of time of from 30 to 90
days, within which to make payment of the tax. A summary of the
108
REPORT OF THE SECRETARY OF THE TREASURY
taxes imposed under the Agricultural Adjustment Act, collected dur-
ing the year, is shown in the table which follows :
Collections of processing and related taxes by commodities, fiscal year 193 41
Commodity
Processing
Compensat-
ing
Floor tax
(wholesale)
Floor tax
(retail)
Total
Wheat...
$104, 038, 634. 96
85, 713, 359. 52
3, 413, 305. 32
70, 716, 192. 12
15, 873, 985. 81
5, 251, 648. 11
$20, 774. 75
1, 086, 773. 45
18,450.05
33, 289. 21
155, 209. 07
916, 342. 01
140, 020. 78
$10, 941, 402. 43
46, 375, 040. 40
982, 676. 73
6, 166, 969. 51
1, 814, 629. 01
3, 006, 960. 26
30, 395. 59
$2, 620, 362. 68
11,592,059.27
81, 761. 64
118, 160. 40
244, 602. 16
69,880.40
$117,621,174.82
144, 767, 232. 64
4, 496, 193. 74
77,034,611.24
18, 088, 426. 05
9, 244, 830. 78
170, 416. 37
Total
285, 007, 125. 84
2, 370, 859. 32
69, 318, 073. 93
14, 726, 826. 55
371, 422, 885. 64
1 Processing taxes were levied under the Agricultural Adjustment Act on the dates indicated: Wheat
July 9, 1933; cotton, Aug. 1, 1933; tobacco, Oct. 1, 1933; field corn, Nov. 5, 1933; hogs, Nov. 5, 1933; paper
and jute, Dec. 1, 1933; and sugar, June 8, 1934.
The returns of processing tax, compensating tax, and floor stock
tax filed during the year are shown in the following table :
Number of processing and related tax returns filed by commodities,
fiscal year 1934
Commodity
Wheat
Cotton
Corn
Hogs
Tobacco
Paper and jute
Sugarcane and sugar beets.
Total.
Processing
42, 616
11, 248
53, 122
117, 228
41,076
1,199
266, 489
Compen-
sating
5,305
38, 106
2,633
1,634
1,965
2,032
128
51, 803
Floor tax
(wholesale)
65, 451
47, 646
21, 866
16, 554
12, 671
10, 430
41
174, 659
Floor tax
(retail)
206, 998
247, 912
107, 186
78, 438
197, 955
11, 352
7
Total
320, 370
344,912
184, 807
213, 854
253, 667
25, 013
176
1, 342, 799
In addition to the general provisions of internal revenue laws
relative to claims for refund, abatement, or credit, the Agricul-
tural Adjustment Act, as amended, specifically provides for the re-
fund or credit of taxes paid with respect to articles delivered for
charitable distribution or use and for the refund of taxes paid with
respect to articles exported.
An analysis of all claims received and disposed of during the year
in connection with the taxes imposed under the Agricultural Ad-
justment Act is shown in the table which follows :
Claims received, d
'sposed of,
and
on hand a
uring
the fiscal year 1934
Kind
Received
Allowed
Rejected
On hand June 30,
1934
Num-
ber
Amount
Num-
ber
Amount
Num-
ber
Amount
Num-
ber
Amount
Refund:
Export
22, 229
8,919
8, 385
2,083
3,586
76
$7, 463, 126. 64
2, 140, 049. 54
2, 220, 763. 27
1, 471, 403. 78
13, 975, 874. 14
2, 546. 61
6,323
2,090
4,813
179
1,463
10
$1, 153, 279. 71
620,118.59
187, 966. 38
5, 136. 11
1, 300, 520. 51
165. 04
324
372
951
487
232
$145, 342. 49
231, 524. 68
469, 676. 64
382, 318. 57
617, 503. 48
15,582
6,457
2,621
1,417
1,891
66
$6, 164, 504. 44
Charitable
Other
1, 288, 406. 27
1, 563, 120. 25
Credit
1, 083, 949. 10
Abatement
12,057,850.15
Uncollectible
2, 381. 57
Total
45, 278
27, 273, 763. 98
14, 878
3, 267, 186. 34
2,366
1, 846, 365. 86
28,034
22, 160, 211. 78
REPORT OF THE SECRETARY OF THE TREASURY 109
The offers in compromise submitted during the year in settlement
of the liabilities incurred under the Agricultural Adjustment Act
totaled 684 and amounted to $35,945.14.
During the year a total of $332,733,693.67, representing 1,351,230
items, was approved by the Commissioner on the processing tax as-
sessment lists. Included in this amount was $905,912.03, represent-
ing 835 additional assessments resulting from office audit and field
investigation. The interest assessed on the processing tax lists
amounted to $79,902.85.
Silver Tax Division. — A division is being organized to administer
the silver tax, which became effective May 15, 1934, and a force will
be functioning in sufficient time to audit returns when filed in accord-
ance with the regulations, and to adjust claims and furnish rulings.
Alcohol Tax Unit
On December 5, 1933, the effective date of the twenty-first amend-
ment to the Constitution, the functions of the Bureau of Industrial
Alcohol were transferred to the Bureau of Internal Revenue and the
personnel of the Bureau was placed under the Commissioner of
Internal Revenue. These transfers were made by Treasury Decision
4410, in accordance with the authority contained in section 4 of
the act of March 3, 1927. The Bureau of Industrial Alcohol was
continued for the time being as a unit of the Bureau of Internal
Revenue.
By Executive order the President, on March 10, 1934, under au-
thority of section 16 of the act of March 3, 1933, abolished the
Bureau of Industrial Alcohol and the office of Commissioner of In-
dustrial Alcohol and transferred the functions and duties, as well
as the personnel of the Bureau of Industrial Alcohol, to the Bureau
of Internal Revenue. By the same Executive order the functions
and personnel of the Alcoholic Beverage Unit of the Division of In-
vestigation, Department of Justice, except those employed in the
Taxes and Penalties Section of that unit, were transferred to the
Bureau of Internal Revenue. Under the statute this Executive order
was required to be transmitted to the Congress and could not take
effect until 60 days after it was so transmitted, unless otherwise de-
termined in accordance with law. No action was taken by the Con-
gress in respect of this Executive order, and it accordingly took
effect on May 10, 1934.
On May 10, 1934, Treasury Decision 4432 established in the Bu-
reau of Internal Revenue the Alcohol Tax Unit. This unit was
charged with the administration of internal revenue laws relating
to the supervision of production and warehousing, and the tax pay-
ment of distilled spirits, alcohol, wines, fermented liquors, cereal
beverages, and denatured alcohol. All functions relating to the
production, custody, and supervision of these products, together with
the inquiries and investigations relating to returns for occupational
taxes and the detection of violations of laws relating to these prod-
ucts, remain with the local supervisors. The receipt and accounting
for taxes continued as a function of the collectors of internal revenue.
The 12 field districts of the Bureau of Industrial Alcohol, each
under the direction of a district supervisor, were continued. The
23 local offices of the Alcoholic Beverage Unit were also continued,
110 REPORT OF THE SECRETARY OF THE TREASURY
each under the direction of an acting investigator in charge. The
12 field districts are being rearranged into 15 districts with 62
branch offices. The 23 local offices transferred from the Alcoholic
Beverage Unit will be merged with the 62 branch offices when these
branch offices are established. Each of the branch offices will be
under the direction of an investigator in charge and will function as
enforcement agencies for the detection and suppression of violations
of laws relating to spirits, wines, and beer.
The Alcohol Tax Unit in Bureau headquarters was placed in
charge of a deputy commissioner of internal revenue, with two
assistant deputy commissioners. One assistant deputy commis-
sioner will have supervision of the permissive activities of the unit,
and one assistant deputy commissioner is charged with the duties
relating to the enforcement of the liquor laws.
Five major divisions were set up in Bureau headquarters in the
Alcohol Tax Unit: The Technical Division; the Audit Division;
the Enforcement and Investigative Division; the Field Inspection
Division; and the Plant Control Division.
The Technical Division supervises the chemical laboratories of the
Bureau and passes upon plans and surveys of distilleries, bonded
warehouses, breweries, and wineries, to determine whether all re-
quirements of law and regulations are complied with.
The Audit Division examines and adjusts the accounts of alcohol
and other distilled spirits, rectified spirits, wine, and beer, and has
general supervision over assessments, claims, and offers in com-
promise relating to taxes on these products.
The Enforcement and Investigative Division directs the operations
of investigators and inspectors in the detection and prosecution of
persons violating the internal revenue laws relating to distilled
spirits, wine, and beer. It is contemplated that there will be approx-
imately 1,800 field agents in this force.
The Field Inspection Division examines the offices of field super-
visors and branch officers with respect to procedure and manage-
ment. There are at present nine field office inspectors in this division.
Inspectors operating under the Plant Control Division examine
distilleries, alcohol and denaturing plants and warehouses, wineries,
breweries, and rectifying plants to determine whether they are com-
plying with the requirements of the laws and regulations. There
are at present 34 plant-control inspectors.
Accounts and Collections Unit
The Accounts and Collections Unit, which is the central admin-
istrative organization for the 64 collection districts, is divided into
3 divisions: The Collection Accounting Division; the Collectors'
Personnel, Equipment, and Space Division; and the Disbursement
Accounting Division.
There were filed in the collectors' offices during the year, 9,144,268
tax returns, compared with 7,288,080 for the previous year, an in-
crease of 1,856,188. Of the total tax returns filed in 1934, there were
4,933,376 income tax returns compared with 5,166,091 filed during
the previous year, a decrease of 232,715.
Approximately 2,300,000 income tax returns of individuals on
form 1040-A were audited and closed in collectors' offices during the
year, and 4,140,634 information returns were verified. In connection
with this audit work 44,954 income tax returns were investigated.
REPORT OF THE SECRETARY OF THE TREASURY 111
A total of 9,351,968,124 revenue stamps, valued at $833,901,971.05,
was issued to collectors of internal revenue and the Postmaster Gen-
eral, compared with 8,415,413,120 stamps, valued at $565,354,578.51,
issued during the fiscal year 1933. Stamps returned by collectors
and by the Postmaster General amounted to $52,946,424.83, compared
with $5,698,164.98 for 1933. The repeal of the eighteenth amend-
ment to the Constitution was mainly responsible for the large in-
crease in the number and value of stamps issued to collectors and the
stamps returned by collectors to the Bureau.
After the appropriate administrative procedure, collectors of in-
ternal revenue transmitted to the Bureau, or otherwise disposed of,
151,470 claims as compared with 110,519 during 1933, an increase of
40,951. The number of claims on hand at the close of the fiscal year
1934 was 6,878, compared with 2,396 at the close of the previous fiscal
year. The large increase in the number of claims on hand at the
end of the year was due principally to necessary correspondence of
collectors with processing taxpayers for additional information be-
fore the claims could be forwarded to the Bureau.
During the year field deputy collectors made 532,609 revenue-
producing investigations in connection with the verification of tax
returns, the discovery of delinquent taxpayers and warrants for dis-
traint. The total amount of tax involved in these investigations was
$57,491,799, including $44,588,643 collected and $12,903,156 reported
for assessment. The amounts involved for the various types of work
were:
Additional taxes collected and reported for assessment by collectors' field forces
during the fiscal year 1934
Verification of tax returns .
Delinquent taxpayers
Warrants for distraint
Total
Collected
$3, 028, 888
14, 603, 119
26, 956, 636
44, 588, 643
Reported for
assessment
$3, 696, 757
9, 206, 399
12, 903, 156
There were 103,808 warrants for distraint served by deputy collec-
tors during the year, and on June 30, 1934, there were 52,425 warrants
in the hands of the field forces for collection as compared with 27,434
on June 30, 1933.
Special attention has been given to the discovery of the various
classes of delinquent taxes and to the collection of back income taxes.
That these efforts have been successful is evidenced by the fact that
the total income tax collections during the year, relating to other than
current taxable periods (back taxes) amounted to $140,586,953.02,
which is $30,586,953.02 in excess of the amount which it was originally
anticipated would be collected. After the Director of the Budget
released $2,885,799 to assist in carrying out the program for the
speedy collection of back taxes, the Treasury made another estimate
increasing to $130,000,000 the probable amount of back tax
collections.
The supervisors of accounts and collections submitted 100 reports
covering their examinations of the accounts of the various collectors'
90353—35 9
112 REPORT OF THE SECRETARY OF THE TREASURY
offices compared with 120 reports submitted during 1933. With the
exception of two districts, every collector's office was examined at
least once and most of them twice during the year. During the year
these officers installed in office 59 new collectors and 6 acting
collectors.
Collectors'1 Personnel, Equipment, and Space Division. — At the
beginning of the fiscal year 1934 there was in the Internal Revenue
Collection Service engaged on regular internal revenue work a total
authorized force, including collectors, of 4,571 employees at an
annual basic salary rate of $10,022,701. On July 15, 1933, a reduc-
tion of 242 positions was made in the total authorized collectors'
personnel. On October 2, 1933, 190 of these positions were restored
in connection with a special drive inaugurated for the collection of
back taxes and 82 additional positions were later authorized as a
further aid in the prosecution of the delinquent tax drive, to provide
needed assistance in connection with the increased work as the result
of repeal of the eighteenth amendment, and to aid collectors in han-
dling the increased work incident to the many new taxes. At the close
of the fiscal year there was a total authorized force, including collec-
tors, of 4,601 employees at an annual basic salary rate of $9,654,580.
It will be observed that there was a net increase of only 30 in the
total number of positions although there was a decrease of $368,121 in
the annual basic salary rate. The decrease in the annual rate is
due to the large turn-over in the force during the year and the fact
that all appointments have been made at the initial salary rates in
the respective grades.
During the year a total of $163,474.70 was expended from the
internal revenue allotment for the employment of temporary per-
sonnel, compared with $93,682.02 during the preceding fiscal year.
The increase of $69,792.68 in expenditures for temporary assistance
during the year was occasioned chiefly by emergency conditions which
arose in connection with the repeal of the eighteenth amendment.
During the year the sum of $1,720,133.89 (net) was expended for
salaries of permanent and temporary office and field employees on
the processing tax roll.
Considerable preliminary work was handled during the latter part
of the year in connection with the setting up of a special section in
collectors' offices in cotton-producing States to administer the tax col-
lection provisions of the Bankhead Cotton Control Act. At the
close of business June 30, 1934, collectors of such districts had been
authorized to employ a total of 235 temporary office and field
employees on the cotton tax roll to carry out the tax provisions of
this act.
During the fiscal year the sum of $115,969.24 was expended from
the rental of quarters for collectors' offices and branch offices, com-
pared with $209,306.43 in the preceding fiscal year. The decrease of
$93,337.19 was brought about by the removal of several of the offices
from commercial to Federal space and in certain instances through
reduction in rental under existing leases.
Disbursement Accounting Division. — The Disbursement Account-
ing Division is charged with keeping the internal revenue appropria-
tion accounts and expenditures, and is responsible for the administra-
tive examination required by law of the accounts of 64 collectors of
internal revenue and 38 internal revenue agents in charge of divi-
REPORT OF THE SECRETARY OF THE TREASURY
113
sions, including internal revenue salary accounts of the collector of
customs at San Juan, Puerto Rico. The appropriation accounting
work increased considerably during the year by reason of the
bureau's administrative duties in connection with assessing and
collecting the processing taxes.
Office of the General Counsel
Under the provisions of section 512 of the Revenue Act of 1934, the
office of General Counsel for the Department of the Treasury, and
the office of Assistant General Counsel for the Bureau of Internal
Revenue were created. The incumbents qualified and took office on
June 20, 1934, at which time the office of General Counsel for the
Bureau of Internal Revenue was abolished.
General CoumseVs Committee. — On July 5, 1933, a committee was
organized in the office of the General Counsel for the Bureau of
Internal Revenue known as the " General Counsel's Committee ", and
composed of six members, one of whom was the General Counsel.
The purpose of this committee is to facilitate and expedite the ren-
dering of final decisions in cases and at the same time to coordinate
rulings so that conflicting results in similar cases in different sections
of the office would be minimized. During the fiscal year just closed
the committee received 286 cases and closed 274, leaving 12 cases
pending on June 30, 1934.
Civil Division. — The Civil Division, in cooperation with, and at
the request of the Department of Justice and the various United
States attorneys, assists in handling civil internal revenue cases
arising in the Federal district courts, the United States Court of
Claims, and the Supreme Court of the District of Columbia, together
with a limited number of cases originating in State courts. Except
in bankruptcy and receivership cases, and cases arising in the Court
of Claims, the actual trials of such cases and the arguments upon
appeals are now conducted by the Department of Justice pursuant
to the President's Executive order of June 10, 1933. The Division's
major activities during the fiscal year are shown in the following
tables :
Civil cases received and disposed of during the -fiscal year 1931) *
Pending
July 1, 1933
Received
during year
Closed
during year
Pending
July 1, 1934
In court
2,935
212
1,072
716
109
843
965
116
705
2,686
205
For suit by the United States
Lien cases in court
1,210
Total
4,219
1,068
1,786
4, 101
Excludes bankruptcy, receivership, insolvency, compromise, and liquor cases.
Civil cases pending in courts July 1, 1933 and 1934 1
Courts
July 1,1933 July 1,1934
District courts
Circuit courts of appeals
Court of Claims
Supreme Court
State courts and miscellaneous
Pending payment of judgment claims.
Total
1,909
1,877
116
125
687
576
25
5
49
17
149
86
2,935
' Excludes bankruptcy, receivership, insolvency, compromise, and liquor cases
114
REPORT OF THE SECRETARY OF THE TREASURY
Offers in compromise of pending suits received during the year
numbered 51. Compromise offers disposed of, including those pend-
ing at the beginning of the fiscal year, numbered 45, of which 16
were accepted and 29 were rejected. The total amount of taxes
sought to be recovered in cases finally compromised was $538,515.02,
and the sum of $73,452.67 was secured.
The number of cases tried or decided during the fiscal year is
shown in the following table :
Tax cases tried and decided by the Federal courts during the fiscal year 1984
Cases tried
Cases decided
For Gov-
ernment
Against
Govern-
ment
Partly for
and partly
against
Govern-
ment
Total
165
37
78
5
169
54
47
4
78
20
14
4
20
0
3
1
267
74
64
9
Total -
285
274
116
24
414
The work of the division for the fiscal year 1934, in bankruptcy
and receivership cases, is summarized as follows :
Bankruptcy and receivership cases closed during the fiscal year 1934
Cases
Number
Pending July 1, 1933
Received during year
Total to be disposed of
Closed during year
Pending June 30, 1934
2,174
1,509
3,683
1,585
In the 1,585 cases closed, relating to bankruptcy and receivership,
claims were filed in the amount of $8,672,514.96, and the sum of
$1,848,214.76 was collected.
Interpretative Division. — This division is charged with the prepa-
ration of opinions relating to the administrative construction of in-
ternal revenue laws and, until July 1, 1934, with the framing of
regulations to carry such laws into effect. The enactment by Con-
gress of new legislation, such as the Revenue Act of 1934, the Liquor
Taxing Act of 1934, the acts amending and supplementing the
Agricultural Adjustment Act of 1933, increased the work of this
division.
Review Division. — This division reviews cases involving refunds,
credits, and abatements of internal revenue taxes. It prepares pub-
lic decisions in accordance with Treasury Decision 4264 in all cases
where the overassessments exceed $20,000; prepares reports to the
Joint Committee on Internal Revenue Taxation in cases involving
credits and/or refunds in excess of $75,000, as required by section
710 of the Revenue Act of 1928 ; and also participates in conferences
Report of the secretary of the treasury 115
and negotiations in other bureau agencies involving proposed over-
payments.
There were 779 cases disposed of during the year involving reduc-
tions in tax aggregating $102,143,621.93. In 169 of these cases mem-
oranda were prepared. The allowances were reduced by adjust-
ments in this division in the amount of $4,113,449.51. Some of the
principles involved in these adjustments affected the disposition of
other cases pending elsewhere in the Bureau. Public decisions were
promulgated in 575 cases, and memoranda were submitted to the
joint congressional committee in 39 cases.
As heretofore this division has regularly afforded conferences in
cases in which issues appeared to require action contrary to the tax-
payer's contentions.
Appeals Division. — Cases involving income, estate, and gift taxes
filed with the Board of Tax Appeals are in the immediate charge of
this division. During this fiscal year 9,582 cases were closed while
3,976 new cases were filed. At the end of the year there were pend-
ing 16 gift tax cases involving $198,715; 449 estate tax cases involv-
ing $60,160,922 ; and 12,009 income tax cases involving $388,133,443 ;
or a total of 12.474 cases involving $448,493,080. Of this number
11,338 were pending before the Board and 1,136 were in appellate
courts on appeal from Board decisions.
Cases tiled with and closed before the Board of Tax Appeals during the fiscal
years 1933 and 1934
Cases
1933
1934
Number
Amount
Number
Amount
20, 469
5,997
$707, 265, 709. 56
229, 620, 213. 68
18, 080
3,976
$574, 257, 340
83, 692, 291
26, 466
936, 885, 923. 24
22, 056
657, 949, 631
Closed during year:
1,122
1,537
5,727
574
1,518
7,490
Total
8,386
164,409,489.40
9,582
209,456,551
18, 080
i 772, 476, 433. 84
12, 474
448, 493, 080
1 This sum includes duplications aggregating $198,219,093 in amount representing deficiencies redeter-
mined against transferees and subsidiary corporations in affiliated groups. This duplication is eliminated
from the computations for the fisoal year 1934.
Penal Division. — The Penal Division, in cooperation with the
Department of Justice and the various United States attorneys,
passes upon criminal internal revenue cases; prepares opinions on
liability for percentage penalties for fraud (occasionally for negli-
gence or delinquency), and on acceptance or rejection of offers in
compromise of tax cases in which such questions are involved. The
Division also prepares opinions interpreting or construing percent-
age penalty and criminal statutes, and opinions on all questions of
law involved in a case where there is also a question of percentage
penalty or crime. The Division also passes upon questions as to
whether cases that have been closed by agreement under section 606
of the Revenue Act of 1928, and similar provisions of the other
116 REPORT OF THE SECRETARY OF THE TREASURY
revenue acts, should be reopened, because of " fraud or malfeasance,
or misrepresentation of a material fact ", and informers' reward
claims under section 3463 of the Revised Statutes.
The following table shows the work of the division during the last
two fiscal years :
Cases received and disposed of by the Penal Division during the fiscal years
1933 and 1934
Cases
1933
Pending at beginning of year.
Received during year
Total to be disposed of.
Disposed of ..
Pending at end of year.
933
1,444
1,123
1,634
2,377
1,254
2,757
1,233
1.123
1,524
Administrative Division. — The activities of the Administrative
Division include the review of offers in compromise and the holding
of conferences on difficult and complicated or protested cases. The
Division is charged with the supervision of the personnel, library,
manuscripts, mail, and records ; and devises and inaugurates methods
of procedure, assembles and reviews efficiency ratings, interviews
applicants, and performs other varied and miscellaneous duties per-
taining to the work of the General Counsel's office.
Compromise Section. — During the fiscal year 629 cases handled in
this Section were closed by acceptance of offers in compromise and
collection of filed claims in the aggregate amount of $5,208,075.
The following table shows the volume of cases handled by the
Section.
Offers in compromise, fiscal year 1934
Pending action by Compromise Section at beginning of year 1, 790
Received during year 3, 905
Total to be disposed of 5, 701
Closed or in process of closing 4, 456
Pending action by Compromise Section at end of year 1, 245
Effective June 4, 1934, all offers in compromise involving income
tax liability, except cases in which insolvent banks, or assignment
for the benefit of creditors, or liquidation proceedings, or liability of
decedents or their estates are involved, were, by order of the Com-
missioner, transferred to the Technical Staff. Up to June 4, 1934.
the Section handled all offers submitted in compromise of income and
miscellaneous taxes, interest, ad valorem penalties, and specific penal-
ties, except those offers that involved fraud penalties, criminal prose-
cution, section 104 of the Revenue Acts of 1928 and 1932, or section
220 of prior revenue acts.
In addition to the individually docketed cases covered by the above
table this section, during the fiscal year 1934, handled cases briefed
in the Income Tax Unit covering interest and delinquency penalties
and cases briefed in the Miscellaneous Tax Unit covering specific
penalties, as shown in the following table and, since the organization
of the Alcohol Tax Unit, May 10, 1934, offers involving specific
REPORT OF THE SECRETARY OF THE TREASURY
117
penalties under the Liquor Taxing Act of 1934 are being routed to
this section and handled as other specific penalty cases. Cases in-
volving questions of remission and/or mitigation of forfeitures under
section 709 of the Revenue Act of 1928 are also being routed to this
section by the Alcohol Tax Unit, but action on them is being withheld
pending determination of procedure to be followed.
Interest and penalty compromise cases, fiscal year 1931i
Interest and
delinquency
penalty cases
Specific
penalty
cases
Total
Pending July 1, 1933—
Received July 1, 1933-June 30, 1934
Total to be disposed of
Returned for change -
Rejected -
Number accepted —
Total disposed of -
Amount accepted
Pending June 30, 1934-
28
3,610
3,638
2,382
24
1,232
3,638
, 839. 69
0
0
33, 033
33, 033
2,394
388
30, 251
33, 033
$205, 589. 10
0
28
36, 643
36, 671
4,776
412
31, 483
36, 671
$264, 428. 79
0
Intelligence Unit
The Intelligence Unit was formed on July 1, 1919. Its duties
were defined as, primarily, the investigation of willful attempts to
defraud the Government of taxes due under the various revenue acts,
and the investigation of charges against employees in the Internal
Revenue Service. There have been added to the duties of the unit
since that time the investigation of charges against attorneys and
agents practicing before the Treasury Department, the investiga-
tion of offers in compromise of tax liability, and such special inves-
tigations as may be desired by the Commissioner with respect to
the general work of the Bureau of Internal Revenue and by the Sec-
retary of the Treasury with respect to general departmental matters.
The principal work of the unit consists in the investigation of
tax fraud cases. This work is performed in cooperation with inter-
nal revenue agents and deputy collectors and has increased steadily
during the last few years. For the period from July 1, 1919, to
June 30, 1934, there were investigated 7,744 tax fraud cases (approx-
imately 31,000 tax years). There have been 1,236 indictments for
these offenses and to date 688 of these cases have been disposed of
in the courts, resulting in the conviction or plea of guilty of 615
individuals and 73 acquittals. During the period from July 1,
1919, to June 30, 1934, the total amount of taxes and penalties recom-
mended for assessment as a result of investigations of this char-
acter was $354,659,992. The yearly average of such recommenda-
tions for the 15 years ended June 30, 1934, was $22,310,666; the aver-
age for the last 6 fiscal years has been $30,306,000.
In addition to the collections by the Bureau of Internal Revenue
of taxes, penalties, and interest, amounts are covered into the Treas-
ury by way of fines imposed in criminal cases ; in fact, in some juris-
dictions the courts have imposed an additional penalty by requiring
the defendants to pay the costs of the investigations, that is. the
salaries and expenses of the agents incurred during investigations.
118 REPORT OF THE SECRETARY OF THE TREASURY
Since the organization of the unit charges of a serious nature
involving employees of the service have been investigated by spe-
cial agents, and in all cases where the interests of the service de-
manded, employees have been promptly separated from their posi-
tions. In those instances in which violations of the criminal stat-
utes were indicated, prosecutions have been instituted.
The investigation of charges against attorneys and agents ad-
mitted to practice before the Treasury Department was assigned
to this unit effective April 1, 1924. From that date to June 30, 1934,
957 such cases were investigated, as a result of which 157 agents
and attorneys were disbarred from practicing and 308 otherwise
punished.
The work of the Intelligence Unit has been performed by a yearly
average of 79 special agents, including special agents in charge of
divisions, with a present enrollment of 115. The present annual cost
of this unit is $522,650, and the average annual cost has been approx-
imately $358,000.
LEGAL DIVISION
The Treasury Department had no legal division until Executive
Order No. 6166 of June 10, 1933, became effective on August 10,
1933. Legal questions arising in the Department were referred for
opinion and advice to the Solicitor of the Treasury, who was an
officer of the Department of Justice answerable to the Attorney
General. By section 5 of the aforesaid Executive order the func-
tions of the office of the Solicitor of the Treasury not specifically placed
under the Department of Justice were transferred to the Treasury.
With a view to centralizing control and coordinating in one agency,
under a single officer, the legal duties and functions of the Depart-
ment, handled by legal units in the different bureaus and agencies,
there was submitted to the Congress a provision which subse-
quently became section 512 of the Revenue Act of 1934. This sec-
tion created in the Department of the Treasury the office of General
Counsel for the Department, and provided that the General Counsel,
to be appointed by the President with the advice and consent of the
Senate, should be the chief law officer of the Department. The sec-
tion also authorized the appointment, in the same manner, of an As-
sistant General Counsel for the Bureau of Internal Revenue and the
appointment by the Secretary of not exceeding five Assistant General
Counsels. The offices of General Counsel for the Bureau of Internal
Revenue and of Solicitor of the Treasury were abolished and the
powers, duties, and functions of such offices were transferred to the
General Counsel. The General Counsel qualified and took office on
June 19, 1934.
Organization of the Legal Division was begun immediately by the
appointment of an Assistant General Counsel for the Bureau of In-
ternal Revenue. Thereafter an Assistant to the General Counsel
and four Assistant General Counsels were appointed, each Assistant
General Counsel being made answerable to the General Counsel for
the handling of all legal problems arising in, or pertaining to, the
particular bureaus and agencies of the Treasury Department placed
under his jurisdiction.
The order of the Secretary of the Treasury of June 20, 1934,
created a Legal Division, Department of the Treasury, under the
REPORT OF THE SECRETARY OF THE TREASURY 119
supervision and direct control of the General Counsel. All personnel,
records, books, furniture, and supplies connected with the legal
activities of the Treasury Department were transferred to this
Division.
Since organization, the Legal Division, in addition to the usual
routine legal business of the Department, has engaged in the prepara-
tion of legal opinions, briefs, and memoranda for the information and
guidance of administrative officers; prepared and examined numerous
contracts pertaining to the public building program of the Treasury;
drafted proposed legislation deemed necessary or desirable for the
more efficient operation of the Department, for the collection of reve-
nue, and for the safeguarding of the national credit ; prepared Execu-
tive orders, and departmental orders and regulations, particularly
with reference to gold and silver; and handled numerous questions
arising in connection with the Emergency Banking Act.
BUREAU OF THE MINT
Institutions of the Mint Service
During the fiscal year ended June 30, 1934, six Mint Service insti-
tutions were in operation: Coinage mints at Philadelphia, San Fran-
cisco, and Denver; the assay office at New York, which makes large
sales of fine gold bars; the mint at New Orleans conducted as an assay
office; and the assay office at Seattle. The two last-named institutions
are, in effect, bullion-purchasing agencies for the large institutions and
also serve the public by making assays of ores and bullion. Electro-
lytic refineries are located at the New York, Denver, and San Fran-
cisco institutions.
Gold operations 1
Under the Executive order of August 29, 1933, providing that gold
produced from domestic mines might be sold abroad at world-market
prices, the United States mints and assay offices received, on consign-
ment, newly produced gold, supported by affidavits evidencing
eligibility, and delivered gold to buyers. The average sale price
under this order was $30.99+ per fine ounce.
An Executive order of October 25 authorized acquisition by the
Reconstruction Finance Corporation of newly mined domestic gold
received on consignment by United States mints and assay offices.
Gold was received under this order at prices fixed by authorized Gov-
ernment officials from day to day, ranging from $31.36 to $34.06,
averaging through January 15, 1934, $33.59 per fine ounce.
An Executive order of January 15, 1934, and regulations issued
thereunder authorized purchase by the New York Federal Reserve
Bank of gold received on consignment by the mints and assay offices,
at prices fixed from day to day by the Secretary of the Treasury.
Under this order the price was fixed at $34.45 per fine ounce and
remained at that level until the President's proclamation of January
31, 1934.
The Presidential proclamation of January 31, 1934, authorized by
the act of May 12, 1933, as amended by act of January 30, 1934, fixed
the gold content of the dollar of the United States at 15%i grains of
gold 0.9 fine. This compares with the previous gold dollar consisting
1 For a more complete description of monetary legislation during the fiscal year, see p. 27; and for a table
showing daily price quotations on newly mined gold in the United States from Sept. 8, 1933, to Jan. 31, 1934 ,
see exhibit 26, p. 206.
120 REPORT OF THE SECRETARY OF THE TREASURY
of 25.8 grains of gold 0.9 fine, and constitutes a reduction of about 41
percent, making the present gold dollar equivalent to about 59.06
cents of the former unit. Under this proclamation the United States
mints and assay offices resumed the purchase of proffered eligible gold,
at the price of $35 per fine ounce fixed by the proclamation, and
revalued the gold they held, at the same figure.
Gold purchased by the several Mint Service institutions during the
fiscal year 1934, at $20.67+ per fine ounce amounted to $20, 114,858.02;
gold purchased at $35 per fine ounce amounted to $800,047,115.02.
Gold from the Federal Reserve banks and agents and gold coin, both
received through other Treasury offices, valued at $35 per fine ounce,
amounted to $107,290,767.68 and $10,207,157.47, respectively; and
gold bullion originally consigned to the mint institutions, purchased
by the Reconstruction Finance Corporation and finally received by
the mint institutions as Government holdings through the Treasurer's
office, amounted to $27,834,891.57 valued at $32.75. The increment
resulting from the revaluation of amounts received at less than $35
an ounce was $15,854,442.50. The total of direct purchases by the
mints and acquisitions through other Treasury offices, valued at $35
per fine ounce, was $981,349,232.26. In addition intermint service
institution transfers, at $35 per fine ounce, amounted to $8,582,894.42.
This constitutes a grand total of $989,932,126.68 at $35 a fine ounce.
Silver operations 1
Silver bullion acquired by the Mint Service institutions during the
fiscal year 1934 totaled 32,578,359.12 fine ounces, the average cost of
which was 54.377 cents per fine ounce, and the total cost $17,715,096.26.
The items making up this total were: Silver received in exchange for
bars bearing the Government stamp, 509,864.45 fine ounces; silver in
gold deposits purchased at market rates, 354,825.84 fine ounces; silver
received for credit on foreign debts at 50 cents per ounce (act of May
12, 1933), 22,734,824.35 fine ounces; newly mined domestic silver
acquired at 64+ cents per ounce (Presidential proclamation of Dec.
21, 1933), 8,558,160.96 fine ounces; and silver received through other
Treasury offices under the Silver Purchase Act of 1934 (act of June 19,
1934), valued at market rates, 420,683.52 fine ounces. In addition,
United States coin received for recoinage totaled 5,026,139.37 fine
ounces, the recoinage value being $6,949,092.15, and silver deposited
in trust by other governments totaled 16,062,294.32 fine ounces. Silver
transfers between Mint Service offices totaled 2,040,305.16 fine ounces.
The aggregate of the above items is 55,707,097.97 fine ounces.
The market price of silver in New York (mean of bid and asked),
during the fiscal year 1934, was at the lowest point on August 16,
1933, $0.353125; the highest point, $0.470625, was effective for three
different periods, February 19, 1934, March 12, 13, and 14, and
April 10 and 11, 1934. The fiscal year average was $0.42540, which
compares with the prior fiscal year average of $0.28714. The prior
year's range was between $0.245625 and $0.375625.
Coinage
Resumption early in 1934 of coinage demand by the public was a
factor in the increased output of domestic coin during the fiscal year
1934. Total domestic pieces made in the fiscal year under review
For a more complete description of monetary legislation during the fiscal year, see p. 27.
REPORT OF THE SECRETARY OF THE TREASURY 121
were 46,634,250 as compared with 32,154,300 in 1933. The 1934
value was $3,499,125 as compared with the prior year's value of
$27,861,420; the decrease is explained by the absence of gold coinage
in 1934. The 1934 domestic coinage consisted of 10,414,250 silver
pieces valued at $3,136,925, and 36,220,000 bronze pieces valued at
$362,200.
For foreign countries there were made during the fiscal year 1934,
19,040,000 pieces, consisting of 10,540,000 silver, and 8,500,000 nickel
pieces. These were all made at the Philadelphia mint, and were for
Colombia, Cuba, Ecuador, and Honduras. The prior year's coinage
for foreign countries consisted of 5,921,800 pieces.
The total of domestic and foreign pieces coined in the fiscal year
1934 amounted to 65,674,250, compared with the 1933 total of
38,076,100.
Bullion deposit transactions
The number of bullion deposits again showed a large increase over
recent prior years, the 1934 total being 115,870 as compared with
73,238 in 1933, 54,105 in 1932, and 36,098 in 1931. Small parcels of
newly mined gold from placer miners, and from secondary materials
returned from industry to monetary use, continued in large volume.
Refineries
The refineries produced, during the year, 2,387,817 fine ounces
(81.8 tons) of electrolytically refined gold, compared with 2,336,943
fine ounces (80.1 tons) in the prior year; and 703,284 fine ounces
(24.1 tons) of electrolytieally refined silver, compared with 872,249
fine ounces (29.9 tons) in the prior year.
The stock of gold and silver in unrefined bullion on hand at the close
of the fiscal year 1934 was 929 tons, an increase of about 99 tons
during the year as compared with the prior year's increase of 165 tons.
Except for a very short period during the past fiscal year, the electro-
lytic refinery at the New York assay office remained closed for the
fourth successive year.
Co mmemorative coins
Silver 50-cent commemorative coins of special design were author-
ized as follows:
Event
Date of law
Pieces
Texas, centennial of independence
Maryland, tercentennial of founding. . .
Connecticut, tercentennial of founding.
Arkansas, centennial 0/ statehood
Daniel Boone, bicentennial of birth
June 15,1933
May 5, 1934
June 21,1934
May 14,1934
May 26,1934
1, 500, 000
25, 000
25, 000
500, 000
600, 000
Gold and silver in the United States
Stock oj coin and monetary bullion. — On June 30, 1934, the estimated
stock of domestic coin in the United States was $961,884,257, of which
$540,006,894 was standard silver dollars, $294,770,252 subsidiary
silver coin, and $127,107,111 minor coin.
The stock of gold held in the Treasury on the same date was $7,856,-
180,556 at $35 per fine ounce; the stock of silver bullion was
59,476,956 fine ounces, an increase of 31,720,059 fine ounces.
122
REPORT OF THE SECRETARY OF THE TREASURY
Production of gold and silver. — Domestic gold production during the
calendar year 1933 was $52,842,300 (at $20.67+ per ounce), compared
with $50,626,000 in 1932. The output was about 52 percent of that
for the record year 1915, when the total was $101,035,700.
Domestic silver production during 1933 totaled 23,002,629 ounces,
valued at $8,050,920, compared with 23,980,773 ounces, valued at
$6,762,578, for 1932. The record production of 1915 was 74,961,075
fine ounces, valued at $37,397,300.
Industrial consumption of gold and silver. — Gold consumption in the
industrial arts during the calendar year 1933 is estimated at
$17,013,260; the return from industrial use exceeded the estimated
use by industry by $5,792,700, which is a reversal of the usual prac-
tice. Silver used in the arts is estimated at 29,343,451 fine ounces, of
which 10,810,571 fine ounces was new material. As compared with the
prior year, silver consumption was about 5,100,000 ounces more and
gold consumption about $3,000,000 less.
Appropriations, expenses, and income
Appropriations available for the Mint Service during the fiscal year
1934 totaled $1,296,842, and reimbursements to appropriations for
services rendered amounted to $148,132.50, maldng a total of
$1 444 974.50.
Expenses amounted to $1,246,355.64, of which $1,208,871.52 was
chargeable to appropriations and $37,484.12 chargeable to income.
The income realized by the Treasury from the Mint Service aggre-
gated $3,116,524.81, of which $528,*886.32 was seigniorage. The
seigniorage on subsidiary silver coin was $197,941.16, and on bronze
coin, $330,945.16.
The number and value of deposits, transfers, gross income, and
expenses for the fiscal year 1934, and number of employees on June 30,
1934, at each institution are shown in the following table:
Deposits of gold and silver, income, expenses, and employees, by institutions, fiscal
year 1934
Institution
Num-
ber of
de-
posits
of
gold
and
silver
Num-
ber of
mint
serv-
ice
trans-
fers
Monetary value
of gold and
silver re-
ceived >
Gross in-
come 3
Gross ex-
pense 2
Excess of in-
come (+) or
of expense
(-)
Em-
ploy-
ees,
June
30,
1934
19, 462
56,234
9,415
26, 149
1,235
3,375
0
1,997
901
253
24
0
1
0
$21, 878, 569. 96
98, 106, 679. 23
45, 546, 564. 01
862, 075, 792. 85
1,415,041. 15
10,057,011.11
0
$558, 629. 99
204, 327. 57
299, 612. 87
2,037,251.05
3, 980. 65
15,116.25
0
$505, 634. 84
207, 164. 93
170, 665. 47
297, 047. 49
9, 365. 39
22, 480. 03
25.22
+$52, 995. 15
-2,837.36
+ 128,947.40
+1,740,203.56
-5, 384. 74
-7, 363. 78
-25. 22
206
124
85
140
10
12
Discontinued field offices
0
Total
115,870
0
3,176
0
1,039,079,658. 31
0
3,118,918.38
0
1,212,383.37
36, 365. 84
+1,906,535.01
-36, 365. 84
577
30
115,870
3,176
1,039,079,658. 31
3,118,918.38
1,248,749.21
+1,870,169.17
607
Prior fiscal year (10 field in-
72, 125
1,113
487, 639, 103. 68
1,670,128.04
1,213,621.68
+456, 506. 36
538
1 At monetary value. Includes interinstitution transactions amounting to $118,694,198.20.
2 Includes interinstitution transactions amounting to $2,393.57.
REPORT OF THE SECRETARY OF THE TREASURY
123
BUREAU OF NARCOTICS
Enforcement activities
The special attention which the Bureau has paid to eliminating
the larger sources of supply of illicit narcotic drugs has unquestion-
ably resulted in somewhat of a stringency in the illicit market.
Prices of contraband narcotics have remained high, and the peddlers
have found it necessary to adulterate the drug in an attempt to
meet the market demand of addicts. Samples of drugs seized in the
illicit traffic have been found upon analysis to contain as high as
90 percent of nonnarcotic ingredients.
Dearth of supply through the usual channels has also resulted
in efforts by peddlers and addicts to divert narcotics from legiti-
mate medical channels. Enforcement attention has been given to
the methods of diversion, and the cooperation of State and munici-
pal authorities has been solicited to supplement Federal action.
An important factor in achieving State cooperation is the enact-
ment by several more States of the uniform State narcotic law
which was mentioned in the previous report. Four additional
States, Kentucky, Rhode Island, South Carolina, and Virginia, have
now adopted the uniform narcotic law with little or no amendment,
making a total of eight States which have put into effect this model
legislation. A number of States have already enacted narcotic
legislation comparable to the uniform narcotic law, but the Bureau
is conducting an educational campaign to secure a more widespread
adoption of the uniform law to afford a complete enforcement basis
for narcotic drug traffic control.
The Convention for Limiting the Manufacture and Regulating the
Distribution of Narcotic Drugs, to which the United States is a
party, went into effect July 9, 1933. Pursuant to its obligation
under this convention, the Bureau prepared and submitted for the
first time, through the State Department, to the supervisory body
at Geneva, estimates of the medical needs of the United States for
manufactured narcotic drugs covered by the convention. These esti-
mates formed the basis for limiting the manufacture of narcotic
drugs in the United States during the calendar year 1934.
The following table shows the number of cases of violation, by
registered and nonregistered persons, of the narcotic laws and the
cases disposed of during the year as reported by Federal narcotic
enforcement officers:
Violations of the narcotic laws and the cases disposed of during the fiscal
year 193.',
Registered persons
Nonregistered persons
Federal court
State court
Federal court
State court
Pending July 1, 1933
Reported during 1934:
466
1,319
54
1,839
1,247
2,424
846
Total to be disposed
of
4,517
124
REPORT OF THE SECRETARY OF THE TREASURY
Violations of the narcotic laws and the cases disposed of during the fiscal
year 1934 — Continued
Registered persons
Nonregistered persons
Federal court
State court
Federal court
State court
Convicted:
120
14
3
576
18
4
2
1
1.453
475
58
20
794
174
166
137
Acquitted:
3
3
Dropped:
7
14
Compromised: '
181
8
927
2
Total disposed of
3,306
Pending June 30, 1934
912
1,211
to
u*
03
<a
CO
J3
a
o
CO
05
p
03
CD
I*
CO
XI
a
a
S3
Q
CO
s
CD
o
CO
>»
03
A
CO
a
CD
><
CO
a
o
CO
OS
R
Sentences imposed:
285
22
9
0
10
0
1
6
4
0
0
0
2,998
853
1
3
2
5
106
122
10
11
24
21
Total
307
9
10
7
4
0
3,851
4
7
228
21
45
Fines imposed:
$13,005.00
2, 677. 50
lfi. 682 m
$85, 520. 61
34, 924. 00
120. 444. 61
$8, 940. 50
3, 792. 25
Total
12. 732. 75
1 Represents 47 cases involving tax liability which were closed on payment of taxes and penalties in the
sum of $441.20; and 144 cases which were compromised in the sum of $12,358.34.
Note. — Federal cases are made by Federal officers working independently, while joint cases are made by
Federal and State officers working in cooperation with each other.
Extent and trend of narcotic traffic
On June 30, 1934, there were 317,394 registrants under the Har-
rison Narcotic Law, as amended, 218 as importers and manufacturers,
1,426 as wholesale dealers, 49,907 as retail dealers, 144,643 as prac-
titioners, and 121,200 as dealers in and manufacturers of untaxed
narcotic preparations, the latter number including registrants not
required to pay occupational tax under the act.
During the year 131,194 pounds of opium were imported as com-
pared with importations of 112,654 pounds during the previous year,
or an increase of 18,540 pounds. Importations of coca leaves for
medicinal purposes amounted to 246,679 pounds as compared with
importations of 131,512 pounds during the previous year, or an in-
crease of 115,166 pounds. A further quantity of 9,879 pounds of
coca leaves was imported for manufacture of decocainized coca ex-*
tracts as provided by section 6 of the act of June 14, 1930.
Exports of narcotic drugs of all kinds amounted to 1,871 ounces in
1933 and 2,834 ounces in 1934, or an increase of 963 ounces. The
drugs exported during 1934 involved 50,959 taxable ounces of
products.
REPORT OF THE SECRETARY OF THE TREASURY 125
The net quantity of pure drugs of all kinds sold to domestic pur-
chasers by manufacturers amounted to 373.339 ounces as compared
with sales of 338,759 ounces of such drugs during the previous year.
PROCUREMENT DIVISION
Provision for the creation of the Procurement Division was made in
Executive Order No. 6166, dated June 10, 1933. The operation of this
order, however, was delayed by Executive Order No. 6224 of July 27,
1933, but made effective with regard to this Division by the order of
the Secretary of the Treasury, approved by the President, October 9,
1933.
Under these orders the Procurement Division is charged with the
determination of policies and methods involved in the procurement,
warehousing, and distribution of property, facilities, structures, im-
provements, machinery, equipment, stores, and supplies. The follow-
ing functions and divisions were transferred to it under the same
orders: The functions of the General Supply Committee of the Treas-
ury Department; the functions of the Office of the Supervising Archi-
tect of the Treasury Department (the administration of buildings
containing major post-office activities, however, was transferred to the
Post Office Department, and the administration of buildings contain-
ing neither postal nor Treasury activities was transferred to the In-
terior Department); the fuel yards of the Bureau of Mines, Depart-
ment of Commerce; custody and control of the Federal warehouse;
the functions of the Federal Coordinating Service relating to the dis-
position of seized and surplus property, and to the procurement, ware-
housing, and distribution of property as exercised by the area coordi-
nators, by the Federal Real Estate Board, the Federal Specifications
Board, the Federal Standard Stock Catalog Board, the Federal
Traffic Board, and the Interdepartmental Board of Contracts and
Adjustments.
The Procurement Division is comprised of two main branches, the
Branch of Supply and the Public Works Branch.
Branch of Supply
The Branch of Supply performs all those functions formerly vested
in the General Supply Committee, the fuel yards of the Bureau of
Mines, Department of Commerce, and those functions of the former
Federal coordinating service relating to the disposition of seized and
surplus property, and to the procurement, warehousing, and distri-
bution of property.
The order of the Secretary of the Treasury dated April 16, 1934,
provided that the disposition of all property, including all motor
vehicles, seized by the Government and made available for use by
the Treasury Department shall be in charge of the Director of
Procurement.
By order of the Secretary of the Treasury, effective June 1, 1934, the
authority and responsibility for the acquisition of all motor equipment
of the Treasury Department and the assignment thereof to the
various agencies of the Department were vested in the Director of
Procurement. This order also charged the Branch of Supply with
responsibility for the maintenance, repair, and garaging of all motor
equipment of the Treasury Department in the District of Columbia,
and transferred to it all garages, garage equipment, and records.
126 REPORT OF THE SECRETARY OF THE TREASURY
During the fiscal year 1934, 5,548 bids were received and 2,269
contracts entered into, purchases by the departments thereunder
aggregating approximately $20,000,000. In connection with the bids
received, 30,357 samples were submitted.
Material, supplies, and equipment received at the Federal ware-
house during the year amounted to 14,736,365 pounds and deliveries
to the departments and establishments amounted to 16,239,936
pounds.
The fuel yards issued and delivered to the departments and estab-
lishments 286,727 tons of coal, 421 cords of wood, 22 tons of charcoal,
58 tons of coke, and 22,072 tons of oil valued at $1,645,990. In
addition, stowage and reimbursable work performed amounted to
$36,610.
Approximately 8,000 typewriters were overhauled or adjusted for
the various Government activities in Washington, representing
charges of $16,175.
The Federal Real Estate Section acted upon 3,647 requests for
clearance to lease property, 66 applications to purchase, 62 applica-
tions for sales, and 6 transfers of land and/or buildings among the
executive departments.
The Federal Traffic Section, in addition to its general coordinating
activities, issued 2,461 routing orders covering 39,709 cars and fur-
nished 31,774 rate quotations.
The Federal Specifications Board promulgated 72 new specifica-
tions, 111 revisions, and 95 amendments to Federal specifications,
and in addition submitted to the departments for criticism 61 pro-
posed new Federal specifications and 88 proposed revisions.
The Federal Standard Stock Catalog Board aided in bringing the
general schedule of contracts into conformity with its catalog, and in
securing the inclusion in the proposal forms revisions to Federal or
departmental specifications to enable manufacturers or dealers to
quote upon the requirements set forth.
The Federal Contract Board, together with its studies and recom-
mendations relating to Government contracts, contract forms, and
procedure, acted upon numerous requests for deviation from existing
standard forms.
The Federal Surplus Property Section, in addition to its activities
in the District of Columbia, handled 1,000 lists of surplus property
in the field, effecting 1,170 transfers and granting 429 clearances for
sale.
Since March 1934 the Branch of Supply has been the general liaison
office between the Government activities and the National Recovery
Administration in matters arising from the application of Executive
Order No. 6646. All requests for exceptions to this order are sub-
mitted to the National Recovery Administration by the Director of
Procurement. This procedure has materially expedited requests of
the departments and has enabled the Director to maintain uniform-
ity of applications.
The 143 Federal business associations, whose memberships comprise
Federal officials and employees, functioned actively as agents of the
Director of Procurement. Efforts have been made to promote coop-
eration among local Government activities, and economy and effi-
ciency in transacting the routine business of the Government. The
associations have been particularly active in the adjustment of office
REPORT OF THE SECRETARY OF THE TREASURY
127
space and loan of property and equipment, consolidated procurement,
and special surveys. The following table shows the financial status
of the Branch of Supply at the close of the fiscal year 1934:
Statement of the working assets of the Branch of Supply for the fiscal year 1934
Inventory as of July 1, 1933 i $101, 698. 38
Purchases during 1934.. 2,265,387.33
$2, 367, 085. 71
Inspection and breakage 808.88
Cost of goods sold 2,085,268.58
Cost of sales, not billed June 30, 1934 38,629.57 2,124,707.03
Inventory as of June 30, 1934
Revenue:
Surcharge for delivery.
Purchase discount
Total.
Balance sheet as of June 30, 1934
ASSETS LIABILITIES AND CAPITAL
242, 378. 68
79, 696. 62
14, 081. 84
93, 778. 46
Treasury cash $141,576.06
Disbursing officer's cash 41,832.37
Accounts receivable, old 334,018.73
Purchases, old 328,444.19
Purchases, inventory as of June 30,
1934 242,378.68
Price adjustment, loss.. 586. 65
Deferred charges, 1933 44,464.60
Deferred charges, 1934 41,190.56
Total 1,174,491.84
Price adjustment gain $691.01
Sales, old 334, 018. 73
Inventory mark-up 11, 541. 84
Unvouchered invoices.— 328,444.19
Unpaid audited vouchers 48, 507. 51
Undistributed receipts 31, 372. 84
General Fund revenue 119,915.72
874, 491. 84
Unencu mbered capital 300, 000. 00
Total 1, 174,491. 84
Public Works Branch
Building activities. — On October 16, 1933, the Public Works Branch
assumed the duties of the Office of the Supervising Architect. Under
an order approved by the Secretary of the Treasury on January 18,
1934, a temporary reorganization was effected, under an assistant
director, with units headed, respectively, by a supervising engineer, a
supervising architect, an office manager, a chairman of the Board of
Award, and a chief of the Legal Section. The branch was moved in
February, 1934, from the Treasury Building and rented quarters to
the Federal Warehouse Building.
The functions of the Public Works Branch are to collect and pre-
pare for submission to Congress data and estimates for public build-
ing projects; to acquire land for public building sites; to prepare plans,
and specifications, and estimates for construction; to take bids and
award contracts therefor; to supervise construction, remodeling,
extension, etc. ; to repair all public buildings transferred from the
Treasury Department under the Executive order of June 10, 1933, to
the custody of the Post Office and Interior Departments; and to
operate, repair, equip, and maintain all public buildings in the
custody of the Treasury Department outside of the District of
Columbia.
Original public building program. — Under the act of March 31,
1933, the unobligated funds, appropriated by Congress for public
buildings under the Keyes-Elliott Act and subsequent acts, became
unavailable, except for items necessary to the completion of projects
already under contract. Consequently, no new contracts were
awarded under these acts during the fiscal year, but 203 projects at a
limit of cost of $38,830,400, previously contracted for, were completed.
1 Represents inventory of the General Supply Committee.
90353 — 35 10
128
REPORT OF THE SECRETARY OF THE TREASURY
The status of the work under the original public building program
was as follows at the end of the fiscal year 1934:
Limit of cost
Completed, 578 projects $170, 321, 221. 78
Under contract, 157 projects 272, 358, 457. 00
As of June 30, 1934, $494,642,437.31 had been specifically author-
ized under this program. Of this amount, $426,544,426.54 in the
aggregate was obligated as of that date, and expenditures to June 30,
1934, under these obligations amounted to $396,612,828.91. Out-
standing obligations at the end of the fiscal year were $29,931,597.63.
Program under the Public Works Administrator. — Under the National
Industrial Recovery Act, approved June 16, 1933, public building con-
struction by the Treasury, not necessary to the completion of con-
tracts made previous to that date, became subject to allotment by
the Administrator of Public Works.
At various times during the fiscal year 1934 allotments of funds for
465 building projects in the sum of $67,410,788 were made to the
Treasury Department by the Administrator of Public Works.
The status of the work under this program on June 30, 1934,
is shown in terms of limits of cost in the following table:
Status
Number
of
projects
Limit of
cost
Authorized by the Public Works Administration
Under contract
Bids in, on market, or in specification stage
Drawing stage - - --
Land owned, ready for drawings
Sites selected, title not yet vested.
Sites advertised for, examined, and awaiting selections
Total -
465
$67, 410, 788
52
85
172
5
46
105
465
24, 594, 977
7, 596, 901
15, 283, 445
456. 000
4, 009, 745
15, 469, 720
67, 410, 788
The following tabulation shows the value of contracts awarded both
for land and construction plus certain administrative expenses
incident thereto, as of June 30, 1934:
Contracts awarded $21,239,351.20
Total amount unobligated for land and buildings 46, 171,436.80
67, 410, 788. 00
The following table classifies the projects selected under the Public
Works Administration program:
Projects
Number
Limit of
cost
109
83
2
45
226
$21, 456, 140
5, 245, 525
702, 904
16, 486, 330
23, 519, 889
Total
465
67, 410, 788
Control, administration, and repair 0/ Federal buildings. — In accord-
ance with Executive Orders No. 6166, June 10, 1933, and No. 6224,
dated July 27, 1933, the Treasury Department, during the fiscal year
1934, transferred to the Post Office Department the administration
of 1,629 buildings, and to the Interior Department the administra-
EEPORT OF THE SECRETARY OF THE TREASURY 129
tion of 11 buildings. The control of these buildings, however, is
charged to the Procurement Division, as well as that of all other build-
ings listed in the following table, which indicates, as of June 30,
1934, the number, administration, and cost of the buildings (exclu-
sive of land), for which repairs are payable from annual appropriations
for repairs to public buildings:
Buildings
Number
Cost
1,629
11
84
61
14
4
>28
25
$332, 588, 862. 00
4,419,013.11
52, 577, 705. 77
12, 236. 504. 33
7, 155, 944. 08
In Washington, D. C, administered by Chief Clerk Treasury Department
10, 739, 303. 74
16, 793, 169. 18
5, 334, 445. 19
Total
1,846
441, 844, 947. 40
1 Includes 1 assay office and 3 mint buildings.
3 Includes Public Health Building, Cincinnati, Ohio; Public Health Building, Philadelphia, Pa.; and
National Institute of Health, Washington, D. C
Relief program. — Under the Emergency Relief and Construction Act
of 1932, approved July 21, 1932, $100,000,000 was authorized and
appropriated for public building projects. Under the act of March
31, 1933, providing for the emergency construction program of the
Government, all moneys previously appropriated for public works,
unless obligated in connection with projects on which actual construc-
tion had been commenced or might be commenced within 90 days,
were allocated to the conservation program. The following table
gives an accounting of the appropriation for public building projects
under the Emergency Relief and Construction Act to June 30, 1934:
Appropriated $100,000,000.00
Transferred to —
Emergency Conservation fund $92,875,200.00
Office appropriations.. 808,241.66
93, 183, Ml. 66
Not transferred 6,816,558.35
Unobligated balance, June 30, 1933 1,336,037.80
Obligated to June 30, 1933 5, 481, 520. 55
Expended to June 30, 1933 2,849,432.21
Outstanding, June 30, 1933 2,632,088.34
Expended during fiscal year 1934 for purchase of 61 sites, etc 1,721,360.31
Net cancelation during fiscal year 1934 353,505.66
2,074,866.97
Outstanding June 30, 1934 557,222.37
Unobligated cash balance June 30, 1934 1,688,543.46
Note.— Amounts in italics to be deducted.
Emergency construction program.— -In the Emergency Appropriation
Act approved June 19, 1934, Congress appropriated an additional sum
of $65,000,000 for the emergency construction of public buildings
throughout the country, to be selected by the Secretary of the Treas-
ury and the Postmaster General from public building projects speci-
fied in statements nos. 2 and 3 in House Report 1879, Seventy-third
Congress. In accordance with this legislation, 303 projects at a total
limit of cost of $60,228,700 had been selected and approved by the
end of the fiscal year, including administrative expenses and one item
of $1,540,000 for structural and mechanical equipment repairs to
130
REPORT OF THE SECRETARY OF THE TREASURY
Federal buildings throughout the country. Congress also authorized
$2,500,000 from Public Works Administration funds for the purpose
of permitting increases up to 10 percent in limits of cost of Public
Works Administration and emergency construction projects, when
the bid of the lowest responsible bidder exceeds the amount previously
available for any project.
No expenditures were incurred, and no contracts were awarded
under this legislation during the fiscal year 1934.
Private architectural services. — Under the authorization by Congress
for the employment of private architects to the extent deemed neces-
sary by the Secretary of the Treasury, contracts had been made by
the end of the fiscal year 1933 with architectural firms for 349 projects,
having limits of cost amounting to approximately 50 percent of the
aggregate specific authorizations at that time. During 1934, 8
additional contracts were made, and 56 of those in force were termi-
nated or settled, leaving 301 contracts in force at the end of the fiscal
year 1934.
Total expenditures. — Total expenditures for all purposes for the
Public Works Branch during the fiscal year 1934, together with out-
standing contract liabilities and remaining unencumbered balances
of appropriations, are shown in the following table:
Expenditures from July 1, 1933, to June 30, 1934, contract liabilities charged against
appropriations, and unencumbered balances
Expenditures
Contract lia-
bilities charged
against appro-
priations
Unencum-
bered balances,
June 30, 1934
Statutory roll
Sites and additional land ..
Construction of new buildings
Extensions to buildings
Miscellaneous special items
Emergency construction of public buildings, acts June
19, 1934
Administrative expenses Public Works Administration
projects
Unallotted appropriation (lump sum)
Remodeling and enlarging public buildings -.
Lands and other property of the United States
Repairs and preservation of public buildings- -.
Mechanical equipment for public buildings
Vaults and safes for public buildings.-,
Furniture and repairs of same for public buildings
Operating supplies for public buildings
General expenses for public buildings
Rent of temporary quarters
Outside professional services
Operating force for public buildings
$385, 686. 15
3, 483, 471. 84
66, 135, 327. 94
6, 120, 029. 68
104, 521. 73
$10, 877, 275. 92
42,491,919.14
4,413,165.13
496, 046. 45
939, 866. 79
""13," 024." 19
513,812.42
i $350, 439. 98
323, 636. 34
37, 324, 545. 43
6, 283, 935. 23
636, 626 52
65, 000, 000. 00
5,970,550.61
2, 354, 289. 66
437, 099. 44
377, 284. 46
75,424.10
887, 061. 10
1, 624, 388. 47
1, 652, 381. 96
575, 172. 80
1, 605, 936. 18
2, 937, 899. 92
180,971.28
145, 261. 24
8, 332. 54
31, 822. 09
219, 670. 33
43, 175. 31
44, 335. 31
1, 893, 275. 79
15, 225. 05
1, 196. 71
2 426, 542. 96
3 427, 921. 79
* 454, 972. 51
5 3,511,832.71
6 1,057,464.59
' 1, 717, 493. 91
8 839, 721. 86
s 801,389.04
>° 3, 009, 043. 74
Total.
87, 354, 576. 75
61, 374, 288. 00
130, 491, 603. 59
1 Includes $10,000 reserve 1933; $215,000, 1934.
2 Includes $350,000 reserve 1934.
3 Includes $10,000 reserve 1933; $200,000, 1934.
* Includes $254,355 reserve, 1934.
8 Includes $2,660,043 reserve, 1934.
6 Includes $20,000 reserve, 1932; $387,231.45, 1934.
' Includes $8,000 reserve, 1932; $10,000, 1933; $1,043,525, 1934.
8 Includes $372,063 reserve, 1934.
8 Deficiency.
10 Includes $2,920,000 reserve, 1934.
The following table prepared pursuant to act approved June 6,
1900 (31 Stat. 592), shows the total expenditures to June 30, 1934,
REPORT OF THE SECRETARY OF THE TREASURY
131
for all purposes for buildings under the control of the Treasury
Department:
Classification of public buildings under the control of the Treasury Department, by
titles, shoiving expenditures in each class to June 80, 193Jh prepared pursuant to
act approved June 6, 1900 (81 Stat. 592)
Construction
Extensions, al-
terations, and
special items
Annual repairs
Total expen-
ditures,
June 30, 1934
Post-office, courthouse, customhouse build-
ings, etc
Courthouse buildings
Customhouse buildings
Marine hospital buildings
Post-office buildings
Quarantine station buildings
M iscellaneous buildings
Total
$166, 958, 583. 33
7, 594, 701. 6S
24, 116, 289. 69
13, 997, 348. 65
171, 818, 969. 5S
3, 682. 570. 1 1
124, 624, 483. 79
$34, 300, 299. 43
601, 241. 89
3, 483, 554. 95
5, 440, 678. 23
12, 547, 343. 73
2, 432, 952. 01
6, 094, 467. 64
$21, 013, 203. 32
608,014.15
2, 826, 552. 31
4, 032, 827. 45
13, 027, 366. 42
1, 862, 376. 07
6,434,415.46
$222,
8,
30,
23,
197,
7,
137,
272, 086. 08
S03, 957. 72
426. 396. 95
470, 854. 33
393, 679. 73
977, 898. 19
153,366.89
512, 792, 946. 83
64, 900, 537. 8S
49, 804, 755. 18
627, 498, 239. 89
Cost of sites
Outstanding liabilities
chargeable against appro-
priations >
Sites
Buildings
Unencum-
bered balance
of appro-
priations
Post-office, • courthouse, customhouse
buildings, etc
Courthouse buildings
Customhouse buildings. _
Marine hospital buildings
Post-office buildings
Quarantine station buildings
Miscellaneous buildings _..
Emergency construction of public build-
ings, act, June 19, 1934
Administrative expenses, Public Works
Administration projects
Unallotted appropriation (lumpsum)
$46, 865, 436. 39
4, 590, 834. 69
3, 886, 922. 33
889, 238. 97
69, 705, 765. 44
328, 837. 60
56, 405, 424. 12
$109, 941. 17
10, 729, 199. 75
"38,135.06
$7, 997, 992. 97
4, 441, 864. 59
2, 696. 00
3, 515, 026. 83
16, 162, 546. 74
440, 786. 34
14, 830, 217. 25
$1, 923, 879. 82
60, 680. 23
725, 104. 90
407,369. 11
33, 140, 808. 23
543, 994. 86
7, 766, 906. 37
65, 000, 000. 00
5, 970, 550. 61
2, 354, 289. 66
Total 182,672,459.54 10,877,275.92
47, 391, 130. 72
117,893,583.79
1 Administrative expenses, Public Works Administration projects, $513,812.42.
PUBLIC DEBT SERVICE
Division of Loans and Currency
This Division is the active agent of the Secretary for the issue of all
public debt obligations of the United States and for conducting trans-
actions in such obligations after issue. It is also responsible for the
issue of bonds or other obligations of Puerto Rico and the Philippine
Islands, for which the Treasury Department acts as fiscal agent. The
Division undertakes the safe-keeping of public debt and insular loan
securities for certain Government offices. It also counts and delivers
to the Destruction Committee the United States currency canceled as
unfit, and mutilated paper (spoilage, etc.) received from the Division
of Paper Custody and the Bureau of Engraving and Printing.
Issue and retirement of securities.- — The following is a summary of
the issues and retirements of securities conducted through this Division
during the fiscal year 1934. Complete details of all transactions in
public debt securities are presented in formal statements elsewhere in
the report.
132
REPORT OF THE SECRETARY OF THE TREASURY
Issues, retirements, and transactions in stock of United States securities, fiscal year
1934
[Par value]
Registered
Nonregistered
Total
Stock shipments to Federal Reserve banks:
For exchange transactions
Allotment for original issue
Original issues by the division
Issues on exchange
2 $621, 562, 230
959, 752, 010
$6, 494, 386, 850. 00
i 24, 272, 724, 850. 00
49, 042, 670. 00
132, 508, 950. 00
$6, 494, 386, 850. 00
24, 272, 724, 850. 00
670, 604, 900. 00
1,092,260,960.00
Total issued and shipped.
1, 581, 314, 240
30, 948, 663, 320. 00
32, 529, 977, 560. 00
RETIREMENTS
Retired on exchange
Cleared for redemption
Retired on other accounts (i. e. claims, credit, and
exchange authorization retirements)
442,443,160
2 499, 709, 965
396,110,020
649,817,800.00
2, 210, 271. 75
35, 630. 00
1, 092, 260, 960. 00
501, 920, 236. 75
396, 145, 650. 00
Total retired.
1, 338, 263, 145
652, 063, 701. 75
1, 990, 326, 846. 76
STOCK ACTIVITIES
Received from Bureau of Engraving and Printing.
Canceled and delivered to Register of Treasury:
Securities...
Detached matured coupons (10,047,325
pieces— amount $629,308,440.08).
' 2, 391, 712, 520
34, 710, 966, 820. 00
1,657,240,600.00
37, 102, 679, 340. 00
1, 657, 240, 600. 00
> Includes Treasury bills available for either original issue or exchange, amounting to $11,891,118,000.
2 Includes special 1-day certificates of indebtedness amounting to $3,000,000.
Individual registered accounts.- — In connection with registered public
debt issues, individual accounts are maintained and interest is paid
periodically in the form of checks. The accounts open on June 30,
1934, were as follows:
Number of
accounts
Principal
Interest-bearing loans:
Pre-war loans. ..
Liberty and Treasury loans
Treasury notes and certificates of indebtedness.. .
Total interest-bearing loans
Matured loans (Liberty, Victory, and postal savings)
Total open accounts
34, 114
804, 498
16
$805,551,030
2, 747, 355, 700
396, 239, 000
838, 628
3,909
3, 949, 145, 730
614, 500
842, 537
3, 949, 760, 230
There were 223,389 individual accounts closed for registered Liberty
bonds, Victory notes, and Treasury bonds, and 154,675 accounts were
decreased, representing the retirement of securities amounting to
$893,616,300 par value. In connection with the same loans, 173,251
new accounts amounting to $1,048,430,800 principal were opened.
Changes of address, aggregating 39,789 for the mailing of interest
checks, were made on the registered accounts during the year.
Interest on registered Liberty and Treasury bonds was paid on due
dates in the form of 1,700,800 checks, amounting to $102,495,231.91.
On registered securities of the pre-war loans 72,155 checks for
$16,757,410.75 were issued and on registered Treasury notes and
certificates of indebtedness interest payable amounting to $13,392,-
982.36 was certified to the Treasurer. There were received from the
REPORT OF THE SECRETARY OF THE TREASURY
133
Bureau of Engraving and Printing 2,153,550 checks as stock, and
there were canceled and delivered to the Destruction Committee
stock consisting of 193,424 checks, including 7,650 checks for the
Home Owners' Loan Corporation.
Claims. — Claims for relief on account of lost, stolen, destroyed, and
mutilated securities handled by the Division during the fiscal year were
as follows:
Number of
claims
Number of
securities
(pieces)
Par amount
of securities
Received
Settled by-
Reissue or redemption of securities
Recovery of securities
Disallowance of claims
Other disposition '
Total settled
3,423
8,393
$1, 160, 898. 34
1,444
925
35
111
4,137
1,745
50
549
720, 955. 59
552. 000. 00
18, 650. 00
2, 716. 50
2,515
6,481
1, 294, 322. 09
1 War savings cases sent to Surrenders Section for settlement because of question of ownership.
Safe-keeping of securities .—At the beginning of the year securities
amounting to $376,878,250 were in safe-keeping for various Govern-
ment offices, against which formal audited receipts were outstanding.
Throughout the year securities amounting to $286,350,200 were re-
ceived for safe-keeping and receipts therefor issued, and securities
amounting to $248,457,700 were delivered from safe-keeping upon
the surrender of outstanding receipts, leaving a balance of securities
amounting to $414,770,750 in safe-keeping June 30, 1934.
Mutilated paper and redeemed currency. — Mutilated paper verified
and delivered to the Destruction Committee consisted of 49,296,516
sheets and coupons, of which 48,541,045 sheets and coupons were
received from the Bureau of Engraving and Printing and 755,471
sheets from the Division of Paper Custody.
Redeemed currency, unfit for circulation, counted and delivered to
the Destruction Committee during the year amounted to 594,403,973
pieces, representing $1,182,208,693.02, detailed as follows:
Number of pieces and amount of redeemed currency delivered to the Destruction
Committee during the fiscal year 1934
Old series
New series
Currency
Number of
pieces
Face value
Number of
pieces
Face value
United States notes
1,092,680
2, 673, 136
$3, 465, 668. 00
3, 230, 799. 00
57, 463, 433
508, 522, 184
24, 050
23,705,116
$240, 467, 444
508,517,801
Silver certificates (act of May 12, 1933)...
240, 500
913, 861
2,397
7,116
21, 901, 730. 00
13, 150. 00
1, 631. 02
404, 369, 970
Total
4, 689, 190
28, 612, 978. 02
589, 714, 783
1, 153, 595, 715
134
REPORT OF THE SECRETARY OF THE TREASURY
Publicity. — The Division maintains a mailing list, in addition to its
list of holders of registered securities, for the purpose of placing new
public debt offerings, notices of redemption, and such matters before
the public. Approximately 3,027,800 printed circulars were distrib-
uted to the public during the year.
Other activities. — In addition to the regular activities of the Division,
securities of Government instrumentalities were received and issued
by the Bureau of Engraving and Printing as follows:
Securities of Government instrumentalities received and issued, fiscal year 1934
Securities
Received
Issued
Balance on band,
June 30, 1934
Number
of pieces
Amount
Number
of pieces
Amount
Number
of pieces
Amount
HOME OWNERS' LOAN
CORPORATION BONDS
25, 700
2, 949, 800
$32, 500, 000
1, 192, 025, 000
4,114
2, 231, 538
$5, 886, 000
836, 368, 725
21,586
718, 262
$26, 614, 000
355, 656, 275
Total
2, 975, 500
1, 224, 525, 000
2, 235, 652
842, 254, 725
739, 848
382, 270, 275
FEDERAL FARM MORTGAGE
CORPORATION BONDS
82, 060
603, 000
564, 500, 000
329, 300, 000
5,183
577, 971
132, 015, 300
298, 818, 200
76,877
25, 029
432, 484, 700
30, 481, 800
Total
685, 060
893, 800, 000
583, 154
430, 833, 500
101, 906
462, 966, 500
CONSOLIDATED FEDERAL
FARM LOAN BONDS
112,200
143, 500, 000
110,973
142, 385, 000
1,227
1,115,000
RECONSTRUCTION FINANCE
CORPORATION BONDS
29, 850
1, 749, 500, 000
9,808
276, 279, 500
20,042
1, 473, 220, 500
3, 802, 610
4,011,325,000
2, 939, 587
1, 691, 752, 725
863, 023
2, 319, 572, 275
Register of the Treasury
The Register of the Treasury is charged with the final audit and
custody of all retired Federal securities, including interest coupons,
and renders monthly certification to the Comptroller General of all
public debt securities redeemed by the Treasurer of the United States.
The Register also establishes credits due the Federal Reserve banks
and the Division of Loans and Currency for securities forwarded by
them on account of exchanges, replacements, transfers of registra-
tion, etc. During the fiscal year 1934 the Register's Office has taken
over the retirement and custody of securities issued by the Home
Owners' Loan Corporation and the Farm Credit Administration.
During the fiscal year 1934 more than 35,000,000 security docu-
ments, aggregating over $27,000,000,000, were retired in the Register's
Office, which represents an increase of over 5,500,000 pieces as
compared with the previous fiscal year. This increase is due prin-
cipally to the redemption of portions of the Fourth Liberty Loan and
the retirement of securities issued by agencies of the Government.
The following statement sets forth, by class of security, the total
number of documents, together with the face value thereof, which
were received, examined, and filed during the fiscal year 1934:
REPORT OF THE SECRETARY OF THE TREASURY
135
Securities retired, fiscal year 193 4
Security
Bearer
Number of
pieces
Amount
Registered
Number
of pieces
Redeemed
United States securities:
Pre-war loans - -..
Liberty loans. - . .
Treasury bonds _..
Treasury notes
Certificates of indebtedness.-
Treasury bills
Treasury (war) savings securities
Interest coupons
Interest checks .
Standard full-paid interim certificates
Other securities: Home Owners' Loan Corpora-
tion interest coupons.
Total.
316
1, 212, 159
953
28,977
126, 584
39, 392
123,106
18, 518, 741
406, 974
20, 457, 204
$41, 180. 00
1, 556, 852, 750. 00
61, 113, 100. 00
609, 151, 300. 00
2, 299, 348, 650. 00
3, 929, 416, 000. 00
175, 310. 96
619, 350, 856. 01
14.64
2, 352, 284. 50
9,077,801,446.11
4,746
345, 976
133
157
6,768
.....
$2, 200, 690. 00
299, 913, 550. 00
36, 306, 000. 00
157, 300, 000. 00
149, 465. 40
3."l8
357,781 495,869,708.58
Retired on account of exchanges for other securities, etc.
United States securities:
Pre-war loans -
Liberty loans
Treasury bonds
Treasury notes
Certificates of indebtedness
Treasury bills
Treasury (war) savings securities
First 3 ^percent Liberty loan interim cer-
tificates. —
Standard full-paid interim certificates
Other securities:
Insular possessions loans
Home Owners' Loan Corporation securities
Federal Farm Mortgage Corporation secur-
ities
Total
United States securities:
Liberty loans
Treasury bonds
Treasury notes
Certificates of indebtedness
Treasury bills
Treasury (war) savings securities.
Standard full-paid interim certificates
Interest coupons
Other securities: Home Owners' Loan Corpor-
ation interest coupons
Total
United States securities:
Pre-war loans
Liberty loans..
Treasury bonds.
Treasury notes
Certificates of indebtedness..
Treasury bills
Treasury (war) savings securities
First 3Jr$ percent Liberty loan interim cer-
tificates
Standard full-paid interim certificates
Interest coupons
Interest checks
Other securities:
Insular possessi ons loans
Home Owners' Loan Corporation:
Securities
Interest coupons
Federal Farm Mortgage Corporation secur-
ities
2,836
695, 601
276, 257
256, 021
73, 840
7,063
1,542
17
24
406
634, 824
73, 583
2, 022, 014
$924, 050. 00
795, 540, 800. 00
1, 433, 808, 050. 00
3, 912, 279, 000. 00
1,413,581,000.00
545, 736, 000. 00
7, 615. 00
1, 000. 00
20, 091, 481. 50
406, 000. 00
78, 960, 500. 00
21, 218, 500. 00
8, 222, 553, 996. 50
39, 146
190, 206
44, 307
5
5
-2, 51,5
2,124
56,007
$207, 310, 910. 00
249, 436, 150. 00
344, 265, 850. 00
24, 209, 000. 00
9, 000, 000. 00
-12,725.00
4, 277, 000. 00
24, 933, 050. 00
36, 016, 500. 00
899, 435, 735. 00
Unissued stock retired
20,322
17, 339
22, 599
282, 928
57, 761
-894
474
11,148,845
$99, 641, 100. 00
199, 963, 950. 00
166, 380, 600. 00
2, 123, 903, 500. 00
5, 354, 848, 000. 00
-3, 292. 00
0)
734, 924, 239. 26
2 11, 559, 995. 00
8, 691, 218, 092. 26
Recapitulation
3,152
1, 928, 082
294, 549
307, 597
483, 352
104, 216
123, 754
17
500
29,667,586
406
634, 824
2 1, 913, 672
73, 583
Total.
35, 535, 290
$965, 230. 00
2, 452, 034, 650. 00
1,694,885,100.00
4, 687, 810, 900. 00
5, 836, 833, 150. 00
9, 830, 000, 000. 00
179, 633. 96
1,000.00
20,091,496.14
1,354,275,095.27
406, 000. 00
78, 960, 500. 00
2 13, 912, 279. 50
21, 218, 500. 00
25, 991, 573, 534. 87
43, 892
536, 182
44, 307
138
162
4,223
1
2,124
56, 007
78
687,114
$209,511,600.00
549, 349, 700. 00
344, 265, 850. 00
60, 515, 000. 00
166,300,000.00
136, 740. 40
3.18
4, 277, 000. 00
24, 933, 050 00
36, 016. 500. 00
1, 395, 305, 443. 58
No value.
2 Received figures used, which are in process of audit.
136 REPORT OF THE SECRETARY OF THE TREASURY
Division of Public Debt Accounts and Audit
This Division maintains administrative control accounts for all
official transactions in the public debt conducted by the various
Treasury offices and the Federal Reserve banks as fiscal agents of
the United States, and also for transactions involving paper used for
printing public debt securities, United States currency, stamps, etc.,
and other miscellaneous securities and documents in the Bureau of
Engraving and Printing. Numerous administrative audit functions
are performed in connection with the foregoing. The Division also
maintains control accounts for various classes of unissued currency
in reserve stocks of the Treasurer of the United States and the
Comptroller of the Currency, and conducts administrative examina-
tions and physical audits of such unissued stocks of currency and of
cash balances in custody and collateral securities held in trust in the
offices of the Treasurer of the United States.
During the fiscal year, 77 physical audits were conducted, involving
securities, currency, paper, interest checks, etc., amounting to about
$18,000,000,000 in face value and over 65,000,000 in number of
pieces.
The Division determined and certified credits to the cumulative
sinking fund and amounts in the sinking fund available for expendi-
ture from time to time, interest on all classes of public debt securities
which became due and payable on their respective interest-payment
dates, and the amount of each form of public debt securities and
unpaid interest outstanding each month. It prepared estimates of
interest to become payable on public debt securities in future fiscal
years, and expenditures to be made on account of retirements for the
sinking fund and other special accounts, and prepared statements
showing the accountability of Federal Reserve banks for public debt
securities for the use of Federal Reserve Board examiners in their
periodical examinations of those banks. Numerous data pertain-
ing to public debt transactions for various interested offices and
individuals were also compiled.
During the last half of the fiscal year the work of this Division was
greatly increased on account of activities in connection with the
various issues of bonds of the Home Owners' Loan Corporation and
the Farm Credit Administration, which were handled by the Treasury
Department under agreements entered into with those corporations.
During this period about 350,000 shipments of these bonds were
made, amounting to over 2,800,000 pieces with a face value of $1,270,-
000,000. The work of this Division involved the securing of receipts
in connection with all of these shipments and the transmission of
copies of such receipts to the corporation which authorized the issue,
in addition to the regular auditing and accounting work incident to
the verification of all transactions in these bonds, and the maintenance
of control and detail accounts reflecting this information.
Division oj Paper Custody
A summary of the operations of the Division of Paper Custody
during the fiscal year 1934 is presented in the following tables:
REPORT OF THE SECRETARY OF THE TREASURY
137
Receipts and issues of distinctive and nondistinctive paper during the fiscal year 1934
Kind
On hand Julv
1, 1933
Receipts
Issues
On hand
June 30,
1934
Distinctive paper for United States currency,
Federal Reserve notes, Federal Reserve bank
notes, and national bank currency, new series,
12 subjects
Bank note paper, experimental
United States bond paper
Parchment, artificial parchment, and parchment
deed paper
Miscellaneous paper
Philippine Islands, distinctive paper for Philip-
pine currency
Philippine Islands, postal card
Total
Sheets
10, 986, 691
9,995
■ 7, 019, 677
207, 007
1,912,213
285, 841
4,901
Sheets
^58,115,934
6,600
2 10, 793, 223
95,051
688. 924
1, 086, 400
Sheets
51, 025, 702
16, 595
12, 543, 784
153, 787
1,984,991
888, 815
4,028
70, 786, 132
Sheets
18, 076, 923
5,269,116
148,271
616, 146
483, 426
873
24, 594, 755
1 3,099,001 sheets transferred from United States currency paper to bond paper account.
- 5,980,555 sheets transferred from United States currency paper to bond paper account.
Federal Reserve notes, new series, and Federal Reserve bank notes, series 1929
received and issued during the fiscal rjear 19S \
1000 omitted]
Federal Reserve bank
Boston
New York
Philadelphia.
Cleveland
Richmond...
Atlanta
Chicago
St. Louis
Minneapolis..
Kansas City..
Dallas
San Francisco
Total...
Federal Reserve notes, new series
On hand
Julv 1,
1933
$326, 280
336, 040
449, 800
380, 140
245, 360
202, 640
675, 260
136, 980
102, 100
169, 560
108, 580
202, 600
3, 395, 340
Re-
ceived
$53, 400
165, 120
68, 880
51, 000
28, 680
36, 300
77, 100
25, 740
27, 600
23, 340
9,600
42, 720
609, 480
Issued
$25, 000
197, 400
108, 000
9,600
34, 600
33, 060
12, 000
23, 140
8,400
11,600
24, SCO
On hand
June 30,
1934
$354, 680
303, 760
410,680
421,540
239, 440
205, 880
740, 360
139, 580
121,300
181, 300
178,180
220, 460
Federal Reserve bank notes,
series 1929
On
hand
Julv 1,
1933
$14, 760
45, 400
19, 840
52, 920
50, 040
23, 540
29, 620
21.540
42, 280
36, 840
17, 820
16, 000
487,660 3,517,160 370.600 221,760 141,560
Re-
ceived
$15, 300
57, 180
21, 600
39, 900
8,040
63, 720
16, 020
Issued
515,000
27, 000
19.700
23, 800
2, 000
5, 140
14,380
8, 120
12, 680
13, 740
On
hand
June 30,
1934
$15,060
75, 580
21,740
69, 020
48. 040
26, 440
93, 340
7,160
34, 160
40, 180
4,080
16, 000
450. SIX)
In addition to the receipts and issues of distinctive and nondistinc-
tive paper and of Federal Reserve notes and Federal Reserve bank
notes, the division counted 68,807,7S4 sheets of Government securities,
Philippine currency, and cut paper.
Destruction Committee
The following table summarizes the number of pieces and the face
amount of securities received from the various offices and destroyed
by the Destruction Committee during the fiscal year 1934:
Pieces '
Face value
Division of Loans and Currency and
Treasurer of the United States:
New series:
Silver certificates
Silver certificates (act of May 12,
1933)
Gold certificates
United States notes...
506, 364, 184
24, 050
22, 979, 292
57, 399, 763
$506, 359, 801. 00
240, 500. 00
390, 754, 070. 00
240, 178, 044. 00
586, 767, 289
$1,137,532,415.00
'AH currency under the head of "Pieces" is expressed as whole notes.
138
REPORT OF THE SECRETARY OF THE TREASURY
Pieces '
Face value
Division of Loans and Currency and
Treasurer of the United States— Con.
Old series:
Silver certificates
Gold certificates
United States notes
Treasury notes
Fractional notes
2, 673, 136
913, 861
1, 092, 680
2,397
7,116
4, 689, 190
$3, 230, 799. 00
21, 901, 730. 00
3, 465, 668. 00
13, 150. 00
1,631.02
Total —
C omptroller of the Currency and national
bank agents:
New series:
National bank notes (5 percent
account)
National bank notes (retired)
Unissued vault stock
Old series:
National bank notes (5 percent
account)
National bank notes (retired)
Federal Reserve bank notes (re-
tired)
591, 456, 479
44, 676, 885^
11,524,731
1,919,112
381, 963^
290, 964
58, 120, 728H
757, 404H
362, 706, 957. 50
94, 660, 120. 00
20, 244, 130. 00
4, 993, 202. 50
3, 627, 565. 00
149, 171. 00
Total
Comptroller of the Currency and Federal
Reserve bank agents:
Federal Reserve notes (new series)
Federal Reserve notes (old series)
Federal Reserve bank notes (new
series)
58, 878, 133
107, 135, 494
1, 846, 775
115,818,931
1, 000, 941, 550. 00
29, 203, 645. 00
50, 426, 500. 00
Internal Revenue Bureau:
Miscellaneous stamps from Stamp
Division
Miscellaneous stamps from Stamp
Division ("obsolete and surplus")..
Miscellaneous stamps from Tobacco
Division
Refund, miscellaneous stamps, Tax
Unit
Alcohol Tax Unit
52, 946, 424. 83
6, 933, 070. 80
871,851.28
131, 605. 92
17, 243. 61
Register of the Treasury:
Interest coupons, unissued
Interest coupons, unissued Federal
Reserve bank
United States thrift stamps, redeemed.
Coupon bonds and notes, Federal Re-
serve (unissued)
Registered bonds and notes (unissued)
Bearer certificates of indebtedness
(unissued)
Farm loan bonds and coupons
10, 275, 593
593, 616
189, 950
73, 669
321, 132
1, 347, 400
762, 855
13, 564, 215
559, 827, 384. 88
34, 600, 082. 44
47, 487. 50
110,869,200.00
326, 036, 500. 00
6, 608, 952, 850. 00
549, 924, 504. 81
Public Debt Service, photostats
Division of Loans and Currency (Security
Section) interest checks
184
199, 631
$28, 612, 978. 02
1,166,145,393.02
477,611,207.50
8, 769, 938. 50
486, 381, 146. 00
1, 080, 571, 695. 00
60, 900, 196. 44
8, 190, 258, 009. 63
Grand total.
779, 917, 573
10, 984, 256, 440. 09
Sheets
Division of Loans and Currency (Bureau
of Engraving and Printing spoilage):
Money of all kinds
Postage stamps
Internal revenue stamps
Bonds and certificates of indebtedness
Customs and miscellaneous stamps. .
Postal savings certificates
Experimental, bond paper
Distinctive and nondistinctive paper
(experimental)
Void coupons
1,482,384^
7,007,480H9%800
2,372,31531^1
989,623^2
3, 166, 420%
133, 802
783
1,143
Division of Loans and Currency (Divi-
sion of Paper Custody):
Bond paper
Experimental paper
745, 476
9,995
15, 153,952i68»^0400
755, 471
Grand total 15,909,4231»s»%04OO
Coupons
33, 387, 095
33, 387, 095
i All currency under the head of " Pieces " is expressed as whole notes.
REPORT OF THE SECRETARY OF THE TREASURY 139
PUBLIC HEALTH SERVICE
Division of Sanitary Reports and Statistics
Reports to the Public Health Service from 27 States indicate a
general death rate for the calendar year 1933 of 10.5 per 1,000 popu-
lation. The death rate in 1932 which was the lowest previously
recorded rate for these States was 10.8 per 1,000. New low death
rates for tuberculosis, typhoid fever, and diphtheria were recorded
for 1933 in these States.
Late in July 1933 there appeared in the suburban area of St. Louis,
Mo., a type of encephalitis which had not heretofore made its ap-
pearance in the United States in serious epidemic form. A total of
approximately 1,100 cases was reported during the epidemic, with a
mortality of about 20 percent.
The Public Health Reports was issued regularly each week. In-
formation on outbreaks of disease dangerous to the public health
and on the prevalence of communicable diseases was collected, and
the data wore made available to health officers and other sanitarians.
Copies of publications distributed during the fiscal year 1934 num-
bered 179,370, as compared with 130,802 during the preceding fiscal
year.
Division of Foreign and Insular Quarantine and Immigration
Quarantine transactions. — During the fiscal year 14,796 vessels and
1,737,416 persons from foreign ports were inspected by quarantine
officers at continental and insular ports, as shown in the following
table :
Inspections oy quarantine officers during the fiscal year 193^
Inspection at—
Vessels
Passengers
Seamen
11, 576
3,220
211
524, 283
135, 125
51, 574
852 749
225, 259
8,198
Total
15, 007
710, 982
1, 086, 206
In addition, 3,668 airplanes, carrying 26,951 persons, arrived at
19 airports of entry in the United States from foreign ports, requir-
ing quarantine inspection. Of the number of persons, 4,364 were
aliens who were medically examined by medical officers of the Public
Health Service.
A total of 18,417 passengers who embarked at European ports for
United States ports was vaccinated and 7,226 were deloused under
the surveillance of medical officers of the Public Health Service, and
17,818 pieces of baggage were disinfected to safeguard against the
introduction of smallpox and typhus fever into United States
territory.
A total of 1,289 vessels was fumigated either because of the occur-
rence of disease on board or for the destruction of rats as a plague-
preventive measure.
Six-thousand and seventy dead rats were retrieved following fumi-
gation, 4,229 of which were examined for plague infection.
None of the quarantinable diseases was imported into the United
States or its dependencies during the year.
140 REPORT OF THE SECRETARY OF THE TREASURY
The regulations governing the importation of birds of the parrot
family into ports of the United States were revised to prohibit the
importation of birds under the age of 8 months (as young birds
were found to be especially likely to transmit infection) and to
provide for the laboratory examination of suspected birds upon
arrival at ports of entry.
The International Sanitary Convention for Aerial Navigation
was signed on behalf of the United States by the American min-
ister at The Hague on April 6, 1934. During the year ended April
12, 1934, the latest date on which the convention was open for
original signatures, 23 countries, including the United States, had
signed the convention. Its ratification by the signatory countries is
now pending. The ratifications of 10 countries must be deposited
with the Government of the Netherlands before the convention will
become effective.
Medical examination of oldens. — There were 680,152, alien pas-
sengers and 783,377 alien seamen examined by medical officers at
the various ports of entry. Of this number 1,502 passengers and
507 seamen were certified to the proper immigration officials, in
accordance with the act of February 5, 1917, as being afflicted
with one or more mental or physical defects or diseases calling for
exclusion under the immigration laws.
The work of the medical officers of the Public Health Service on
duty in the Philippine Islands was increased by the acceptance by
the Philippine Legislature, on May 1, 1934, of the Philippine Islands
Independence Act, which provides for the application of the im-
migration laws of the United States to citizens of the Philippine
Islands and for the administration of such laws by Foreign Service
officers of the United States.
In order to facilitate the entry of Mexican citizens desirous of
temporarily visiting the United States, officers of the Public Health
Service on duty at quarantine stations on the Mexican border were
authorized to pass without formal examination all persons holding
identification cards issued to them by American consular officers
in the interior of Mexico, provided they show no evidence of quar-
antinable disease at time of entry.
Examination of 'prospective immigrants abroad. — There were
35,539 applicants for immigration visas examined by medical officers
in American consulates in foreign countries. Of this number, 22,420
were examined in Europe, and the remainder were examined in the
Western Hemisphere. Of the number examined, 5,049 in Europe
and 1,955 in the Western Hemisphere were reported by the medical
officers to the American consuls as being afflicted with one or more
mental or physical defects, and 1,446 in Europe and 881 in the
Western Hemisphere were refused visas for medical reasons. None
of the aliens to whom immigration visas had been issued was certi-
fied upon arrival at a United States port as being afflicted with a
defect or disease requiring mandatory deportation.
Division of Domestic Quarantine
The State health agencies continued their cooperation in connec-
tion with the certification of sources of drinking water used by
interstate railroads, busses, vessels, and airplanes. Of the 2,241 sup-
plies used, 94 percent were inspected arid controlled. Of the vessels
REPORT OF THE SECRETARY OF THE TREASURY 141
engaged in interstate traffic, 52.6 percent were inspected and issued
certificates of compliance with the regulations governing drinking-
water systems, while 20 percent were issued temporary certificates
pending inspection.
Surveys and inspections of shellfish-growing areas and shipping
establishments were continued in order to determine the efficiency
of State control over the sanitation of the shellfish industry. A
total of 1,498 State certificates was approved during the year.
Assistance was rendered States engaged in stream pollution in-
vestigations, and, with funds allotted by the Public Works Admin-
istration at the request of the Chesapeake Bay Authority, a study
was made of the pollution of the Hampton Roads area of Chesapeake
Bay.
Allotments from the Public Works Administration to other Fed-
eral agencies for public works projects increased the public health
engineering services rendered by the Public Health Service to such
agencies considerably over the volume of service rendered in previous
years. This work amounted to 43 percent of the time of the en-
gineering field force, of which over 26 percent was time devoted to
assisting the National Park Service and Bureau of Indian Affairs.
As in previous years, assistance was rendered the Procurement Divi-
sion, Public Works Branch (formerly the Supervising Architect's
Office), the Bureau of Prisons, the Lighthouse Service, and others.
The design of a sewage disposal plant for the Beltsville Experi-
mental Station of the Department of Agriculture was also supervised.
A spread of rodent plague to three additional counties in Cali-
fornia necessitated more intensive work by the Public Health Service
in cooperation with the State health authorities toward the close of
the fiscal year. Rodent infection of a virulent type was discovered
in Kern, Tulare, and Modoc Counties. Human cases occurred in
Tulare County, Calif., and in Lake County, Oreg. It is possible
that rodent infection has spread to other localities in the inland areas
of the northwestern States.
To protect the port of Honolulu from the possible introduction
of plague infection from the Island of Maui, the Public Health
Service inaugurated control activities in cooperation with the Terri-
torial authorities of Hawaii.
Studies of health problems in rural areas were continued. On
account of the drastic reduction in the appropriation for rural health
work, financial assistance to county health units was abandoned ; the
maintenance of advisory service for State health authorities on rural
health activities was continued, however. There was a decrease in
the number of full-time county health units maintained in the several
States from 581 in 1932 to 533 in 1933.
Allotments for trachoma eradication work were reduced, but coop-
erative activities were continued in Tennessee, Kentucky, and Mis-
souri; 32,677 persons were examined, 6,329 treatments were given
in field clinics and dispensaries, and 726 cases were admitted to
hospitals.
Division of Scientific Research
The original systematic program of cancer research was continued
in its major aspects. As in the past the investigations included
studies of the biological effects of radiation, resistance and suscep-
142 REPORT OF THE SECRETARY OF THE TREASURY
tibility to malignant growths, and biochemical, cytological, physi-
ological, and pathological studies.
Epidemiological and laboratory studies of the St. Louis enceph-
alitis epidemic were conducted by service officers working in coop-
eration with State and local health authorities and the Washington
University Medical School.
Further attempts have been made by laboratory and field studies
to determine the factors predisposing to rheumatic heart disease,
with particular attention being given to a determination of the role
which subclinical scurvy may play in the etiology of rheumatic
carditis.
Studies to determine the basic needs of the people in matters per-
taining to public health practices in county health departments are
being continued. The information thus gained will be of value in
planning future rural health organizations.
The personnel engaged in field investigations of malaria has
planned and supervised the malaria control activities undertaken in
connection with the Civil Works Administration emergency program
which commenced in November 1933, and which were in progress at
the close of the fiscal year.
The study of the attempt to control malaria in tropical climates
by the administration of atabrine alone was brought to a conclusion,
the findings indicating that while the drug controls the clinical
attack rate of malaria, it does not materially affect the infection rate.
However, a combination of plasmochin and atabrine has produced
encouraging results.
Researches in the malaria therapy of paresis have been continued,
and studies conducted to perfect methods for retaining the viability
of sporozoites after dissection of infected mosquitoes have been very
successful.
Clinical studies of leprosy have been directed toward investigations
of the early manifestations of the disease. Experimental studies
have been concerned with attempts to determine the mode of entrance
of the leprosy bacillus into the human body.
It was felt that the correlation between blacktongue (canine pel-
lagra) and human pellagra had been worked out thoroughly enough
for sufficiently reliable results on the study of the pellagra-preventive
value of foods to be obtained from experiments with dogs, and so the
studies of human pellagra conducted at the Milledgeville State Hos-
pital, Milledgeville, Ga., were discontinued. Considerable attention
is being given to the development of a satisfactory rat method for
testing pellagra-preventive activity.
The incidence and mortality of psittacosis in the United States
were greater than during the preceding fiscal year, due largely to
an epidemic occurring in a Pittsburgh department store. From the
studies conducted by the Public Health Service it is now apparent
that psittacosis can be controlled by adequate control of breeding
and commercial handling of psittacine birds.
Construction work on the new laboratory unit at Hamilton, Mont.,
for the study of Rocky Mountain spotted fever and related diseases
has been completed except for mechanical installations. Two hun-
dred and twelve liters of vaccine were manufactured for the 1934
season. The year-by-year increase in the demand for vaccine con-
tinues. An additional 40.8 liters of vaccine were furnished for use
REPORT OF THE SECRETARY OF THE TREASURY 143
by the personnel in Civilian Conservation Camps located in sections
where the danger of infection is greatest or the disease most fatal.
A statistical analysis of data on weights of children, collected in
May 1933, in studies of child health and development in relation to
the economic crisis, indicates that in comparison with the average
weight for age and sex obtained during the years 1923-28, there
was no significant difference in the weights of boys during the last
few years of the depression, but that there was a slight increase in
the number of underweight girls.
A dental health survey undertaken in cooperation with the Amer-
ican Dental Association has been in progress and is designed to
show existing facilities in State departments and institutions and
to determine the dental needs of children of school age.
In connection with studies of industrial dermatoses, investigations
were made of processes of manufacture with reference to the skin
hazards involved in 27 plants employing a total of 19,483 workers.
Studies of the health of workers in dusty trades have included the
effects of the respective dusts on anthracite coal miners and talc
workers, the physiological response of the peritoneal tissue to dusts
introduced as foreign bodies, silicosis among granite quarriers, pul-
monary infection in pneumoconioses, and the effect of inhaled
marble dust as observed in Vermont marble finishers.
The study of atmospheric pollution in 14 cities, made to determine
the average conditions and various fundamental relations which
might prove of importance in programs for smoke abatement, has
been completed and a report of the study is in progress.
Research activities in connection with milk investigations have
included laboratory studies on the chlorine and thermal resistance
of the B. coli communior test organism, the bactericidal treatment of
milk coolers, design of air- and foam-heating equipment, and the
washing and bactericidal treatment of milk cans and milk bottles.
The statistical analysis of the data collected on sickness and mor-
tality among families of the unemployed was continued. The re-
sults indicate higher sickness rates among the recent poor class and
a rising mortality in the class most severely affected by the depres-
sion in the face of a downward trend in the death rate in the general
population.
The efficiency of the activated sludge method of sewage purifica-
tion and stream oxidation continue to be the major research studies
at the stream pollution laboratory.
Studies at the National Institute of Health included investigations
of such diseases as typhus, Rocky Mountain spotted fever, epidemic
encephalitis, relapsing fever, tularemia, poliomyelitis, and trachoma,
as well as studies relating to the control of biologic products in
accordance with the act of July 1, 1902.
Work on the etiology of epidemic encephalitis which prevailed in
St. Louis, Mo., in the summer of 1933 has led to the isolation, at
the National Institute of Health, of a virus that is distinct, in its
-animal symptomatology, pathology, and immunology, from the other
viruses isolated from six fatal cases of the disease.
On the basis of animal experiments a chemical method was dis-
covered for the treatment of bichloride poisoning in human cases.
90353—35 11
144 REPORT OF THE SECRETARY OF THE TREASURY
In connection with sugar researches the 5-carbon sugar xylose has
been transformed to the 4-carbon sugar threose by a method which
will permit its preparation in sufficient quantity for biochemical
study. The basic problem of carbohydrate nutrition is being ad-
vanced by such work.
Following the outbreak of amoebic dysentery in Chicago in the
summer of 1933, the Public Health Service, in conjunction with the
Chicago city health department, undertook epidemiological and
laboratory studies of this disease which are still in progress.
Division of Marine Hospitals and Relief
The daily average number of patients in hospitals was 4,455 ; the
daily average number of out-patient treatments was 2,804; there
were 42,611 patients in hospital during the year. A total of 305,155
beneficiaries received treatment and other medical services at the
marine hospitals and other relief stations, and on June 30, 1934, there
were 4,531 in hospital, representing 599 more patients than were in
hospital on June 30, 1933; and of this number 157 were old-line
beneficiaries, 230 patients from the Civilian Conservation Corps, 113
patients from the Civil Works Administration, and 99 patients from
the Veterans' Administration. A total of 24,649 patients from the
Civil Works Administration was treated during the year, the Serv-
ice having been obliged to care for them without additional appro-
priation, and, therefore, it was necessary to secure a release of $120,-
000 of impounded funds for the purpose.
The hospitals continued to work with reduced appropriations and
personnel. In 1933 the personnel was reduced by 476 persons, fol-
lowing the withdrawal of veterans from marine hospitals. How-
ever, the enactment of Public No. 141 liberalized the benefits to
veterans, and more of these patients have been admitted to marine
hospitals; on June 30, 1934, there were 99 in hospital as compared
with 37 on June 30, 1933, adding somewhat to the income and mak-
ing it possible to employ a few additional persons. Throughout
the year it was necessary to practice every economy, and it became
apparent on January 2, 1934, that unless additional funds were se-
cured some of the relief stations would have to be closed. Upon
presenting the facts to the Director of the Budget, $150,000 of
impounded funds was released.
The per diem cost was forced down to the low figure of $3.05
because of insufficient available appropriations. This was done by
keeping personnel at the lowest practicable number and foregoing,
for the time being, the replacement and repair of equipment in
normal amount.
Division of Venereal Diseases
The program of disease control includes a study of methods of
treatment and prevention of venereal diseases, dissemination of in-
formation concerning these diseases, and cooperation with State
boards of health for their control. In furthering this program, ex-
perimental research work has been continued at the laboratory of the
Stapleton Marine Hospital. The subjects of study during the year
were the chemical prophylaxis of syphilis, the possibility of the
KEPORT OF THE SECRETARY OP THE TREASURY 145
existence of a syphilis carrier, culture of Treponema pallidum, and
lymphogranuloma inguinale.
Results of treatment for syphilis have been studied over a period
of several years. This investigation is carried on in cooperation
with several of the leading syphilologists of the United States,
material from five large clinics being^ made available for study.
Financial assistance was given by the Milbank Memorial Fund. In
April of 1934, an article entitled " Standard Treatment Procedure
in Early Syphilis : a Resume of Modern Principles " was published
in Venereal Disease Information, issued by the Division. The find-
ings of this important study were given further publicity by an
exhibit of charts at the annual meeting of the American "Medical
Association. Studies of other phases of clinical syphilis, part of this
same undertaking, have also been published and have had wide
circulation.
Subscriptions to Venereal Disease Information have shown a grad-
ual gain since January 1934, as a result, in part at least, of the
circularization of the county medical societies through the coopera-
tion of the State boards of health, and of fourth-year students of
accredited medical schools. Reprints of six of the special articles
have had wide distribution. The bulletin is a valuable contribution
to the program for the control of venereal disease, as is attested by
the increasing number of requests for further information received
from subscribers. These requests come from syphilologists, social
workers, and general practitioners in all sections of the country.
Efforts directed toward the prevention of disease were carried on
largely in cooperation with the State departments of health. In two
States control activities were directed by Public Health Service
officers. In North Carolina the plan of enlisting the aid of physi-
cians throughout the State to act as cooperating clinicians was
adopted. Thirty-three physicians were furnished with drugs for the
free treatment of persons who were carried on the relief rolls and
others who, in the judgment of the local relief officers, were unable
to pay for treatment. In Tennessee, renewed activity in the eco-
nomic life of the State made special provisions necessary. One re-
quest for aid came from the medical director of the Tennessee Valley
Authority, in response to which a comprehensive program for
venereal disease control was prepared and put into effect.
The clinic at Hot Springs, Ark., the only clinic which is main-
tained by the Public Health Service, has faced the most trying year
of its existence. The tremendous influx of transients into the city
brought with it an enormous increase in the number of applicants
for admission to the clinic. Additional personnel was necessary to
handle the work, which has increased more than 50 percent over the
preceding year.
State boards of health have been urged to encourage private
physicians and clinic directors to submit reports of all cases of
venereal diseases. At the present time it is estimated that only
about one-half of all cases under treatment are reported. Activities
of 615 cooperating clinics were reported during the year. Approxi-
mately 128,000 cases were admitted; more than 55,000 were dis-
charged as cured, and more than 3,000,000 treatments were given.
From 47 State departments of health approximately 385,000 cases
146 REPOET OF THE SECRETARY OF THE TREASURY
of venereal diseases were reported. More than 1,276,000 doses of
arsphenamine were administered, and about 2,000,000 laboratory
examinations made.
Division of Mental Hygiene
The activities of the Division of Mental Hygiene included studies
of the nature and treatment of drug addiction and dissemination
of information upon the subject; studies of the abusive uses of
narcotic drugs; administrative functions incident to the establish-
ment of narcotic farms; supervising and furnishing the medical
and psychiatric services for the Federal penal and correctional
system; and cooperating with other agencies interested in the va-
rious phases of work with which the Division is concerned.
Two additional medical units were established during the year,
one at the United States Penitentiary, Alcatraz Island, Calif., and
one at the Federal Prison Camp, Tucson, Ariz., making a total of
17 medical units being operated by the Public Health Service in
connection with the correctional institutions under supervision of
the Department of Justice.
Special studies of the nature of drug addiction were continued
at the United States Penitentiary Annex, Fort Leavenworth, Kans.,
incident to the establishment of the first United States Narcotic
Farm. Progress has been made in the construction of the latter
institution, and it is anticipated that it will be completed and ready
to receive admissions by April 1, 1935. Funds were made available
through the Public Works Program for beginning construction of
the second institution at Fort Worth, Tex.
Further studies were made dealing with the addiction liability of
codeine and other substances, including dihydrodesoxymorphine-D
made from opium by a process discovered by Dr. Lyndon F. Small,
consultant in alkaloid chemistry. Application for patenting this
process was made by Dr. Small, the patent to become the property
of the United States and to be lodged with the Secretary of the
Treasury as ex officio custodian thereof.
Division of Personnel and Accounts
Personnel. — The operation of the marine hospitals and quarantine
stations was attended by difficulty, due to the reduction of personnel
made necessary by decreased appropriations. At the hospitals, for
example, it was necessary in many instances to employ internes in
place of the experienced physicians, which the character of the work
required.
On July 1, 1934, the regular commissioned corps of the Public
Health Service consisted of 370 commissioned officers, of whom 48
were on waiting orders. The reserve officers on active duty num-
bered 37. Other personnel of the Service totaled 5,646, not including
4,674 collaborating and assistant collaborating epidemiologists who
served at nominal compensation and who were for the most part
officers or employees of State and local health organizations.
REPORT OF THE SECRETARY OF THE TREASURY
147
Financial statements. — Following is a statement of appropriations
and expenditures for the fiscal year 1934 :
Appropriation title
Appropriated
Expended
Salaries, Office of Surgeon General
Pay, etc., commissioned officers
Pay of acting assistant surgeons _
Pay of other employees ...
Freight, transportation, etc
Maintenance, National Institute of Health
Books
Pay of personnel and maintenance of hospitals
Quarantine service..
Preventing the spread of epidemic diseases
Field investigations of public health
Interstate quarantine service
Studies of rural sanitation
Control of biologic products
Expenses:
Division of venereal diseases
Division of mental hygiene
Educational exhibits.
Total....-
$307,
1, 528,
325,
1, 017,
36,
54,
5, 844,
475,
333,
353,
38,
150,
43,
75,
44,
1,
890. 00
393. 00
400. 00
750. 00
175. 00
775. 00
500. 00
259. 00
000. 00
G50. 00
564. 00
454. 00
000. 00
900. 00
000. 00
377. 00
500. 00
$266, 314. 09
1, 372, 666. 42
253, 227. 61
801, 194. 25
25, 161. 00
40, 982. 32
406. 90
5, 048, 340. 85
308, 621. 46
206, 893. 60
210, 020. 00
33, 255. 21
24, 544. 94
39, 657. 50
58,268.71
30, 938. 50
957. 64
2 10,630,587.00
8, 721, 451. 00
' Includes $244,259 reimbursement for care and treatment of beneficiaries of the Veterans' Administration
and Civilian Conservation Corps.
2 Statement does not include expenditure of $4,177.01 from trust fund "National Institute of Health,
Conditional Gift Fund."
Expenditures from allotments of funds from other bureaus and
offices for direct expenditure during the fiscal year 1934 were as
follows:
Appropriation title
Allotted
Expended
$72, 550. 00
393, 278. 00
1,726,863.00
131, 124. 88
1,800.00
$72, 550. 00
Department of Justice: Medical and Hospital Service, Penal Institutions
393, 278. 00
1, 726, 863. 00
131, 124. 88
1, 800. 00
Total
2,325,615.88
2, 325, 615. 88
The revenues derived from operations of the Public Health Service
during the fiscal year 1934, and covered into the Treasury as miscel-
laneous receipts, were as follows :
Source
Amount
General fund receipts:
Quarantine charges
Hospitalization charges and expenses
Sale of subsistence ■_ '.
Sale of occupational therapy products
Sale of obsolete, condemned, and unserviceable equipment
Rents...
Reimbursement for Government property lost or damaged
Commissions on telephone pay stations installed in service buildings
Sale of refuse, garbage, and other by-products
Sale of livestock and livestock products
Other revenues
Total
Trust fund receipts:
Effects of deceased patients
Grand total
$220, 809. 33
22, 639. 07
10,334.31
431.02
5,112.21
2, 582. 25
02.57
1,070.14
712. 72
352. 16
125. 78
264,231.56
1,418.09
265, 649. 65
148 REPORT OF THE SECRETARY OF THE TREASURY
PUBLIC WORKS OF ART PROJECT
The Public Works of Art Project was organized on December 8,
1933, as an emergency relief activity designed to aid those of artistic
inclination who were in need of employment and qualified as artists
to produce work of value. Policies were outlined by an advisory
committee composed of 6 leading authorities, and 5 directors were
named to coordinate and supervise procedure. The country was
divided into 16 regions with a chairman named for each. More than
600 private citizens contributed their services and expert knowledge
without remuneration in administering the project. Artists given
employment numbered 3,749.
The project was financed by an allotment of $1,408,381 from the
Federal Emergency Relief Administrator. A total of $1,184,748.32
was paid out in the form of artists' pay rolls, and $127,429.61 on
administrative pay roll, travel, and miscellaneous supplies, leaving
an unexpended balance of $96,203.07 as of June 30, 1934.
The project produced some 15,663 works of art, including 3,821
oil paintings, 54 portraits, 1,076 etchings, 2,938 water colorings, and
647 pieces of sculpture. A large proportion of these works of art
has been allocated to publicly owned buildings throughout the
country, such as public libraries, public schools, museums, Govern-
ment offices, etc. The distribution is now being completed by the
Federal Emergency Relief Administration. The allocations have
been made with the understanding that the works of art remain the
property of the Federal Government.
Field reports indicate that the project was well received throughout
the country. A complete report on the activities of the project has
! been made to the Federal Emergency Relief Administrator.
SECRET SERVICE DIVISION
During the fiscal year 1934, 3,251 persons were arrested by agents
of the Service, or by their direction, on charges involving counter-
feiting of the obligations and coins of the United States and forgery,
as well as miscellaneous offenses against the Federal statutes relating
to the Treasury Department. Of this number, 1,724 were note
counterfeiters and note passers, 86 were note raisers and passers of
altered currency, 725 were coin counterfeiters and coin passers, 486
were check forgers, 32 were apprehended for negotiating stolen or
forged bonds, 10 were held for fraudulent negotiation of adjusted
service certificates, and 188 arrests were made for miscellaneous
offenses.
Only two new counterfeit issues, both photo-mechanical produc-
tions and warranting distribution of descriptive warning circulars,
were detected during the year; 119 counterfeits of varying types and
denominations were detected in circulation in different sections of
the country for short periods, some being hand-drawn and photo-
graphic specimens of extremely crude workmanship.
Counterfeit notes aggregating $1,214,279 were seized by operatives
of the Service. This total included altered notes aggregating $12,390,
of which $6,345 were made and passed in foreign countries, and
fractional currency amounting to $242. Counterfeit coins totaling
$77,960 were confiscated by agents in connection with raids and
subsequent arrests.
REPORT OF THE SECRETARY OF THE TREASURY 149
In connection with investigations and arrests, operatives seized
312 metal plates, 834 film and glass negatives for printing counter-
feit obligations and securities, together with 2 lithograph stones,
371 plaster molds, 25y2 metal molds, 51 steel dies for counterfeiting
coins, together with a large quantity of miscellaneous materials
and paraphernalia.
Of the counterfeit notes seized during the year, a total of $469,368
was used in evidence against the makers and passers, while altered
notes aggregating $1,865 were used in evidence in the prosecution
of note raisers and passers of altered notes. Counterfeit coins,
totaling $6,438, were also used in evidence in cases of this character.
Of the total number of persons arrested, 1,596 were convicted and
sentenced; 121 acquitted; 1,027 are awaiting action of the courts,
and various dispositions were made of others.
Agents conducted investigations of 2,408 check cases, 57 bond cases,
and 3 war-savings stamp cases. In check-case investigations $6,969
was received in restitution and transmitted to the Department.
The Veterans' Administration forwarded to the Service for investi-
gation 87 cases involving violation of the World War Adjusted Com-
pensation Act. Inquiries in 283 cases were received from the Pro-
curement Division for information concerning prospective bidders on
Government supplies. Three requests were transmitted by the Farm
Loan Board for investigation of offenses against the Farm Loan Act,
and 145 cases involving violation of the Gold Reserve Act of 1934
were referred to the Service for investigation.
DIVISION OF SUPPLY
The Division of Supply is the central procuring or purchasing
agenc}' of the Treasury Department, and as such does the purchasing
for all local and field activities, with the exception of purchases from
appropriations for the Bureau of Engraving and Printing (exempted
by law), the Coast Guard, and, to some extent, the Bureau of the
Mint. The Division is charged also with certain duties closely
related to purchasing, such as accounting for funds appropriated
or allotted to it; supervision over printing and binding for the
Treasury Department and engraving work by the Bureau of Engrav-
ing and Printing for all departments and establishments, unless
money, bonds, or stamps are involved; control over newspaper and
periodical advertising for the Department; routing of all freight,
express, and parcel-post shipments; and warehousing and distribu-
tion of stationery and miscellaneous supplies, including blank books
and forms, to Washington and field offices of the Treasury Depart-
ment. The appropriations to the Department for purchases of sta-
tionery, and for printing and binding are under the administrative
control of the Division.
Expenditures from various appropriations
The total cost of purchases made by the Division of Supply during
each of the past two fiscal years from specified appropriations from
which allotments were made to the Division to cover expenditures
150
REPORT OF THE SECRETARY OF THE TREASURY
made by it, and also purchases chargeable to appropriations from
which no allotments were made, are shown in the following table :
Expenditures by Division of Supply for the fiscal years 1933 and 1934, f>V
appropriations
Bureaus and offices, and titles of appropriations
Chief Clerk and Superintendent:
Contingent expenses, Treasury Department.
Library.
Working fund, Civil Works Administration-
Total
Division of Supply:
Stationery, Treasury Department
Printing and binding, Treasury Department..
General Supply Committee, salaries and expenses.
Total
Division of Bookkeeping and Warrants, contingent expenses, public
moneys
Bureau of Customs, collecting the revenue from customs
Public Health Service:
Pay of personnel and maintenance of hospitals
Quarantine service
Interstate quarantine service
Maintenance, National Institute of Health
Field investigations
Preventing the spread of epidemic diseases
Expenses, Division of Venereal Diseases .
Control of biologic products
Books
Studies of rural sanitation
Educational exhibits
Expenses, Division of Mental Hygiene
Mosquito control in District of Columbia
Working fund, Civil Works .
Working fund, Beltsville, Md., Public Works.
National Industrial Recovery
Department of Justice transfers to Public Health Service:
Medical and hospital services, penal institutions
Total.
Procurement Division:
Branch of Supply
Public Works Branch (account public buildings) :
Repairs and preservation
Mechanical equipment
Vaults and safes
General expenses
Furniture and repairs
Operating supplies
Total.
Bureau of Internal Revenue, collecting the internal revenue
Advances to Agricultural Adjustment Administration (transfer to
Internal Revenue, administrative expenses)
Total.
Bureau of Narcotics, salaries and expenses
Bureau of Industrial Alcohol, salaries and expenses
Public Debt Service:
Expenses of loans (act Sept. 24, 1917, as amended and extended)...
Public Debt Service
Total.
Division of Disbursement, salaries and expenses
Total appropriations and allotments
Purchases from appropriations from which no allotments were made *.
Grand total.
$117,082.88
860.20
117,943.08
314, 809. 40
556, 857. 70
8, 872. 59
227. 32
304, 127. 92
, 774, 537. 33
176, 892. 59
1, 203. 99
32, 410. 33
52, 708. 10
48,950.52
4, 702. 93
18,881.38
493. 51
188. 85
383. 65
790. 55
102.40
86, 593. 68
2, 198, 839. 81
95, 171. 63
111,717.21
136, 000. 09
95, 801. 33
518, 329. 33
031,300.23
2, 988, 319. 82
110, 324. 09
110, 324. 09
8, 303. 12
20, 312. 24
2, 701. 53
24, 505. 27
27, 206. 80
6, 656, 143. 89
103, 248. 09
6, 759, 391. 98
1 Includes receipts^from sales of customs forms (reimbursed to the appropriation).
* Shown under Procurement Division, Branch of Supply.
* Appropriation accounting by bureaus and offices for which purchases were made.
REPORT OF THE SECRETARY OF THE TREASURY
151
The foregoing expenditures involved the preparation of specifica-
<ions, the solicitation of quotations, the writing of 47,517 purchase
orders, and the examination and audit of 102,272 vouchers for pay-
ment through the disbursing clerk of the Treasury Department.
The purchase orders in 1934 required the preparation of 7,791 sets of
specifications and the circulation of 59,544 invitations to dealers to
submit quotations, as compared with 9,365 sets of specifications in
1933.
Stationery supplies
The appropriations, reimbursements, and expenditures for articles
of stationery for the past two years are summarized in the following
table :
Appropriations, reimbursements, and expenditures for stationery for the fiscal
years 1933 and 1934
1933
1934
$350, 000. 00
9, 247. 90
$325, 000. 00
34, 513. 08
Available credits
359, 247. 90
324, 057. 30
359,513 08
359, 248. 74
35, 190. 60
264 34
Printing and binding
The appropriation for printing and binding for the fiscal year
1934 was $575,000. The Bureau of the Budget restricted expendi--
tures from this appropriation to $500,000, but this sum was
insufficient to meet the essential requirements of the Department,
and the balance of the appropriation, $75,000, was released. .Reim-
bursements to the amount of $23,715 from the sales of customs
forms were made to the appropriation of $575,000, making a total
of $598,715 available. Of this sum, $597,639 was expended, leaving
a balance of $1,076. In addition, the sum of $282,421 was expended
from funds other than the printing and binding appropriation made
by Congress, making a total of $880,059.
Expenditures for printing and binding, by bureaus, offices, and
services, for each of the last two fiscal years are shown in the follow-
ing table :
Appropriations, expenditures, and reimbursements for printing and binding for
the fiscal years 1933 and 19341
SUMMARY
1933
1934
$670, 000. 00
$575. 000. 00
23, 714. 50
32, 358. 28
282, 420. 69
702, 358. 28
582, 651. 23
881, 135. 19
880, 059. 20
119,707.05
1, 075. 99
i Figures subject to slight variations, due to necessary delays in receiving bills from the Public Printer
for certain items until pending work is completed after the close of each fiscal year.
152
REPORT OF THE SECRETARY OF THE TREASURY
Appropriations, expenditures, and reimbursements for printing and binding for
the fiscal years 1933 and 193Jt ' — Continued
EXPENDITURES FROM APPROPRIATIONS FOR PRINTING AND BINDING, BY
BUREAUS, OFFICES, AND DIVISIONS
Secretary, Under Secretary, and Assistant Secretaries
Appointment Division
Bookkeeping and Warrants Division
Bureau of Engraving and Printing -
Bureau of Industrial Alcohol
Bureau of Narcotics ---
Chief Clerk and Superintendent. .
Coast Guard -
Commissioner of Accounts and Deposits
Comptroller of the Currency
Custodians of public buildings
Customs -. - -
Disbursing Clerk..
Division of Supply -
General Supply Committee...
Government Actuary
Internal Revenue -
Mint
National bank depositaries
Public Debt Service
Public Health
Secret Service
Supervising Architect
Treasurer of the United States
Miscellaneous
Total : —
$8,
18.
3,
19,
4,
18,
23,
1,
34,
7,
38,
2,
225,
6.
1,
11,
48,
58,
101. 93
214.86
459. 85
623. 92
371.90
213. 21
522. 41
895. 26
543. 93
494. 48
589.23
703. 62
410. 57
759. 46
546.96
330.63
831.63
458. 21
377. 38
983. 15
809.17
484.19
318. 33
807. 97
440.70
550, 292. 95
1934
$8, 701. 77
449. 45
23, 684. 55
4, 134 92
19, 248. 21
4, 474. 36
1,562.17
18, 151. 31
394. 32
27, 133. 20
» 710. 33
31,969.15
595. 07
7, 022. 75
» 41, 652. 79
1, 683. 39
227, 325. 90
5, 583. 85
1, 787. 62
10, 445. 35
50, 477. 87
723. 40
' 3, 700. 65
13, 818. 95
68, 592. 68
573, 924. 01
REIMBURSED AND EXPENDED FROM OTHER APPROPRIATIONS
1933
1934
Administration of the Cotton Act, 1934 (transferred to Internal Revenue,
administrative expenses)
Advances to Agricultural Adjustment Administration:
Internal Revenue.. -._
Treasurer of the United States
General expenses, Agricultural Adjustment Administration (tranferred to
Treasury Department, Division of Disbursements)
Bureau of Engraving and Printing
Civil Works Administration
Collecting the revenue from customs
Contingent expenses, national currency
Customs Service, blank forms 3
Emergency conservation fund
Expenses, Emergency Banking, Gold Reserve, and Silver Purchase Acts,
1934-35.
Expenses, National Banking Emergency Act of Mar. 9, 1933
Expenses of loans (act of Sept. 24, 1917, as amended and extended).
Expenses, Settlement of War Claims Act of 1928..
Federal Deposit Insurance Corporation
Federal Farm Loan Bureau (miscellaneous expenses)
Fuel yard, Procurement Division
Insolvent national bank fund
National bank examiners
National Bank Redemption Agency..
National Industrial Recovery
Salaries and expenses, Division of Disbursement
Working fund, Emergency Relief
Working fund, Home Owners' Loan Corporation
Total.
$5, 982. 57
292.87
~373.~60'
2, 179. 31
1, 285. 02
6, 904. 72
1, 599. 56
11,940.49
1,800.14
32, 358. 28
$5, 545. 07
73, 174. 95
809.01
594.00
704.99
90, 475. 57
268.75
1, 636. 31
23, 714. 50
53.95
1, 585. 74
8, 917. 79
34, 186. 36
108.21
33, 200. 20
31.63
215. 50
9,945.71
14, 190. 70
851. 84
2, 864. 67
3, 028. 39
31.35
306, 135. 19
> See footnote on preceding page.
3 In October 1933 there was transferred to the Procurement Division the former Custodians of public
buildings, General Supply Committee, and Office of Supervising Architect.
3 Reimbursed to printing and binding appropriation.
REPORT OF THE SECRETARY OF THE TREASURY
153
Department advertising
Authorizations to publish advertising were issued to 2,605 news-
papers and periodicals in the fiscal year 1934, compared with 3,480
in 1933, a decrease of 875; while the expenditures thus authorized
were $41,863.42 in 1933 and $37,911.20 in 1934, a decrease of
$3,952.22.
Engraving work
A total of 142,025,685 certificates, checks, commissions, drafts,
liquor permits, transportation requests, and warrants was approved
by this office for execution by the Bureau of Engraving and Printing
for the several departments and establishments of the Government
during the fiscal year 1934, compared with 71,918,243 in the preced-
ing year.
TREASURER OF THE UNITED STATES
Public moneys are received and disbursed through the accounts of
the Treasurer of the United States with designated Government de-
positaries and the Treasury at Washington.
Funds appropriated by Congress for the use of the various depart-
ments and establishments of the Government are advanced to dis-
bursing officers as required and credited to their accounts on the books
of the Treasurer, and all disbursements therefrom are made by checks
drawn on the Treasurer.
The total receipts and total expenditures of the Government are
shown for the fiscal years 1933 and 1934 in the following table. The
figures used in this table and throughout this section of the report
(pp. 153 to 156, inclusive) are on the basis of daily Treasury state-
ments, revised. (For explanation of accounts, see p. 274; and for
explanation of bases, see p. 273.)
Account
1933
1934
General and special accounts:
Receipts ..
Expenditures '
Deficit i.
Trust and contributed accounts: !
Receipts -
Expenditures
Surplus.
Deficit..
$2, 083, 656, 464. 32
5, 131, 692, 754. 49
$3,121,431,991.22
7,131,430,071.59
3,048,036,290. 17
4, 009, 998, 080. 37
160, 597, 596. 76
163, 255, 858. 66
3 2, 972, 670, 581. 96
* 2, 138, 224, 450. 87
2, 658, 261. 90
834, 446, 131. 09
i Includes expenditures made by the Reconstruction Finance Corporation, which were not included in
these items in preceding annual reports.
2 The classification of receipts and expenditures on account of contributed funds prior to the fiscal year
1934 is not available. Such receipts and expenditures were classified as special funds and are included in
the receipts and general expenditures under General and Special Funds for the fiscal year 1933.
3 Includes increment resulting from the reduction in the weight of the gold dollar of $2,811,397,066.15.
* Includes $2,000,000,000 authorized to be credited to the exchange stabilization fund.
154
REPORT OF THE SECRETARY OF THE TREASURY
The total receipts and expenditures on account of the principal of
the public debt during the fiscal year 1934 were as follows:
Class
Receipts
Expenditures
Treasury bills..- -
Certificates of indebtedness - —
Certificates of indebtedness (adjusted service certificate fund
series) .
Treasury notes - --.
Treasury notes (civil service retirement fund series)
Treasury notes (foreign service retirement fund series)
Treasury notes (Canal Zone retirement fund series)
Treasury notes (Postal Savings System series)
Treasury bonds -
War savings securities
Treasury savings securities -
First Liberty bonds...
Second Liberty bonds .
Third Liberty bonds
Fourth Liberty bonds -
Victory notes
Postal savings bonds.. . — -
Other debt items --
Deposits for, and retirements of, national bank notes and Federal
Reserve bank notes
$4, 385, 975, 000. 00
1, 695, 150, 500. 00
180, 100, 000. 00
2, 712, 686, 400. 00
47, 700, 000. 00
772,000.00
97, 000. 00
35, 000, 000. 00
4, 177, 903, 164. 64
$3, 929, 416, 000. 00
2, 302, 348, 650. 00
154,300,000.00
609, 151, 300. 00
35, 800, 000. 00
454, 000. 00
52, 000. 00
990. 00
27, 579, 500. 00
319, 962, 860. 00
Total.
13, 582, 927, 414. 64
61,113,114.64
23, 120. 50
120, 135. 00
2, 100. 00
410,150.00
711,950.00
1,855,531,150.00
110,950.00
2, 238, 200. 00
5, 643. 92
116,725,126.00
9,068,513,590.06
The public debt retirements included in the above public debt
expenditures are as follows:
Cumulative sinking fund $359,491,900.00
Received from foreign governments under debt settlements 357,850.00
Forfeitures, gifts, etc - -- 15,342.90
Total - 359,865,092.90
During the fiscal year 1934 the increase in the dollar value of the
gold holdings of the Treasury was $4,621,967,544.94, on the basis
of daily Treasury statements, revised. The amount held on June 30,
1933, valued at $20.67 an ounce was $3,234,213,011.51, and the
amount held on June 30, 1934, valued at $35 an ounce was $7,856,-
180,556.45.
The holdings as of the two dates are shown in the following table
by liability accounts:
Liability account
June 30, 1933
(gold valued at
$20.67 per fine
ounce)
June 30, 1934
(gold valued at
$35 per fine
ounce)
Increase (+) or
decrease (— )
Reserve against gold certificates outstanding..
Gold certificate fund, Federal Reserve Board '.
Redemption fund, Federal Reserve notes 2
Gold reserve
Exchange stabilization fund
Gold in General Fund
$1,230,717,109.00
1, 771, 485, 595. 89
44, 066, 151. 32
156, 039, 088. 03
31,905,067.27
$958,463,029.00
3, 973, 332, 588. 66
25, 722, 721. 73
156, 039, 430. 93
1, 800, 000, 000. 00
942, 622, 786. 13
-$272, 254, 080. 00
+2, 201. 846, 992. 77
-18,343,429.59
+342. 90
+ 1,800,000,000.00
+910, 717, 718. 86
Total.
3,234,213,011.51
7, 856, 180, 556. 45
+4. 621, 967, 544. 94
1 "Gold fund, Federal Reserve Board", in 1933.
1 Carried as General Fund liability in 1933. In this table the 1933 figures have been revised to include
this item as a gold account liability.
The increase in these holdings during the fiscal year resulted chiefly
from the gold held by the Federal Reserve banks and agents and the
REPORT OF THE SECRETARY OF THE TREASURY
155
reduction in the weight of the gold dollar. The additions to the gold
holdings during the fiscal year are analyzed by sources as follows:
Source
Gold at cost
Gold at $35 an
ounce
Under the Secretary's order of Dec. 28, 1933
$28, 446, 156. 49
806, 302, 292. 87
55, 564, 869. 10
131,990,972.82
776, 947, 428. 58
11,318,758.93
$48, 162, 898. 03
1, 365, 170, 569. 65
58, 218, 704. 19
141, 059, 054. 94
778, 671, 052. 06
17,221,879.67
From Federal Reserve banks and agents under the Gold Reserve
Act of 1934
Coin purchased under sec. 734, title 31, United States Code...
Purchased from the Reconstruction Finance Corporation
Net purchases by mints and assay offices on account of imports, etc.
Purchases abroad as authorized by the President at various times.
Total increase at cost _ . .
1, 810, 570, 478. 79
2,811,397,066.15
Increment to June 30, 1934, resulting from the reduction in the
weight of the gold dollar __ .
1 2, 213, 463, 386 40
Total
4, 621, 967, 544. 94
4,621,967 544 94
1 On holdings in Treasury offices Jan. 29, 1934.
Public moneys on deposit in designated Government depositaries on
June 30, 1934, exclusive of items in transit on that date, amounted to
$1,953,384,870.94 and were distributed as follows:
Class of depositaries
To credit of
Treasurer
To credit of
other Govern-
ment officers
Federal Reserve banks and branches
Special depositary banks (account of sales of Government securities).
General depositary banks
Limited depositary banks.
Foreign depositary banks.. _
Treasury of the Philippine Islands..
Total
$64, 185, 068. 68
1, 854, 045, 099. 45
6, 546, 830. 05
1.338,468.05
1,110.352.99
$9, 479, 451. 18
14, 929, 149. 34
1, 750, 451. 20
1, 927, 225, 819. 22
26, 159, 051. 72
United States paper currency issued and redeemed (including
Treasury notes of 1890 redeemed) during the fiscal year 1934 amounted
to $813,890,512 and $1,403,162,332, respectively, and the amount
outstanding at the end of the fiscal year was $1,987,091,226. The
amount of such currency shipped during the fiscal year 1934 from the
Treasury in Washington to Treasury offices, Federal Reserve banks
and branches, and others amounted to $792,165,080, as compared
with $798,651,071 in the previous fiscal year.
The proceeds of currency counted into the Treasurer's cash by the
National Bank Redemption Agency amounted to $572,476,726.66,
of which $470,466,290 was in national bank notes, $51,836,626 in
Federal Reserve bank notes, $50,096,050 in Federal Reserve notes,
and $77,760.66 in United States currency.
Canceled Federal Reserve notes amounting to $989,356,700 were
received from Federal Reserve banks and branches for credit of
Federal Reserve agents.
During the fiscal year the Treasurer's Office authorized and directed
shipments or transfers of gold bars and of current gold, silver, and
minor coins to or from the Treasury, the mints, the assay office in
New York, and the Federal Reserve banks and branches for use in
public disbursements and for special purposes in an aggregate amount
of $29,054,270.64. Shipments and transfers of uncurrent and light-
weight coins to the mints from the Treasury in Washington and from
the Federal Reserve banks and branches were authorized in the
amount of $22,340,095.70.
Government and other securities held in custody by the Treasurer
on June '30, 1934, amounted to $19,035,094,929, whereas the amount
156
REPORT OF THE SECRETARY OF THE TREASURY
held on June 30, 1933, was $16,831,891,905, an increase of $2,203,074,-
374. The purpose for which the securities were held and the amounts
thereof as of June 30, 1933 and 1934, were as follows:
Purpose for which held
To secure national bank circulation
To secure deposits of public moneys in depositary banks
To secure Postal S ivings funds.. _.
Held for special trust accounts
Held for District of Columbia teachers' retirement fund
Held for Longshoremen's and Harbor Workers' fund .
Held for District of Columbia Workmen's Compensation fund
Total
June 30, 1933
$856, 394, 230
50, 876, 098
1, 047, 883, 902
14,871,516,365
5, 108, 160
102 150
11,000
16.831,891.905
June 30, 1934
$737, 023, 670
52, 920, 506
738. 868, 235
17,500,558,708
5, 595. 160
107, 650
21,000
19, 035. 094. 929
The number of pieces of public debt principal obligations examined,
verified, and redeemed during the year was 1,888,858, as compared
with 600,181 for the previous fiscal year.
Checks in payment of interest on the registered obligations of the
United States, verified and paid, numbered 1,765,541 and amounted
to $119,249,060.62. Interest coupons detached from Government
obligations and examined, verified, and paid, numbered 18,518,767
and amounted to $619,351,763.67.
The checks issued by the Treasurer of the United States in payment
of interest on the registered obligations of the insular governments
numbered 6,222 and amounted to $1,135,333.75. Coupons from
obligations of the insular governments and Government corporations
paid numbered 549,648 and amounted to $5,947,787.
Funds were advanced to United States disbursing officers by ac-
countable warrants issued in an aggregate amountof $5,321,665,626.38.
Warrants, aggregating $11,543,615,384.74, were also issued covering
public debt principal, interest, and premium payments by the Treas-
urer and increases in the gold reserve. Treasurer's checks aggre-
gating $2,232,304,541.21 were issued on settlement warrants in pay-
ment of claims settled by the Comptroller General.
Drafts were purchased in payment of claims settled in 45 different
kinds of foreign currencies for the Comptroller General and for
other departments and bureaus of the Government at a total cost of
$102,319.43.
Checks drawn on the Treasurer of the United States by Government
disbursing officers and paid during the year numbered 104,616,644,
an increase of 64,800,250 checks as compared with the previous year.
Balances to the credit of disbursing officers and Government agencies
in 4,467 accounts on June 30, 1934, amounted to $859,150,867.24, an
increase of $538,923,400.53 over the total of such balances in 3,215
accounts on June 30, 1933. The increases in the balances and in the
number of checks paid were due principally to the emergency opera-
tions of the Government.
WAR FINANCE CORPORATION
(In liquidation)
The liquidation of the War Finance Corporation, which began on
January 1, 1925, was continued during the year. By the act approved
March 1, 1929, the liquidation of the Corporation's assets remaining
at the close of April 4, 1929, and the winding up of the affairs of the
REPORT OF THE SECRETARY OF THE TREASURY 157
Corporation thereafter were transferred to the Secretary of the
Treasury.
Only $10,000 of the Corporation's original capital of $500,000,000
is outstanding, $499,990,000 of capital stock having been canceled
and retired at par. In addition, the Corporation has paid into the
Treasury $64,631,271.70 on account of earnings. Of this amount
the sum of $100,000, representing proceeds from liquidating activi-
ties during the last few years, was paid into the Treasury on January
26, 1934; the last preceding payment having been made on June 30,
1931.
The amount advanced by the Corporation for all purposes, from its
creation, not including such part of new applications as represent
proceeds used to retire other advances, was $690,431,100, of which
$688,475,938, has been repaid. The amount carried on the Corpora-
tion's books on June 30, 1934, was $132,201.80, of which $119,500
represented war loans and $12,701.80, agricultural and livestock loans
(including expense advances of $375). During the year ended June
30, 1934, no expense advances were made. The repayments during
this period aggregate $31,053.46, of which $553.46, applied on account
of the Corporation's agricultural and livestock loans and $30,500 on
account of war loans.
EXHIBITS
[Exhibits in this report are limited to circulars, press releases, proclamations, etc., issued during the
fiscal year ended June 30, 1934, except those included in the report for the preceding year which in-
cluded all such material released after June 30, 1933, and prior to the printing of the report]
159
90353-
THE PUBLIC DEBT
Issues and redemptions of bonds, notes, and certificates of indebtness
Exhibit 1
Allotments on exchange subscriptions, Treasury bonds of 191^-^5 {from press
release, Dec. 5, 1933, revised l)
Acting Secretary Morgenthau announced on December 5, 1933, that the sub-
scription books for 4L4— 3>i percent Treasury bonds of 1943—45, dated October 15,
1933, were closed on December 2, 1933, for the receipt of subscriptions in exchange
for Fourth Liberty Loan bonds. The details of this issue of Treasury bonds
were given in the annual report of the Secretary of the Treasury for 1933, pages
176 to 183.
Allotments on exchange subscriptions and the revised cash allotments to the
several Federal Reserve districts and the Treasury were as follows:
Federal Reserve district
Total cash
allotments
Total exchange
allotments
Total allot-
ments
Boston
Xew York
Philadelphia..
Cleveland
Richmond
Atlanta
Chicago.
St. Louis
Minneapolis. .
Kansas City..
Dallas
San Francisco
Treasury
Total...
$70, 724, 300
217,928,800
29. 036, 300
26, 554, 550
13, 607. 850
23,713.800
44, 66S, 800
9. 839, 550
5. 217, 850
5. 914. 250
8, 137, 750
45,050,150
28,000
500, 421, 950
$55, 252. 050
324, 466, 750
50, 744. 550
126,857,850
38, 188, 700
15. 667, 450
108, 632. 650
41, 534, 250
16, 132, 050
39, 095, 350
14, 766, 400
29, 6S5, 650
41, 692, 850
900, 716, 550
1,401. 13S. 500
Exhibit 2
Offering of certificates of indebtedness, series TD-1984 (2}i percent)
On December 7, 1933, the Treasury offered for subscription Treasury certifi-
cates of indebtedness as described in the following circular. In the related press
release it was stated that about $728,000,000 of Treasury certificates of indebted-
ness and about $114,000,000 in interest payments on the public debt would
become due and payable on December 15, 1933.
[Department Circular No. 503]
The Secretary of the Treasury offers for subscription, at par and accrued
interest, through the Federal Reserve banks, under the authority of the act ap-
proved September 24, 1917, as amended, Treasurv certificates of indebtedness of
series TD-1934. The amount of the offering is $950,000,000, or thereabouts.
DESCRIPTION OF CERTIFICATES
The certificates will be dated December 15, 1933, and will bear interest from
that date at the rate of 2}i percent per annum, payable semiannually. They will
be payable on December 15, 1934.
Bearer certificates will be issued in denominations of $500, $1,000, $5,000,
$10,000, and $100,000. The certificates will have two interest coupons attached,
payable on June 15 and December 15, 1934.
Revised Apr. 23, 1934.
161
162 REPORT OF THE SECRETARY OF THE TREASURY
The certificates shall be exempt, both as to principal and interest, from all
taxation (except estate and inheritance taxes) now or hereafter imposed by the
United States, any State, or any of the possessions of the United States, or by
any local taxing authority.
The certificates will be accepted at par during such time and under such rules
and regulations as shall be prescribed or approved by the Secretary of the Treas-
ury in payment of income and profits taxes payable at the maturity of the
certificates.
The certificates will be acceptable to secure deposits of public moneys, but will
not bear the circulation privilege.
APPLICATION AND ALLOTMENT
Applications will be received at the Federal Reserve banks and branches and
at the Treasury Department, Washington.
Subscriptions for which payment is to be tendered in Treasury certificates of
indebtedness of series TD-1933 and TD2-1933, maturing December 15, 1933, will
be given preferred allotment. All cash subscriptions for amounts over $5,000
will be allotted on an equal percentage basis.
The Secretary of the Treasury reserves the right to reject any subscription, in
whole or in part, and to allot less than the amount of certificates applied for and
to close the books as to any or all subscriptions at any time without notice; the
Secretary of the Treasury also reserves the right to make allotment in full upon
applications for smaller amounts, to make reduced allotments upon, or to reject
applications for larger amounts, and to make classified allotments and allotments
upon a graduated scale; and his action is these respects shall be final. Allotment
notices will be sent out promptly upon allotment, and the basis of the allotment
will be publicly announced.
PAYMENT
Payment at par and accrued interest for certificates allotted must be made on
or before December 15, 1933, or on later allotment. Any qualified depositary
will be permitted to make payment by credit for certificates allotted to it for
itself and its customers up to any amount for which it shall be qualified in excess
of existing deposits, when so notified by the Federal Reserve bank of its district.
Treasury certificates of indebtedness of series TD-1933 and TD2-1933, maturing
December 15, 1933, will be accepted at par in payment for any certificates which
shall be subscribed for and allotted, with an adjustment of the interest accrued,
if any, on the certificates so paid for. Applications, unless made by an incorpo-
rated bank or trust company, or by a responsible and recognized dealer in Gov-
ernment securities, must be accompanied by payment in full or by payment of
10 percent of the amount of certificates applied for. The forfeiture of the 10
percent payment may be declared by the Secretary of the Treasury if payment
in full is not completed on the prescribed date in the case of subscriptions allotted.
GENERAL PROVISIONS
As fiscal agents of the United States, Federal Reserve banks are authorized
and requested to receive subscriptions and to make allotments on the basis and
up to the amounts indicated by the Secretary of the Treasury to the Federal
Reserve banks of the respective districts. After allotment and upon payment
Federal Reserve banks may issue interim receipts pending delivery of the defini-
tive certificates.
Henry Morgenthau, Jr.,
Acting Secretary of the Treasury.
Treasury Department, December 7, 1933.
Exhibit 3
Subscriptions and allotments, certificates of indebtedness, series TD-1934 (from
press releases, Dec. 8, 12, and 16, 1933)
Acting Secretary of the Treasury Morgenthau announced that the subscrip-
tion books for the current offering of 1-year, 2J4 percent Treasury certificates of
indebtedness, series TD-1934, payable December 15, 1934, closed at the close
of businessjDecember 7, 1933.
REPORT OF THE SECRETARY OF THE TREASURY
163
Reports received from the Federal Reserve banks show that for this offering
of certificates, which was for $950,000,000, or thereabouts, total subscriptions
aggregated $2,806,779,500. Of these subscriptions, $607,610,500 represents
exchange subscriptions, in payment for which Treasury certificates maturing
December 15, 1933, were tendered. The exchange subscriptions, as well as cash
subscriptions in amounts up to and including $5,000, were allotted in full. Cash
subscriptions in amounts over $5,000 were allotted 17 percent, but not less than
$5,000 on any one subscription.
Subscriptions and allotments were divided among the several Federal Reserve
districts and the Treasury as follows:
Federal Reserve district
Total cash sub-
scriptions
received
Total ex-
change sub-
scriptions
received
Total subscrip-
tions received
Total sub-
scriptions
allotted
Boston
New York
Philadelphia..
Cleveland
Richmond
Atlanta
Chicago..
St. Louis
Minneapolis..
Kansas City..
Dallas.
San Francisco.
Treasury
$88, 396, 000
1,131,946,000
112,797,000
134, 023. 500
66. 142, 500
83, 873, 000
305, 527, 000
34, 208, 000
16, 257, 000
35, 007, COO
82, 928, 000
108, 064, 000
$8. 243, 500
466, 782, 500
7, 259, 500
5, 695, 500
1,724,000
836, 000
84, 538, 000
6, 303, 000
1, 877. 500
12, 741, 500
6. 631, 000
4, 416, 500
562, 000
$96. 639, 500
1, 598, 728, 500
120, 056, 500
139, 719, 000
67, 866. 500
84, 709, 000
390, 065, 000
40,511,000
18, 134, 500
47, 748, 500
89, 559, 000
112, 480, 500
562. 000
Total.
2, 199, 169, 000
607, 610, 500
2, 806, 779, 500
$23, 718, 500
661, 401, 500
27, 092, 500
28, 948. 500
13,215,000
15,731,500
138, 755, 500
13, 056, 000
5, 037, 500
19, 260, 500
22, 400, 500
23, 317, 000
562, 000
» 992, 496, 500
1 Includes $607,610,500 exchange subscriptions, which were allotted in full.
Exhibit 4
Offering of Treasury notes, series C-1935 {2y/t percent), and certificates of indebted-
ness, series TS-1934 (lYz percent)
On January 24, 1934, the Treasury offered for subscription Treasury notes
and Treasury certificates of indebtedness as described in the following circulars:
[Department Circular No. 504]
The Secretary of the Treasury offers for subscription, at par and accrued
interest, through the Federal Reserve banks, under the authority of the act
approved September 24, 1917, as amended, Treasury notes of scries C-1935.
The amount of the offering is $500,000,000, or thereabouts.
DESCRIPTION OF NOTES
The notes will be dated January 29, 1934, and will bear interest from that date
at the rate of 2\'i percent per annum, payable on a semiannual basis on March 15
and September 15 in each year. They will mature March 15, 1935, and will not
be subject to call for redemption prior to maturity.
Bearer notes with interest coupons attached will be issued in denominations
of $100, $500, $1,000, $5,000, $10,000, and $100,000. The notes will not be issued
in registered form.
The notes shall be exempt, both as to principal and interest, from all taxation
(except estate or inheritance taxes) now or hereafter imposed by the United States,
any State, or any of the possessions of the United States, or by any local taxing
authority.
The notes will be accepted at par during such time and under such rules and
regulations as shall be prescribed or approved by the Secretary of the Treasury
in payment of income and profits taxes payable at the maturity of the notes.
The notes will be acceptable to secure deposits of public moneys, but will not
bear the circulation privilege.
APPLICATION AND ALLOTMENT
Applications will be received at the Federal Reserve banks and branches and
at the Treasury Department, Washington. Banking institutions generally will
handle applications for subscribers, but only the Federal Reserve banks and the
Treasury Department are authorized to act as official agencies.
164 REPORT OF THE SECRETARY OF THE TREASURY
Subscriptions for amounts up to and including $10,000 will be allotted in full; all
other subscriptions will be allotted on an equal percentage basis.
The Secretary of the Treasury reserves the right to reject any subscription, in
whole or in part, and to allot less than the amount of notes applied for and to
close the books as to any or all subscriptions at any time without notice; the
Secretary of the Treasury also reserves the right to make allotment in full upon
applications for smaller amounts, to make reduced allotments upon, or to reject,
applications for larger amounts, and to make classified allotments and allotments
upon a graduated scale; and his action in these respects shall be final. Allotment
notices will be sent out promptly upon allotment, and the basis of the allotment
will be publicly announced.
PAYMENT
Payment at par and accrued interest for notes allotted must be made on or
before January 29, 1934, or on later allotment. Any qualified depositary will
be permitted to make payment by credit for notes allotted to it for itself and its
customers up to any amount for which it shall be qualified in excess of existing
deposits, when so notified by the Federal Reserve bank of its district.
Applications, unless made by an incorporated bank or trust company, or by a
responsible and recognized dealer in Government securities, must be accompanied
by payment in full or by payment of 10 percent of the amount of notes applied for.
The forfeiture of the 10 percent payment may be declared by the Secretary of the
Treasury if payment in full is not completed on the prescribed date in the case
of subscriptions allotted.
GENERAL PROVISIONS
As fiscal agents of the United States, Federal Reserve banks are authorized and
requested to receive subscriptions and to make allotments on the basis and up to
the amounts indicated by the Secretary of the Treasury to the Federal Reserve
banks of the respective districts. After allotment and upon payment Federal
Reserve banks may issue interim receipts pending delivery of the definitive notes.
Henry Morgenthatj, Jr.,
Secretary of the Treasury.
Treasury Department, January 24, 19S4-
[Department Circular No. 505]
The Secretary of the Treasury offers for subscription, at par and accrued
interest, through the Federal Reserve banks, under the authority of the act
approved September 24, 1917, as amended, Treasury certificates of indebtedness
of series TS-1934. The amount of the offering is $500,000,000, or thereabouts.
DESCRIPTION OF CERTIFICATES
The certificates will be dated January 29, 1934, and will bear interest from that
date at the rate of 1% percent per annum, payable on a semiannual basis. They
will be payable on September 15, 1934.
Bearer certificates will be issued in denominations of $500, $1,000, $5,000,
$10,000, and $100,000. The certificates will have two interest coupons attached,
payable on March 15 and September 15, 1934. 1 * * *
APPLICATION AND ALLOTMENT
Applications will be received at the Federal Reserve banks and branches and
at the Treasury Department, Washington.
Subscriptions for amounts up to and including $10,000 will be allotted in full;
all other subscriptions will be allotted on an equal percentage basis. * * *
PAYMENT
Payment at par and accrued interest for certificates allotted must be made on
or before January 29, 1934, or on later allotment. Any qualified depositary will
be permitted to make payment by credit for certificates allotted to it for itself
and its customers up to any amount for which it shall be qualified in excess of
existing deposits, when so notified by the Federal Reserve bank of its
district * * *.
Henry Morgenthatj, Jr.,
Secretary of the Treasury.
Treasury Department, January 24, 1984-
> Omitted portions are similar to corresponding sections of Department Circular No. 503, p. 161.
REPORT OF THE SECRETARY OF THE TREASURY
165
Exhibit 5
Subscriptions and allotments, Treasury notes, series C-19S5, and certificates of
indebtedness, series TS-1934 (from press releases Jan. 26 and Feb. 2, 1934)
Secretary of the Treasury Morgenthau announced the subscription figures
and the basis of allotment for the January 29 offering of 2% percent Treasury
notes of series C-1935, maturing March 15, 1935, and of 1% percent Treasury
certificates of indebtedness of series TS-1934, maturing September 15, 1934.
Reports received from the Federal Reserve banks show that for the offering of
notes, which was for $500,000,000, or thereabouts, total subscriptions aggregated
$3,424,212,200. Subscriptions in amounts up to and including $10,000 were
allotted in full, and all other subscriptions were allotted 14 percent, but not less
than $10,000 on any one subscription.
For the offering of certificates, which was for a like amount of $500,000,000,
or thereabouts, total subscriptions aggregated $1,360,564,500. Subscriptions in
amounts up to and including $10,000 were allotted in full, and all other subscrip-
tions were allotted 38 percent, but not less than $10,000 on any one subscription.
Subscriptions and allotments were divided among the several Federal Reserve
districts and the Treasury as follows:
Federal Reserve district
Treasury notes, series C-1935
Total sub-
scriptions
received
Total sub-
scriptions
allotted
Certificates of indebtedness,
series TS-1934
Total sub-
scriptions
received
Total sub-
scriptions
allotted
Boston
New York
Philadelphia .
Cleveland
Richmond
Atlanta
Chicago
St. Louis
Minneapolis..
Kansas City..
Dallas
San Francisco
Treasury
Total..
$224, 601, 500
1,674,552,000
199, 640, 000
173, 848, 700
96, 177, 400
140, 924, 200
431, 744, 300
58, 202, 000
41, 460, 700
85, 798, 500
96, 384, 400
199, 974, 500
904,000
$36, 835, 300
243, 998, 000
29, 672, 700
26, 627, 600
15, 145, 400
22, 271, 800
69. 263, 500
11,214,100
8, 327, 700
15, 976, 200
18,031,300
30, 608, 000
130, 000
$111,372,500
699, 703, 000
28, 924, 000
91, 266, 000
38, 360, 000
62, 410, 000
114,819,000
38, 777, 000
4, 245, 500
33, 254, 000
33. 392, 500
103,741,000
300, 000
3, 424, 212, 200
528, 101, 600
1, 360, 564, 500
$43, 015, 500
266, 929, 500
11,227,000
35, 085, 500
14,714,500
23, 830. 500
44, 970, 000
15, 356, 000
2, 616, 000
13, 420, 500
13, 877, 000
39, 592, 500
114,000
524, 748, 500
Exhibit 6
Offering of Treasury notes, series D-1935 (2% percent) and series C-1937 (3 percent)
On February 13, 1934, the Treasury offered for subscription two series of
Treasury notes as described in the following circular:
[Department Circular No. 506]
The Secretary of the Treasury offers for subscription, at par and accrued
interest, through the Federal Reserve banks, under the authority of the act
approved September 24, 1917, as amended, $800,000,000, or thereabouts, Treas-
ury notes, in two series. The amount of each series is $400,000,000, or thereabouts.
DESCRIPTION OF NOTES
The notes of series D-1935 will be dated February 19, 1934, and will bear
interest from that date at the rate of 2}i percent per annum, payable on a semi-
annual basis on June 15 and December 15 in each year. They will mature
December 15, 1935, and will not be subject to call for redemption prior to maturity.
The notes of series C-1937 will be dated February 19, 1934, and will bear
interest from that date at the rate of 3 percent per annum, payable on a semi-
annual basis on August 15 and February 15 in each year. They will mature
February 15, 1937, and will not be subject to call for redemption prior to ma-
turity.1 * * *
1 Omitted portions are similar to corresponding sections of Department Circular No. 504, p. 163.
166
REPORT OF THE SECRETARY OF THE TREASURY
APPLICATION AND ALLOTMENT
* * * Subscriptions for amounts up to and including $10,000 will be given
preferred allotment; all other subscriptions will be allotted on an equal percentage
basis. * * *
PAYMENT
Payment at par and accrued interest for notes allotted must be made on or
before February 19, 1934, or on later allotment. Any qualified depositary will be
permitted to make payment by credit for notes allotted to it for itself and its
customers up to any amount for which it shall be qualified in excess of existing
deposits, when so notified by the Federal Reserve bank of its district. * * *
Henry Morgenthatj, Jr.,
Secretary of the Treasury.
Treasury Department, February 13, 1934.
Exhibit 7
Subscriptions and allotments, Treasury notes, series D-1935 and series C-19S7
(from press releases, Feb. 14, 16, and 21, 1934, revised *)
Secretary Morgenthau announced that the subscription books for the current
offering of 2J4 percent Treasury notes of series D-1935, maturing December 15,
1935, and 3 percent Treasury notes of series C-1937, maturing February 15, 1937,
closed at the close of business February 13, 1934.
Reports received from the Federal Reserve banks show that for the offering
of notes of series D-1935, which was for $400,000,000, or thereabouts, total
subscriptions aggregated $1,332,409,900. Subscriptions in amounts up to and
including $10,000 were allotted in full, and all other subscriptions were allotted
30 percent, but not less than $10,000 on any one subscription.
For the offering of notes of series C-1937, which was for a like amount of
$400,000,000, or thereabouts, total subscriptions aggregated $2,285,754,500.
Subscriptions in amounts up to and including $10,000 were allotted in full, and
all other subscriptions were allotted 16% percent, but not lessTEan $10,000 on
any one subscription.
Subscriptions and allotments were divided among the several Federal Reserve
districts and the Treasury as follows:
Federal Reserve district
Treasury notes, series D-1935
Total subscrip-
tions received
Total sub-
scriptions
allotted
Treasury notes, series C-1937
Total subscrip-
tions received
Total sub-
scriptions
allotted
Boston..
New York
Philadelphia ..
Cleveland
Richmond
Atlanta
Chicago
St. Louis
Minneapolis. .
Kansas City..
Dallas
San Francisco.
Treasury
Total.
$80, 649,
557, 316,
79, 572,
69, 980,
53, 479,
69, 702,
215,631,
38, 432,
23, 674,
34, 777,
46, 999,
55, 695,
500,
169,
24,
21,
16,
21,
69,
12,
9,
12,
15,
17,
023,000
037, 900
540, 900
789,000
810, 000
346, 200
275, 200
931, 700
022, 500
677,000
404, 500
284,000
150, 000
$144,
1, 190,
137,
109,
60,
80,
241,
54,
41,
47,
64,
113,
330, 400
611, 100
194, 000
012, 600
481, 000
563, 100
627,400
876, 700
632, 500
451, 200
661, 200
098, 000
215, 300
1, 332, 409, 900
418, 291, 900
2, 285, 754, 500
$29, 270, 300
207, 231, 300
25, 431, 500
21, 480, 300
12, 442, 200
16, 204, 300
48, 062, 300
12, 104, 500
10, 197, 600
11,496,600
14, 386, 800
20, 374, 300
48,700
428, 730, 700
Exhibit 8
Offering of Treasury notes, series C-19S8 (3 percent)
On March 8, 1934, the Treasury offered for subscription Treasury notes as
described in the following circular. In the related press release it was stated that
about $460,000,000 of Treasury certificates would become due on March 15, 1934.
' Revised Mar. 6, 1934.
REPORT OF THE SECRETARY OF THE TREASURY
167
[Department Circular No. 507]
The Secretary of the Treasury offers for subscription, at par, through the
Federal Reserve banks, under the authority of the act approved September 24,
1917, as amended, Treasury notes of series C-1938, in exchange for Treasury
certificates of indebtedness of series TM-1934, maturing March 15, 1934. The
amount of the offering is limited to the amount of Treasury certificates of in-
debtedness of series TM-1934, maturing March 15, 1934, tendered and accepted.
DESCRIPTION OF NOTES
The notes will be dated March 15, 1934, and will bear interest from that date
at the rate of 3 percent per annum, payable semiannually, on September 15 and
March 15 in each year. They will mature March 15, 1938, and will not be
subject to call for redemption prior to maturity.1 * * *
APPLICATION AND ALLOTMENT
* * * The Secretary of the Treasury reserves the right to reject any
subscription, in whole or in part, and to allot less than the amount of notes
applied for and to close the books as to any or all subscriptions at any time
without notice; and his action in these respects shall be final. Allotment notices
will be sent out promptly upon allotment, and the basis of the allotment will
be publicly announced.
PAYMENT
Payment for notes allotted must be made on or before March 15, 1934, or on
later allotment, and may be made only in % percent Treasury certificates of
indebtedness of series TM-1934, maturing March 15, 1934, which will be accepted
at par. * * *
Henry Morgenthatj, Jr.,
Secretary of the Treasury.
Treasury Department, March 8, 1934.
Exhibit 9
Subscriptions and allotments, Treasury notes, series C-19SS {from press releases,
Mar. 10 and 15, 1934)
Secretary of the Treasury Morgenthau announced that the subscription books
for the current offering of 3 percent Treasury notes of series G-1938, maturing
March 15, 1938, would close at the close of business March 10, 1934.
Substantially all of the maturing certificates of indebtedness amounting to
$455,175,500 were tendered in exchange for the new certificates and allotted
in full.
Subscriptions and allotments were divided among the several Federal Reserve
districts and the Treasury as follows:
Federal Reserve district
Boston
New York..
Philadelphia
Cleveland.. _
Richmond..
Atlanta
Chicago
St. Louis
Total sub-
scriptions
received
and allotted
$14, 276, 500
335, 475, 500
3, 940, 500
9, 354, 500
2, 447, 000
3,341,000
53, 193, 000
7, 967, 500
Federal Reserve district
Minneapolis..
Kansas City..
Dallas
San Francisco
Treasury
Total...
Total sub-
scriptions
received
and allotted
$4, 592, 500
9, 100, 500
2, 842, 500
7, 127, 000
1, 517, 500
455, 175, 500
i Omitted portions are similar to corresponding sections of Department Circular No. 504, p. 163.
168 REPORT OF THE SECRETARY OF THE TREASURY
Exhibit 10
Offering of Treasury bonds, 1944~46 (3}i percent)
On April 4, 1934, the Treasury offered for subscription Treasury bonds as
described in the following circular. In the related press release it was stated
that the issue would be limited to the amount of called Fourth Liberty Loan
bonds outstanding in the amount of $1,000,000,000 and Treasury notes of series
A-1934 outstanding in the amount of $244,234,600, tendered in exchange and
accepted.
[Department Circular No. 508]
Treasury Department,
April 4, 1984.
The Secretary of the Treasury invites subscriptions, from the people of the
United States, at par, for 3J4 percent Treasury bonds of 1944-46, of an issue of
bonds of the United States authorized by the Second Liberty Bond act, approved
September 24, 1917, as amended, in payment of which only Fourth Liberty Loan
4)4 percent bonds of 1933-38 (hereinafter referred to as Fourth 4J4's) called for
redemption on April 15, 1934, and Treasury notes of series A-1934, maturing
May 2, 1934, may be tendered. The amount of the issue will be limited to the
amount of such called Fourth 4J4's and Treasury notes of series A-1934, tendered
and accepted. Fourth 4%'s not called for redemption on April 15, 1934, may
not be tendered under this circular.
DESCRIPTION OF BONDS
The bonds will be dated April 16, 1934, and will bear interest from that date
at the rate of 2>XA percent per annum, payable on October 15, 1934, on a semiannual
basis, and thereafter semiannually on April 15 and October 15 in each year until
the principal amount becomes payable. They will mature April 15, 1946, but
may be redeemed at the option of the United States on and after April 15, 1944,
in whole or in part, at par and accrued interest, on any interest day or days, on
4 months' notice of redemption given in such manner as the Secretary of the
Treasury shall prescribe. In case of partial redemption the bonds to be redeemed
will be determined by such method as may be prescribed by the Secretary of the
Treasury. From the date of redemption designated in any such notice, interest
on the bonds called for redemption shall cease.
Bearer bonds with interest coupons attached and bonds registered as to prin-
cipal and interest will be issued in denominations of $50, $100, $500, $1,000,
$5,000, $10,000, and $100,000. Provision will be made for the interchange of
bonds of different denominations and of coupon and registered bonds and for the
transfer of registered bonds under rules and regulations prescribed by the Secre-
tary of the Treasury.
The bonds shall be exempt, both as to principal and interest, from all taxation
now or hereafter imposed by the United States, any State, or any of the possessions
of the United States, or by any local taxing authority, except (a) estate or in-
heritance taxes, and (6) graduated additional income taxes, commonly known
as surtaxes, and excess-profits and war-profits taxes, now or hereafter imposed
by the United States, upon the income or profits of individuals, partnerships,
associations, or corporations. The interest on an amount of bonds authorized
by said act approved September 24, 1917, as amended, the principal of which
does not exceed $5,000, owned by any individual, partnership, association, or
corporation, shall be exempt from the taxes provided for in clause (b) above.
The bonds will be acceptable to secure deposits of public moneys, and will
bear the circulation privilege only to the extent provided in the act approved
July 22, 1932, as amended. They will not be entitled to any privilege of con-
version.
The bonds will be subject to the general regulations of the Treasury Depart-
ment, now or hereafter issued, governing United States bonds.
APPLICATION AND ALLOTMENT
Applications will be received at the Federal Reserve banks and branches and
at the Treasury Department, Washington. Banking institutions generally will
handle applications for subscribers, but only the Federal Reserve banks and the
Treasury Department are authorized to act as official agencies.
Subject to the reservations contained in the next succeeding paragraph, all
subscriptions will be allotted in full.
The Secretary of the Treasury reserves the right to reject any subscription,[in
whole or in part, and to allot less than the amount of bonds applied forfcand4to
REPORT OF THE SECRETARY OF THE TREASURY 169
close the books as to any or all subscriptions or classes of subscriptions at any
time without notice; the Secretary of the Treasury also reserves the right to make
allotment in full upon applications for smaller amounts and to make reduced
allotments upon, or to reject, applications for larger amounts, to make classified
allotments or to make allotments upon a graduated scale or to adopt any or all
of said methods or such other methods of allotment and classification of allot-
ments as shall be deemed by him to be in the public interest; and his action in
these respects shall be final. Allotment notices will be sent out promptly upon
allotment, and the basis of the allotment will be publicly announced.
Payment for any bonds allotted may be made only in called Fourth 4%'s,
which will be accepted at par, with no adjustment of interest, or in Treasury
notes of series A-1934 (with coupon dated May 2, 1934, attached), which will be
accepted at par with an adjustment of accrued interest as of April 16, 1934, and
should be made when the subscription is tendered, except that Fourth 4%'s
which have previously been surrendered for redemption on April 15, 1934, in
accordance with the provisions of Department Circular No. 501, will be accepted
as payment upon request in proper form of the owners thereof, such subscrip-
tions to be presented through the same channels as were the called bonds when
surrendered for redemption. If any subscription is rejected, in whole or in part,
any called Fourth 4%'s which may have been tendered and not accepted will be
held for redemption, and any Treasury notes of series A-1934 which may have
been tendered and not accepted will be returned to the subscriber.
SURRENDER OF CALLED FOURTH 4>4's ON EXCHANGE SUBSCRIPTIONS
Surrender of coupon bonds. — Called Fourth 4}4's in coupon form tendered in
exchange for Treasury bonds issued hereunder should be presented and surren-
dered to a Federal Reserve bank or to the Treasurer of the United States and
should accompany the application (unless such called Fourth 4^'s have already
been presented for redemption on Apr. 15, 1934, in accordance with the provi-
sions of Department Circular No. 501). The bonds must be delivered at the
expense and risk of the holder. Facilities for transportation of bonds by regis-
tered mail insured may be arranged between incorporated banks and trust com-
panies and the Federal Reserve banks, and holders may take advantage of such
arrangements when available, utilizing such incorporated banks and trust com-
panies as their agents. Incorporated banks and trust companies are not agents
of the United States under this circular. Coupons dated October 15, 1934, and
all coupons bearing dates subsequent thereto, must be attached to coupon bonds
when presented.
Surrender of registered bonds. — Called Fourth 4j4's in registered form tendered
in exchange for Treasury bonds issued hereunder should be assigned by the regis-
tered payee or assigns thereof to "The Secretary of the Treasury for exchange
for Treasury bonds of 1944-46", in accordance with the general regulations of
the Treasury Department governing assignments for transfer or exchange, and
thereafter should be presented and surrendered with the application to a Federal
Reserve bank, or to the Treasury Department, Division of Loans and Currency,
Washington (unless such called Fourth 4%'s have already been presented for re-
demption on Apr. 15, 1934, in accordance with the provisions of Department
Circular No. 501). The bonds must be delivered at the expense and risk of the
holder.
GENERAL PROVISIONS
As fiscal agents of the United States, Federal Reserve banks are authorized
and requested to receive subscriptions and to make allotments on the basis and
up to the amounts indicated by the Secretary of the Treasury to the Federal
Reserve banks of the respective districts. After allotment and upon payment
Federal Reserve banks may issue interim receipts pending delivery of the defini-
tive bonds.
Any further information which may be desired as to the issue of Treasury
bonds under the provisions of this circular may be obtained upon application to
a Federal Reserve bank or branch, or to the Treasury Department, Washington.
The Secretary of the Treasury may at any time, or from time to time, prescribe
supplemental or amendatory rules and regulations governing the offering and the
exchanges hereunder.
Henry Morgenthau, Jr.,
Secretary of the Treasury.
170
REPORT OF THE SECRETARY OF THE TREASURY
Exhibit 11
Subscriptions and allotments, Treasury bo?ids of 1944~46 (from press releases, Apr.
9, 10, and 21, 1934, revised »)
On April 9, 1934, Secretary of the Treasury Morgenthau announced that ex-
change subscriptions amounting to about $550,000,000 had been received up to
the close of business on April 7 for the new series of 3% percent 10-12-year bonds
to be issued on April 16 in exchange for Fourth Liberty Loan bonds which were
called for redemption April 15 and Treasury notes of series A-1934 maturing
May 2.
On April 10, 1934, Secretary Morgenthau announced that the subscription
books for the current offering of 3J4 percent Treasury bonds of 1944-46 would
close April 12, 1934. Subscriptions amounting to about $625,000,000 had been
received up to the close of business April 9.
Subscriptions and allotments were divided among the several Federal Reserve
banks and the Treasury as follows:
Federal Reserve district
Fourth Liberty
Loan bonds
tendered
Treasury notes
tendered
Total allotted
Boston
New York
Philadelphia..
Cleveland
Richmond
Atlanta
Chicago
St. Louis
Minneapolis..
Kansas City..
Dallas
San Francisco
Treasury
Total—
$22, 090, 100
484, 176, 850
28, 889, 900
36, 006, 750
13, 172, 800
12, 428, 500
128, 943, 450
25, 882, 800
9, 613, 950
21,071,850
10, 268, 700
17, 396, 250
17, 554, 300
$3,
200,
292, 900
253, 100
350, 700
794, 000
416, 100
517, 000
877, 500
974, 400
317, 800
602, 400
609, 200
314, 200
145, 000
$25, 383, 000
684, 429, 950
29, 240, 600
39, 800, 750
17, 588, 900
12, 945, 500
134, 820, 950
27, 857, 200
9, 931, 750
22, 674, 250
10, 877, 900
18, 710, 450
27, 699, 300
827, 496, 200
234, 464, 300
1, 061, 960, 500
1 Revised Aug. 7 and 28, 1934.
Exhibit 12
Partial redemption of Fourth Liberty Loan bonds before maturity (second call)
On April 13, 1934, the Treasury issued a call for two series of Fourth Liberty
Loan 4>4 percent bonds for redemption on October 15, 1934, as described in the
following circular. There were outstanding about $4,300,000,000 of uncalled
Fourth Liberty Loan bonds. The call included about $1,200,000,000 of bonds.
[Department Circular No. 509]
Treasury Department,
April IS, 1984.
To Holders of Fourth Liberty Loan 4XA Percent Bonds of 1933-88, and Others
Concerned:
I. Notice of Second Call for Partial Redemption Before Maturity of
Fourth Liberty Loan 4% Percent Bonds of 1933-38 (Fourth 4^'s)1
1. All outstanding Fourth Liberty Loan 4% percent bonds of 1933-38 (herein-
after referred to as Fourth 4J4's) bearing serial numbers the final digit of which
is 8 or 2 (such serial numbers in the case of permanent coupon bonds being
1 Fourth 4}4's (temporary coupon, permanent coupon, and registered) are numbered serially beginning
with no. 1 for each denomination; in the case of permanent coupon bonds each serial number is prefixed
by a distinguishing letter, the letters A to X (omitting 1) being used, which letters, in order, rotate with
and correspond to the final digits from 1 to 0, respectively.
Fourth 4}4's called for redemption on Apr. 15, 1934, bear serial numbers ending in 9, 0, or 1 (in the case of
permanent coupon bonds preceded by the distinguishing letter J, K, or A, respectively); Fourth 4^'s
included in the second call for partial redemption on Oct. 15, 1934, bear serial numbers ending in 8 or 2 (in
the case of permanent coupon bonds preceded by the distinguishing letter H or B, respectively); uncalled
Fourth 4J4's bear serial numbers ending in 3, 4, 5, 6, or 7 (in the case of permanent coupon bonds preceded
by the distinguishing letter C, D, E, F, or Q, respectively).
REPORT OF THE SECRETARY OF THE TREASURY 171
prefixed by the corresponding distinguishing letter H or B, respectively), are
hereby called for redemption on October 15, 1934, on which date interest on such
bonds called for redemption will cease.
2. This second call for partial redemption is made pursuant to the provision
for redemption contained in the bonds and in Treasury Department Circular
No. 121, dated September 28, 1918, under which the bonds were originally
issued, the bonds to be redeemed having been determined by lot in the manner
prescribed by the Secretary of the Treasury.
3. Outstanding Fourth 4%'s bearing serial numbers (and prefix letters) other
than those designated are not included in or affected by this second call for
partial redemption.
II. Transactions in Called and Uncalled Bonds
1. Pursuant to the first call for partial redemption on April 15, 1934 (see De-
partment Circular No. 501, dated Oct. 12, 1933), all Fourth 4%'s outstanding
October 12, 1933, were divided into two separate and distinct classes: Called
bonds, and uncalled bonds. Hereafter such Fourth 4>i's called for redemption
on April 15, 1934, shall be designated "first-called" bonds. Pursuant to the second
call for partial redemption, and effective at the close of business on this date, all
outstanding Fourth 4^'s included in the second call for partial redemption on
October 15, 1934, will be included in the class of called bonds and shall be desig-
nated "second-called" bonds. The Treasury Department, and the Federal
Reserve banks as fiscal agents of the United States, will observe this division of
Fourth 4^'s hito three classes — first-called, second-called, and uncalled bonds —
and hereafter in all transactions affecting second-called and uncalled Fourth 4J4's,
including exchanges of denominations, exchanges of coupon bonds for registered
bonds, exchanges of registered bonds for coupon bonds, and transfers of registered
bonds: (1) Only bonds bearing distinguishing serial numbers or letters falling
within the class second-called bonds will be issued upon exchange or transfer of
second-called bonds, and (2) only bonds bearing distinguishing serial numbers
or letters falling within the class uncalled bonds will be issued upon exchange or
transfer of uncalled bonds. Exchanges or transfers as between second-called
and uncalled bonds will not be permitted. Denominational exchanges of coupon
bonds within the class "called for redemption on October 15, 1934" (second-
called bonds) will terminate on that date. Transfers and exchanges of registered
bonds falling within the class "called for redemption on October 15, 1934"
(second-called bonds) will terminate on September 15, 1934, the date of the
closing of the transfer books.
2. In accordance with the provisions of Treasury Department Circular No. 121,
dated September 28, 1918, the provisions of Treasury Department Circular No.
300, dated July 31, 1923, prescribing regulations with respect to United States
bonds and notes, which were modified by Department Circular No. 501, dated
October 12, 1933, are hereby further modified accordingly with respect to trans-
actions in Fourth 4%'s.
III. Payment or Exchange
1. Payment of called bonds on October 15, 193 If.. — Holders of any outstanding
Fourth 4%'s included in the second call for partial redemption on October 15,
1934, will be entitled to have their bonds redeemed and paid at par on October
15, 1934, with interest in full to that date. After October 15, 1934, interest will
not accrue on any bonds included in this second call for partial redemption on
that date. (See sees. IV and V of this circular for instructions for presentation
of bonds for redemption on Oct. 15, 1934, under this second call.)
2. Optional exchange offering. — Holders of any outstanding Fourth 4%'s in-
cluded in the second call for partial redemption on October 15, 1934, may, in
advance of October 15, 1934, be offered the privilege of exchanging all or part of
their called bonds for other interest-bearing obligations of the United States.
Holders who desire to avail themselves of an exchange privilege, if and when
announced, should watch for an announcement thereof, and should request their
bank or trust company to notify them when information regarding any exchange
offering is received. (In case of an optional exchange offering, instructions then
given in the public announcement should be followed in presenting called bonds
for exchange.)
IV. Rules and Regulations Governing Redemption
Pursuant to the second call for partial redemption, as set forth in section I of
this circular, the following rules and regulations are hereby prescribed to govern
the surrender of Fourth 4^'s called for redemption on October 15, 1934:
172 REPORT OF THE SECRETARY OF THE TREASURY
1. Presentation and surrender of coupon bonds. — Any Fourth 4%'s in coupon
form, which are included in the second call for partial redemption, should be pre-
sented and surrendered to any Federal Reserve bank or branch, or to the Treas-
urer of the United States, Washington, D. C, for redemption on October 15,
1934. The bonds must be delivered at the expense and risk of holders (see par.
8 of this section) and should be accompanied by appropriate written advice.
(See form P. D. 1381 attached hereto.) Checks in payment of principal will be
mailed to the address given in the form of advice accompanying the bonds
surrendered.
2. Coupons dated October 15, 1934, which become payable on that date, should
be detached from any Fourth 4%'s included in the second call for partial redemp-
tion before such bonds are presented for redemption on October 15, 1934, and
such coupons should be collected in regular course when due. All coupons per-
taining to such bonds bearing dates subsequent to October 15, 1934, must be
attached to any such bonds when presented for redemption, provided, however,
if any such coupons are missing from bonds so presented for redemption the
bonds nevertheless will be redeemed, but the full face amount of any such missing
coupons will be deducted from the payment to be made on account of such re-
demption, and any amounts so deducted will be held in the Treasury to provide
for adjustments or refunds on account of such missing coupons as may subse-
quently be presented.
3. The final coupon attached to temporary coupon bonds became due on
October 15, 1920. The holders of any such temporary bonds which are included
in the second call for partial redemption on October 15, 1934, will receive all past
due interest from October 15, 1920, when the bonds are redeemed pursuant to
such call. Any coupons now attached to any such temporary bonds should be
detached and collected in regular course.
4. Presentation and surrender of registered bonds. — Any Fourth 4^4's in regis-
tered form, which are included in the second call for partial redemption, must be
assigned by the registered payees or assigns thereof, or by their duly constituted
representatives, in accordance with the general regulations of the Treasury
Department governing assignments, in the form indicated in the next paragraph
hereof, and should thereafter be presented and surrendered to any Federal
Reserve bank or branch, or to the Division of Loans and Currency, Treasury
Department, Washington, D. C, for redemption on October 15, 1934. The
bonds must be delivered at the expense and risk of holders (see par. 8 of this
section) and should be accompanied by appropriate written advice. (See form
P. D. 1382 attached hereto.) In all cases checks in payment of principal will be
mailed to the address given in the form of advice accompanying the bonds
surrendered.
5. If the registered holder of record, or an assignee holding under proper assign-
ment from the registered holder of record, or a duly constituted representative of
such registered holder or assignee, desires that payment of the principal be made
to him, the bonds should be assigned to "The Secretary of the Treasury for
redemption." In case it is desired to have payment of the registered bonds made
to someone other than the registered holder of record, without intermediate
assignment, the bonds may be assigned to "The Secretary of the Treasury for
redemption for account of " and in such case the name and address
of the payee for whose account the redemption is to be made must be inserted.
Assignments in this form must be completed before acknowledgment and not
left in blank.
6. Assignment in blank, or other assignment having similar effect, will be
recognized, but in that event payment will be made to the person surrendering
the bond for redemption, since under such assignment the bonds become in effect
payable to bearer. Assignments in blank or assignments having similar effect
should be avoided, if possible, in order not to lose the protection afforded by
registration.
7. Final interest due on October 15, 1934, on any Fourth 4%'s in registered
form, which are included in the second call for partial redemption and presented
for redemption on October 15, 1934, will be paid by checks issued in regular
course in the same manner as if such bonds had not been called for redemption.
8. Transportation of bonds. — Bonds presented for redemption under this cir-
cular must be delivered to a Federal Reserve bank or branch, or to the Treasury
Department, Washington, D. C, at the expense and risk of the holder. Coupon
REPORT OF THE SECRETARY OF THE TREASURY 173
bonds should be forwarded by registered mail insured, or by express prepaid.
Registered bonds bearing restricted assignments may be forwarded by registered
mail, but registered bonds bearing unrestricted assignments should be forwarded
by registered mail insured or by express. Facilities for transportation of bonds
by registered mail insured may be arranged between incorporated banks and
trust companies and the Federal Reserve banks, and holders may take advantage
of such arrangements when available, utilizing such incorporated banks and trust
companies as their agents. Incorporated banks and trust companies are not
agents of the United States under this circular.
V. Time of Presentation of Fourth 4J4's for Redemption
1. In order to facilitate the redemption of Fourth 4j4's included in the second
call for partial redemption on October 15, 1934, any such bonds may be pre-
sented and surrendered in the manner herein prescribed in advance of that date
but not before September 15, 1934. Such early presentation by holders, on and
after September 15, 1934, and well in advance of October 15, 1934, will insure
prompt payment of principal when due. This is particularly important with
respect to registered bonds, for payment cannot be made until registration shall
have been discharged at the Treasury Department.
2. It will expedite redemption if bonds included in the second call for partial
redemption are presented to Federal Reserve banks or branches, and not direct
to the Treasury Department.
3. As hereinbefore provided: (1) Coupons due October 15, 1934, should be
detached from any permanent coupon bonds included in this second call for
partial redemption when such bonds are presented for redemption on that date,
such coupons to be collected when due; and (2) final interest due on any regis-
tered bonds included in this second call for partial redemption will be paid by
check issued in regular course. Accordingly, early presentation of bonds will not
affect the payment of final interest due on October 15, 1934.
VI. Further Information
Any further information which may be desired regarding the partial redemp-
tion of Fourth 4}4's under this circular may be obtained from any Federal Reserve
bank or branch, or from the Treasury Department, Washington, D. C, where
copies of the Treasury Department's regulations governing assignments may also
be obtained. The Secretary of the Treasury may at any time, or from time to
time, provide supplemental or amendatory rules and regulations governing the
matters covered by this circular.
Henry Morgenthau, Jr.,
Secretary of the Treasury.
Important Note.— Fourth 4Ws called for redemption on October 15, 1934, should be presented well in
advance of that date but not before September 15, 1934, and the instructions given in this circular should
be followed. If an exchange opportunity is afforded, and Fourth 4H's are to be presented for exchange, the
instructions given in subsequent announcement should be followed. Information concerning the partial
redemption of Fourth 4H's on October 15, 1934, and information concerning an optional exchange if and
when offered, may be obtained from the officers of banks and trust companies generally. As those banks
and trust companies may offer their facilities in the matter of arranging redemption or exchange, it is sug-
gested that holders of Fourth 4H's consult their own bank or trust company.
FOR COUPON BONDS
[Form P. D. 1381. For registered bonds use form P. D. 1382]
Form of Advice to Accompany Called Fourth Liberty Loan 4% Percent
Bonds (Fourth 4%'s) in Coupon Form Presented for Redemption On
October 15, 1934
To the Federal Reserve Bank of
or
Treasurer of the United States, Washington, D. C:
Pursuant to the provisions of Treasury Department Circular No. 509, dated
April 13, 1934, the undersigned presents and surrenders herewith for redemption
on October 15, 1934, $ , face amount of Fourth Liberty Loan bonds in
174
REPORT OF THE SECRETARY OF THE TREASURY
coupon form, with coupon due April 15, 1935, and all subsequent coupons
attached, as follows:
Number of bonds
Denomina-
tion
Serial numbers of bonds
Face
amount
$50
100
500
1,000
5,000
10,000
100,000
$____
Total --.
and requests that remittance covering payment therefor be forwarded to the
undersigned at the address indicated below.
Signature
Name (please print)
Address in full
Date:
FOR REGISTERED BONDS
[Form P. D. 1382. For coupon bonds use form P. D. 1381]
Form of Advice to Accompany Called Fourth Liberty Loan 4# Percent
Bonds (Fourth 414'sj in Registered Form Presented for Redemption
on October 15, 1934
To the Federal Reserve Bank of
or
Treasury Department, Division of Loans and Currency,
11 ashington, D. C:
Pursuant to the provisions of Treasury Department Circular No. 509, dated
April 13, 1934, the undersigned presents and surrenders herewith for redemption
on October 15, 1934, S , face amount of Fourth Liberty Loan bonds
in registered form, inscribed in the name of and duly
assigned to "The Secretary of the Treasury for redemption", as follows:
Number of bonds
Denomina-
tion
Serial numbers of bonds
Face
amount
$50
100
500
1,000
5,000
10,000
50,000
100,000
$
Total
and requests that remittance covering payment therefor be forwarded to the
undersigned at the address indicated below.
Signature
Name (please print)
Address in full
Date:
REPORT OF THE SECRETARY OF THE TREASURY 175
Exhibit 13
Offering of Treasury bonds of 1946-48 (3 percent) and Treasury notes,
series A-1939 (2% -percent)
On June 4, 1934, the Treasury offered for subscription Treasury bonds and
Treasury notes as described in the following circulars. In the related press
release it was stated that about $175,000,000 of Treasury certificates would
mature on June 15, 1934, and about $345,000,000 of Treasury notes would ma-
ture on August 1, 1934, and about $117,000,000 in interest payments on the
public debt would become due and payable on June 15, 1934.
[Department Circular No. 512]
Treasury Department,
June 4, 1934.
The Secretary of the Treasury, pursuant to the authority of the Second Liberty
Bond Act, approved September 24, 1917, as amended, invites subscriptions, at
par and accrued interest, from the people of the United States, for 3 percent
bonds of the United States, designated Treasury bonds of 1946-48. The amount
of the offering is $300,000,000, or thereabouts, with the right reserved to the
Secretary of the Treasury to increase the offering by an amount sufficient to
accept all subscriptions for which % percent Treasury certificates of indebtedness
of series TJ-1934, maturing June 15, 1934, or 2}{ percent Treasury notes of
series B-1934, maturing August 1, 1934, are tendered in payment.
DESCRIPTION OP BONDS
The bonds will be dated June 15, 1934, and will bear interest from that date
at the rate of 3 percent per annum, payable semiannually, on December 15, 1934,
and thereafter on June 15 and December 15 in each year until the principal
amount becomes payable. They will mature June 15, 1948, but may be redeemed
at the option of the United States on and after June 15, 1946, in whole or in
part, at par and accrued interest, on any interest day or days, on 4 months'
notice of redemption given in such manner as the Secretary of the Treasury
shall prescribe. In case of partial redemption the bonds to be redeemed will be
determined by such method as may be prescribed by the Secretary of the Treas-
ury. From the date of redemption designated in any such notice, interest on
the bonds called for redemption shall cease.1 * * *
APPLICATION AND ALLOTMENT
Applications will be received at the Federal Reserve banks and branches and
at the Treasury Department, Washington, and unless made by an incorporated
bank or trust company, must be accompanied by payment in full or by payment
of 5 percent of the amount of bonds applied for. Banking institutions generally
will handle applications for subscribers, but only the Federal Reserve banks and
the Treasury Department are authorized to act as official agencies. The Secre-
tary of the Treasury reserves the right to close the books as to any or all sub-
scriptions or classes of subscriptions at any time without notice.
The Secretary of the Treasury reserves the right to reject any subscription,
in whole or in part, to allot less than the amount of bonds applied for, to make
allotments in full upon applications for smaller amounts and to make reduced
allotments upon, or to reject, applications for larger amounts, to make classified
allotments or to make allotments upon a graduated scale, or to adopt any or all
of said methods or such other methods of allotment and classification of allot-
ments as shall be deemed by him to be in the public interest; and his action in
any or all of these respects shall be final. Allotment notices will be sent out
promptly upon allotment, and the basis of allotment will be publicly announced.
Subject to the reservations contained in the next preceding paragraph, allot-
ments will be made as follows: Cash subscriptions for amounts up to and includ-
ing $10,000 will be given preferred allotment, all other cash subscriptions will be
allotted on an equal percentage basis, and subscriptions for which payment is to
be tendered in Treasury certificates of indebtedness of series TJ-1934 or in
Treasury notes of series B-1934 will be allotted in full.
1 Omitted portions are similar to corresponding sections of Department Circular No. 5C8, p. 168.
90353—35 13
176 REPORT OF THE SECRETARY OF THE TREASURY
PAYMENT
Payment at par and accrued interest, if any, for bonds allotted must be made
or completed on or before June 15, 1934, or on later allotment. In every case
where payment is not so completed, the 5 percent payment with application shall,
upon declaration made by the Secretary of the Treasury in his discretion, be
forfeited to the United States. Any qualified depositary will be permitted to
make payment by credit for bonds allotted on cash subscriptions to it for itself
and its customers up to any amount for which it shall be qualified in excess of
existing deposits, when so notified by the Federal Reserve bank of its district.
Treasury certificates of indebtedness of series TJ-1934, maturing June 15, 1934,
will be accepted at par in payment for any bonds subscribed for and allotted.
Treasury notes of series B-1934, maturing August 1, 1934, with coupon dated
August 1, 1934, attached, will be accepted at par with an adjustment of accrued
interest as of June 15, 1934, in payment for an}7 bonds subscribed for and allotted.
Payment through surrender of Treasury certificates of indebtedness of series
TJ-1934 or Treasury notes of series B-1934 should be made when the subscrip-
tion is tendered.
GENERAL PROVISIONS
As fiscal agents of the United States, Federal Reserve banks are authorized
and requested to receive subscriptions, to make allotments on the basis and up
to the amounts indicated by the Secretary of the Treasury to the Federal Reserve
banks of the respective districts, to issue allotment notices, to receive payment
for bonds allotted, to make delivery of bonds on full-paid subscriptions allotted,
and they may issue interim receipts pending delivery of the definitive bonds.
The Secretary of the Treasury may at any time, or from time to time, prescribe
supplemental or amendatory rules and regulations governing the offering, which
will be communicated promptly to the Federal Reserve banks.
Henry Morgenthatj, Jr.,
Secretary of the Treasury.
[Department Circular No. 513]
Treasury Department,
June 4, 1934.
The Secretary of the Treasury, pursuant to the authority of the Second Liberty
Bond Act, approved September 24, 1917, as amended, offers for subscription, at
par and accrued interest, through the Federal Reserve banks, 2}i percent notes
of the United States, designated Treasury notes of series A-1939. The amount
of the offering is $500,000,000, or thereabouts.
DESCRIPTION OF NOTES
The notes will be dated June 15, 1934, and will bear interest from that date
at the rate of 2}i percent per annum, payable semiannually, on December 15,
1934, and thereafter on June 15 and December 15 in each year. They will
mature June 15, 1939, and will not be subject to call for redemption prior to
maturity.
The notes shall be exempt, both as to principal and interest, from all taxation
(except estate or inheritance taxes) now or hereafter imposed by the United
States, any State, or any of the possessions of the United States, or by any local
taxing authority.
The notes will be accepted at par during such time and under such rules and
regulations as shall be prescribed or approved by the Secretary of the Treasury
in payment of income and profits taxes payable at the maturity of the notes.
The notes will be acceptable to secure deposits of public moneys, but will not
bear the circulation privilege.
Bearer notes with interest coupons attached will be issued in denominations of
$100, $500, $1,000, $5,000, $10,000, and $100,000. The notes will not be issued
in registered form.
APPLICATION AND ALLOTMENT
Applications will be received at the Federal Reserve banks and branches and
at the Treasury Department, Washington, and unless made by an incorporated
bank or trust company, must be accompanied by payment in full or by payment
of 5 percent of the amount of notes applied for. Banking institutions generally
will handle applications for subscribers, but only the Federal Reserve banks and
the Treasury Department are authorized to act as official agencies. The Secre-
REPORT OF THE SECRETARY OF THE TREASURY 177
tary of the Treasury reserves the right to close the books as to any or all sub-
scriptions or classes of subscriptions at any time without notice.
The Secretary of the Treasury reserves the right to reject any subscription, in
whole or in part, to allot less than the amount of notes applied for, to make allot-
ments in full upon applications for smaller amounts and to make reduced allot-
ments upon, or to reject, applications for larger amounts, to make classified
allotments or to make allotments upon a graduated scale, or to adopt any or all
of said methods or such other methods of allotment and classification of allot-
ments as shall be deemed by him to be in the public interest; and his action in any
or all of these respects shall be final. Allotment notices will be sent out promptly
upon allotment, and the basis of allotment will be publicly announced.
Subject to the reservations contained in the next preceding paragraph, allot-
ments will be made as follows: Subscriptions for amounts up to and including
$10,000 will be given preferred allotment, and all other subscriptions will be
allotted on an equal percentage basis.
PAYMENT
Payment at par and accrued interest, if any, for notes allotted must be made
or completed on or before June 15, 1934, or on later allotment. In every case
where payment is not so completed, the 5 percent payment with application shall,
upon declaration made by the Secretary of the Treasury in his discretion, be for-
feited to the United States. Any qualified depositary will be permitted to make
payment by credit for notes allotted on cash subscriptions to it for itself and its
customers up to any amount for which it shall be qualified in excess of existing
deposits, when so notified by the Federal Reserve bank of its district.
GENERAL PROVISIONS
As fiscal agents of the United States, Federal Reserve banks are authorized
and requested to receive subscriptions, to make allotments on the basis and up to
the amounts indicated by the Secretary of the Treasury to the Federal Reserve
banks of the respective districts, to issue allotment notices, to receive payment
for notes allotted, to make delivery of notes on full-paid subscriptions allotted,
and they may issue interim receipts pending delivery of the definitive notes.
The Secretary of the Treasury may at any time, or from time to time, prescribe
supplemental or amendatory rules and regulations governing the offering, which
will be communicated promptly to the Federal Reserve banks.
Henry Morgenthau, Jr.,
Secretary of the Treasury.
Exhibit 14
Subscriptions and allotments, Treasury bonds of 1946-^8 and Treasury notes, series
A-1939 (from press releases, June 6, 8, and 12, 1934, revised,1)
Secretary Morgenthau announced that the subscription books for the current
offering of 2l/s percent Treasury notes of series A-1939 closed at the close of busi-
ness June 5, 1934.
The subscription books for the offering of 3 percent Treasury bonds of 1946-48
also closed at the close of business June 5 for the receipt of cash subscriptions, but
remained open through June 8 for the receipt of subscriptions for which payment
was tendered in Treasury certificates of indebtedness of series TJ-1934, maturing
June 15, 1934, or in Treasury notes of series B-1934, maturing August 1, 1934.
Reports received from the Federal Reserve banks show that cash subscriptions
for the Treasury bonds aggregated $2,514,503,500. Cash subscriptions in
amounts up to and including $10,000 were allotted in full, and those in amounts
over $10,000 were allotted 10 percent, but not less than $10,000 on any one sub-
scription. In addition to such allotments on cash subscriptions, all subscriptions
for which payment was tendered in Treasury certificates of indebtedness of series
TJ-1934, maturing June 15, 1934, or Treasury notes of series B-1934, maturing
August 1, 1934, were allotted in full.
For the offering of Treasury notes, which was for $500,000,000, or thereabouts,
total subscriptions aggregated $4,931,830,600. Subscriptions in amounts up to
and including $10,000 were allotted in full and those in amounts over $10,000 were
allotted 9 percent, but not less than $10,000 on any one subscription.
' Revised July 12, 1934.
178
REPORT OF THE SECRETARY OF THE TREASURY
Subscriptions and allotments were divided among the several Federal Reserve
districts and the Treasury as follows:
Federal Reserve district
Total cash
subscrip-
tions re-
ceived
Exchange
subscrip-
tions re-
ceived (June
certificates)
Exchange
subscrip-
tions re-
ceived
(August
notes)
Total sub-
scriptions
received
Total sub-
scriptions
allotted
TREASURY BONDS OF 1946-48
$147, 178, 300
1, 099, 970, 950
108, 265, 350
148,941,800
73. 129, 950
111, 458, 750
299, 215, 950
77, 459, 750
24, 797, 000
45. 276, 350
125, 996, 250
240, 552, 700
12, 260, 400
$1, 284, 000
123. 040, 500
799, 500
1,113,500
205, 000
775, 000
35, 376, 000
3, 676, 500
609, 000
2, 950, 000
892, 500
284, 000
923, 000
$5, 555, 500
247, 674, 400
2, 804, 000
2, 043, 000
1. 401, 800
821, 000
38, 737, 100
4, 291, 700
4, 143, 600
2, 772, 400
1, 591, 000
1, 088, 600
4, 106, 000
$154. 017, 800
1,470,685,850
111,868,850
152, 098, 300
74, 736. 750
113,054,750
373, 329, 050
85, 427, 950
29, 549, 600
50, 998, 750
128, 479, 750
241, 925, 300
17, 289, 400
$27,941,800
495, 250, 900
18, 121, 350
26, 660, 800
12, 955, 250
16, 166, 750
119,170,850
22, 892, 350
10, 278, 600
17, 350, 400
22, 246, 800
San Francisco
29, 149, 800
6, 322, 400
Total
2, 514, 503, 500
171, 928, 500
317, 030, 100
3, 003, 462, 100
i 824, 508, 050
TREASURY NOTES, SERIES A-1939
$262,781,000
2,411,373,400
256, 327, 100
271. 261, 100
190, 524, 200
232. 441, 500
561. 442, 500
139, 727, 000
67, 570, 000
96, 854, 700
215, 679, 700
225, 840, 400
8,000
$30, 139, 100
235,910,300
27, 771, 500
28, 434, 200
20, 209, 400
28, 9 IS, 300
65, 893, 000
18, 029, 500
9, 170, 500
14, 795, 600
26,381,900
22, 860, 400
8,000
Total ..
4, 931, 830, 600
528, 521, 700
i Includes $171,928,500 allotted on exchange subscriptions (June certificates) and $317,030,100 allotted on
exchange subscriptions (August notes) .
Issues of Treasury bills
Exhibit 15
Inviting tenders for Treasury bills dated November 1, 1938, and maturing January
81, 1934 (press release, Oct. 26, 1983)
The Secretary of the Treasury gives notice that tenders are invited for Treas-
ury bills to the amount of $60,000,000, or thereabouts. They will be 91-day
bills; and will be sold on a discount basis to the highest bidders. Tenders will be
received at the Federal Reserve banks, or the branches thereof, up to 2 p. m.,
Eastern Standard time, on Monday, October 30, 1933. Tenders will not be
received at the Treasury Department, Washington.
The Treasury bills will be dated November 1, 1933, and will mature on Janu-
ary 31, 1934, and on the maturity date the face amount will be payable without
interest. They will be issued in bearer form only, and in amounts or denomina-
tions of $1,000, $10,000, $100,000, $500,000, and $1,000,000 (maturity value).
It is urged that tenders be made on the printed forms and forwarded in the
special envelops which will be supplied by the Federal Reserve banks or branches
upon application therefor.
No tender for an amount less than $1,000 will be considered. Each tender
must be in multiples of $1,000. The price offered must be expressed on the basis
of 100, with not more than three decimal places, e.g., 99.125. Fractions must not
be used.
REPORT OF THE SECRETARY OF THE TREASURY 179
Tenders will be accepted without cash deposit from incorporated banks and
trust companies and from responsible and recognized dealers in investment securi-
ties. Tenders from others must be accompanied by a deposit of 10 percent of
the face amount of Treasury bills applied for, unless the tenders are accom-
panied by an express guaranty of payment by an incorporated bank or trust
company.
Immediately after the closing hour for receipt of tenders on October 30, 1933,
all tenders received at the Federal Reserve banks or branches thereof up to the
closing hour will be opened and public announcement of the acceptable prices
will follow as soon as possible thereafter, probably on the following morning.
The Secretary of the Treasury expressly reserves the right to reject any or all
tenders or parts of tenders, and to allot less than the amount applied for, and
his action in any such respect shall be final. Those submitting tenders will be
advised of the acceptance or rejection thereof. Payment at the price offered for
Treasury bills allotted must be made at the Federal Reserve banks in cash or
other immediately available funds on November 1, 1933.
The Treasury bills will be exempt, as to principal and interest, and any gain
from the sale or other disposition thereof will also be exempt, from all taxation,
except estate and inheritance taxes. No loss from the sale or other disposition
of the Treasury bills shall be allowed as a deduction, or otherwise recognized,
for the purposes of any tax now or hereafter imposed by the United States or any
of its possessions.
Treasury Department Circular No. 418, as amended, and this notice prescribe
the terms of the Treasury bills and govern the conditions of their issue. Copies
of the circular may be obtained from any Federal Reserve bank or branch thereof.
Exhibit 16
Acceptance of lenders for Treasury bills dated November 1, 1933, and maturing
January 31, 193 If. (press release, Oct. 31, 1933)
Acting Secretary of the Treasury Acheson announced today that the tenders
for $60,000,000, or thereabouts, of 91-day Treasury bills, dated November 1,
1933, and maturing January 31, 1934, which were offered on October 26, were
opened at the Federal Reserve banks on October 30, 1933.
The total amount applied for was $232,713,000, of which $60,180,000 was
accepted. The accepted bids ranged in price from 99.955, equivalent to a rate
of about 0.18 percent per annum, to 99.939, equivalent to a rate of about 0.24
percent per annum, on a bank discount basis. Only part of the amount bid for
at the latter price was accepted. The average price of Treasury bills to be
issued is 99.945 and the average rate is about 0.22 percent per annum on a bank
discount basis.
180
REPORT OF THE SECRETARY OF THE TREASURY
Exhibit 17
Press releases pertaining to Treasury bill issues subsequent to October 25,
1933, were similar in form to the foregoing and are, therefore, not here repro-
duced. The essential details regarding each issue are summarized in the following
table:
Summary of information contained in press releases issued in connection with
Treasury bills offered from Nov. 1, 1933, to June SO, 1934
Date of maturity
Days to
matu-
rity
Total
amount
applied for
(in thou-
sands)
Bids accepted
Date of issue
Highest
Lowest
Price (per
hundred)
Equivalent
rate ■
(percent)
Price (per
hundred)
Equivalent
rate l
(percent)
1933
Nov. 1
1934
Jan. 31
91
91
91
91
91
91
91
91
91
91
91
91
91
91
182
91
182
91
182
182
91
91
182
90
182
91
182
91
182
91
182
91
182
91
182
91
182
91
182
182
182
$232, 713
181,015
170, 682
207, 445
187, 069
182, 760
282, 143
271, 832
384, 619
252, 825
289, 397
303, 560
381, 422
302, 858
244, 427
230, 078
178, 326
307, 110
420,115
393, 054
344, 987
194, 789
138, 221
184, 356
117,990
182, 226
147,811
164, 508
150, 815
184, 572
145, 331
193, 076
198, 699
156, 841
199, 266
172, 335
153, 646
190, 788
164, 466
234, 994
251, 941
$99. 955
2 99. 949
99. 939
3 99. 907
99. 907
< 99. 894
99. 851
« 99. 874
99. 848
99. 900
99. 862
« 99. 863
99. 860
99. 900
99. 650
99. 850
99. 723
99. 864
^ 99. 750
99. 809
99. 987
99. 987
99. 929
8 99. 983
99. 924
» 99. 987
99. 914
99. 987
i"99.914
99. 987
"99.915
99. 990
12 99. 920
99. 987
99. 935
100
99. 940
100
99. 949
99. 976
99. 976
0.178
.202
.241
.368
.368
.419
.589
.498
.601
.396
.546
.542
.554
.396
.692
.593
.547
.538
.495
.378
.051
.051
.140
.068
.150
.051
.170
.051
.170
.051
.168
.040
.158
.051
.129
$99. 939
99.937
99. 876
99. 884
99. 886
99.811
99. 808
99. 815
99. 843
99. 824
99. 822
99. 820
99.811
99. 826
99. 510
99. 826
99. 469
99. 849
99. 676
99. 773
99. 975
99. 977
99. 890
99. 978
99. 895
99. 980
99.903
99. 977
99. 900
99. 978
99. 903
99. 980
99. 915
99. 980
99. 925
99. 982
99. 926
99. 983
99. 931
99. 956
99. 958
0.241
Nov. 8
Feb. 7
.249
Nov 15
Feb. 14
.491
Nov 22
Feb. 21
.459
Nov 29
Feb. 28
.451
Dec 6
Mar. 7
.748
Dec. 20
Mar. 21
.760
Dec. 27
Mar. 28
.732
1934
Jan. 3
Apr. 4
.621
Jan. 10
Apr. 11
.696
Apr. 18
.704
Jan. 24..
Apr. 25
.712
Jan 31
May 2
.748
Feb. 7
May 9..
.688
Do
Aug. 8
.969
Feb. 14
May 16
.688
Do
.050
Feb. 21
May 23
.597
Feb. 28
Aug. 29
.641
Mar 7
Sept. 5
.449
Mar. 21...
June 20
.099
Mar 28
.091
Do
Sept. 26
.218
July 3
.088
Do
Oct. 3
.208
Apr. 11
July 11
.079
Do
Oct. 10.
.192
Apr. 18
July 18
.091
Do
Oct. 17
.198
Apr. 25
July 25.
.087
Do
Oct. 24
.192
May 2
.079
Do
Oct. 31
.168
May 9.
Aug. 8
.079
Do
Nov. 7
.148
May 16
.071
Do.
Nov. 14
.119
.146
May 23
Aug. 22
.067
Do
Nov. 21
.101
.047
.047
.136
June 20
Dec. 19
.087
Dec. 26-
.083
i Bank discount rate.
2 Except for 1 bid of $25,000 at i
3 Except for 1 bid of $200,000 at
< Except for 1 bid of $50,000 at S
» Except for 1 bid of $10,000 at i
• Except for 1 bid of $10,000 at i
7 Except for 1 bid of $3,000 at $!
s Except for 2 bids aggregating
» Except for 1 bid of $505,000 at
i° Except for 2 Bids totaling $55
ii Except for 2 bids totaling $65
12 Except for 1 bid of $5,000 at $
599.975, equivalent to an interest rate of 0.099.
$99,950, equivalent to an interest rate of 0.198.
599.975, equivalent to an interest rate of 0.099.
599.950, equivalent to an interest rate of 0.198.
599.976, equivalent to an interest rate of 0.095.
)9.861, equivalent to an interest rate of 0.275.
$21,000, at an average price of $100.
$100.
,000 at an average price of $99,925, equivalent to an interest rate of 0. 147.
,000 at an average price of $99,949, equivalent to an interest rate of 0.101.
99.935, equivalent to an interest rate of 0.129.
REPORT OF THE SECRETARY OF THE TREASURY
181
Summary of information contained in press releases issued in connection with
Treasury bills offered from Nov. 1, 1983, to June 80, 1984
Date of issue
1933
Nov. 1__
Nov. S.-
Nov. 15-
Nov. 22.
Nov. 29.
Dec. 6..
Dec. 20.
Dec. 27..
Bids accepted
Amount (in
thousands)
Jan. 3.
Jan. 10..
Jan. 17..
Jan. 24..
Jan. 31..
Feb. 7..
Do..
Feb. 14.
Do-.
Feb. 21.
Feb. 28.
Mar. 7._
Mar. 21.
Mar. 28.
Do_.
Apr. 4...
Do..
Apr. 11..
Do..
Apr. 18-.
Do..
Apr. 25..
Do_.
May 2...
Do..
May 9...
Do..
May 16..
Do..
May 23..
Do..
June 20..
June 27..
$60, 180
75, 335
75, 295
60, 063
100, 027
100, 050
100, 263
100, 890
100, 990
100, 050
125, 340
125, 126
150. 320
125, 493
50, 078
75,007
75, 044
74, 955
75, 088
100, 236
100,110
50,091
50, 525
50. 151
50, 096
50, 257
50, 225
75, 047
50, 033
75, 325
50, 040
75, 056
50, 037
75,114
50, 173
50, 254
50.080
50, 457
50, 140
75, 226
75, 353
Average
Price (per
hundred)
$99. 945
99. 940
99. ^99
99. 892
99. 892
99. 847
99. 814
99. 816
99. 843
99. 843
99. 831
99. 831
99. 819
99. 834
99. 524
99. 833
99. 501
99. 855
99. 688
99. 781
99. 978
99. 9S0
99. 904
99. 981
99. 902
99. 982
99. 908
99. 980
99. 906
99. 980
99. 907
99. 981
99.918
99. 983
99. 926
99. 984
99. 929
99. 9S5
99. 936
99. 963
99. 966
Equivalent
rate '
(percent)
0.216
.236
.398
.426
.429
.604
.735
.729
.622
.670
.669
.717
.650
.942
.662
.988
.575
.617
.434
.089
.080
.190
.077
.194
.073
.182
.079
.187
.078
.185
.074
.162
.068
.146
.063
.140
.058
.127
.074
.067
Date of press releases
1933
Oct. 26 and 31
Nov. 1 and 4_
Nov. 9 and 14
Nov. 16 and 21
Nov. 23 and 28
Nov. 29 and Dec. 5.
Dec. 14 and 19
Dec. 20 and 23
Dec. 27 and 30.
Jan. 4 and 9...
Jan. 11 and 16.
Jan. 18 and 23.
Jan. 25 and 30.
Feb. 1 and 6...
do
Feb. 7 and 10..
.do.
Feb. 16 and 20..
Feb. 23 and 27..
Mar. 2 and 5...
Mar. 16 and 20.
Mar. 23 and 27.
.do-
Mar. 30 and Apr. 3.
....do
Apr. 6 and 10
....do
Apr. 13 and 17
do.
Apr. 20 and 24.
....do
Apr. 27 and May 1.
do.
May 4 and 8...
....do
May 11 and 15.
..-do
May 18 and 22.
.—do
June 15 and 19.
June 22 and 26.
Date of
closing
1933
Oct. 30.
Nov. 3.
Nov. 13.
Nov. 20.
Nov. 27.
Dec. 4.
Dec. 18.
Dec. 22.
Dec. 29.
Jan. 8.
Jan. 15.
Jan. 22.
Jan. 29.
Feb. 5.
Do.
Feb. 9.
Do.
Feb. 19.
Feb. 26.
Mar. 5.
Mar. 19.
Mar. 26.
Do.
Apr. 2.
Do.
Apr. 9.
Do.
Apr. 16.
Do.
Apr. 23.
Do.
Apr. 30.
Do.
May 7.
Do.
Mav 14.
Do.
May 21.
Do.
June 18.
June 25.
1 Bank discount rate.
Exhibit 18
General circular governing the sale and issue of Treasury bills
[Department Circular No. 418, as amended]
Treasury Department,
May 8, 1984.
1. The Secretary of the Treasury is authorized by section 5 of the Second
Liberty Bond Act, as amended,1 to issue Treasury bills on a discount basis and
payable at maturity without interest, and to fix the form, terms, and conditions
thereof, and to offer them for sale on a competitive basis, under such regulations
and upon such terms and conditions as he may prescribe. Pursuant to said
authorization, the Secretary of the Treasury, by public notice, may from time
to time offer Treasury bills for sale and invite tenders therefor, through the
Federal Reserve banks. The Treasury bills so offered and the tenders made
i The statute appears in T. D. 4431 on pp. 3 and 4 of this circular. (See p. 184 of this report.)
182 REPORT OF THE SECRETARY OF THE TREASURY
will be subject to the terms and conditions and to the general rules and regulations
herein contained and also to the terms and conditions stated in the public notices
as issued by the Secretary of the Treasury from time to time in connection with
particular offerings.
DESCRIPTION OF TREASURY BILLS
2. Treasury bills are bearer obligations of the United States, promising to
pay a specified amount without interest on a specified date. They are to be
issued on a discount basis. Each Treasury bill, prior to its issue, must be vali-
dated by a Federal Reserve bank as fiscal agent of the United States, and the
dates of the original issue and the maturity thereof will be stated thereon. Treas-
ury bills are payable at maturity upon presentation to the Treasurer of the
United States in Washington or to any Federal Reserve bank.
3. Treasurv bills will be issued in denominations (maturity value) of $1,000,
$10,000, $100,000, $500,000, and $1,000,000. Exchanges of denominations of
Treasury bills of the same series (bearing the same issue and maturity dates)
will be permitted at Federal Reserve banks.
4. Treasury bills will be exempt, as to principal and interest, and any gain
from the sale or other disposition of Treasury bills shall also be exempt, from all
taxation (except estate or inheritance taxes) now or hereafter imposed by the
United States, any State, or any of the possessions of the United States, or by
any local taxing authority; and no loss from the sale or other disposition of
Treasury bills shall be allowed as a deduction, or otherwise recognized, for the
purposes of any tax now or hereafter imposed by the United States or any of
its possessions.2 However, taxpayers making income tax returns are required
to report in their returns, for information purposes, the number and amount of
obligations and securities of the United States owned by them and the income
received therefrom. In reporting in their income tax returns the amount of
Treasury bills owned by them and the income received therefrom, taxpayers will
be governed by the provisions of Treasury Decision 4431 which appears on pages
3 and 4 of this circular. It will be noted from that Treasury Decision that (1)
the "amount of such obligations and securities" to be so reported is the face or
maturity value of the Treasury bills, and that (2) the "income received there-
from" to be reported is the net excess of the amount realized during the taxable
year from the sale or other disposition of the bills over the cost or other basis
thereof, no separate computation of discount being necessary.
5. Treasury bills will be acceptable at maturity value to secure deposits of
public moneys, but they will not bear the circulation privilege. Treasury bills
will be acceptable at maturity, but not before, and under such rules and regula-
tions as shall be prescribed or approved by the Secretary of the Treasury, in
payment of income and profits taxes payable at the maturity of the Treasury
bills. Notes secured by Treasury bills are eligible for discount or rediscount at
Federal Reserve banks by member banks, as are notes secured by bonds and notes
of the United States, under the provisions of section 13 of the Federal Reserve
Act. Treasury bills will be acceptable at maturity, but not before, in payment of
interest or of principal on account of obligations of foreign governments held by
the United States.
PUBLIC NOTICE
6. When tenders are to be invited, public notice thereof will be given by the
Secretary of the Treasury prior to the date of issue of the Treasury bills. In
such public notice there will be set forth (a) the amount of the Treasury bills
for which tenders are then invited, (b) the date or dates of issue, (c) the date or
dates when such bills will become due and payable, (d) the closing hour and date
for the receipt of tenders at the Federal Reserve banks, and (e) the date or dates
on which payment for accepted tenders must be made.
7. Tenders, in response to any such public notice, will be received only at the Federal
Reserve banks, or branches thereof, and unless received before the fixed time of closing
will be disregarded. — No tender will be accepted for an amount less than $1,000
(maturity value), and each tender must be for an amount in multiples of $1,000
(maturity value). The price or prices offered by the subscriber for the amount or
amounts (at maturity value) applied for must be stated, and must be expressed
on the basis of 100, with not more than three decimal places, e. g., 99.125. Frac-
tions must not be used.
2 For Treasury bills issued prior to June 17, 1930, see Department Circular No. -118, dated Nov. 22, 1929,
and T. D. 4276 annexed to that circular.
REPORT OF THE SECRETARY OE THE TREASURY 183
8. Tenders should be submitted on the prescribed forms and inclosed in special
envelops, securely sealed. On application, the forms and special envelops will be
supplied by the Federal Reserve bank of the district in which the subscriber is
located. If a special envelop is not available, the inscription "Tender for Treas-
ury Bills" should be placed on the envelop used. The instructions of the Federal
Reserve banks with respect to the submission of tenders should be observed.
Tenders will be accepted without cash deposit from incorporated banks and trust
companies and from responsible and recognized dealers in investment securities.
Tenders from others must be accompanied by a 10 percent payment of the face
amount of the Treasury bills applied for; provided, however, that such deposit
will not be required if the tender is accompanied by an express guaranty of pay-
ment in full by an incorporated bank or trust company. The forfeiture of the
10 percent cash deposit may be declared by the Secretary of the Treasury if
payment in full is not made, in the case of accepted tenders, on the prescribed
date.
9. The time of closing will be specified in the public notice. At the time fixed
for closing, all tenders received by the Federal Reserve banks; or branches, will
be opened. The Secretary of the Treasury will determine the acceptable prices
offered and will make public announcement thereof as soon as possible after the
opening of bids, probably on the following morning. Those submitting tenders
will be advised by the Federal Reserve banks of the acceptance or rejection thereof,
and payment on accepted tenders must be made on the date specified in the public
notice.
10. In considering the acceptance of tenders, the highest prices offered will be
accepted in full down to the amount required, and if the same price appears in
two or more tenders and it is necessary to accept only a part of the amount offered
at such price, the amount accepted at such price will be prorated in accordance
with the respective amounts applied for. However, the Secretary of the Treasury
expressly reserves the right on any occasion to reject any or all tenders or parts
of tenders; and to award less than the amount applied for; and any action he may
take in any such respect or respects shall be final.
11. All payments which may be due on account of accepted tenders must be
made to the appropriate Federal Reserve bank in cash or other funds that will
be immediately available on the date specified: Provided, however, That the
Secretary of the Treasury, in his discretion, on any occasion inviting tenders for
Treasury bills, may permit any qualified depositary to make such payments by
credit for itself and its customers up to any amount for which it shall be qualified
in excess of existing deposits, when so notified by the Federal Reserve bank of its
district.
12. Federal Reserve banks as fiscal agents of the United States are authorized
to perform such acts as may be necessary to carry out the provisions of this
circular and of the public notice or notices issued in connection with any offering
of Treasury bills.
DESTROYED, MUTILATED, OR DEFACED TREASURY BILLS
13. No relief will be granted on account of the loss or theft of Treasury bills
issued hereunder. Relief will be granted on account of the destruction, mutila-
tion, or defacement thereof under the conditions and in accordance with the
procedure prescribed in paragraphs 80 and 81 of Treasury Department Circular
No. 300, dated July 31, 1923, so far as applicable.
14. The Secretary of the Treasury reserves the right to withdraw, amend, or
supplement this circular at any time, or from time to time.
Henry Morgenthau, Jr.,
Secretary of the Treasury.
184 REPORT OF THE SECRETARY OF THE TREASURY
(T. D. 4431)
Income Tax — Exemption of Treasury Bills
Treasury Department,
Office of Commissioner of Internal Revenue,
Washington, D. C, May 3, 193 4.
To Collectors of Internal Revenue and others concerned:
Attention is invited to the act entitled "An act providing certain exemptions
from taxation for Treasury bills", approved June 17, 1930 (46 Stat. L. 775),
which amends section 5 of the Second Liberty Bond Act, as amended (46 Stat.
L. 19), by adding at the end thereof a new subdivision known as subdivision (d).
This new subdivision provides that any gain from the sale or other disposition of
Treasury bills issued after the enactment of the act approved June 17, 1930, shall
be exempt from all Federal, State, and local taxation (except estate or inherit-
ance taxes) , and that no loss from the sale or other disposition of such Treasury
bills shall be allowed as a deduction, or otherwise recognized, for the purposes of
any tax imposed by the United States or any of its possessions. Section 5 of the
Second Liberty Bond Act, as so amended, reads as follows, the tax-exemption
provisions being contained in subdivisions (b) and (d) thereof:
"Sec. 5. (a) That in addition to the bonds and notes authorized by sections
1 and 18 of this act, as amended, the Secretary of the Treasury is authorized to
borrow from time to time, on the credit of the United States, for the purposes of
this act, to provide for the purchase or redemption before maturity of any certif-
icates of indebtedness or Treasury bills issued hereunder, and to meet public
expenditures authorized by law, such sum or sums as in his judgment may be
necessary, and to issue therefor (1) certificates of indebtedness of the United
States at not less than par and at such rate or rates of interest, payable at such
time or times as he may prescribe; or (2) Treasury bills on a discount basis and
payable at maturity without interest. Treasury bills to be issued hereunder shall
be offered for sale on a competitive basis, under such regulations and upon such
terms and conditions as the Secretary of the Treasury may prescribe, and the
decisions of the Secretary in respect of any issue shall be final. Certificates of
indebtedness and Treasury bills issued hereunder shall be in such form or forms
and subject to such terms and conditions, shall be payable at such time not ex-
ceeding 1 year from the date of issue, and may be redeemable before maturity
upon such terms and conditions as the Secretary of the Treasury may prescribe.
Treasury bills issued hereunder shall not be acceptable before maturity in pay-
ment of interest or of principal on account of obligations of foreign governments
held by the United States of America. The sum of the par value of such certifi-
cates and Treasury bills outstanding hereunder and under section 6 of the First
Liberty Bond Act shall not at any one time exceed in the aggregate $10,000,000,000.
"(b) All certificates of indebtedness and Treasury bills issued hereunder (after
the date upon which this subdivision becomes law) shall be exempt, both as to
principal and interest, from all taxation (except estate and inheritance taxes)
now or hereafter imposed by the United States, any State, or any of the posses-
sions of the United States, or by any local taxing authority; and the amount
of discount at which Treasury bills are originally sold by the United States shall
be considered to be interest within the meaning of this subdivision.
"(c) Wherever the words 'bonds and notes of the United States', or 'bonds
and notes of the Government of the United States', or 'bonds or notes of the
United States' are used in the Federal Reserve Act, as amended, they shall be
held to include certificates of indebtedness and Treasury bills issued hereunder.
"(d) Any gain from the sale or other disposition of Treasury bills issued here-
under (after the date upon which this subdivision becomes law) shall be exempt
from all taxation (except estate or inheritance taxes) now or hereafter imposed
by the United States, any State, or any of the possessions of the United States,
or by any local taxing authority; and no loss from the sale or other disposition
of such Treasury bills shall be allowed as a deduction, or otherwise recognized,
for the purposes of any tax now or hereafter imposed by the United States or
any of its possessions."
The report of the Committee on Ways and Means (H. Rept. No. 1759, ac-
companying H. R. 12440, 71st Cong.) shows that it is the purpose of the act
approved June 17, 1930, to obviate the necessity, which existed under the law
prior to its amendment by such act, of keeping a complicated system of book-
REPORT OF THE SECRETARY OF THE TREASURY 185
keeping records in order to ascertain gain or loss from the sale or other disposi-
tion of Treasury bills as differentiated from the discount received on such bills.
Attention is also invited to section 22 (b) (4) of the Revenue Act of 1932, which
provides in part:
"Sec. 22. * * * (b) Exclusions from Gross Income * * * The fol-
lowing items shall not be included in gross income and shall be exempt from taxa-
tion under this title: * * * (4) * * * Interest upon (A) the obligations
of a State, Territory, or any political subdivision thereof, or the District of
Columbia; or (B) securities issued under the provisions of the Federal Farm
Loan Act, or under the provisions of such act as amended; or (C) the obligations
of the United States or its possessions. Every person owning any of the obli-
gations or securities enumerated in clause (A), (B), or (C), shall, in the return
required by this title, submit a statement showing the number and amount of
such obligations and securities owned by him and the income received there-
from, in such form and with such information as the Commissioner may require.
In the case of obligations of the United States issued after September 1, 1917
(other than postal savings certificates of deposit), the interest shall be exempt
only if and to the extent provided in the respective acts authorizing the issue
thereof as amended and supplemented, and shall be excluded from gross income
only if and to the extent it is wholly exempt to the taxpayer from the taxes
imposed by this title; * * *."
Article 81 of regulations 77 promulgated under the Revenue Act of 1932,
provides that "Every person owning obligations of a State, Territory, any
political subdivision thereof, or the District of Columbia; securities issued under
the provisions of the Federal Farm Loan Act or of such act as amended; or obli-
gations of the United States or its possessions, must, however, submit in his
income tax return a statement showing the number and amount of such obli-
gations and securities owned and the income received therefrom.
Under the above-quoted provisions of the Revenue Act of 1932 and regula-
tions 77, in the case of Treasury bills issued after June 17, 1930, (1) the "amount
of such obligations and securities" is their par (maturity) value and (2) the
"income received therefrom" is the net excess of the amount realized during
the taxable year from the sale or other disposition of the bills over the cost or
other basis thereof, no separate computation of discount being necessary.
Guy T. Helvering,
Commissioner of Internal Revenue.
Approved:
Henry Morgenthau, Jr.,
Secretary of the Treasury.
Miscellaneous
Exhibit 19
Receipt of Liberty bonds, Treasury bonds, and Treasury notes for Federal estate or
inheritance taxes
[Sixth supplement to Department Circular No. 225]
Treasury Department,
January 12, 1934.
1. Department Circular No. 225. dated January 31, 1921, prescribes the regu-
lations governing the receipt of bonds and notes of the United States for Federal
estate or inheritance taxes pursuant to the provisions of section 14 of the Second
Liberty Bond Act, approved September 24, 1917, as amended (U. S. C, title 31,
sec. 765). Said circular has been supplemented on June 30, 1922, July 31, 1923,
October 15, 1925, October 30, 1926, and February 14, 1931, to show the bonds
and notes on such dates, respectively, outstanding and receivable for such pay-
ments. Said circular is hereby further supplemented to show the bonds at this
date outstanding bearing interest at a higher rate than 4 percent per annum
which come within the provisions of said Department Circular No. 225, dated
186
REPORT OF THE SECRETARY OF THE TREASURY
January 31, 1921. Treasury notes outstanding at this time do not come within
the provisions of said circular. The bonds receivable are as follows:
Description
Date of issue
Short title
(al First Liberty Loan converted 4J4 percent bonds of 1932-47-
(b) First Liberty Loan second converted 4J4 percent bonds of
1932-47.
May 9, 191S
Oct. 24,1918
do
First 4H's.
First second 4J4's.
Fourth 4H's.
Oct. 16, 1922
Oct. 15,1933
Treasury bonds of 1947-52.
(e) 4M-3H percent Treasury bonds of 1943-45, until Oct. 15,
1934.
Treasury bonds of 1943-45.
2. Treasury bonds of 1943-45 are dated October 15, 1933, and bear interest
at the rate of 4)4 percent per annum until October 15, 1934, and thereafter at
ZlA percent. The computing of the required period of ownership will begin on
such date, on or after October 15, 1933, as the decedent acquired such bonds,
and they will be receivable for Federal estate or inheritance taxes under Depart-
ment Circular No. 225, dated January 31, 1921, as supplemented, only between
the termination of any such required period of ownership and October 15, 1934.
3. For the calculation of accrued interest on the current coupons of bonds
tendered in payment of estate or inheritance taxes under this circular, the method
outlined in Exhibit B to Department Circular No. 225, dated January 31, 1921,
should be followed.
Henry Morgenthau, Jr.,
Secretary of the Treasury.
Exhibit 20
Sections 4 and 5 of the Federal Farm Mortgage Act (Public No. 88, 73d Cong.,
approved Jan. 81, 1984), guaranteeing principal and interest of Federal Farm
Mortgage Corporation bonds by the United States
Sec. 4. (a) With the approval of the Secretary of the Treasury, the Corpora-
tion is authorized to issue and have outstanding at any one time bonds in an
aggregate amount not exceeding $2,000,000,000. Such bonds shall be in such
forms and denominations, shall have such maturities, shall bear such rates of
interest, shall be subject to such terms and conditions, and shall be issued in such
manner and sold at such prices, as may be prescribed by the Corporation, with the
approval of the Secretary of the Treasury. Such bonds shall be fully and un-
conditionally guaranteed both as to interest and principal by the United States
and such guaranty shall be expressed on the face thereof, and such bonds shall be
lawful investments, and may be accepted as security, for all fiduciary, trust, and
public funds the investment or deposit of which shall be under the authority or
control of the United States or any officer or officers thereof. In the event that
the Corporation shall be unable to pay upon demand, when due, the principal of
or interest on, such bonds, the Secretary of the Treasury shall pay to the holder
the amount thereof which is hereby authorized to be appropriated, out of any
moneys in the Treasury not otherwise appropriated, and thereupon to the
extent of the amount so paid the Secretary of the Treasury shall succeed to all
the rights of the holders of such bonds. The Secretary of the Treasury, in his
discretion, is authorized to purchase any bonds of the Corporation issued here-
under, and for such purpose the Secretary of the Treasury is authorized to use
as a public debt transaction the proceeds from the sale of any securities hereafter
issued under the Second Liberty Loan Act, as amended, and the purposes for
which securities may be issued under such act, as amended, are extended to
include any purchases of the Corporation's bonds hereunder. The Secretary of
the Treasury may, at any time, sell any of the bonds of the Corporation acquired
by him under this section. All redemptions, purchases, and sales by the Secretary
of the Treasury of the bonds of the Corporation shall be treated as public debt
transactions of the United States. Such bonds shall be fully and adequately
secured by such assets of the Corporation and in such manner as shall be pre-
scribed by its board of directors. The Corporation shall have power to purchase
such bonds in the open market at any time and at any price. On such terms and
conditions as may be agreed upon, the Corporation may exchange such bonds,
upon application of any Federal land bank for consolidated farm loan bonds of
equal face value issued under the Federal Farm Loan Act, as amended, and may
exchange such consolidated farm loan bonds held by it for bonds of the Corpora-
tion of equal face value.
REPORT OF THE SECRETARY OP THE TREASURY 187
(b) The Corporation is further authorized to purchase from time to time,
for cash, such consolidated farm loan bonds at such prices and upon such terms
as may be approved by the board of directors of the Corporation, to make loans
to Federal land banks on the security of such consolidated bonds, and to invest
its funds in mortgage loans made under section 32 of the Emergency Farm Mort-
gage Act of 1933, as amended.
(c) In order to furnish bonds for delivery by the Federal Farm Mortgage
Corporation, the Secretary of the Treasury is hereby authorized to prepare
suitable bonds in such form, subject to the provisions of this act, as the board
of directors may approve, such bonds when prepared to be held in the Treasury
subject to delivery upon order of the Corporation. The engraved plates, dies,
bedpieces, and so forth, executed in connection therewith shall remain in the
custody of the Secretary of the Treasury. The Corporation shall reimburse the
Secretary of the Treasury for any expenditures made in the preparation, custody,
and delivery of such bonds.
Sec. 5. After 90 days after the enactment of this act, no Federal land bank
shall issue any bonds under the provisions of the last paragraph of section 32 of
the Federal Farm Loan Act, as amended, subject to the guarantee of interest on
such bonds by the United States except for the purpose of refinancing any bond
which is or has been issued subject to such guarantee of interest.
Exhibit 21
Section 1 of Public No. 178, Seventy-third Congress, approved April 27, 1984.
guaranteeing principal and interest of the Home Owners' Loan Corporation bonds by
the United States
Be it enacted by the Senate and House of Representatives of the United States of
America in Congress assembled, That (a) section 4 (c) of the Home Owners' Loan
Act of 1933 is amended to read as follows:
"(c) The Corporation is authorized to issue bonds in an aggregate amount
not to exceed $2,000,000,000, which may be sold by the Corporation to obtain
funds for carrying out the purposes of this section, or exchanged as hereinafter
provided. Such bonds shall be in such forms and denominations, shall mature
within such periods of not more than eighteen years from the date of their issue,
shall bear such rates of interest not exceeding 4 per centum per annum, shall be
subject to such terms and conditions, and shall be issued in such manner and sold
at such prices, as may be prescribed by the Corporation, with the approval of the
Secretary of the Treasury. Such bonds shall be fully and unconditionally guar-
anteed both as to interest and principal by the United States, and such guaranty
shall be expressed on the face thereof, and such bonds shall be lawful investments,
and may be accepted as security, for all fiduciary, trust, and public funds, the
investment or deposit of which shall be under the authority or control of the
United States or any officer or officers thereof. In the event that the Corpora-
tion shall be unable to pay upon demand, when due, the principal of, or interest
on, such bonds, the Secretary of the Treasury shall pay to the holder the amount
thereof which is hereby authorized to be appropriated out of any moneys in the
Treasury not otherwise appropriated, and thereupon to the extent of the amount
so paid the Secretary of the Treasury shall succeed to all the rights of the holders
of such bonds. The Secretary of the Treasury, in his discretion, is authorized to
purchase any bonds of the Corporation issued under this subsection which are
guaranteed as to interest and principal, and for such purpose the Secretary of
the Treasury is authorized to use as a public debt transaction the proceeds from
the sale of any securities hereafter issued under the Second Liberty Bond Act,
as amended, and the purposes for which securities may be issued under such act,
as amended, are extended to include any purchases of the Corporation's bonds
hereunder. The Secretary of the Treasury may, at any time, sell any of the
bonds of the Corporation acquired by him under this subsection. All redemp-
tions, purchases, and sales by the Secretary of the Treasury of the bonds of the
Corporation shall be treated as public debt transactions of the United States.
The bonds issued by the Corporation under this subsection shall be exempt, both
as to principal and interest, from all taxation (except surtaxes, estate, inheritance,
and gift taxes) now or hereafter imposed by the United States or any District,
Territory, dependency, or possession thereof, or by any State, county, munici-
pality, or local taxing authority. The Corporation, including its franchise, its
capital, reserves and surplus, and its loans and income, shall likewise be exempt
188 REPORT OF THE SECRETARY OF THE TREASURY
from such taxation; except that any real property of the Corporation shall be
subject to taxation to the same extent, according to its value, as other real prop-
erty is taxed. No such bonds shall be issued in excess of the assets of the Cor-
poration, including the assets to be obtained from the proceeds of such bonds,
but a failure to comply with this provision shall not invalidate the bonds or the
guaranty of the same. The Corporation shall have power to purchase in the open
market at any time and at any price not to exceed par any of the bonds issued
by it. Any such bonds so purchased may, with the approval of the Secretary of
the Treasury, be sold or resold at any time and at any price. For a period of six
months after the date this subsection, as amended, takes effect, the Corporation
is authorized to refund any of its bonds issued prior to such date or any bonds
issued after such date in compliance with commitments of the Corporation out-
standing on such date, upon application of the holders thereof, by exchanging
therefor bonds of an equal face amount issued by the Corporation under this
subsection as amended, and bearing interest at such rate as may be prescribed
by the Corporation with the approval of the Secretary of the Treasury; but such
rate shall not be less than that first fixed after this subsection, as amended, takes
effect on bonds exchanged by the Corporation for home mortgages. For the
purpose of such refunding the Corporation is further authorized to increase its
total bond issue in an amount equal to the amount of the bonds so refunded.
Nothing in this subsection, as amended, shall be construed to prevent the Cor-
poration from issuing bonds in compliance with commitments of the Corporation
on the date this subsection, as amended, takes effect."
(b) The amendments made by subsection (a) of this section (except with
respect to refunding) shall not apply to any bonds heretofore issued by the Home
Owners' Loan Corporation under such section 4 (c), or to any bonds hereafter
issued in compliance with commitments of the Corporation outstanding on the
date of enactment of this act.
Exhibit 22
[Public No. 144, 73d Cong., S. 1528]
An act to amend section 8702, Revised Statutes
Be it enacted by the Senate and House of Representatives of the United
States of America in Congress assembled, That section 3702 of the Revised
Statutes is hereby amended by adding at the end thereof the following para-
graphs :
"(2) Whenever it appears to the Secretary of the Treasury by clear and
unequivocal proof that any interest-bearing bond of the United States, fully
identified by number and description, has, without bad faith on the part of the
owner, been lost to such owner under such circumstances and for such period
of time after it has matured or has become redeemable pursuant to a call for
redemption as in the judgment of the Secretary would indicate that it had been
destroyed or irretrievably lost, is not held by any person as his own property,
and will not be presented by a bona fide holder for value, the Secretary of the
Treasury is authorized to make payment of the amount which would have been
due on such bond had it been presented at the time it became due and payable.
But no payment shall be made on account of interest represented by coupons
claimed to have been attached to a missing coupon bond at the time of its loss
or destruction, unless the Secretary of the Treasury is satisfied that such
coupons have not been paid and are in fact destroyed or can never be made
the basis of a claim against the United States : Provided, That where relief is
authorized under the provisions of this paragraph the bond of indemnity re-
quired by section 3703 of the Revised Statutes shall be in a penal sum of
double the amount to be paid and shall be executed by an approved corporate
surety. The Secretary of the Treasury is further authorized to make from
time to time such regulations and restrictions as he may prescribe with respect
to the administration of this paragraph.
"(3) The term 'bond' wherever used in this section and in sections 3703,
3704, and 3705 of the Revised Statutes shall be deemed, for the purposes of
these sections, to include any interest-bearing obligation of the United States
or those issued on a discount basis."
Approved, April 9, 1934.
REPORT OF THE SECRETARY OF THE TREASURY 189
MONEY AND BANKING
Exhibit 23
[Public No. 87, 73d Cong., H.R. 6976]
An act to protect the currency system of the United States, to provide for the
better use of the monetary gold stock of the United States, and for other
purposes
Be it enacted by the Senate and House of Representatives of the United
States of America in Congress assembled, That the short title of this act shall
be the " Gold Reserve Act of 1934."
Sec. 2. (a) Upon the approval of this act all right, title, and interest, and
every claim of the Federal Reserve Board, of every Federal Reserve bank,
and of every Federal Reserve agent, in and to any and all gold coin and gold
bullion shall pass to and are hereby vested in the United States; and in
payment therefor credits in equivalent amounts in dollars are hereby estab-
lished in the Treasury in the accounts authorized under the sixteenth para-
graph of section 16 of the Federal Reserve Act, as heretofore and by this act
amended (U. S. C, title 12, sec. 467). Balances in such accounts shall be
payable in gold certificates, which shall be in such form and in such de-
nominations as the Secretary of the Treasury may determine. All gold so
transferred, not in the possession of the United States, shall be held in custody
for the United States and delivered upon the order of the Secretary of the
Treasury; and the Federal Reserve Board, the Federal Reserve banks, and
the Federal Reserve agents shall give such instruction and shall take such
action as may be necessary to assure that such gold shall be so held and de-
livered.
(b) Section 16 of the Federal Reserve Act, as amended, is further amended
in the following respects :
(1) The third sentence of the first paragraph is amended to read as fol-
lows : " They shall be redeemed in lawful money on demand at the Treasury
Department of the United States, in the city of Washington, District of
Columbia, or at any Federal Reserve bank."
(2) So much of the third sentence of the second paragraph as precedes the
proviso is amended to read as follows : " The collateral security thus offered
shall be notes, drafts, bills of exchange, or acceptances acquired under the
provisions of section 13 of this act, or bills of exchange endorsed by a member
bank of any Federal Reserve district and purchased under the provisions of
section 14 of this act, or bankers' acceptances purchased under the provisions
of said section 14, or gold certificates :".
(3) The first sentence of the third paragraph is amended to read as follows:
" Every Federal Reserve bank shall maintain reserves in gold certificates or
lawful money of not less than 35 per centum against its deposits and reserves
in gold certificates of not less than 40 per centum against its Federal Reserve
notes in actual circulation : Provided, hoivever, That when the Federal Reserve
agent holds gold certificates as collateral for Federal Reserve notes issued to
the bank such gold certificates shall be counted as part of the reserve which
such bank is required to maintain against its Federal Reserve notes in actual
circulation."
(4) The fifth and sixth sentences of the third paragraph are amended to read
as follows : " Notes presented for redemption at the Treasury of the United
States shall be paid out of the redemption fund and returned to the Federal
Reserve banks through which they were originally issued, and thereupon
such Federal Reserve bank shall, upon demand of the Secretary of the Treas-
ury, reimburse such redemption fund in lawful money or, if such Federal
Reserve notes have been redeemed by the Treasurer in gold certificates, then
such funds shall be reimbursed to the extent deemed necessary by the Secre-
tary of the Treasury in gold certificates, and such Federal Reserve bank shall,
so long as any of its Federal Reserve notes remain outstanding, maintain
with the Treasurer in gold certificates an amount sufficient in the judgment of
the Secretary to provide for all redemptions to be made by the Treasurer.
Federal Reserve notes received by the Treasurer otherwise than for redemption
may be exchanged for gold certificates out of the redemption fund hereinafter
provided and returned to the Reserve bank through which they were originally
issued, or they may be returned to such bank for the credit of the United
States."
190 REPORT OF THE SECRETARY OF THE TREASURY
(5) The fourth, fifth, and sixth paragraphs are amended to read as follows:
" The Federal Reserve Board shall require each Federal Reserve bank to
maintain on deposit in the Treasury of the United States a sum in gold
certificates sufficient in the judgment of the Secretary of the Treasury for the
redemption of the Federal Reserve notes issued to such bank, but in no event
less than 5 per centum of the total amount of notes issued less the amount of
gold certificates held by the Federal Reserve agent as collateral security ; but
such deposit of gold certificates shall be counted and included as part of the 40
per centum reserve hereinbefore required. The Board shall have the right,
acting through the Federal Reserve agent, to grant in whole or in part, or to
reject entirely the application of any Federal Reserve bank for Federal Reserve
notes ; but to the extent that such application may be granted the Federal
Reserve Board shall, through its local Federal Reserve agent, supply Federal
Reserve notes to the banks so applying, and such bank shall be charged with
the amount of the notes issued to it and shall pay such rate of interest as may
be established by the Federal Reserve Board on only that amount of such notes
which equals the total amount of its outstanding Federal Reserve notes less
the amount of gold certificates held by the Federal Reserve agent as collateral
security. Federal Reserve notes issued to any such bank shall, upon delivery,
together with such notes of such Federal Reserve bank as may be issued under
section 18 of this act upon security of United States 2 per centum Government
bonds, become a first and paramount lien on all the assets of such bank.
"Any Federal Reserve bank may at any time reduce its liability for out-
standing Federal Reserve notes by depositing with the Federal Reserve agent
its Federal Reserve notes, gold certificates, or lawful money of the United
States. Federal Reserve notes so deposited shall not be reissued, except upon
compliance with the conditions of an original issue.
" The Federal Reserve agent shall hold such gold certificates or lawful money
available exclusively for exchange for tbe outstanding Federal Reserve notes
when offered by the Reserve bank of which he is a director. Upon the request
of the Secretary of the Treasury the Federal Reserve Board shall require
the Federal Reserve agent to transmit to the Treasurer of the United States
so much of the gold certificates held by him as collateral security for Federal
Reserve notes as may be required for the exclusive purpose of the redemption
of such Federal Reserve notes, but such gold certificates when deposited with
the Treasurer shall be counted and considered as if collateral security on
deposit with the Federal Reserve agent."
(6) The eighth paragraph is amended to read as follows:
"All Federal Reserve -notes and all gold certificates and lawful money
issued to or deposited with any Federal Reserve agent under the provisions of
the Federal Reserve Act shall hereafter be held for such agent, under such
rules and regulations as the Federal Reserve Board may prescribe, in the joint
custody of himself and the Federal Reserve bank to which he is accredited.
Such agent and such Federal Reserve bank shall be jointly liable for the safe-
keeping of such Federal Reserve notes, gold certificates, and lawful money.
Nothing herein contained, however, shall be construed to prohibit a Federal
Reserve agent from depositing gold certificates with the Federal Reserve Board,
to be held by such Board subject to his order, or with the Treasurer of the
United States for the purposes authorized by law."
(7) The sixteenth paragraph is amended to read as follows:
" The Secretary of the Treasury is hereby authorized and directed to receive
deposits of gold or of gold certificates with the Treasurer or any Assistant
Treasurer of the United States when tendered by any Federal Reserve bank or
Federal Reserve agent for credit to its or his account with the Federal Re-
serve Board. The Secretary shall prescribe by regulation the form of receipt
to be issued by the Treasurer or Assistant Treasurer to the Federal Reserve
bank or Federal Reserve agent making the deposit, and a duplicate of such
receipt shall be delivered to the Federal Reserve Board by the Treasurer at
Washington upon proper advices from any Assistant Treasurer that such de-
posit has been made. Deposits so made shall be held subject to the orders of
the Federal Reserve BoTTrdluiorshint bo payable in gold certificates on the order
of the Federal Reserve Board to any Federal Reserve bank or Federal Reserve
agent at the Treasury or at the Subtreasury of the United States nearest the
place of business of such Federal Reserve bank or such Federal Reserve agent.
The order used by the Federal Reserve Board in making such payments shall
be signed by the governor or vice governor, or such other officers or members
as the Board may by regulation prescribe. The form of such order shall be
approved by the Secretary of the Treasury."
REPORT OF THE SECRETARY OF THE TREASURY 191
(8) The eighteenth paragraph is amended to read as follows:
" Deposits made under this section standing to the credit of any Fedei'al Re-
serve bank with the Federal Reserve Board shall, at the option of said bank,
be counted as part of the lawful reserve which it is required to maintain against
outstanding Federal Reserve notes, or as a part of the reserve it is required
to maintain against deposits."
Sec. 3. The Secretary of the Treasury shall, by regulations issued hereunder,
with the approval of tbe President, prescribe the conditions under which gold
may be acquired and held, transported, melted or treated, imported, exported,
or earmarked: (a) for industrial, professional, and artistic use; (b) by the
Federal Reserve banks for the purpose of settling international balances ; and
(c) for such other purposes as in his judgment are not inconsistent with the
purposes of this act. Gold in any form may be acquired, transported, melted
or treated, imported, exported, or earmarked or held in custody for foreign
or domestic account (except on behalf of the United States) only to the extent
permitted by, and subject to the conditions prescribed in, or pursuant to, such
regulations. Such regulations may exempt from the provisions of this section,
in whole or in part, gold situated in the Philippine Islands or other places
beyond tbe limits of the continental United States.
Sec. 4. Any gold withheld, acquired, transported, melted or treated, imported,
exported, or earmarked or held in custody, in violation of this act or of any
regulations issued hereunder, or licenses issued pursuant thereto, shall be
forfeited to the United States, and may be seized and condemned by like
proceedings as those provided by law for the forfeiture, seizure, and condemna-
tion of property imported into the United States contrary to law; and in addi-
tion any person failing to comply with the provisions of this act or of any such
regulations or licenses, shall be subject to a penalty equal to twice the value of
the gold in respect of winch such failure occurred.
Sec. 5. No, gold shall hereafter be coined, and no gold coin sball hereafter
be paid out or delivered by the United States: Provided, however, That coinage
may continue to be executed by the mints of the United States for foreign
countries in accordance with the act of January 29, 1874 (U. S. C, title 31,
sec. 367). All gold coin of the United States shall be withdrawn from circula-
tion, and, together with all other gold owned by the United States, shall be
formed into bars of such weights and degrees of fineness as the Secretary of
the Treasury may direct.
Seo. 6. Except to the extent permitted in regulations which may be issued
hereunder by the Secretary of the Treasury with the approval of the President,
no currency of the United States shall be redeemed in gold: Provided, however,
That gold certificates owned by the Federal Reserve banks shall be redeemed at
such times and in such amounts as, in the judgment of the Secretary of the
Treasury, are necessary to maintain the equal purchasing power of every kind
of, currency of the United States: And provided further. That the reserve for
United States notes and for Treasury notes of 1890, and the security for gold
certificates (including the gold certificates held in the Treasury for credits
payable therein) shall be maintained in gold bullion equal to the dollar amounts
required by law, and the reserve for Federal Reserve notes shall be maintained
in gold certificates, or in credits payable in gold certificates maintained with
the Treasurer of the United States under section 16 of the Federal Reserve Act,
as heretofore and by this act amended.
No redemptions in gold shall be made except in gold bullion bearing the stamp
of a United States mint or assay office in an amount equivalent at the time of
redemption to the currency surrendered for such purpose.
Sec. 7. In the event that the weight of the gold dollar shall at any time be
reduced, the resulting increase in value of the gold held by the United States
(including the gold held as security for gold certificates and as a reserve for
any United States notes and for Treasury notes of 1S90) shall be covered into
the Treasury as a miscellaneous receipt; and. in the event that the weight of
the gold dollar shall at any time be increased, the resulting decrease in value
of the gold held as a reserve for any United States notes and for Treasury
notes of 1890. and as security for gold certificates shall be compensated by
transfers of gold bullion from the general fund, and there is hereby appropri-
ated an amount sufficient to provide for such transfers and to cover the decrease
in value of the gold in the general fund.
90353—35 14
192 REPORT OF THE SECRETARY OP THE TREASURY
Sec. 8. Section 3700 of the Revised Statutes (U. S. C, title 31, sec. 734) is
amended to read as follows:
" Sec. 3700. With the approval of the President, the Secretary of the Treasury
may purchase gold in any amounts, at home or abroad, with any direct obli-
gations, coin, or currency of the United States, authorized by law, or with any
funds in the Treasury not otherwise appropriated, at such rates and upon such
terms and conditions as he may deem most advantageous to the public interest ;
any provision of law relating to the maintenance of parity, or limiting the
purposes for which any of such obligations, coin, or currency, may be issued,
or requiring any such obligations to be offered as a popular loan or on a com-
petitive basis, or to be offered or issued at not less than par, to the contrary
notwithstanding. All gold so purchased shall be included as an asset of the
general fund of the Treasury."
Sec. 9. Section 3699 of the Revised Statutes (U. S. C, title 31, sec. 733) is
amended to read as follows:
" Sec. 3699. The Secretary of the Treasury may anticipate the payment of
interest on the public debt, by a period not exceeding one year, from time to
time, either with or without a rebate of interest upon the coupons, as to him
may seem expedient; and he may sell gold in any amounts, at home or abroad,
in such manner and at such rates and upon such terms and conditions as he
may deem most advantageous to the public interest, and the proceeds of any
gold so sold shall be covered into the general fund of the Treasury : Provided,
however, That the Secretary of the Treasury may sell the gold which is re-
quired to be maintained as a reserve or as security for currency issued by the
United States, only to the extent necessary to maintain such currency at a
parity with the gold dollar."
Sec. 10. (a) For the purpose of stabilizing the exchange value of the dollar,
the Secretary of the Treasury, with the approval of the President, directly or
through such agencies as he may designate, is authorized, for the account of
the fund established in this section, to deal in gold and foreign exchange and
such other instruments of credit and securities as he may deem necessary to
carry out the purpose of this section. An annual audit of such fund shall be
made and a report thereof submitted to the President.
(b) To enable the Secretary of the Treasury to carry out the provisions of
this section there is hereby appropriated, out of the receipts which are directed
to be covered into the Treasury under section 7 hereof, the sum of $2,000,000,000,
which sum when available shall be deposited with the Treasurer of the United
States in a stabilization fund (hereinafter called the "fund") under the ex-
clusive control of the Secretary of the Treasury, with the approval of the
President, whose decisions shall be final and not be subject to review by any
other oflicer of the United States. The fund shall be available for expenditure,
under the direction of the Secretary of the Treasury and in his discretion, for
any purpose in connection with carrying out the provisions of this section, in-
cluding the investment and reinvestment in direct obligations of the United
States of any portions of the fund which the Secretary of the Treasury, with
the approval of the President, may from time to time determine are not cur-
rently required for stabilizing the exchange value of the dollar. The proceeds
of all sales and investments and all earnings and interest accruing under the
operations of this section shall be paid into the fund and shall be available
for the purposes of the fund.
(c) All the powers conferred by this section shall expire two years after the
date of enactment of this act, unless the President shall sooner declare the
existing emergency ended and the operation of the stabilization fund termi-
nated ; but the President may extend such period for not more than one addi-
tional year after such date by proclamation recognizing the continuance of such
emergency.
Sec. 11. The Secretary of the Treasury is hereby authorized to issue, with the
approval of the President, such rules and regulations as the Secretary may
deem necessary or proper to carry out the purposes of this act.
Sec. 12. Paragraph (b) (2)r of section 43, title III, of the act approved May
12, 1933 (Public, Numbered 10, Seventy-third Congress), is amended by adding
two new sentences at the end thereof reading as follows :
" Nor shall the weight of the gold dollar be fixed in any event at more than
60 per centum of its present weight. The powers of the President specified in
this paragraph shall be deemed to be separate, distinct, and continuing powers,
and may be exercised by him, from time to time, severally or together, when
REPORT OF THE SECRETARY OF THE TREASURY 193
ever and as the expressed objects of this section in his judgment may require ;
except that such powers shall expire two years after the date of enactment of
the Gold Reserve Act of 1934 unless the President shall sooner declare the
existing emergency ended, but the President may extend such period for not
more than one additional year after such date by proclamation recognizing the
continuance of such emergency."
Paragraph (2) of subsection (b) of section 43, title III, of an act entitled
"An act to relieve the existing national economic emergency by increasing agri-
cultural purchasing power, to raise revenue for extraordinary expenses in-
curred by reason of such emergency, to provide emergency relief with respect
to agricultural indebtedness, to provide for the orderly liquidation of joint stock
land banks, and for other purposes ", approved May 12, 1933, is amended by
adding at the end of said paragraph (2) the following:
" The President, in addition to the authority to provide for the unlimited
coinage of silver at the ratio so fixed, under such terms and conditions as he
may prescribe, is further authorized to cause to be issued and delivered to the
tenderer of silver for coinage, silver certificates in lieu of the standard silver
dollars to which the tenderer would be entitled and in an amount in dollars
equal to the number of coined standard silver dollars that the tenderer of such
silver for coinage would receive in standard silver dollars.
" The President is further authorized to issue silver certificates in such
denominations as he may prescribe against any silver bullion, silver, or standard
silver dollars in the Treasury not then held for redemption of any outstanding
silver certificates, and to coin standard silver dollars or subsidiary currency for
the redemption of such silver certificates.
" The President is authorized, in his discretion, to prescribe different terms
and conditions and to make different charges, or to collect different seigniorage,
for the coinage of silver of foreign production than for the coinage of silver
produced in the United States or its dependencies. The silver certificates herein
referred to shall be issued, delivered, and circulated substantially in conformity
with the law now governing existing silver certificates, except as may herein be
expressly provided to the contrary, and shall have and possess all of the
privileges and the legal tender characteristics of existing silver certificates now
in the Treasury of the United States, or in circulation.
" The President is authorized, in addition to other powers, to reduce the
weight of the standard silver dollar in the same percentage that he reduces
the weight of the gold dollar.
" The President is further authorized to reduce and fix the weight of sub-
sidiary coins so as to maintain the parity of such coins with the standard silver
dollar and with the gold dollar."
Sbo. 13. All actions, regulations, rules, orders, and proclamations heretofore
taken, promulgated, made or issued by the President of the United States or the
Secretary of the Treasury, under the act of March 9, 1933, or under section 43
or section 45 of title III of the act of May 12, 1933, are hereby approved, ratified,
and confirmed.
Sec. 14. (a) The Second Liberty Bond Act, as amended, is further amended
as follows :
(1) By adding at the end of section 1 (U. S. C, title 31, sec. 752; Supp. VII,
title 31, sec. 752), a new paragraph as follows:
Notwithstanding the provisions of the foregoing paragraph, the Secretary of
the Treasury may from time to time, when he deems it to be in the public
interest, offer such bonds otherwise than as a popular loan and he may make
allotments in full, or reject or reduce allotments upon any applications whether
or not the offering was made as a popular loan."
(2) By inserting in section 8 (U. S. C, title 31, sec. 771), after the words
" certificates of indebtedness ", a comma and the words " Treasury bills."
(3) By striking out the figures "$7,500,000,000" where they appear in sec-
tion 18 (U. S. C, title 31, sec. 753) and inserting in lieu thereof the figures
" $10,000,000,000."
(4) By adding thereto two new sections, as follows:
" Sec. 19. Notwithstanding any other provisions of law, any obligations au-
thorized by this act may be issued for the purchase, redemption, or refunding,
at or before maturity, of any outstanding bonds, notes, certificates of indebted-
ness, or Treasury bills, of the United States, or to obtain funds for such pur-
chase, redemption, or refunding, under such rules, regulations, terms, and
conditions as the Secretary of the Treasury may prescribe.
194 REPORT OF THE SECRETARY OF THE TREASURY
" Sec. 20. The Secretary of the Treasury may issue any obligations authorized
by this act and maturing not more than one year from the date of their issue
on a discount basis and payable at maturity without interest. Any such obli-
gations may also be offered for sale on a competitive basis under such regula-
tions and upon such terms and conditions as the Secretary of the Treasury
may prescribe, and the decisions of the Secretary in respect of any issue shall
be final."
(b) Section 6 of the Victory Liberty Loan Act (U. S. C, title 31, sec. 767;
Supp. VII, title 31, sees. 767-767a) is amended by striking out the words "for
refunding purposes ", together with the preceding comma, at the end of the
first sentence of subsection (a).
(c) The Secretary of the Treasury is authorized to issue gold certificates, in
such form and in such denominations as he may determine, against any gold
held by the Treasurer of the United States, except the gold fund held as a
reserve for any United States notes and Treasury notes of 1890. The amount
<>r gold certificates issued and outstanding shall at no time exceed the value, at
the legal standard, of the gold so held against gold certificates.
Sec. 15. As used in this act the term " United States " means the Government
of the United States ; the term " the continental United States " means the
States of the United States, the District of Columbia, and the Territory of
Alaska ; the term " currency of the United States " means currency which is
legal tender in the United States, and includes United States notes, Treasury
notes of 1890, gold certificates, silver certificates, Federal Reserve notes, and
circulating notes of Federal Reserve banks and national banking associations ;
and the term " person " means any individual, partnership, association, or cor-
poration, including the Federal Reserve Board, Federal Reserve banks, and
Federal Reserve agents. Wherever reference is made in this act to equivalents
as between dollars or currency of the United States and gold, one dollar or one
dollar face amount of any currency of the United States equals such a number
of grains of gold, nine-tenths fine, as, at the time referred to, are contained in
the standard unit of value, that is, so long as the President shall not have
altered by proclamation the weight of the gold dollar under the authority of
section 43, title III, of the act approved May 12, 1933, as heretofore and by
this act amended, twenty-five and eight-tenths grains of gold, nine-tenths fine,
and thereafter such a number of grains of gold, nine-tenths fine, as the President
shall have fixed under such authority.
Sec. 16. The right to alter, amend, or repeal this act is hereby expressly
reserved. If any provision of this act, or the application thereof to any person
or circumstances, is held invalid, the remainder of the act, and the application
of such provision to other persons or circumstances, shall not be affected
thereby.
Sec. 17. All acts and parts of acts inconsistent with any of the provisions
of this act are hereby repealed.
Approved, January 30, 1934.
Exhibit 24
V
Proclamations, Executive orders, Treasury orders, and instructions relating to
gold
ORDER OF THE SECRETARY OF THE TREASURY, DECEMBER 2 8, 1933, REQUIRING THE
DELIVERY OF GOLD COIN, GOLD BULLION, AND GOLD CERTIFICATES TO THE TREASURER
OF THE UNITED STATES *
Whereas section 11 of the Federal Reserve Act of December 23, 1913, as
amended by section 3 of the act of March 9, 1933, entitled "An act to provide
relief in the existing national emergency in banking, and for other purposes ",
provides in subsection (n) as follows:
" Whenever in the judgment of the Secretary of the Treasury such action is
necessary to protect the currency system of the United States, the Secretary of
the Treasury, in his discretion, may require any or all individuals, partnerships,
associations, and corporations to pay and deliver to the Treasurer of the United
States any or all gold coin, gold bullion, and gold certificates owned by such
Amended Jan. 11, 1934, and supplemented Jan. 15, 1934. (See pp. 196 and 197.)
REPORT OF THE SECRETARY OF THE TREASURY 195
individuals, partnerships, associations, and corporations. Upon receipt of such
gold coin, gold bullion or gold certificates, the Secretary of the Treasury shall
pay therefor an equivalent amount of any other form of coin or currency coined
or issued under the laws of the United States. The Secretary of the Treasury
shall pay all costs of the transportation of such gold bullion, gold certificates,
coin, or currency, including the cost of insurance, protection, and such other
incidental costs as may be reasonably necessary. Any individual, partnership,
association, or corporation failing to comply with any requirement of the Secre-
tary of the Treasury made under this subsection shall be subject to a penalty
equal to twice the value of the gold or gold certificates in respect of which such
failure occurred, and such penalty may be collected by the Secretary of the
Treasury by suit or otherwise " ; and
Whereas in my judgment such action is necessary to protect the currency
system of the United States ;
Now, therefore, I, Henry Morgenthau, Jr., Acting Secretary of the Treasury,
do hereby require every person subject to the jurisdiction of the United States
forthwith to pay and deliver to the Treasurer of the United States all gold
coin, gold bullion, and gold certificates situated in the United States, owned by
such person, except as follows :
(a) Gold bullion owned by a person now holding such gold under a license
heretofore granted by or under authority of the Secretary of the Treasury,
pursuant to the Executive order of August 28, 1933, relating to the hoarding,
export, and earmarking of gold coinTTmllion, or currency and to transactions
in foreign exchange ;
(ft) Gold coin having a recognized special value to collectors of rare and
unusual coin (but not including quarter eagles, otherwise known as $2.50
pieces) ;
(c) Unmelted scrap gold and gold sweepings in an amount not exceeding in
the aggregate $100 belonging to any one person; and gold which has been put
through a process of fabrication for a specific and customary industrial,
professional, or ornamental use ;
(d) Gold coin, gold bullion, and gold certificates owned by a Federal Reserve
bank or the Reconstruction Finance Corporation ; and
(e) Gold bullion and foreign gold coin now situated in the Philippine Islands,
American Samoa, Guam, Hawaii, Panama Canal Zone, Puerto Rico, or the
Virgin Islands of the United Slates, owned by a person not domiciled or doing
business in the continental United States.
Sec. 2. Delivery. — The gold coin, gold bullion, and gold certificates herein
required to be paid and delivered to the Treasurer of the United States shall
be delivered by placing the same forthwith in the custody of a Federal Reserve
bank or branch or a bank member of the Federal Reserve System for the
account of the United States and by forwarding confirmation that the gold
coin, gold bullion, and gold certificates have been so placed in custody for the
account of the United States and are held subject to the order of the Treasurer
of the United States, signed by such bank and the person making the delivery
(or the authorized agent of such person) to the Treasurer of the United States,
Washington, D. C, in a postage-prepaid envelop bearing a postmark dated
prior to midnight of the day the gold coin, gold bullion, and gold certificates are
so placed in custody.
Sec. 3. Payment and reimbursement of coats. — Upon receipt of the confirma-
tion signed and delivered as required under section 2, the Secretary of the
Treasury will pay for the gold coin, gold bullion, and gold certificates placed
in custody for the account of the United States in accordance with section
2, an equivalent amount of any form of coin or currency coined or issued
under the laws of the United States designated by the Secretary of the
Treasury. The Secretary of the Treasury will pay all costs of the transporta-
tion of such gold coin, gold bullion, and gold certificates to the Federal Reserve
bank or branch or bank member of the Federal Reserve System in the city
or town nearest to the place where such gold coin, gold bullion, and gold
certificates are now situated, including the cost of insurance, protection, and
such other incidental costs as may be reasonably necessary. Persons desiring
reimbursement for such costs actually incurred shall submit their accounts
on voucher forms which may be obtained by writing to the Treasurer of the
United States, Washington, D. C.
Sec. 4. Definitions. — As used in this order, the term " person " means any
individual, partnership, association, or corporation ; the term " United States "
196 REPORT OF THE SECRETARY OF THE TREASURY
means the United States and any place subject to the jurisdiction thereof; the
term " continental United States " means the States of the United States,
the District of Columbia, and the Territory of Alaska ; the term " gold coin "
means any coin containing gold, including foreign gold coin; and the term
" gold bullion " means any gold which has been put through a process of
smelting or refining that is in such form that its value depends upon the gold
content and not upon the form, but does not include gold coin or metals
containing less than five troy ounces of fine gold per short ton.
Sec. 5. Auy individual, partnership, association, or corporation failing to
comply with any requirement hereof or of any rules or regulations issued
by the Secretary of the Treasury hereunder shall be subject to the penalty
provided in section 11 (n) of the Federal Reserve Act as amended.
This order may be modified or revoked at any time.
Henry Morgenthau, Jr.,
Acting Secretary of the Treasury.
Approved :
Franklin D. Roosevelt,
The White House, December 28, 1933.
ORDER OF THE SECRETARY OF THE TREASURY, JANUARY 11, 1934, AMENDING THE
ORDER OF DECEMBER 28, 1933, REQUIRING THE DELIVERY OF GOLD COIN, GOLD
BULLION, AND GOLD CERTIFICATES TO THE TREASURER OF THE UNITED STATES
Whereas, in my judgment, the order of December 28, 1933, requiring the
delivery of gold coin, gold bullion, and gold certificates to the Treasurer of the
United States, may be amended as hereinafter provided without adversely
affecting the purposes thereof,
Now, therefore, I, Henry Morgenthau, Jr., Secretary of the Treasury, do
hereby amend said order of December 28, 1933, by inserting after the word
"pieces" in the parenthetical phrase in paragraph (B) of the first section
thereof a comma and the following:
" unless held, together with rare and unusual coin, as part of a collection for
historical, scientific, or numismatic purposes, containing not more than four
quarter eagles of the same date and design, and struck by the same mint."
This order may be modified or revoked at any time.
Henry Morgenthau, Jr.,
Secretary of the Treasury.
Approved :
Franklin D. Roosevelt,
The White House, January 11, 1934.
EXECUTIVE ORDER, JANUARY 12, 1934, AMENDING EXECUTIVE ORDER OF AUGUST 28,
1933, RELATING TO THE ACQUISITION OF GOLD COIN AND BULLION
The first paragraph of section 4 of Executive Order No. 6260 of August 28,
1933, relating to the hoarding, export, and earmarking of gold coin, bullion, or
currency, and to transactions in foreign exchange is hereby amended to read
as follows :
" Sec. 4. Acquisition of gold coin and gold bullion. — No person other than a
Federal Reserve bank shall, after the date of this order, acquire in the
United States any gold coin, gold bullion, or gold certificates except under
license therefor issued pursuant to this Executive order, provided that member
banks of the Federal Reserve System may accept delivery of such coin, bullion,
and certificates for surrender promptly to a Federal Reserve bank, and pro-
vided further that persons requiring gold for use in the industry, profession, or
art in which they are regularly engaged may replenish their stocks of gold up
to an aggregate amount of $100, by acquisitions of gold bullion held under
licenses issued under section 5 (b) without necessity of obtaining a license for
such acquisitions, and provided further that collectors of rare and unusual coin
may acquire from one another and hold without necessity of obtaining a license
therefor gold coin having a recognized special value to collectors of rare and
unusual coin (but not including quarter eagles, otherwise known as $2.50
pieces, unless held, together with rare and unusual coin, as part of a collection
for historical, scientific, or numismatic purposes, containing not more than four
quarter eagles of the same date and design and struck by the same mint)."
REPORT OF THE SECRETARY OF THE TREASURY 197
Section 6 of the aforesaid order is hereby amended by adding thereto the
following subparagraph :
"(e) Through any agency that he may designate, the export of gold coin
having a recognized special value to collectors of rare and unusual coin (but not
including quarter eagles, otherwise known as $2.50 pieces, unless held, together
with rare and unusual coin, as part of a collection for historical, scientific, or
numismatic purposes, containing not more than four quarter eagles of the
same date and design and struck by the same mint)."
Franklin D. Roosevelt.
The White House,
January 12, 1984.
EXECUTIVE ORDER, JANUARY 15, 1934, RELATING TO RECEIPT OF GOLD ON CONSIGNMENT
BY THE MINTS AND ASSAY OFFICES
By virtue of the authority vested in me by section 5 (b) of the act of
October 6, 1917, as amended by section 2 of the act of March 9, 1933, entitled
"An act to provide relief in the existing national emergency in banking, and
for other purposes ", I, Franklin D. Roosevelt, President of the United States
of America, do declare that a period of national emergency exists, and by virtue
of said authority and of all other authority vested in me, do hereby prescribe
the following regulations for receiving gold on consignment for sale :
Section 1. The United States mints and assay offices are hereby authorized,
subject to such regulations as may from time to time be prescribed by the
Secretary of the Treasury, to receive on consignment gold which the mint or
assay office concerned is satisfied has not been held in noncompliance with the
Executive orders or the orders of the Secretary of the Treasury, issued under
sections 2 and 3 of the act of March 9, 1933, or in noncompliance with any
regulations or rulings made thereunder or licenses issued pursuant thereto.
Sec. 2. The Secretary of the Treasury is hereby authorized and empowered
to issue such regulations as he may deem necessary to carry out the purposes
of this Executive order.
Sec. 3. This Executive order and any regulations issued hereunder may be
modified or revoked at any time.
Franklin D. Roosevelt.
The White House, January 15, 193J/.
ORDER OF THE SECRETARY OF THE TREASURY, JANUARY 15, 1934, SUPPLEMENTING
THE ORDER OF DECEMBER 28, 1933, REQUIRING THE DELIVERY OF GOLD COIN, GOLD
BULLION, AND GOLD CERTIFICATES TO THE TREASURER OF THE UNITED STATES
Whereas on December 28, 1933, I, Henry Morgenthau, Jr., as Acting Secretary
of the Treasury, issued an order under authority of section 11 of the Federal
Reserve Act of December 23, 1913, as amended by section 3 of the Act of March
9, 1933, entitled "An act to provide relief in the existing national emergency
in banking, and for other purposes " ;
Whereas said order, as amended by an order of January 11, 1934, required
every person subject to the jurisdiction of the United States forthwith to pay
and deliver to the Treasurer of the United States all gold coin, gold bullion,
and gold certificates situated in the United States, owned by such person, except
as follows :
(a) Gold bullion owned by a person now holding such gold under a license
heretofore granted by or under authority of the Secretary of the Treasury, pur-
suant to the Executive order of August 28, 1933, relating to the hoarding, export,
and earmarking of gold coin, bullion, or currency and to transactions in foreign
exchange ;
(&) Gold coin having a recognized special value to collectors of rare and
unusual coin (but not including quarter eagles, otherwise known as $2.50 pieces,
unless held, together with rare and unusual coin, as part of a collection for
historical, scientific, or numismatic purposes, containing not more than four
quarter eagles of the same date and design, and struck by the same mint) ;
(c) Unmelted scrap gold and gold sweepings in an amount not exceeding in
the aggregate $100 belonging to any one person ; and gold which has been put
through a process of fabrication for a specific and customary industrial, pro-
fessional, or ornamental use;
198 REPORT OF THE SECRETARY OF THE TREASURY
(d) Gold coin, gold bullion, and gold certificates owned by a Federal Reserve
bank or the Reconstruction Finance Corporation ; and
(e) Gold bullion and foreign gold coin now situated in the Philippine Islands,
American Samoa, Guam, Hawaii, Panama Canal Zone, Puerto Rico, or the
Virgin Islands of the United States, owned by a person not domiciled or doing
business in the continental United States ;
Whereas a reasonable time has elapsed within which any person required
to deliver gold coin, gold bullion, and gold certificates could pay and deliver
to the Treasurer of the United States in the manner provided in said order of
December 28, 1933, the gold coin, gold bullion, and gold certificates situated in
the United States, owned by such person ; and
Whereas in my judgment such action is necessary to protect the currency
system of the United States;
Now, therefore, I, Henry Morgenthau, Jr., Secretary of the Treasury, do
hereby fix midnight of Wednesday, January 17, 1934, as the expiration of the
period within which any gold coin, gold bullion, or gold certificates may be
paid and delivered to the Treasurer of the United States in compliance with
the requirements contained in such order of December 28, 1933, as amended.
In the event that any gold coin, gold bullion, or gold certificates withheld
in noncompliance with said order and of this order are offered after January
17, 1934, to the Secretary of the Treasury, the Treasurer of the United States,
any United States mint or assay office, or to any fiscal agent of the United
States, there shall be paid therefor only such part or none of the amount
otherwise payable therefor as the Secretary of the Treasury may from time
to time prescribe and the whole or any balance shall be retained and applied to
the penalty payable for failure to comply with the requirements of such order
and of this order. The acceptance of any such coin, bullion, or certificates
after January 17, 1934, whether or not a part or all of the amount otherwise
payable therefor is so retained, shall be without prejudice to the right to collect
by suit or otherwise the full penalty provided in section 11 (n) of the Federal
Reserve Act, as amended, less such portion of the penalty as may have been
retained as hereinbefore provided.
The definitions of the terms " person ", " United States ", " gold coin ", and
" gold bullion " contained in section 4 of said order of December 28, 1933, apply
equally to such terms as used in this order.
Henry Morgenthau, Jr.,
Secretary of the Treasury.
Approved.
Franklin D. Roosevelt.
The White House, January 15, 1934.
INSTRUCTIONS SENT BY THE SECRETARY OF THE TREASURY ON JANUARY 17, 1934,
TO THE TREASURER OF THE UNITED STATES, THE UNITED STATES MINTS AND ASSAY
OFFICES, AND THE FISCAL AGENTS OF THE UNITED STATES, CONCERNING WRONG-
FULLY WITHHELD GOLD COIN, GOLD BULLION, AND GOLD CERTIFICATES DELIVERED
AFTER JANUARY 17, 1934
The order of the Secretary of the Treasury dated January 15, 1934, supple-
menting the order of December 28, 1933, requiring the delivery of gold coin,
gold bullion, and gold certificates to the Treasurer of the United States pro-
vides, in part, as follows :
" * * * I, Henry Morgenthau, Jr., Secretary of the Treasury, do hereby
fix midnight of Wednesday, January 17, 1934, as the expiration of the period
within which any gold coin, gold bullion, or gold certificates may be paid and
delivered to the Treasurer of the United States in compliance with the require-
ments contained in such order of December 28, 1933, as amended.
" In the event that any gold coin, gold bullion, or gold certificates withheld
in noncompliance with said order and of this order are offered after Janu-
ary 17, 1934, to the Secretary of the Treasury, the Treasurer of the United
States, any United States mint or assay office, or to any fiscal agent of the
United States, there shall be paid therefor only such part or none of the
amount otherwise payable therefor as the Secretary of the Treasury may from
time to time prescribe and the whole or any balance shall be retained and
applied to the penalty payable for failure to comply with the requirements
of such order and of this order. The acceptance of any such coin, bullion,
REPORT OF THE SECRETARY OF THE TREASURY 199
or certificates after January 37, 1934, whether or not a part or all of the
amount otherwise payable therefor is so retained, shall be without prejudice
to the right to collect by suit or otherwise the full penalty provided in section
11 (n) of the Federal Reserve Act, as amended, less such portion of the
penalty as may have been retained as hereinbefore provided."
Subject to the rights reserved in said order of January 15, 1934, supple-
menting the order of December 28, 1933, requiring tbe delivery of gold coin,
gold bullion, and gold certificates to the Treasurer of the United States, and
without prejudice to the right to alter or amend these instructions from time
to time by notice to the Treasurer of the United States, the United States
mints and assay offices, and the Federal Reserve banks, I do hereby prescribe
that in the event that any gold coin, gold bullion, or gold certificates held in
noncompliance with said order of December 28, 1933, as amended, and said
order of January 15, 1934, are offered after January 17, 1934, to the Secre-
tary of the Treasury, the Treasurer of the United States, any United States
mint or assay office, or to any fiscal agent of the United States, the Secretary
of the Treasury, the Treasurer of the United States, any United States
mint or assay office, and the fiscal agents of the United States shall pay
for such gold coin and gold certificates the dollar face amount thereof, and
for gold bullion $20.67 an ounce. Member banks of the Federal Reserve System
may receive such gold coin, gold bullion, and gold certificates for account of
the Treasurer of the United States and forthwith forward the same to the
Secretary of the Treasury, the Treasurer of the United States, any United
States mint or assay office, or any fiscal agent of the United States, whichever
is nearest.
Henry Morgenthau, Jr.,
Secretary of the Treasury.
PROCLAMATION, JANUARY 31, 1934, REDUCING THE WEIGHT OF THE GOLD DOLLAR
Whereas, by virtue of section 1 of the act of Congress approved March 14,
1900 (31 Stat. L. 45), the present weight of the gold dollar is fixed at twenty-five
and eight-tenths grains of gold nine-tenths fine; and
Whereas, by section 43, title III of the act approved May 12, 1933 (Public
No. 10, 73d Cong.), as amended by section 12 of the Gold Reserve Act of 1934,
it is provided in part as follows:
" Whenever the President finds, upon investigation, that (1) the foreign
commerce of the United States is adversely affected by reason of the deprecia-
tion in the value of the currency of any other government or governments in
relation to the present standard value of gold, or (2) action under this section
is necessary in order to regulate and maintain the parity of currency issues
of the United States, or (3) an economic emergency requires an expansion of
credit, or (4) an expansion of credit is necessary to secure by international
agreement a stabilization at proper levels of the currencies of various govern-
ments, the President is authorized, in his discretion —
"(a) To direct the Secretary of the Treasury to enter into agreements with
the several Federal Reserve banks and with the Federal Reserve Board whereby
the Federal Reserve Board will, and it is hereby authorized to, notwithstanding
any provisions of law or rules and regulations to the contrary, permit such
reserve banks to agree that they will, (1) conduct, pursuant to existing law,
throughout specified periods, open-market operations in obligations of the
United States Government or corporations in which the United States is the
majority stockholder, and (2) purchase directly and hold in portfolio for an
agreed period or periods of time Treasury bills or other obligations of the
United States Government in an aggregate sum of $3,000,000,000 in addition to
those they may then hold, unless prior to the termination of such period or
periods the Secretary shall consent to their sale. No suspension of reserve re-
quirements of the Federal Reserve banks, under the terms of section 11 (c) of
the Federal Reserve Act, necessitated by reason of operations under this section,
shall require the imposition of the graduated tax upon any deficiency in reserves
as provided in said section 11 (c). Nor shall it require any automatic increase
in the rates of interest or discount charged by any Federal Reserve bank, as
otherwise specified in that section. The Federal Reserve Board, with the ap-
proval of the Secretary of the Treasury, may require the Federal Reserve banks
to take such action as may be necessary, in the judgment of the Board and of
tbe Secretary of the Treasury, to prevent undue credit expansion.
200 REPORT OF THE SECRETARY OF THE TREASURY
"(b) If the Secretary, when directed by the President, is unable to secure
the assent of the several Federal Reserve banks and the Federal Reserve
Board to the agreements authorized in this section, or if operations under the
above provisions prove to be inadequate to meet the purposes of this section, or
if for any other reason additional measures are required in the judgment of the
President to meet such purposes, then the President is authorized —
"(2) By proclamation to fix the weight of the gold dollar in grains nine-
tenths fine and also to fix the weight of the silver dollar in grains nine-tenths
fine at a definite fixed ratio in relation to the gold dollar at such amounts as
he finds necessary from his investigation to stabilize domestic prices or to
protect the foreign commerce against the adverse effect of depreciated foreign
currencies, and to provide for the unlimited coinage of such gold and silver at
the ratio so fixed, or in case the Government of the United States enters into
an agreement with any government or governments under the terms of which
the ratio between the value of gold and other currency issued by the United
States and by any such government or governments is established, the Presi-
dent may fix the weight of the gold dollar in accordance with the ratio so
agreed upon, and such gold dollar, the weight of which is so fixed, shall be the
standard unit of value, and all forms of money issued or coined by the United
States shall be maintained at a parity with this standard and it shall be the
duty of the Secretary of the Treasury to maintain such parity, but in no event
shall the weight of the gold dollar be fixed so as to reduce its present weight
by more than 50 per centum. Nor shall the weight of the gold dollar be fixed
in any event at more than 60 per centum of its present weight. The powers
of the President specified in this paragraph shall be deemed to be separate,
distinct, and continuing powers, and may be exercised by him, from time to
time, severally or together, whenever and as the expressed objects of this sec-
tion in his judgment may require; except that such powers shall expire two
years after the date of enactment of the Gold Reserve Act of 1934, unless the
President shall sooner declare the existing emergency ended, but the President
may extend such period for not more than one additional year after such date
by proclamation recognizing the continuance of such emergency " ; and
Whereas, I find, upon investigation, that the foreign commerce of the United
States is adversely affected by reason of the depreciation in the value of the
currencies of other governments in relation to the present standard value of
gold, and that an economic emergency requires an expansion of credit ; and
Whereas, in my judgment, measures additional to those provided by sub-
section (a) of said section 43 are required to meet the purposes of such section ;
and
Whereas, I find, from my investigation, that, in order to stabilize domestic
prices and to protect the foreign commerce against the adverse effect of depre-
ciated foreign currencies, it is necessary to fix the weight of the gold dollar at
15%i grains nine-tenths fine,
Now, therefore, be it known that I, Franklin D. Roosevelt, President of the
United States, by virtue of the authority vested in me by section 43, title III
of said act of May 12, 1933, as amended, and by virtue of all other authority
vested in me, do hereby proclaim, order, direct, declare and fix the weight of the
gold dollar to be 15% i grains nine-tenths fine, from and after the date and
hour of this proclamation. The weight of the silver dollar is not altered or
affected in any manner by reason of this proclamation.
This proclamation shall remain in force and effect until and unless repealed
or modified by act of Congress or by subsequent proclamation; and notice is
hereby given that I reserve the right by virtue of the authority vested in me to
alter or modify this proclamation as the interest of the United States may seem
to require.
In witness whereof I have hereunto set my hand and have caused the seal
of the United States to be affixed.
. Done in the city of Washington at 3 : 10 o'clock in the afternoon, eastern
standard time, this 31st day of January, in the year of our Lord one thousand
nine hundred and thirty-four, and of the independence of the United States
the one hundred and fifty-eighth.
[seal] Franklin D. Roosevelt.
By the President:
Coedell Hull,
Secretary of State,
REPORT OF THE SECRETARY OF THE TREASURY 201
STATEMENTS BY SECRETARY OF THE TREASURY MORGENTHAU. JANUARY 31 AND FEB-
ruary 1, 1934, relating to the purchase and sale of gold by the treasury
January 31, 1934.
In connection with the announcement today (Jan. 31) that the Treasury will
buy gold, the Secretary of the Treasury states that, until further notice, he will
also sell gold for export to foreign central banks whenever our exchange rates
with gold standard currencies reach gold export point. Like the purchases, all
such sales of gold will be made through the Federal Reserve Bank of New
York as fiscal agent of the United States upon the following terms and condi-
tions which the Secretary of the Treasury deems most advantageous to the
public interest :
Sales of gold will be made at $35 per fine ounce plus one-quarter percent
handling charge and will be governed by the regulations issued under the Gold
Reserve Act of 1934.
February 1, 1934.
Amplifying his statement issued yesterday, * * * the Secretary of the
Treasury today made public the following announcement :
" Beginning Thursday, February 1, 1934, and until further notice, I will buy
imported fine gold bars through the Federal Reserve Bank of New York as
fiscal agent of the United States; and other gold, foreign or domestic, through
any United States Mint or the United States Assay Ofiices at New York or
Seattle, both at the following rate and upon the following terms and conditions
deemed by me most advantageous to the public interest :
" Purchases will be made at the rate of $35 per fine troy ounce, less the usual
mint charges and less one-quarter of one percent for handling charges, all sub-
ject to compliance with the regulations issued under the Gold Reserve Act of
1934."
It was explained that the phrase " fine gold bars " means gold bars of a fine-
ness of 0.S99 or finer, such as are ordinarily used in the settlement of inter-
national balances, carrying a recognized stamp indicating the weight and degree
of fineness. The mints will purchase imported gold in other condition, such as
unrefined gold and gold in other forms than in stamped bars, along with the
domestic gold specified in section 35 of the regulations issued yesterday.
Regulations as to hoarded gold are unchanged.
Exhibit 25
Chronology of action tcith respect to gold from March 6, 1933, to February 1,
193J,
1. On March 6, 1933, the President of the United States issued a proclamation
declaring a banking holiday from March 6 to March 9, 1933, both dates inclu-
sive, and directing that during the holiday, except as provided in said procla-
mation, no banking institution should " pay out, export, earmark, or permit the
withdrawal or transfer in any manner or by any device whatsoever of any gold
or silver coin or bullion or currency or take any other action which might
facilitate the hoarding thereof, nor pay out deposits, make loans or discounts,
deal in foreign exchange, transfers of credit from the United States to any place
abroad, or transact any other banking business whatsoever." The Secretary of
the Treasury, with the approval of the President, was authorized to permit any
bank to perform any or all of the usual banking functions. This action of the
President was based upon the authority of section 5 (b) of the act of October
6, 1917 (40 Stat. L. 411) as amended.
The Treasurer of the United States and the Director of the Mint were
instructed by separate orders of March 6, 1933, signed by the President and
the Secretary of the Treasury, to make payments in gold in any form during
the continuance of the bank holiday only under license issued by the Secretary
of the Treasury.
2. On March 9, 1933, a message sent by the President to the Congress trans-
mitted for enactment the Emergency Banking Act. It was enacted into law
the same day. Title I of that act approved and confirmed the action taken by
the President March 6, and amended the act of October 6, 1917. In addition
202 REPORT OF THE SECRETARY OF THE TREASURY
section 11 of the Federal Reserve Act was amended by adding a new subsection
(n), authorizing the Secretary of the Treasury to "require any or all indi-
viduals, partnerships, associations, and corporations to pay and deliver to the
Treasurer of the United States any or all gold coin, gold bullion, and gold
certificates " owned by them. An equivalent amount of any other form of coin
or currency coined or issued under the laws of the United States was directed
to be given in exchange for the surrendered gold and gold certificates.
3. On March 9, after the passage of the Emergency Banking Act, the Presi-
dent issued a proclamation continuing in full force and effect the provisions of
the proclamation of March 6, 1933, and the regulations and orders issued there-
under " until further proclamation by the President."
4. On March 10 the President issued an Executive order which, among other
things, prohibited until further order any individual, partnership, association.
or corporation from exporting or otherwise removing or permitting to be with-
drawn from the United States or any place subject to the jurisdiction thereof
any gold coin, gold bullion, or gold certificates, except in accordance with
regulations prescribed by or under license issued by the Secretary of the
Treasury. The order provided that permission given to banking institutions to
perform banking functions should not include authorization to pay out any
gold coin, gold bullion, or gold certificates, except as authorized by the Secretary
of the Treasury.
5. On April 5 the President issued an Executive order forbidding the hoard-
ing of gold coin, gold bullion, and gold certificates. All persons were required
to deliver to a Federal Reserve bank or branch or agency thereof or to a mem-
ber bank all gold coin, gold bullion, and gold certificates, with certain excep-
tions, including reasonable amounts for use in industry and the arts, and rare
coins, and a maximum of $100 per person in gold coin and gold certificates.
Member banks were required to deliver all gold coin, gold bullion, and gold
certificates owned or received by them (with the same exceptions as afore-
mentioned) to the Federal Reserve banks of their respective districts.
6. On April 19, 1933, the Secretary of the Treasury advised that until further
notice no further licenses would be granted for the export of gold from the
United States for the purpose of supporting the dollar in foreign exchange. On
April 20, the President issued an Executive order relating to foreign exchange
and the earmarking and export of gold coin or bullion or currency. It prohib-
ited the earmarking for foreign account and the export of gold coin, gold
bullion, or gold certificates, but authorized the Secretary of the Treasury to
issue licenses permitting such export under certain conditions.
7. On April 29, the Secretary of the Treasury issued regulations relating to
the Executive orders of April 5 and 20 with respect to gold hoarding and the
gold export embargo. On the previous day Acting Secretary of the Treasury
Ballantine ruled that " Until further notice the Secretary of the Treasury will
grant no licenses for the acquisition of gold, gold coin, or bullion by persons
making application for the same under the Executive order of April 5, 1933, for
the purpose of meeting maturing obligations calling for payment in gold coin
or bullion, within the United States or elsewhere, except where such applicants
have surrendered gold coin, gold bullion, or gold certificates in obedience to the
Executive order of April 5, 1933." No licenses to acquire gold or gold coin to
meet maturing gold clause obligations in the United States were, in fact, issued,
none of the applicants having surrendered gold, gold coin, or gold certificates.
8. On May 12, the President approved an act of Congress dealing primarily
with agricultural purchasing power and farm indebtedness, title III of which
dealt with currency and monetary matters. The act authorized the President
under certain conditions —
A. To direct the Secretary of the Treasury to enter into agreements with
the Federal Reserve banks and Board under which such banks would con-
duct open-market operations in United States securities, and purchase
directly from the Treasury and hold in portfolio Treasury bills or other
Government obligations in an aggregate amount of $3,000,000,000 in addition
to those they might then hold.
B. To direct the Secretary of the Treasury to cause to be issued United
States notes, the aggregate amount of which outstanding at any one time
should not be more than $3,000,000,000. Such notes and all other coins and
currency theretofore or thereafter coined or issued by or under the authority
of the United States were declared to be legal tender for all debts.
REPORT OF THE SECRETARY OF THE TREASURY 203
C. By proclamation to fix the weight of the gold dollar and to fix the
weight of the silver dollar at a definite fixed ratio to the gold dollar and to
provide for unlimited coinage of gold and silver at the ratio so fixed, or,
in case the United States enters into an agreement with any government
under the terms of which the ratio between the value of the gold and other
currency issued by the United States and by any such government is estab-
lished, to fix the weight of the gold dollar in accordance with the ratio so
agreed upon, but in no event was the weight of the dollar to he fixed so as to
reduce its then existing weight by more than 50 per centum. The gold
dollar as thus fixed was to be the standard unit of value and all forms of
money issued by the United States were to be maintained at a parity with
such standard.
D. To accept silver at a price not to exceed 50 cents an ounce in payment
of the debts of foreign governments, up to $200,000,000, and to cause it to be
coined into silver dollars to be retained in the Treasury for the redemption
of silver certificates which the act directed to be issued.
9. By Public Resolution No. 10, approved June 5, 1933, all " gold clauses " con-
tained in dollar obligations, excepting currency, were declared to be against pub-
lic policy ; and such obligations, whether or not they contained a " gold clause ",
were declared to be discharged upon payment, dollar for dollar, in any coin or
currency which was legal tender at the time of payment. All coins and curren-
cies of the United States were declared to be legal tender.
10. On July 2, the President sent a message to the London Economic Confer-
ence. In it he spoke of " efforts to plan national currencies with the objective
of giving to those currencies a continuing purchasing power which does not
greatly vary in terms of the commodities and need of modern civilization." He
stated that " the United States seeks the kind of a dollar which a generation
hence will have the same purchasing and debt-paying power as the dollar we
hope to attain in the near future."
11. On August 28, the President issued an Executive order, revoking the
Executive orders of April 5 and April 20, referred to above, and containing more
complete provisions with respect to the hoarding, export, and earmarking of
gold coin, bullion, or currency and to transactions in foreign exchange. Returns
of gold and gold certificate holdings were required and the acquisition, holding,
and export of gold and gold certificates were regulated. This order was amended
in a minor respect by the Executive order of January 12, 1934.
12. On August 29, the President issued an Executive order relating to the sale
and export of gold recovered from natural deposits. The Secretary of the Treas-
ury was authorized to receive such gold on consignment for sale (a) to persons
licensed to acquire gold for use in the arts, industries, and professions, or (6)
by export to foreign purchasers.
13. On September 12, 1933, the Secretary of the Treasury issued regulations
under said Executive orders of August 28 and 29.
14. On October 22, in a radio address, the President reiterated that the definite
policy of the Government " has been to restore commodity price levels." He
stated that when the price level had been restored, " we shall seek to establish
and maintain a dollar which will not change its purchasing and debt-paying
power during the succeeding generation." Stating that " it becomes increasingly
important to develop and apply the further measures which may be necessary
from time to time to control the gold value of our own dollar at home ", and that
" the United States must take firmly in its own hands the control of the gold
value of our dollar ", the President announced the establishment of a Govern-
ment market for gold in the United States. He stated that he was authorizing
the Reconstruction Finance Corporation to buy gold newly mined in the United
States at prices to be determined from time to time after consultation with the
Secretary of the Treasury and the President. " Whenever necessary to the end
in view ", the President added, " we shall also buy or sell gold in the world
market." He continued, " Government credit will be maintained and a sound
currency will accompany a rise in the American commodity price level."
15. On October 25, the President issued an Executive order revoking the
Executive order of August 29 and amending that of August 28 referred to above.
The order of October 25 authorized the Reconstruction Finance Corporation to
acquire and to hold, earmark for foreign account, export, or otherwise dispose
of gold newly mined in the United States and received by the mints and assay
offices on consignment for such purpose. The Reconstruction Finance Corpora-
tion announced on the same day that it would receive subscriptions for its
204 REPORT OF THE SECRETARY OF THE TREASURY
90-day notes payable in the gold so received. The circular for such notes
was issued on October 26. The rate at which newly mined gold was to be taken
was announced from time to time. The rate for gold other than newly mined
sold was not changed by the orders of August 29 or October 25, or the act of
the Reconstruction Finance Corporation ; but remained at $20.67 an ounce.
16. On November 1, the Chairman of the Reconstruction Finance Corporation
announced that the Corporation had authorized the Federal Reserve Bank of
New York to dispose of the notes of the Corporation and take therefor certain
foreign gold.
17. On December 28. the Secretary of the Treasury issued an order com-
plementing the President's orders of April 5 and August 28. This order
required every person subject to the jurisdiction of the United States to deliver
to the Treasurer of the United States all gold coin, gold bullion, and gold
certificates situated in the United States, with certain stated exceptions. This
order did not contain the exception of the earlier orders with respect to holdings
in amounts of less than $100. An exception relating to rare coin was amended
in a minor respect on January 11, 1934.
18. On January 15, the President issued an Executive order authorizing the
mints and assay offices to receive gold on consignment provided the gold had
not been withheld unlawfully; and on the same day the Secretary of the
Treasury directed the mints and assay offices to receive gold newly mined in
the United States on consignment for the Federal Reserve Bank of New York.
The rate for gold other than newly mined gold was not changed by the order of
January 15, or by the purchases by the Federal Reserve bank.
19. The Secretary of the Treasury, on January 15, supplemented his order of
December 28 by fixing midnight of January 17, 1934, as the expiration of the
period within which deliveries of gold coin, gold bullion, and gold certificates
could be made in compliance with the order of December 28.
20. On January 17, the Secretary of the Treasury sent instructions to the
Treasurer of the United States, the United States mints and assay offices, and
the fiscal agents of the United States, concerning wrongfully withheld gold
coin, gold bullion, and gold certificates delivered after January 17, 1934.
21. On January 30, 1934, the Gold Reserve Act of 1934 was approved, and
the Secretary of the Treasury, with the approval of the President, issued the
provisional regulations thereunder. This act transferred to the United States
title to all gold of the Federal Reserve System. It amended the act of May 12,
1933, so as to provide that the weight of the gold dollar should not be fixed
in any event at more than 60 per centum of the weight then existing. Gold
coin was ordered withdrawn from circulation and formed into bars. It was
provided that redemption of currency in gold should be made only to the
extent permitted in regulations issued by the Secretary of the Treasury with
the approval of the President, and in such cases should be made only in gold
bullion. The act provided that gold in any form might be acquired, trans-
ported, melted or treated, imported, exported, or earmarked or held in cus-
tody for foreign or domestic account (except on behalf of the United States)
only to the extent permitted by the regulations issued under the act. The act
made provision for a fund for the purpose of stabilizing the exchange value of
the dollar.
22. On January 31, the President issued a proclamation fixing the weight
of the gold dollar at 15 5/21 grains nine-tenths fine. At this weight, the
statutory value of gold is $35 per fine ounce.
23. On January 31, the provisional regulations under the Gold Reserve Act
were amended by adding new articles authorizing the mints (1) to purchase
newly mined gold, unmelted scrap gold, gold imported after January 30, and
such other gold as might be authorized from time to time by rulings of the
Secretary of the Treasury, and (2) to sell gold to licensed persons for indus-
trial, professional, or artistic use. The purchase price payable by the mints
was fixed at $35 (less one-fourth of 1 percent), and the sales price at $35
(plus one-fourth of 1 percent) per troy ounce of fine gold.
24. The Secretary of the Treasury issued statements with respect to the
purchase and sale of gold, which are as follows :
" Beginning Thursday, February 1, 1934, and until further notice, I will buy
imported fine gold bars through the Federal Reserve Bank of New York as
fiscal agent of the United States ; and other gold, foreign or domestic, through
any United States mint or the United States assay offices at New York or
REPORT OF THE SECRETARY OF THE TREASURY
205
Seattle, both at the following rate and upon the following terms and conditions
deemed by me most advantageous to the public interest : Purchases will be made
at the rate of $35 per fine troy ounce, less the usual mint charges and less one-
quarter of 1 percent for handling charges, all subject to compliance with the
regulations issued under the Gold Reserve Act of 1934." ( Statement of Jan. 31,
as amplified by statement of Feb. 1.)
"In connection with the announcement today (Jan. 31) that the Treasury
will buy gold, the Secretary of the Treasury states that, until further notice,
he will also sell gold for export to foreign central banks whenever our exchange
rates with gold standard currencies reach gold export point. Like the pur-
chases, all such sales of gold will be made through the Federal Reserve Bank of
New York as fiscal agent of the United States upon the following terms and
conditions which the Secretary of the Treasury deems most advantageous to
the public interest :
" Sales of gold will be made at $35 per fine ounce plus one-quarter percent
handling charge and will be governed by the regulations issued under the
Gold Reserve Act of 1934." (Statement of Jan. 31.)
Exhibit 26
Daily price quotations for newly mined domestic gold in the United State*
from Sept. 8, 1933, to Jan. 31, 1934 *
[Per fine ounce]
Day of
month
Sep-
tember
Octo-
ber
No-
vember
De-
cember
Janu-
ary
Day of
month
Sep-
tember
Octo-
ber
No-
vember
De-
cember
Janu-
ary
1. „
$32. 26
32.36
32.57
32.67
32.84
33.05
33.15
33.20
33.32
$34. 01
34.01
34.01
34. 01
34.01
34.01
34.01
34.01
34.01
34.01
34.01
34.01
34.01
34.01
$34.06
34.06
34.06
34.06
34.06
34.06
34.06
34.06
34.06
34.06
34.06
34.06
34.45
17
$29. 86
30.33
29.18
29.13
29.01
29.59
29.80
31.36
31.54
31.76
31.82
31.96
32.12
$33. 56
33.56
33.66
33.76
33.76
33.76
33.76
33.76
33.76
33.85
33.93
$34.06
34.06
34.06
34.06
34.06
34.06
34.06
34.06
34.06
34.06
34.06
$34. 45
2
$31. 88
32.12
31.79
31.55
31.72
31.20
31. 14
31.26
30.91
18
19
20
21
22.
23
24
$31. 44
31.64
32.28
31.33
31.75
31.86
34.45
3
34.45
4
34.45
5
6
34.45
7
34.45
8
$29. 62
29.12
34.45
9
10
25
26
27
28..
29
30
31 .
31.30
31.49
31.35
31.05
31.33
31.46
34.45
34.45
11
12
29.10
29.21
29.48
29.77
30.41
30.49
34.45
13
14
15
30.62
29.83
29.00
33.45
33.56
33.56
33.56
34.45
34.45
34.45
16--
1 Prices shown from Sept. 8 through Oct. 24, 1933, represent the price at which the Secretary of the Treas-
ury was authorized to sell newly mined domestic gold received on consignment under authority of Execu-
tive order of Aug. 29, 1933. Quotations from Oct. 25, 1933, through Jan. 15, 1934, represent the price fixed
for newly mined domestic gold by the Reconstruction Finance Corporation in consultation with the Secre-
tary of the Treasury and the President, which was offered in payment for notes of the Reconstruction Fi-
nance Corporation, under authority of Executive order of Oct. 25^1933. (This order revoked the Executive
order of Aug. 29.) Quotations from Jan. 15, to Jan. 31, 1934, represent the price at which the Federal
Reserve Bank of New York as fiscal agent purchased newly mined domestic gold consigned to the mints and
assay offices. Payment for this gold when coined was made by the Treasury with a special issue of
Treasury bonds, series of Apr. 16, 1934 (see note 1 on p. 8). Under regulations issued by the Treasury
Department Jan. 31, 1934, the mints are authorized to purchase newly mined domestic gold, unmelted
scrap gold, and gold imported into the United States after Jan. 30, 1934, at $35 less one-fourth of 1 percent
and less mint charges.
An act to
Exhibit 27
[Public No. 438, 73d Cong., H. R. 9745]
authorize the Secretary of the Treasury to purchase silver, issue
silver certificates, and for other purposes
Be it enacted by the Senate and House of Representatives of the United
States of America in Congress assembled, That the short title of this Act shall
be the " Silver Purchase Act of 1934."
206 REPORT OF THE SECRETARY OF THE TREASURY
Sec. 2. It is hereby declared to be the policy of the United States that the
proportion of silver to gold in the monetary stocks of the United States should
be increased, with the ultimate objective of having and maintaining, one-fourth
of the monetary value of such stocks in silver.
Sec. 3. Whenever and so long as the proportion of silver in the stocks of gold
and silver of the United States is less than one-fourth of the monetary value
of such stocks, the Secretary of the Treasury is authorized and directed to
purchase silver, at home or abroad, for present or future delivery with any
direct obligations, coin, or currency of the United States, authorized by law,
or with any funds in the Treasury not otherwise appropriated, at such rates,
at such times, and upon such terms and conditions as he may deem reasonable
and most advantageous to the public interest: Provided, That no purchase of
silver shall be made hereunder at a price in excess of the monetary value
thereof: And provided further, That no purchases of silver situated in the
continental United States on May 1, 1934, shall be made hereunder at a price in
excess of 50 cents a fine ounce.
Sec. 4. Whenever and so long as the market price of silver exceeds its mon-
etary value or the monetary value of the stocks of silver is greater than 25
per centum of the monetary value of the stocks of gold and silver, the Secretary
of the Treasury may, with the approval of the President and subject to the
provisions of section 5, sell any silver acquired under the authority of this
act, at home or abroad, for present or future delivery, at such rates, at such
times, and upon such terms and conditions as he may deem reasonable and
most advantageous to the public interest.
Sec 5. The Secretary of the Treasury is authorized and directed to issue
silver certificates in such denominations as he may from time to time prescribe
in a face amount not less than the cost of all silver purchased under the
authority of section 3, and such certificates shall be placed in actual circulation.
There shall be maintained in the Treasury as security for all silver certificates
heretofore or hereafter issued and at the time outstanding an amount of silver
in bullion and standard silver dollars of a monetary value equal to the face
amount of such silver certificates. All silver certificates heretofore or here-
after issued shall be legal tender for all debts, public and private, public
charges, taxes, duties, and dues, and shall be redeemable on demand at the
Treasury of the United States in standard silver dollars ; and the Secretary of
the Treasury is authorized to coin standard silver dollars for such redemption.
Sec. 6. Whenever in his judgment such action is necessary to effectuate the
policy of this act, the Secretary of the Treasury is authorized, with the approval
of the President, to investigate, regulate, or prohibit, by means of licenses or
otherwise, the acquisition, importation, exportation, or transportation of silver
and of contracts and other arrangements made with respect thereto ; and to
require the filing of reports deemed by him reasonably necessary in connection
therewith. Whoever willfully violates the provisions of any license, order, rule,
or regulation issued pursuant to the authorization contained in this section
shall, upon conviction, be fined not more than $10,000 or, if a natural person,
may be imprisoned for not more than ten years, or both ; and any officer, direc-
tor, or agent of any corporation who knowingly participates in such violation
may be punished by a like fine, imprisonment, or both.
Sec 7. Whenever in the judgment of the President such action is necessary
to effectuate the policy of this act, he may by Executive order require the
delivery to the United States mints of any or all silver by whomever owned or
possessed. The silver so delivered shall be coined into standard silver dollars
or otherwise added to the monetary stocks of the United States as the Presi-
dent may determine; and there shall be returned therefor in standard silver
dollars, or any other coin or currency of the United States, the monetary value
of the silver so delivered less such deductions for seigniorage, brassage, coinage,
and other mint charges as the Secretary of the Treasury with the approval of
the President shall have determined : Provided, That in no case shall the value
of the amount returned therefor be less than the fair value at the time of such
order of the silver required to be delivered as such value is determined by the
market price over a reasonable period terminating at the time of such order.
The Secretary of the Treasury shall pay all necessary costs of the transporta-
tion of such silver and standard silver dollars, coin, or currency, including
the cost of insurance, protection, and such other incidental costs as may be
reasonably necessary. Any silver withheld in violation of any Executive order
issued under this section or of any regulations issued pursuant thereto shall be
forfeited to the United States, and may be seized and condemned by like pro-
REPORT OF THE SECRETARY OF THE TREASURY 207
ceedings as those provided by law for the forfeiture, seizure, and condemnation
of property imported into the United States contrary to law ; and, in addition,
any person failing to comply with the provisions of any such Executive order ox-
regulation shall be subject to a penalty equal to twice the monetary value of
the silver in respect of which such failure occurred.
Sec. 8. Schedule A of title VIII of the Revenue Act of 1926, as amended
(relating to stamp taxes), is amended by adding at the end thereof a new
subdivision to read as follows :
" 10. Silver, and so forth, sat.es and transfers. — On all transfers of any
interest in silver bullion, if the price for which such interest is or is to be
transferred exceeds the total of the cost thereof and allowed expenses, 50 per
centum of the amount of such excess. On every such transfer there shall be
made and delivered by the transferor to the transferee a memorandum to which
there shall be affixed lawful stamps in value equal to the tax thereon. Every
such memorandum shall show the date thereof, the names and addresses of
the transferor and transferee, the interest in silver bullion to which it refers,
the price for which such interest is or is to be transferred, and the cost thereof
and the allowed expenses. Any person liable for payment of tax under this
subdivision (or anyone who acts in the matter as agent or broker for any such
person) who is a party to any such transfer, or who in pursuance of any such
transfer delivers any silver bullion or interest therein, without a memorandum
stating truly and completely the information herein required, or who delivers
any such memorandum without having the proper stamps affixed thereto, with
intent to evade the foregoing provisions, shall be deemed guilty of a misde-
meanor, and upon conviction thereof shall pay a fine of not exceeding $1,000
or be imprisoned not more than six months, or both. Stamps affixed under
this subdivision shall be canceled (in lieu of the manner provided in section
S04) by such officers and in such manner as regulations under this subdivision
shall prescribe. Such officers shall cancel such stamps only if it appears that
the proper tax is being paid, and when stamps with respect to any transfer
are so canceled, the transferor and not the transferee shall be liable for any
additional tax found due or penalty with respect to such transfer. The Com-
missioner shall abate or refund, in accordance with regulations issued here-
under, such portion of any tax hereunder as he finds to be attributable to
profits (1) realized in the course of the transferor's regular business of furnish-
ing silver bullion for industrial, professional, or artistic use and (a) not result-
ing from a change in the market price of silver bullion, or (b) offset by con-
temporaneous losses incurred in transactions in interests in silver bullion
determined, in accordance with such regulations, to have been specifically related
hedging transactions; or (2) offset by contemporaneous losses attributable to
changes in the market price of silver bullion and incurred in transactions in
silver foreign exchange determined, in accordance with such regulations, to
have been hedged specifically by the interest in silver bullion transferred. The
provisions of this subdivision shall extend to all transfers in the United States
of any interest in silver bullion, and to all such transfers outside the United
States if either party thereto is a resident of the United States or is a citizen
of the United States who has been a resident thereof within three months
lief ore the date of the transfer or if such silver bullion or interest therein is
situated in the United States ; and shall extend to transfers to the United
States Government (the tax in such cases to be payable by the transferor),
but shall not extend to transfers of silver bullion by deposit or delivery at a
United States mint under proclamation by the President or in compliance with
any Executive order issued pursuant to section 7 of the Silver Purchase Act
of 1934. The tax under this subdivision on transfers enumerated in subdivision
4 shall be in addition to the tax under such subdivision. This subdivision shall
apply (1) with respect to all transfers of any interest in silver bullion after
the enactment of the Silver Purchase Act of 1934, and (2) with respect to all
transfers of any interest in silver bullion on or after May 15, 1934, and prior
to the enactment of the Silver Purchase Act of 1934, except that in such cases
it shall be paid by the transferor in such manner and at such time as the
Commissioner, with the approval of the Secretary of the Treasury, may by
regulations prescribe, and the requirement of a memorandum of such transfer
shall not apply.
"As used in this subdivision —
" The terms * cost ' means the cost of the interest in silver bullion to the
transferor, except that (a) in case of silver bullion produced from materials
90353—35 15
208 REPORT OF THE SECRETARY OF THE TREASURY
containing silver which has not previously entered into industrial, commercial,
or monetary use, the cost to a transferor who is the producer shall be deemed
to be the market price at the time of production determined in accordance
with regulations issued hereunder; (b) in the case of an interest in silver
bullion acquired by the transferor otherwise than for valuable consideration,
the cost shall be deemed to be the cost thereof to the last previous transferor
by whom it was acquired for a valuable consideration; and (c) in the case
of any interest in silver bullion acquired by the transferor (after April 15, 1934)
in a wash sale, the cost shall be deemed to be the cost to him of the interest
transferred by him in such wash sale, but with proper adjustment, in accord-
ance with regulations under this subdivision, when such interests are in silver
bullion for delivery at different times.
" The term ' transfer ' means a sale, agreement of sale, agreement to sell,
memorandum of sale or delivery of, or transfer, whether made by assignment
in blank or by any delivery, or by any paper or agreement or memorandum
or any other evidence of transfer or sale ; or means to make a transfer as so
defined.
" The term ' interest in silver bullion ' means any title or claim to, or interest
in, any silver bullion or contract therefor.
" The term ' allowed expenses ' means usual and necessary expenses actually
incurred in holding, processing, or transporting the interest in silver bullion
as to which an interest is transferred (including storage, insurance, and trans-
portation charges but not including interest, taxes, or charges in the nature
of overhead), determined in accordance with regulations issued hereunder.
" The term ' memorandum ' means a bill, memorandum, agreement, or other
evidence of a transfer.
" The term ' wash sale ' means a transaction involving the transfer of an
interest in silver bullion and, within thirty days before or after such transfer,
the acquisition by the same person of an interest in silver bullion. Only so
much of the interest so acquired as does not exceed the interest so transferred,
and only so much of the interest so transferred as does not exceed the interest
so acquired, shall be deemed to be included in the wash sale.
" The term ' silver bullion ' means silver which has been melted, smelted,
or refined and is in such state or condition that its value depends primarily
upon the silver content and not upon its form."
Sec. 9. The Secretary of the Treasury is hereby authorized to issue, with the
approval of the President, such rules and regulations as the Secretary of the
Treasury may deem necessary or proper to carry out the purposes of this Act,
or of any order issued hereunder.
Sec. 10. As used in this Act —
The term " person " means* an individual, partnership, association, or
corporation ;
The term " the continental United States " means the States of the United
States, the District of Columbia, and the Territory of Alaska ;
The term " monetary value " means a value calculated on the basis of $1
for an amount of silver or gold equal to the amount at the time contained
in the standard silver dollar and the gold dollar, respectively ;
The term " stocks of silver " means the total amount of silver at the time
owned by the United States (whether or not held as security for outstanding
currency of the United States) and of silver contained in coins of the United
States at the time outstanding;
The term " stocks of gold " means the total amount of gold at the time owned
by the United States, whether or not held as a reserve or as security for any
outstanding currency of the United States.
Seo. 11. There is authorized to be appropriated, out of any money in the
Treasury not otherwise appropriated, the sum of $500,000, which shall be avail-
able for expenditure under the direction of the President and in his discretion,
for any purpose in connection with the carrying out of this act; and there
are hereby authorized to be appropriated annually such additional sums as
may be necessary for such purposes.
Sec. 12. The right to alter, amend, or repeal this act is hereby expressly
reserved. If any provision of this act, or the application thereof to any
person or circumstances, is held invalid, the remainder of the act, and the
application of such provision to other persons or circumstances shall not be
affected thereby.
REPORT OF THE SECRETARY OF THE TREASURY 209
Sec. 13. All acts and parts of acts inconsistent with any of the provisions
of this act are hereby repealed, but the authority conferred in this act upon
the President and the Secretary of the Treasury is declared to be supplemental
to the authority heretofore conferred.
Approved, June 19, 1934, 9 p. in.
Exhibit 28
Proclamation and orders relating to silver
PROCLAMATION, DECEMBER 21, 1933, RELATING TO THE COINAGE OF SILVER
Whereas, by paragraph (2) of section 43, title III, of the act of Congress,
approved May 12, 1933 (Public No. 10), the President is authorized "By
proclamation to fix the weight of the gold dollar in grains nine-tenths fine and
also to fix the weight of the silver dollar in grains nine-tenths fine at a definite
fixed ratio in relation to the gold dollar at such amounts as he finds necessary
from his investigation to stabilize domestic prices or to protect the foreign
commerce against the adverse effect of depreciated foreign currencies, and to
provide for the unlimited coinage of such gold and silver at the ratio so
fixed, * * * " ; and
Whereas, from investigations made by me, I find it necessary, in aid of the
stabilization of domestic prices and in accordance with the policy and program
authorized by Congress, which are now being administered, and to protect our
foreign commerce against the adverse effect of depreciated foreign currencies,
that the price of silver be enhanced and stabilized ; and
Whereas a resolution presented by the delegation of the United States of
America was unanimously adopted at the World Economic and Monetary Con-
ference in London on July 20, 1933, by the representatives of sixty-six govern-
ments, which in substance provided that said governments will abandon the
policy and practice of melting up or debasing silver coins ; that low valued
silver currency be replaced with silver coins and that no legislation should be
enacted that will depreciate the value of silver; and
Whereas a separate and supplemental agreement was entered into, at the
instance of the representatives of the United States, between China, India,
and Spain, the holders and users of large quantities of silver, on the one hand,
and Australia, Canada, Mexico, Peru, and the United States on the other hand,
as the chief producers of silver, wherein China agreed not to dispose of any
silver derived from the melting up or debasement of silver coins, and India
agreed not to dispose of over 35,000,000 ounces of silver per annum during a
period of four years commencing January 1, 1934, and Spain agreed not to
dispose of over 5,000,000 ounces of silver annually during said period, and
both of said governments agreed that at the end of said period of four years
they would then subject themselves to the general resolution adopted at the
London Conference, and in consideration of such limitation it was agreed that
the governments of the five producing countries would each absorb from the
mines in their respective countries a certain amount of silver, the total amount
to be absorbed by said producing countries being 35,000,000 ounces per annum
during the four years commencing the 1st day of January, 1934 ; that such silver
so absorbed would be retained in each of said respective countries for said
period of four years, to be used for coinage purposes or as reserves for currency,
or to otherwise be retained and kept off the world market during such period of
time, it being understood that of the 35,000,000 ounces the United States was to
absorb annually at least 24,421,410 ounces of the silver produced in the United
States during such period of time.
Now, therefore, finding it proper to cooperate with other governments and
necessary to assist in increasing and stabilizing domestic prices, to augment the
purchasing power of peoples in silver-using countries, to protect our foreign
commerce against the adverse effect of depreciated foreign currencies, and to
carry out the understanding between the sixty-six governments that adopted the
resolution hereinbefore referred to ; by virtue of the power in me vested by the
act of Congress above cited, the other legislation designated for national
recovery, and by virtue of all other authority in me vested ;
I, Franklin D. Roosevelt, President of the United States of America, do pro-
claim and direct that each United States coinage mint shall receive for coinage
210 REPORT OF THE SECRETARY OF THE TREASURY
into standard silver dollars any silver which such mint, subject to regulations
prescribed hereunder by the Secretary of the Treasury, is satisfied has been
mined, subsequently to the date of this proclamation, from natural deposits in
the United States or any place subject to the jurisdiction thereof. The Director
of the Mint, with the voluntary consent of the owner, shall deduct and retain
of such silver so received fifty percent as seigniorage and for services performed
by the Government of the United States relative to the coinage and delivery of
silver dollars. The balance of such silver so received, that is, fifty percent
thereof, shall be coined into standard silver dollars and the same, or an equal
number of other standard silver dollars, shall be delivered to the owner or
depositor of such silver. The fifty percent of such silver so deducted shall be
retained as bullion by tbe Treasury and shall not be disposed of prior to the
thirty-first day of December, 1937, except for coining into United States coins.
The Secretary of the Treasury is authorized to prescribe regulations to carry
out the purposes of this proclamation. Such regulations shall contain provi-
sions substantially similar to the provisions contained in the regulations made
pursuant to the act of Congress, approved April 23, 1918, (40 Statutes at Large,
page 535), known as the Pittman Act, with such changes as he shall determine,
prescribing how silver mined, subsequently to the date of this proclamation,
from natural deposits in the United States or any place subject to the jurisdic-
tion thereof, shall be identified.
This proclamation shall remain in force and effect until the thirty-first day
of December, 1937, unless repealed or modified by act of Congress or by
subsequent proclamation.
The present ratio in weight and fineness of the silver dollar to the gold
dollar shall, for the purposes of this proclamation, be maintained until changed
by further order or proclamation.
Notice is hereby given that I reserve the right by virtue of the authority
vested in me to revoke or modify this proclamation as the interest of the United
States may seem to require.
In witness whereof, I have hereunto set my hand and caused the seal of the
United States to be affixed.
Done at the city of Washington this 21st day of December, in the year of
our Lord nineteen hundred and thirty-three, and of the Independence of the
United States of America the one hundred and fifty-eighth.
Franklin D. Roosevelt.
By the President :
William Phillips,
Acting Secretary of State.
official order, june 14, 1934, relating to the issuance of silver certificates
June 14, 1934.
My Dear Mr. Secretary : Pursuant to the authority vested in me by the act
approved May 12, 1933, as amended by the Gold Reserve Act of 1934, approved
January 30, 1934, I hereby authorize and direct the issuance of silver certifi-
cates, pursuant to law, in any or all of the following denominations, $1. $5, $10,
$20, and $100, against any and all silver bullion or standard silver dollars now
in the Treasury not held for redemption of any outstanding silver certificates.
Sincerely yours,
(Signed) Franklin D. Roosevelt.
The honorable the Secretary of the Treasury.
ORDER OF THE SECRETARY OF THE TREASURY, JUNE 28, 1934, FORBIDDING THE EXPORT
OF SILVER EXCEPT UNDER LICENSE
Whereas, section 6 of the Silver Purchase Act of 1934 provides as follows :
[Section 6 omitted here, see p. 206.]
Whereas, in my judgment, such action is necessary to effectuate the policy
of said Silver Purchase Act of 1934 ;
Now, therefore, I, Henry Morgenthau, Jr., Secretary of the Treasury, do
hereby prescribe the following provisions for the investigation, regulation, and
prohibition of the acquisition, importation, exportation, or transportation of
REPORT OF THE SECRETARY OF THE TREASURY 2H
silver and of contracts and arrangements made with respect thereto, and re-
quirements concerning the tiling of reports deemed by the Secretary of the
Treasury reasonably necessary in connection therewith.
Section 1. Definitions. — As used in this order the term " person " means an
individual, partnership, association, or corporation ; and the term " continental
United States " means the States of the United States, the District of Columbia,
and the Territory of Alaska.
Sec. 2. Exportation or transportation from the continental United States. —
Except as otherwise specifically provided in sections 4, 5, and 6 hereof, no per-
son shall export or transport from the continental United States, any silver ex-
cept under license issued pursuant to section 3 of this order.
Sec. 3. Licenses. — The Secretary of the Treasury, subject to such regulations
as he may prescribe, acting directly or through such agency or agencies as he
may designate, may issue licenses authorizing the exportation or transportation
from the continental United States of silver which the Secretary of the Treas-
ury, or the designated agency, is satisfied :
(a) Is required to fulfill an obligation to deliver such silver outside of the
continental United States, incurred or assumed by the applicant on or before
the date of this order ;
(6) Has been owned on and continuously after the date of this order by a
recognized foreign government, foreign central bank, or the Bank for Inter-
national Settlements ;
(o) Was imported for prompt reexport, or was imported in silver-bearing
materials under an agreement to refine such materials and export the silver
so refined ;
(d) Is of a fineness of O.S or less; or
(e) With the approval of the President, for other purposes not inconsistent
with the purposes of the Silver Purchase Act of 1934.
Sec. 4. Fabricated silver. — Silver contained in articles fabricated and held
in good faith for a specific and customary use and not for their value as
silver bullion may be exported, or transported from the continental United
States, without the necessity of obtaining a license : Provided, That a state-
ment containing such information as may be required by the Secretary of
the Treasury shall have been executed, sworn to, and filed in duplicate with
the collector of customs at the port of shipment from the continental United
States or with the postmaster at the place of mailing; and such collector or
postmaster shall have endorsed on the duplicate copy of such affidavit that
he is satisfied that the shipment from the continental United States is not
being made for the purpose of holding or disposing of such articles outside
of the continental United States primarily for their silver content : Provided,
That persons leaving the continental United States may carry with them such
articles owned by them and for their personal use in their fabricated form,
of a fine silver content not exceeding 100 troy ounces without the necessity
of filing such affidavit or obtaining an export license under this order.
Sec. 5. Metals containing silver. — Metals containing not more than 50 troy
ounces of fine silver per short ton may be exported or transported from the
continental United States without the necessity of obtaining a license under
this order : Provided, That the collector of customs at the port of export or
the postmaster at the place of mailing may require the furnishing, of such
evidence and the execution of such affidavits as are necessary to satisfy him
as to the silver content of the metals.
Sec. 6. Silver coin. — Silver coins may be exported or transported from the
continental United States without the necessity of obtaining a license under
this order.
Sec. 7. Collectors of customs and postmasters. — At the time any license is
issued under section 3, the issuing agency shall transmit a copy thereof to the
collector of customs at the port of export designated in the license. The collec-
tor of customs shall not permit the exportation or transportation from the
continental United States of silver in any form except upon surrender of a
license issued under section 3, a copy of which has been received by him from
the agency authorized to issue such license : Provided, That a license under
this order shall not be required to export or transport from the United States
silver described in sections 4, 5, and 6, if the provisions of such sections
respectively are complied with. In the event that the shipment is to be made
by mail, a copy of the license shall be sent to the postmaster of the post
office designated in the application, who will act under the instructions of
the Postmaster General in regard thereto.
212 REPORT OF THE SECRETARY OF THE TREASURY
Sec. 8. Exports prohibited by other orders, etc. — The provisions of sections
3, 4, 5, and 6 shall not be construed to authorize any exportation or transpor-
tation from the continental United States prohibited by any other order or by
any law, ruling, or regulation.
Sec. 9. Reports.— The Secretary of the Treasury shall require the filing of
such reports, in such manner, at such times, and containing such information,
as is deemed by him reasonably necessary in connection with the investigation,
regulation, or prohibition of acquisitions, importations, exportations, or trans-
portations of silver and of contracts and arrangements made with respect
thereto.
Sec. 10. Regulations. — The Secretary of the Treasury is hereby authorized
and empowered to issue such regulations as he may deem necessary to carry
out the purposes hereof. Licenses and permits granted in accordance with the
provisions of this order and such regulations may be issued through such officers
and agencies as the Secretary of the Treasury may designate.
Sec. 11. Penalties. — All persons are hereby informed that section 7 of the
Silver Purchase Act of 1934 prescribes penalties for willful violation of any of
the provisions hereof or of any license, order, rule or regulations issued or pre-
scribed under the authority hereof.
This order and any regulations, rules, and licenses prescribed or issued here-
under may be modified or revoked at any time.
Approved :
Franklin D. Roosevelt,
The White House, June 2S, 1934.
Henry Morgenthatt, Jr.,
Secretary of the Treasury.
Exhibit 29
Proclamation and Executive orders relating to banking, foreign exchange, and
related matters
PROCLAMATION, DECEMBER 30, 1933, RELATIVE TO THE CONTROL OVER STATE BANKING
INSTITUTIONS
Whereas, on March 6, 1933, I, Franklin D. Roosevelt, President of the United
States of America, by virtue of authority vested in me by the act of October
6. 1917 (40 Stat. L. 411), as amended, issued a proclamation declaring that
an emergency existed and that a national banking holiday be observed ;
Whereas, on March 9, 1933, I issued a proclamation continuing the terms
and conditions of said proclamation of March 6, 1933, in full force and effect
until further proclamation by the President :
Whereas, on March 10, 1933, I issued an Executive order authorizing the
appropriate authority having immediate supervision of banking institutions
in each State or any place subject to the jurisdiction of the United States
to permit any banking institution not a member of the Federal Reserve System
to perform any or all of its usual banking functions except as otherwise
provided ;
Whereas, the Secretary of the Treasury, pursuant to authority granted by
other provisions of the said Executive order of March 10, 1933, has acted upon
all requests for licensing of banks members of the Federal Reserve System ;
Whereas, the Federal Deposit Insurance Corporation has acted upon all
applications to it for membership in the Temporary Federal Deposit Insurance
Fund as provided for in section 12B (y) of the Federal Reserve Act as amended
by section 8 of the act of June 16, 1933, Public No. 66, Seventy-third Congress,
and has admitted to the said fund all applicant banks which are duly and
properly qualified; and
Whereas, it is now appropriate that the banking authority in each State
and any place subject to the jurisdiction of the United States should have
and exercise the sole responsibility for, and control over, banking institutions
not members of the Federal Reserve System ;
Now, therefore, I, Franklin D. Roosevelt, President of the United States,
in order to assure that the banking authority in each State and in any place
subject to the jurisdiction of the United States shall have and exercise the sole
REPORT OF THE SECRETARY OF THE TREASURY 213
responsibility for, and control over, banking institutions which are not members
of the Federal Reserve System, do hereby proclaim, order, direct, and declare
that the proclamations of March 6, 1933, and March 9, 1933, and the Executive
order of March 10, 1933, and all orders and regulations pursuant thereto, are
amended, effective the first day of January, nineteen hundred and thirty-four,
to exclude from their scope banking institutions which are not members of
the Federal Reserve System : Provided, hoicever, That no banking institutions
shall pay out any gold coin, gold bullion, or gold certificates, except as author-
ized by the Secretary of the Treasury, nor allow the withdrawal of any
currency for hoarding, nor engage in any transactions in foreign exchange
except such as may be undertaken for legitimate and normal business require-
ments, for reasonable traveling and other personal requirements, and for the
fulfillment of contracts entered into prior to March 6, 1933.1
In witness whereof I have hereunto set my hand and caused the seal of
the United States to be affixed.
Done in the city of Washington this 30th day of December in the year
of our Lord one thousand nine hundred and thirty-three, and of
[seal] the Independence of the United States the one hundred and fifty-
eighth.
Franklin D. Roosevelt.
By the President :
William Phillips,
Acting Secretary of State.
EXECUTIVE ORDER, JANUARY 15, 1934, AMENDING THE EXECUTIVE ORDER OF MARCH 10,
1933, AND THE PROCLAMATION OF DECEMBER 30, 1933, CONCERNING THE OPERATION
OF BANKS
By virtue of the authority vested in me by section 5 (b) of the act of
October 6, 1917 (40 Stat. L. 411), as amended by the act of March 9, 1933, and
by section 4 of said act of March 9, 1933, and by virtue of all other authority
vested in me, I, Franklin D. Roosevelt, President of the United States of
America, do hereby issue the following Executive order :
Section 1. The last two paragraphs of the Executive order of March 10,
1933, concerning the operation of banks, are amended, effective from the date
of this order, by striking out the following:
" nor to engage in any transaction in foreign exchange except such as may be
undertaken for legitimate and normal business requirements, for reasonable
traveling and other personal requirements, and for the fulfillment of contracts
entered into prior to March 6, 1933.
" Every Federal Reserve bank is authorized and instructed to keep itself
currently informed as to transactions in foreign exchange entered into or con-
summated within its district and shall report to the Secretary of the Treasury
all transactions in foreign exchange which are prohibited."
The Secretary of the Treasury is authorized to amend the licenses heretofore
issued with his approval by the Federal Reserve banks under the Executive
order of March 10, 1933, by issuing through the Federal Reserve banks amenda-
tory licenses removing the restriction upon transactions in foreign exchange
contained in the licenses heretofore issued.
Seo. 2. The proclamation of December 30, 1933, relating to the licensing of
banking institutions which are not members of the Federal Reserve System
is amended, effective from the date of this order, by striking out the following :
" nor to engage in any transaction in foreign exchange except such as may be
undertaken for legitimate and normal business requirements, for reasonable
traveling and other personal requirements, and for the fulfillment of contracts
entered into prior to March 6, 1933."
Sec. 3. The amendment of such Executive order of March 10, 1933, or of any
licenses issued thereunder, and the amendment of such proclamation of Decem-
ber 30, 1933, shall not affect any act done, or any order, decision, or finding
made, or relieve any person from the consequences of any unauthorized act
committed prior to the date of this Executive order ; nor shall the amendment
of the Executive order of March 10, 1933, or the proclamation of December 30,
1 Amended by Executive order of Jan. 15, 1934, see below.
214 REPORT OF THE SECRETARY OF THE TREASURY
1933, relieve any person from the obligation of complying with the terms of
the Executive order of January 15, 1934, relating to the export of coin and
currency and transactions in foreign exchange, or the regulations or licenses
issued thereunder, or of any other provision of law affecting transactions in
foreign exchange.
Franklin D. Roosevelt.
The White House,
January 15, 1934-
EXECUTIVE ORDER, JANUARY 15, 1934, REGULATING TRANSACTIONS IN FOREIGN
EXCHANGE, TRANSFERS OF CREDIT, AND THE EXPORT OF COIN AND CUKRENCY
Bv virtue of the authority vested in me by section 5 (b) of the act of October
6, 1917 (40 Stat. L. 411), as amended by section 2 of the act of March 9, 1933,
entitled "An act to provide relief in the existing national emergency in
banking, and for other purposes ", I, Franklin D. Roosevelt, President of the
United States of America, do declare that a period of national emergency con-
tinues to exist, and by virtue of said authority and of all other authority vested
in me, do hereby prescribe the following regulations for the investigation, regu-
lation, and prohibition of transactions in foreign exchange, transfers of credit
between or payments by banking institutions as herein defined, and export of
currency or silver coin, by any person within the United States or any place
subject to the jurisdiction thereof:
Section 1. Every transaction in foreign exchange, transfer of credit between
any banking institution within the United States and any banking institution
outside of the United States (including any principal, agent, home office, branch,
or correspondent outside of the United States of a banking institution within
the United States), and the export or withdrawal from the United States of
any currency or silver coin which is legal tender in the United States, by any
person within the United States, is hereby prohibited, except under license
therefore issued pursuant to this Executive order : Provided, hoicever, That,
except as prohibited under regulations prescribed by the Secretary of the Treas-
ury, foreign exchange transactions and transfers of credit may be carried out
without a license for (a) normal commercial or business requirements, (b)
reasonable traveling and other personal requirements, or (c) the fulfillment of
legally enforceable obligations incurred prior to March 9, 1933.
Sec 2. Possessions of the United States. — Except as prohibited in regulations
prescribed by the Secretary of the Treasury, transfers of credit between bank-
ing institutions in the continental United States and banking institutions in
other places subject to the jurisdiction of the United States (including princi-
pals, agents, home offices, branches, or correspondents in such other places, of
banking institutions within the continental United States), may be carried out
without a license.
Seo. 3. Licenses. — The Secretary of the Treasury, acting directly or through
any agencies that he may designate, and the Federal Reserve banks acting in
accordance with such rules and regulations as the Secretary of the Treasury
may from time to time prescribe, are hereby designated as agencies for the
granting of licenses as hereinafter provided. Licenses may be granted author-
izing such transactions in foreign exchange, transfers of credit, and exports of
currency (other than gold certificates), or silver coin in such specific cases or
classes of cases as the Secretary of the Treasury may determine in regulations
prescribed hereunder and rulings made pursuant thereto.
Sec. 4. Reports. — The Federal Reserve banks shall keep themselves currently
informed as to foreign exchange transactions entered into or consummated,
and transfers of credit made between banking institutions outside of the conti-
nental United States and banking institutions, in their districts, and report to
the Secretary of the Treasury all transactions in foreign exchange and all such
transfers of credit not permitted under sections 1 or 2 hereof which are effected
or attempted in their districts without a license.
Sec. 5. Regulations. — The Secretary of the Treasury is authorized and em-
powered to prescribe from time to time regulations to carry out the purposes
of this order, and to provide in such regulations or by rulings made pursuant
thereto, the conditions under which licenses may be granted by the Federal
Reserve banks and by such other agencies as the Secretary of the Treasury
may designate; and the Secretary of the Treasury may require any person
engaged in any transaction, transfer, export, or withdrawal referred to in
REPORT OF THE SECRETARY OF THE TREASURY 215
this Executive order to furnish under oath complete information relative thereto,
including the production of any books of account, contracts, letters, or other
papers, in connection therewith in the custody or control of such person either
before or after such transaction, transfer, export, or withdrawal is completed.
Sec. 6. Penalties. — Whoever willfully violates or knowingly participates in
the violation of any provision of this Executive order or of any license, order,
rule, or regulation issued or prescribed hereunder, shall be subject to the pen-
alties provided in section 5 (b) of the act of October 6, 1917, as amended by
section 2 of the act of March 9, 1933.
Seo. 7. Definitions. — As used in this Executive order, the term " United
States" means the United States and any place subject to the jurisdiction
thereof ; the term " continental United States " means the States of the United
States, the District of Columbia, and the Territory of Alaska ; the term " per-
son " means an individual, partnership, association, or corporation ; and the
term " banking institution " includes any person engaged primarily or inci-
dentally in the business of banking, of granting or transferring credits, or of
purchasing and selling foreign exchange or procuring purchasers and sellers
thereof, as principal or agent ; and, for the purposes of this order, each home
office, branch, principal, agent, or correspondent of any person so engaged
shall be regarded as a separate " banking institution."
Sec. 8. Section 8 of the Executive order of August 28, 1933, relating to the
hoarding, export, and earmarking of gold coin, bullion, or currency, and to
transactions in foreign exchange, is hereby revoked.
This Executive order and any rules, regulations, or licenses prescribed or
issued hereunder may be modified or revoked at any time.
Franklin D. Roosevelt.
The White House,
January 15, 1934.
TAXATION i
Exhibit 30
[Public No. 83, 73d Cong., H. R. 6131]
An act to raise revenue by taxing certain intoxicating liquors, and for other
purposes
Be it enacted by the Senate and House of Representatives of the United
States of America in Congress assembled,
Title I
Section 1. This act may be cited as the " Liquor Taxing Act of 1934."
Sec 2. Paragraphs (3) and (4) of subdivision (a) of section 600 of the
Revenue Act of 1918, as amended (relating to the tax on distilled spirits gen-
erally and the tax on distilled spirits diverted for beverage purposes) [U. S. C,
Sup. VI, title 26, sec. 1150 (a) (1) and (2)], are amended to read as follows:
"(3) On and after January 1, 1928, and until the effective date of title I of
the Liquor Taxing Act of 1934, $1.10 on each proof gallon or wine gallon when
below proof and a proportionate tax at a like rate on all fractional parts of
such proof or wine gallon ; and
"(4) On and after the effective date of title I of the Liquor Taxing Act of
1934, $2.00 on each proof gallon or wine gallon when below proof and a pro-
portionate tax at a like rate on all fractional parts of such proof or wine
gallon."
Seo. 3. Subdivision (c) of section 600 of the Revenue Act of 1918 (relating
to the internal revenue tax on imported perfumes containing distilled spirit)
[U. S. C, Sup. VI. title 26, sec. 1150 (a) (4)], is amended by striking out
" $1.10 per wine gallon " and inserting in lieu thereof " $2.00 per wine gallon."
1 These exhibits do not include the following laws which modify the tax system :
Public 216, May 10, 1934, Revenue Act of 1934 ; amendments to the Agricultural Adjust-
ment Act of May 12. 1933, so as to include cattle and other products (Public 142,
April 7, 1934) and sugar beets and sugar cane (Public 213, May 9, 1934) as basic
agricultural commodities ; Public 169. April 21, 1934, to place the cotton industry on a
sound commercial basis ; Public 483, June 28, 1934, to place the tobacco-growing
industry on a sound financial and economic basis ; and section 8 of Public 438, June 19,
1934, Silver Purchase Act. This section appears on page 207 of this report.
216 REPORT OF THE SECRETARY OF THE TREASURY
Sec 4. In lieu of the rate of drawback provided in section 3329 of the Re-
vised Statutes, as amended [U. S. C, Sup. VI, title 26, sec. 1239], the rate of
drawback allowed upon the exportation of distilled spirits exported on or after
the effective date of this title shall be equal to the rate of the internal revenue
tax paid in respect of the distilled spirits exported but shall not exceed a rate
of $2.00 per proof gallon.
Sec. 5. Section 3309 of the Revised Statutes, as amended (relating to the
tax on deficiencies in distilled spirits production) [U. S. C, Sup. VI, title 26,
sec. 1197], is amended by striking out "at the rate of $1.10" wherever such
phrase appears and inserting in lieu thereof " at the rate of tax imposed by
law."
Sec. 6. So much of section 611 of the Revenue Act of 1918, as amended (re-
lating to the tax on still wines) [U. S. C, Sup. VI, title 26, sec. 1300 (a) (1)],
as reads :
" On wines containing not more than 14 per centum of absolute alcohol, 4
cents per wine gallon, the per centum of alcohol taxable under this section to be
reckoned by volume and not by weight ;
" On wines containing more than 14 per centum and not exceeding 21 per
centum of absolute alcohol, 10 cents per wine gallon ;
" On wines containing more than 21 per centum and not exceeding 24 per
centum of absolute alcohol, 25 cents per wine gallon ;
"All such wines containing more than 24 per centum of absolute alcohol by
volume shall be classed as distilled spirits and shall pay tax accordingly."
is amended to read as follows :
" On wines containing not more than 14 per centum of absolute alcohol, 10
cents per wine gallon, the per centum of alcohol under this section to be reck-
oned by volume and not by weight ;
" On wines containing more than 14 per centum and not exceeding 21 per
centum of absolute alcohol, 20 cents per wine gallon ;
" On wines containing more than 21 per centum and not exceeding 24 per
centum of absolute alcohol, 40 cents per wine gallon ;
"All such wines containing more than 24 per centum of absolute alcohol by
volume shall be classed as distilled spirits and shall be taxed accordingly."
Sec. 7. So much of section 613 of the Revenue Act of 1918 [U. S. C, Sup. VI,
title 26, sec. 1300 (a) (2)] as reads:
" On each bottle or other container of champagne or sparkling wine, 12 cents
on each one-half pint or fraction thereof ;
" On each bottle or other container of artificially carbonated wine, 6 cents on
each one-half pint or fraction thereof;
" On each bottle or other container of liqueurs, cordials, or similar compounds,
by whatever name sold or offered for sale, containing sweet wine fortified with
grape brandy, 6 cents on each one-half pint or fraction thereof."
is amended to read as follows :
" On each bottle or other container of champagne or sparkling wine, 5 cents
on each one-half pint or fraction thereof ;
" On each bottle or other container of artificially carbonated wine, 2% cents
on each one-half pint or fraction thereof ;
" On each bottle or other container of liqueurs, cordials, or similar compounds,
by whatever name sold or offered for sale, containing sweet wine fortified with
grape brandy, 2% cents on each one-half pint or fraction thereof ;
"Any of the foregoing articles containing more than 24 per centum of absolute
alcohol by volume shall be classed as distilled spirits and shall be taxed
accordingly."
Sec. 8. Section 612 of the Revenue Act of 1918, as amended (relating to the
tax on grape brandy and wine spirits withdrawn and used in the fortification of
wines) [U. S. C, Sup. VI, title 26, sec. 1301], is amended by striking out "10
cents per proof gallon " and inserting in lieu thereof " 20 cents per proof
gallon."
Sec. 9. (a) Section 608 of the Revenue Act of 1918, as amended (relating to
the tax on malt liquors) [U. S. C, Sup. VI, title 26, sec. 1330 (a)], is amended
by striking out " a tax of $6.00 " and inserting in lieu thereof " a tax of $5.00."
(b) Subsection (a) of section 1 of the act entitled "An act to provide reve-
nue by the taxation of certain nonin toxica ting liquor, and for other purposes ",
approved March 22, 1933, is hereby repealed.
(c) Paragraph "First" of section 3244 of the Revised Statutes, as amended,
is amended to read as follows :
REPORT OF THE SECRETARY OF THE TREASURY 217
"First. Brewers shall pay $100 in respect of each brewery: Provided, That
any brewer of less than 500 barrels a year shall pay the sum of $50. Every
person who manufactures fermented liquors of any name or description for
sale, from malt, wholly or in part, or from any substitute therefor, shall be
deemed a brewer."
Sec. 10. (a) Upon all distilled spirits produced in or imported into the
United States upon which the internal revenue tax imposed by law has been
paid, and which, on the day this title takes effect, are held by any person and
intended for sale or for use in the manufacture or production of any article
intended for sale, there shall be levied, assessed, collected, and paid a floor
tax equal to the amount, if any, by which the tax provided for under this title
exceeds the tax so paid, not including in the computation of the tax so paid
the 30-cent tax imposed by section 605 of the Revenue Act of 1918.
(b) Upon all articles specified in section 6 or 7 of this title produced in or
imported into the United States upon which the internal revenue tax imposed
by law has been paid, and which, on the day this title takes effect, are held
by any person and intended for sale or for use in the manufacture or produc-
tion of any article intended for sale, there shall be levied, assessed, collected,
and paid a floor tax equal to the amount, if any, by which the tax provided
for under such sections of this title exceeds the tax so paid, not including in
the computation of the tax so paid the 30-cent tax imposed by section 605 of
the Revenue Act of 1918.
(c) Upon all wines held by the producer thereof upon the day this title takes
effect and intended for sale or for use in the manufacture or production of any
article intended for sale, there shall be levied, assessed, collected, and paid
a floor tax equal to the amount, if any, by which the tax provided for under
section 8 of this title exceeds the tax paid upon the grape brandy or wine
spirits used in the fortification of such wine.
(d) The person required by this section to pay any floor tax shall, within
thirty days after the effective date of this title, make return under oath, in
such form and under such regulations as the Commissioner of Internal Reve-
nue, with the approval of the Secretary of the Treasury, shall prescribe. Pay-
ment of the tax shown to be due may be extended to a date not exceeding
seven months after the effective date of this title, upon the filing of a bond
for payment in such form and amount and with such sureties as the Commis-
sioner of Internal Revenue, with the approval of the Secretary of the Treasury,
may prescribe. All provisions of law (including penalties) applicable in re-
spect of internal revenue taxes on distilled spirits or wines shall, insofar as
applicable and not inconsistent with this section, be applicable in respect of
the taxes imposed by this section.
(e) As used in this section and in title II, the term "person" includes an
individual, a partnership, an association, and a corporation: and the term
" distilled spirits " includes products produced in such manner that the person
producing them is a rectifier within the meaning of section 3244 of the Revised
Statutes, as amended.
Sec. 11. As used in this act, the term " internal revenue taxes" does not
include taxes imposed under the Agricultural Adiustment Act.
Sec. 12. That section 5 of the act entitled "An act making appropriations
for the Post Office Department for the year ending June 30, 1918", approved
March 3. 1917. as amended, is amended to read as follows:
" Seo. 5. Whoever shall order, purchase, or cause intoxicating liquors to be
transported in interstate commerce, except for scientific sacramental, medici-
nal, and mechanical purposes, into any State, Territory, or the District of
Columbia, the laws of which prohibit the manufacture or sale therein of
intoxicating liquors for beverage purposes, shall be fined not more than $1,000
or imprisoned not more than six months, or both ; and for any subsequent
offense shall be imprisoned not more than one year."
Nothinsr in this act shall be construed to amend or repeal any provision of
section 1110 of the Revenue Act of 1917.
Sec. 13. This title shall take effect on the day following its enactment.
Title II
Sec. 201. No person shall (except as provided in section 202) transport,
possess, buy, sell, or transfer any distilled spirits, unless the immediate con-
tainer thereof has affixed thereto a stamp denoting the quantity of distilled
spirits contained therein and evidencing payment of all internal revenue taxes
imposed on such spirits. The provisions of this title shall not apply to —
218 REPORT OF THE SECRETARY OF THE TREASURY
(a) Distilled spirits placed in a container for immediate consumption on
the premises or for preparation for such consumption ;
(b) Distilled spirits in bond or in customs custody;
(c) Distilled spirits in immediate containers required to be stamped under
existing law;
(d) Distilled spirits in actual process of rectification, blending, or bottling,
or in actual use in processes of manufacture;
(e) Distilled spirits on which no internal revenue tax is required to be
paid;
(f) Distilled spirits not intended for sale or for use in the manufacture or
production of any article intended for sale ; or
(g) Any regularly established common carrier receiving, transporting, de-
livering, or holding for transportation or delivery distilled spirits in the
ordinary course of its business as a common carrier.
Sec. 202. Every person who, on the effective date of this title, holds for sale
(or use in the manufacture or production of an article intended for sale) any
distilled spirits in containers required to be stamped by section 201, on which
all internal revenue taxes have been paid, may possess such spirits, but shall,
not later than the tenth day after such date, apply for, and shall be sold (in
accordance with section 203) the requisite stamps. Such stamps shall be
promptly affixed to the immediate containers of such spirits, except that when
such spirits contained in bottles in closed cases are held for sale or sold
otherwise than at retail, such stamps need not be affixed until the cases are
opened or sold at retail, when such stamps shall be immediately affixed to the
bottles, but such stamps shall be sold or transferred in connection with any
sale or transfer of such spirits and the person in possession of such spirits
shall be in possession of such stamps therefor.
Sec. 203. Any person placing or intending to place any distilled spirits xipon
which all internal revenue taxes have been paid into any container upon
which a stamp is required by this title, or withdrawing or intending to with-
draw any imported spirits in such containers from customs custody, shall be
entitled to purchase sufficient stamps for stamping such containers. Such
stamps shall be issued by the Commissioner of Internal Revenue to each
collector of internal revenue, upon his requisition, in such numbers as may
be necessary in his district, and shall be sold by the collectors to persons en-
titled thereto upon application therefor and compliance with regulations under
this title, at a price of 1 cent for each stamp, except that in the case of stamps
for containers of less than one-half pint the price shall be one-quarter of 1 cent
for each stamp. When in his judgment there is no danger to the revenue,
and upon the giving of such bonds or other security as he may deem necessary,
the Commissioner may authorize (1) the sale prior to the effective date of this
title of such stamps and (2) the sale of such stamps to importers for stamping
containers in the country from which imported.
Sec. 204. Every person emptying any container stamped under the provisions
of this title shall at the time of emptying such container destroy the stamp
thereon.
Sec. 205. The Commissioner, with the approval of the Secretary of the
Treasury, shall prescribe (a) regulations with respect to the time and manner
of applying for. issuing, affixing, and destroying stamps required by this title,
the form and denominations of such stamps, proof that applicants are entitled
to such stamps, and the method of accounting for receipts from the sale of
such stamps, and (b) such other regulations as be shall deem necessary for
the enforcement of this title.
Sec. 206. All distilled spirits found in any container required to bear a stamp
by this title, which container is not stamped in compliance with this title and
regulations issued thereunder, shall be forfeited to the United States. Dis-
tilled spirits placed in such containers prior to the effective date of this title
shall not be subject to this section until the expiration of 10 days after the
effective date of this title, nor (when it is established that application for
stamps therefor was made within the proper time) until such stamps are
received by the applicant.
Sec. 207. Any person who violates any provision of this title, or who. with
intent to defraud.^ falsely makes, forges, alters, or counterfeits any stamp made
or used under this title, or who uses, sells, or has in his possession any such
Gorged, altered, or counterfeited stamp, or any plate or die used or which may
beused in the manufacture thereof, or any stamp required to be destroyed by
this title, or who makes, uses, sells, or has in his possession any paper in
REPORT OF THE SECRETARY OF THE TREASURY 219
imitation of the paper used in the manufacture of any such stamp, or who re-
uses any stamp required to be destroyed by this title, or who places any dis-
tilled spirits in any bottle which has been filled and stamped under this title
without destroying the stamp previously affixed to such bottle, or who affixes
any stamp issued under this title to any container of distilled spirits on which
any tax due is unpaid, or who makes any false statement in any application for
stamps under this title, or who has in his possession any such stamps obtained
by him otherwise than as provided in sections 202 and 203, or who sells or
transfers any such stamp otherwise than as provided in section 202, shall, on
conviction, be punished by a fine not exceeding $1,000, or by imprisonment at
hard labor not exceeding five years, or by both. Any officer authorized to en-
force any provisions of law relating to internal revenue stamps is authorized to
enforce the provisions of this section and the provisions of section 7 of the
act of March 3, 1897, relating to the bottling of distilled spirits in bond.
Sec. 20S. This title shall take effect on the thirtieth day following the date
of the enactment of this act, except that if on or before the twentieth day fol-
lowing the date of the enactment of this act the Secretary of the Treasury finds
that it is impracticable to put this title into effect on the thirtieth day following
the date of the enactment of this act and so proclaims, specifying the date,
not later than the sixtieth day following the date of the enactment of this
act on which it will be practicable to put this title into effect, this title shall
take effect on the date specified in such proclamation. Notwithstanding the
previous provisions of this section, this section and sections 202, 203, and
205 shall take effect on the date of the enactment of this act.
Approved, January 11, 1934, 11.50 p. m.
Exhibit 31
[Public No. 474, 73d Cong., H. R. 9741]
An act to provide for the taxation of manufacturers, importers, and dealers in
certain firearms and machine guns, to tax the sale or other disposal of such
weapons, and to restrict importation and regulate interstate transportation
thereof
Be it enacted by the Senate and House of Representatives of the United States
of America in Congress assembled, That for the purposes of this act —
(a) The term " firearm " means a shotgun or rifle having a barrel of less than
eighteen inches in length, or any other weapon, except a pistol or revolver, from
which a shot is discharged by an explosive if such weapon is capable of being
concealed on the person, or a machine gun, and includes a muffler or silencer for
any firearm whether or not such firearm is included within the foregoing
definition.
(b) The term " machine gun " means any weapon which shoots, or is designed
to shoot, automatically or semiautomatically, more than one shot, without
manual reloading, by a single function of the trigger.
(c) The term "person" includes a partnership, company, association, or
corporation, as well as a natural person.
(d) The term "continental United States" means the States of the United
States and the District of Columbia.
(e) The term "importer" means any person who imports or brings firearms
into the continental United States for sale.
(f) The term "manufacturer" means any person who is engaged within the
continental United States in the manufacture of firearms, or who otherwise pro-
duces therein any firearm for sale or disposition.
(g) The term "dealer" means any person not a manufacturer or importer
engaged within the continental United States in the business of selling firearms.
The term " dealer " shall include wholesalers, pawnbrokers, and dealers in used
firearms.
(h) The term "interstate commerce" means transportation from any State
or Territory or District, or any insular possession of the United States (includ-
ing the Philippine Islands), to any other State or to the District of Columbia.
(i) The term "Commissioner" means the Commissioner of Internal Revenue.
(j) The term "Secretary" means the Secretary of the Treasury.
(k) The term "to transfer" or "transferred" shall include to sell, assign,
pledge, lease, loan, give away, or otherwise dispose of.
220 REPORT OF THE SECRETARY OF THE TREASURY
Sec. 2. (a) Within fifteen days after the effective date of this act, or upon
first engaging in business, and thereafter on or before the 1st day of July of
each year, every importer, manufacturer, and dealer in firearms shall register
with the collector of internal revenue for each district in which such business
is to be carried on. his name or style, principal place of business, and places of
business in such district, and pay a special tax at the following rates: Im-
porters or manufacturers, $500 a year; dealers, other than pawnbrokers, $200
a year: pawnbrokers, $300 a year. Where the tax is payable on the 1st day
of July in any year it shall be computed for one year ; where the tax is payable
on any other day it shall be computed proportionately from the 1st day of
the month in which the liability to the tax accrued to the 1st day of July
following.
(b) It shall be unlawful for any person required to register under the pro-
visions of this section to import, manufacture, or deal in firearms without
having registered and pnid the tax imposed by this section.
Sec. 3. (a) There shall be levied, collected, and paid upon firearms trans-
ferred in the continental United States a tax at the rate of $200 for each
firearm, such tax to be paid by the transferor, and to be represented by appro-
priate stamps to be provided by the Commissioner, with the approval of the
Secretary ; and the stamps herein provided shall be affixed to the order for
such firearm, hereinafter provided for. The tax imposed by this section shall
be in addition to any import duty imposed on such firearm.
(b) All provisions of law (including those relating to special taxes, to the
assessment, collection, remission, and refund of internal revenue taxes, to the
engraving, issuance, sale, accountability, cancelation, and distribution of tax-
paid stamps provided for in the internal revenue laws, and to penalties)
applicable with respect to the taxes imposed by section 1 of the act of Decem-
ber 17. 1914, as amended (U. S. C, Supp. VII, title 26, sees. 1040 and 1383),
and all other provisions of the internal revenue laws shall, insofar as not
inconsistent with the provisions of this act, be applicable with respect to the
taxes imposed by this act.
(c) Under such rules and regulations as the Commissioner, with the approval
of the Secretary, may prescribe, and upon proof of the exportation of any
firearm to any foreign country (whether exported as part of another article
or not) with respect to which the transfer tax under this section has been paid
by the manufacturer, the Commissioner shall refund to the manufacturer the
amount of the tax so paid, or, if the manufacturer waives all claim for the
amount to be refunded, the refund shall be made to the exporter.
Sec. 4. (a) It shall be unlawful for any person to transfer a firearm except
in pursuance of a written order from the person seeking to obtain such article,
on an application form issued in blank in duplicate for that purpose by the
Commissioner. Such order shall identify the applicant by such means of
identification as may be prescribed by regulations under this act : Prmnded,
That, if the applicant is an individual, such identification shall include finger-
prints and a photograph thereof.
(b) The Commissioner, with the approval of the Secretary, shall cause
suitable forms to be prepared for the purposes above mentioned, and shall
cause the same to be distributed to collectors of internal revenue.
(c) Every person so transferring a firearm shall set forth in each copy of
such order the manufacturer's number or other mark identifying such firearm,
and shall foward a copy of such order to the Commissioner. The original
thereof with stamps affixed, shall be returned to the applicant.
(d) No person shall transfer a firearm which has previously been transferred
on or after the effective date of this act, unless such person, in addition to
complying with subsection (c), transfers therewith the stamp-affixed order
provided for in this section for each such prior transfer, in compliance with
such regulations as may be prescribed under this act for proof of payment of
all taxes on such firearms.
(e) If the transfer of a firearm is exempted from the provisions of this
act as provided in section 13 hereof, the person transferring such firearm shall
notify the Commissioner of the name and address of the applicant, the number
or other mark identifying such firearm, and the date of its transfer, and shall
file with the Commissioner such documents in proof thereof as the Com-
missioner may by regulations prescribe.
(f) Importers, manufacturers, and dealers who have registered and paid
the tax as provided for in section 2 (a) of this act shall not be required to
conform to the provisions of this section with respect to transactions in fire-
REPORT OF THE SECRETARY OP THE TREASURY 221
arms with dealers or manufacturers if such dealers or manufacturers have
registered and have paid such tax, but shall keep such records and make such
reports regarding such transactions as may be prescribed by regulations under
this act.
Sec. 5. (a) Within sixty days after the effective date of this act every
person possessing a firearm shall register, with the collector of the district in
which he resides, the number or other mark identifying such firearm, together
with his name, address, place where such firearm is usually kept, and place of
business or employment, and, if such person is other than a natural person, the
name and home address of an executive officer thereof : Provided, That no
person shall be required to register under this section with respect to any
firearm acquired after the effective date of and in conformity with the pro-
visions of this act.
(b) Whenever, on trial for a violation of section 6 hereof, the defendant is
shown to have or to have had possession of such firearm at any time after
such period of sixty days without having registered as required by this section,
such possession shall create a presumption that such firearm came into the
possession of the defendant subsequent to the effective date of this act, but
this presumption shall not be conclusive.
Sec. 6. It shall be unlawful for any person to receive or possess any firearm
which has at any time been transferred in violation of section 3 or 4 of this act.
Sec. 7. (a) Any firearm which has at any time been transferred in violation
of the provisions of this act shall be subject to seizure and forfeiture, and
(except as provided in subsection (b)) all the provisions of internal revenue
laws relating to searches, seizures, and forfeiture of unstamped articles are
extended to and made to apply to the articles taxed under this act and the
persons to whom this act applies.
(b) In the case of the forfeiture of any firearm by reason of a violation of
this act : No notice of public sale shall be required ; no such firearm shall be
sold at public sale; if such firearm is in the possession of any officer of the
United States except the Secretary, such officer shall deliver the firearm to the
Secretary ; and the Secretary may order such firearm destroyed or may sell
such firearm to any State, Territory, or possession (including the Philippine
Islands), or political subdivision thereof, or the District of Columbia, or retain
it for the use of the Treasury Department or transfer it without charge to any
Executive department or independent establishment of the Government for use
by it.
Sec. 8. (a) Each manufacturer and importer of a firearm shall identify it
with a number or other identification mark approved by the Commissioner,
such number or mark to be stamped or otherwise placed thereon in a manner
approved by the Commissioner.
(b) It shall be unlawful for anyone to obliterate, remove, change, or alter
such number or other identification mark. Whenever on trial for a violation
of this subsection the defendant is shown to have or to have had possession
of any firearm upon which such number or mark shall have been obliterated,
removed, changed, or altered, such possession shall be deemed sufficient evi-
dence to authorize conviction, unless the defendant explains such possession to
the satisfaction of the jury.
Sec. 9. Importers, manufacturers, and dealers shall keep such books and
records and render such returns in relation to the transactions in firearms
specified in this act as the Commissioner, with the approval of the Secretary,
may by regulations require.
Sec. 10. (a) No firearm shall be imported or brought into the United States
or any territory under its control or jurisdiction (including the Philippine
Islands), except that, under regulations prescribed by the Secretary, any fire-
arm may be so imported or brought in which (1) the purpose thereof is shown to
be lawful and (2) such firearm is unique or of a type which cannot be obtained
within the United States or such territory.
(b) It shall be unlawful (1) fraudulently or knowingly to import or bring
any firearm into the United States or any territory under its control or juris-
diction (including the Philippine Islands), in violation of the provisions of
this act; or (2) knowingly to assist in so doing; or (3) to receive, conceal, buy,
sell, or in any manner facilitate the transportation, concealment, or sale of
any such firearm after being imported or brought in, knowing the same to have
been imported or brought in contrary to law. Whenever on trial for a violation
of this section the defendant is shown to have or to have had possession of such
firearm, such possession shall be deemed sufficient evidence to authorize convic-
222 REPORT OF THE SECRETARY OF THE TREASURE
tion unless the defendant explains such possession to the satisfaction of the
jury.
Sec. 11. It shall be unlawful for any person who is required to register as
provided in section 5 hereof and who shall not have so registered, or any other
person who has not in his possession a stamp-affixed order as provided in sec-
tion 4 hereof, to ship, carry, or deliver any firearm in interstate commerce.
Sec. 12. The Commissioner, with the approval of the Secretary, shall pre-
scribe such rules and regulations as may be necessary for carrying the pro-
visions of this act into effect.
Sec. 33. This act shall not apply to the transfer of firearms (1) to the
United States Government, any State, Territory, or possession of the United
States, or to any political subdivision thereof, or to the District of Columbia ;
(2) to any peace officer or any Federal officer designated by regulations of the
Commissioner; (3) to the transfer of any firearm which is unserviceable and
which is transferred as a curiosity or ornament.
Sec. 14. Any person who violates or fails to comply with any of the require-
ments of this act shall, upon conviction, be fined not more than $2,000 or be
imprisoned for not more than five years, or both, in the discretion of the court.
Sec. 15. The taxes imposed by paragraph (a) of section 600 of the Revenue
Act of 1926 (U. S. C, Supp. VII, title 26, sec. 1120) and by section 610 of the
Revenue Act of 1932 (47 Stat. 169, 264), shall not apply to any firearm on which
the tax provided by section 3 of this act has been paid.
Sec. 16. If any provision of this act, or the application thereof to any person
or circumstance, is held invalid, the remainder of the act, and the application of
such provision to other persons or circumstances, shall not be affected thereby.
Sec. 17. This act shall take effect on the thirtieth day after the date of its
enactment.
Sec. 18. This act may be cited as the " National Firearms Act."
Approved, June 26, 1934.
OBLIGATIONS OF FOREIGN GOVERNMENTS
Exhibit 32
Statement by Acting Secretary of the Treasury Morgenthau, announcing the
postponement of the payment due from Austria, on January 1, 1934, on
account of its indebtedness to the United States (press release, Dec. 13, 1933)
The Treasury has been notified by the Department of State that a note dated
December 1, 1933, was received from the Austrian Minister stating that the
Austrian Government received on November 29, 1933, a communication from
the trustees of the guaranteed Austrian loan of 1923-1943, in which objections
are raised by the trustees against the payment to the creditor governments
signatory to the agreements relative to the settlement of the relief debts, of the
amounts due to them on January 1, 1934. In view of these objections the
Austrian Government has notified the United States- that no remittance can
be made to cover the sixth installment due on January 1, 1934, on account of
its relief debt to the United States.
The lien upon the assets and revenues of Austria pledged for the payment of
the Austrian relief bonds has been subordinated to the lien upon such assets
and revenues pledged for the payment of the Austrian reconstruction loan of
1923. The objections by the trustees to the payments due from Austria on
account of the relief bonds is in accordance with the agreements concluded
between Austria and the International Relief Bonds Committee and the agree-
ment of May 8, 1930, between Austria and the United States. The debt-funding
agreement between Austria and the United States provides that :
u * * * £ke obligation of Austria to pay annuities during the years 1929
to 1943 will in the case of each annuity not arise if the trustees of the recon-
struction loan of 1923 prior to the preceding December first have raised
objection to the payment of the annuity in question on the due date."
In accordance with the provisions of the debt-funding agreement between
the Republic of Austria and the United States bond no. 6 in the face amount
of $460,093, due January 1, 1934, will be postponed, which, together with
interest at the rate of 5 percent per annum compounded annually to December
31, 1943, shall be repaid, together with further interest at 5 percent per annum,
in twenty-five equal annuities on January 1 of each of the years 1944 to 1968,
inclusive.
REPORT OF THE SECRETARY OF THE TREASURY 223
Exhibit 33
Correspondence exchanged between the Government of the United States and
various foreign governments concerning foreign debts owing to the United
States (Department of State press releases)
To the Acting Secretary of State from the Belgian Ambassador, December 12,
1933 (translation)
(1) In a note of December 6, 1932, the Belgian Ambassador informed the
Government of the United States of the reasons why the Belgian Government
was not in a position to resume the payments which had been suspended pur-
suant to the agreement entered into in July 1931. The Belgian Government is
obliged to point out that the circumstances which motivated its attitude have
not changed and that the arguments it invoked have retained all their force.
(2) The solemn engagements of the Allied and Associated Powers and the
spontaneous promises of Germany concerning tbe entire restoration of Belgium
create a moral right which nothing can destroy and place Belgium in a special
situation among the Powers which took part in the war of 1914^18.
(3) Relying upon the declaration of President Wilson which had made the
restoration of Belgium one of the conditions of peace, the Belgian representa-
tives in 1919 did not consent to sign the Treaty of Versailles until they had
received formal assurance of the cancelation of their war debts.
(4) When the Belgian Government signed the Washington agreement of
August 20, 1925, it did so because it had been assured by the statements of the
American representatives themselves that the payments due to the United
States would be amply covered by the payments of Germany on reparations
account.
(5) In June 1931 when President Hoover proposed to suspend for a year the
service of intergovernmental debts, the Belgian Government in its reply to the
American Government recalled the recognized special rights of Belgium. In
a spirit of international solidarity it consented to give up temporarily a claim
which the country regarded as sacred, but it took pains to affirm that it did not
intend that an action taken with a view to international recovery should become
a cause of ruin for Belgium.
(6) Later, in consenting at Lausanne to make definitive the sacrifice which
the Hoover proposal imposed on it, Belgium assumed the cancelation of its
claim to reparations to be inconceivable without the parallel suppression of its
intergovernmental debts.
(7) By its note of December 5, 1932, the Belgian Government set forth the
effects on Belgium of the interruption of German payments and of the general
economic depression. Tbe difficulties pointed out at that time have continuously
increased.
In these circumstances the Belgian Government, while reaffirming its good
will and its desire to collaborate in a comprehensive settlement of the debt
question, finds itself unable to make on December 15 next the payment provided
for in the agreement of 1925.
Belgian Embassy.
To the Belgian Ambassador, December 13, 1933
Excellency :
In acknowledging the receipt of the note transmitted under your no. 4095, of
December 12, 1933, I take note of Your Excellency's statement that the Belgian
Government finds itself unable to make the payment falling due December 15,
1933, on account of the indebtedness of Belgium to the United States.
Accept [etc.],
William Phillips,
Acting Secretary of State.
90353—35 16
224 REPORT OF THE SECRETARY OF THE TREASURY
To the Secretary of State from the Belgian Ambassador, June 8, 1934
(translation)
I have the honor to acknowledge the receipt of Your Excellency's letter dated
May 26, 1934. I immediately transmitted the text thereof to my Government.
The latter has just charged me to bring to Your Excellency's knowledge the
following communication :
" By a note of the 6th of December last the Ambassador of Belgium at Wash-
ington recalled to the Government of the United States the reasons for which
the Belgian Government was not in a position to resume, on the date of Decem-
ber 15, 1933, the service of its debts to America.
" Since the last due date no new factor has intervened which would permit
Belgium to modify her attitude.
" She therefore sees herself under the impossibility of effecting, on June 15th
next, the payment contemplated by the Belgian-American agreement of August
18, 1925."
I avail myself [etc.].
Paul May.
CZEC H OSLOV AKIA
To the Acting Secretary of State from the Minister of Czechoslovakia, Decem-
ber 9, 1933
Excellency :
In the note of June 15, 1933, I had the honor to express the hope of the
Czechoslovak Government that a final settlement of the Czechoslovak debt due
to the United States would be reached in the near future and offered at the
same time a partial payment of the due installment as an expression of its
utmost willingness to meet its obligations in the limits of the budgetary and
monetary equilibrium of Czechoslovakia.
As the next installment of the payment is due on the fifteenth of this month,
both the short span of time and the present complex and difficult economic and
monetary conditions do not permit the hope of reaching a final settlement, I am
directed to offer again a partial payment amounting to $150,000 (one hundred
and fifty thousand dollars) on account of the due obligations and to confirm
these existing obligations until a final settlement will be made possible.
Accept [etc.].
Ferdinand Veverka.
To the Minister of Czechoslovakia, December 11, 1933
Sir:
The President directs me to acknowledge the receipt of your note of Decem-
ber 9, 1933, in which you set forth that you are instructed by your Govern-
ment, with reference to the payment due December 15 on the indebtedness of
your Government to the United States, to offer a partial payment of $150,000
on account of the due obligations and to confirm these existing obligations.
Note is taken of your reference to the willingness of your Government to meet
its obligations in the limits of the budgetary and monetary equilibrium of
Czechoslovakia.
This Government will receive the partial payment of $150,000 as confirma-
tion of existing obligations.
Accept [etc.].
William Phillips,
Acting Secretary of State.
REPORT OF THE SECRETARY OF THE TREASURY 225
To the Secretary of State from the Estonian Minister for Foreign Affairs,
November 16, 1933
Excellency :
By notes dated November 28, 1932, December 15, 1932, and June 13, 1933, the
Estonian Government had the honour to inform the Government of the United
States of America of tbe economic and financial reasons on account of which
it had not been in a position to effect the payment of the installments due on
December 15, 1932. and on June 15, 1933, under the terms of the debt-funding
agreement of 1925, and to request the Government of the United States of
America to agree to a friendly exchange of views regarding the possibility of
a reconsideration of the debt agreement of 1925.
In view of the circumstance that the economic and financial conditions in
Estonia have up to now not shown any improvement, I have the honour to
inform Your Excellency that the Government of Estonia will unfortunately
not be able to effect the payment of the installment falling due on December
15. 1933.
I avail myself [etc.].
Jul. Seljamaa.
To the Estonian Acting Consul General at Neto York City, December 9, 1933
Sib:
In acknowledging receipt of the note (12-R) addressed to the Secretary
of State on November 16, 1933, by the Minister for Foreign Affairs of Estonia,
I take note of the Minister's statement that the Government of Estonia will
not be able to effect the payment falling due December 15, 1933, on account of
the indebtedness of Estonia to the United States.
Accept [etc.].
William Phillips,
Acting Secretary of State.
To the Secretary of State from the Estonian Minister for Foreign Affa/irs,
May 31, 193 V,
Excellency :
The Estonian Government view with great concern the continuation of the
economic depression which still dominates the world and which hinders to
develop such intercourse between nations which would be normal and which,
granted reciprocal trade relations, would allow them to discharge their obliga-
tions towards each other. The Estonian Government have likewise and with
the greatest of interest followed the steps taken by the United States Govern-
ment towards recovery and on their part have not spared, within their limited
possibilities, any efforts to do their share in the same spirit.
But unfortunately the courageous policy adopted by the United States and the
steps taken elsewhere have not yet brought about an improvement in the fields
of international cooperation between nations, and Estonia, dependent in her
economic intercourse with the outside world only on her foreign trade, having
no capital reserves and no foreign investments, cannot abandon her position
of defense of her economic selfpreservation.
In view of the fact that economic and financial conditions in Estonia have
not improved, I have the honor to inform you that the Estonian Government,
after a mature consideration of the debt question to the United States Govern-
ment, will unfortunately not be able under the terms of the Debt Funding
Agreement of 1925, to effect the payment of the installment falling due on June
15th, 1934.
I sincerely hope that this decision of the Estonian Government prescribed by
necessity will be understood and appreciated by the United States Government.
I avail myself [etc.].
J. Seljamaa.
226 REPORT OF THE SECRETARY OF THE TREASURY
FINLAND
Department of State, for the press, December 1-i, 1933
The Minister of Finland has informed the Acting Secretary of State that the
full amount due on account of the Finnish debt to the United States will be
paid in the ordinary routine to the Federal Reserve Bank in New York on
December 15th. This installment amounts to $229,623.
Department of State, for the press, June If, 193J/
The Finnish Minister, Mr. L. Astrom, called at the Department of State today
to advise the Acting Secretary of State, Mr. William R. Phillips, that he had
received instructions to make full payment of the installment due on the Finnish
debt owing to the United States and that payment accordingly would be made
in cash as usoial in New York.
The call relates to the installment on the Finnish debt due on June 15 next
of $166,538, of which $147,507.50 is interest and $19,030.50 principal.
To the Charge" d' Affaires ad interim of Finland, July 7, 1934
Sir:
I am requested by the Secretary of the Treasury to notify you that the Federal
Reserve Bank of New York received on June 15, 1934, the sum of $166,538.00,
representing a payment made for the account of the Government of Finland ;
and that this amount has been deposited in the Treasury as a payment of semi-
annual interest due June 15, 1934, in the amount of $147,507.50 on the funded
indebtedness of the Government of Finland to the United States pursuant to
the funding agreement of May 1, 1923, and as the semiannual payment of the
annuity due June 15, 1934, in the amount of $19,030.50 under the agreement
of May 23, 1932.
I take the occasion to express my recognition of the effort on the part of the
people of Finland which this payment has required and to associate myself with
the manifest appreciation with which the attitude of the Government of Finland
has been greeted in this country. At a time when contractual obligations have
been widely disregarded or are too easily subordinated to considerations of
brief expediency, and to a degree which threatens one of the most important
bases of human relations, the consistent steadfastness with which Finland has
unhesitatingly met its obligations has been enheartening.
While this Government in its role of creditor is ever mindful of leniency, or
equity, or ability to pay, and of other considerations to which debtor gov-
ernments are entitled, it was never more important than at present that debtor
governments should make every reasonable effort to meet their financial obliga-
tions, and in doing so to preserve for the future their credit and the international
credit structure.
Therefore, in keeping faith with its financial obligations, the Government of
Finland has set a timely and valuable example.
Accept [etc.].
Coedell Hull.
To the Secretary of State from the French Ambassador, December 15, 1933
(translation)
I have the honor to acknowledge the receipt of your letter of November 28
last, and in reply to transmit herewith the following communication from my
Government :
" Inasmuch as no new factor has developed with respect to war debts since
the resolution voted by the Chamber of Deputies on December 13, 1932, the
French Government regrets that it is not in a position usefully to initiate
a new debate on the question, and is obliged to postpone the payments due
December 15 next.
REPORT OF THE SECRETARY OF THE TREASURY 227
" Nevertheless, in order to remove any possibility of misunderstanding it
desires to recall the tenor of this resolution.
" The French Government has never contemplated the unilateral violation of
undertakings freely entered into, which would have been contrary to the
invariable traditions of France. But it judged that the decisions which were
taken on both sides in 1931 and 1932 in the hopes of facilitating the economic
recovery of the world had modified conditions which formerly existed, and now
justify new arrangements which take into account the changes thus brought
about.
" The French Government cannot of course fail to recognize the difficulties
which the achievement of such a new arrangement would involve. Neverthe-
less it hopes that such difficulties may be overcome and that in the near
future a solution of the problem of war debts acceptable to both countries may
be anticipated.
" For its part it will consider it a duty not to neglect any of the possibilities
which may arise in order to attain this end."
Accept [etc.].
Andre de Laboulaye.
To the French Ambassador, December 15, 1938
Excellency :
In acknowledging the receipt of your communication of December 15, 1933, I
take note of the statement that the Government of France will not be able to
effect the payment falling due December 15, 1933, on account of the indebted-
ness of France to the United States.
Accept [etc.].
William Phillips,
Acting Secretary of State.
To the Secretary of State from the French Ambassador, June 12, lDS-'f
Mr. Secretary :
I have the honor to acknowledge the receipt of the letter which Your Excel-
lency was pleased to address to me on May 26 transmitting a statement of the
sums due by France to the United States on June 15, 1934, under the terms of
the agreements of April 29, 1926, and July 6, 1931.
In compliance with instructions which I have just received, I have the honor
to inform Your Excellency that as there has been no new development in
regard to intergovernmental debts since the month of December 1932, the
French Government is not in a position to resume, on the 15th of the present
month, the payments which, since December 15, 1932, it has found itself con-
strained to postpone as the result of the consequences of the moratorium of
that year.
On this occasion my Government desires to reaffirm that it does not contest
the validity of its debts and that it is still prepared to seek an agreement with
the American Government in regard to that debt upon a basis which in exist-
ing circumstances may be acceptable to both countries.
The Government of the Republic hopes that such an agreement may be
reached in the near future and it desires to reaffirm to the American Govern-
ment the assurance that it will consider it a duty to neglect no opportunity
which may arise to attain that result.
I take this occasion [etc.].
Andre de Laboulaye.
GREAT BRITAIN
To the Secretary of State from the British Ambassador, June %, 193.'/
In their note of December 1st, 1932, His Majesty's Government gave a full
statement of the reasons which convinced them that the existing system of
intergovernmental war debt obligations had broken down. They pointed out
the difference between these war-debt obligations and normal credit operations
for development purposes: They showed the economic impossibility of making
228 REPORT OF THE SECRETARY OF THE TREASURY
transfers on the scale required by these obligations and the disastrous effect
which any further attempt to do so would have on trade and prices. They em-
phasized the sacrifices which the British Nation had made in this matter and j
the injustice of the difference between their funding settlement and those ac-
corded to other debtors. They concluded that a revision of the existing settle-
ments was essential in the interests of world revival, and they urged that fur-
ther payments should be postponed pending such a revision. Nothing that has
since occurred has led His Majesty's Government in the United Kingdom to ,
change the views they then expressed.
2. That the present settlement imposes upon the people of the United King-
dom a burden which is both unreasonable in itself and inequitable in relation
to the treatment accorded to other countries may be clearly seen from the
following figures.
In respect of the war advances totaling 4,277,000,000 dollars payments total- |
ing 2,025,000,000 dollars have been made up to date by His Majesty's Govern- ,
ment to the United States Government. Yet despite these payments the nomi- ,
nal amount of the debt still outstanding as at June 15th, 1934, amounts to .
4,713,785,000 dollars.
Meanwhile in respect of war advances totaling 5,773,300,000 dollars made by
the United States Government to other European Governments, aggregate pay- i
ments made up to date amount to only 678,500,000 dollars. Thus though the
war advances to these other Governments exceed by one-quarter the advances
made to the United Kingdom, payments made by the United Kingdom amount
to three times what the United States Government has received from those other
powers. '
On the other hand, His Majesty's Government are creditors as well as debtors
in respect of these intergovernmental obligations. While, as stated above, they
borrowed 4,277,000,000 dollars from the United States, they themselves made I
war advances to the allied governments totalling £1,600,000,000 (7,800,000,000
dollars at par). These loans were raised by His Majesty's Government from
the people of the United Kingdom and the annual interest thereon, and ,
eventually their capital repayment, must, in the absence of payments by debtor
governments, be met out of the general taxation of their own people. In this
respect the position of the United Kingdom is precisely similar to that of the
United States, but whereas the United States have received very substantial
payments against the domestic charges involved, His Majesty's Government
have had to meet the domestic charges of their war loans to allied governments
in full, as they have paid over to the United States Government all that they
have received both from war debts and war reparations, and they have in
addition paid nearly as much again out of their own resources.
If the United States feel the burden of their war advances of 10,050,000,000
dollars, against which they have received 2,703,000,000 dollars, how much
heavier is the burden of the United Kingdom, which with one-third of the
population of the United States has had to meet the full charges on its war
advances of 7,800,000,000 dollars without any net receipts against these charges,
and has in addition made large payments out of its own resources on account of
its war debt to the United States. '
None the less, convinced that any resumption of payments on the past scale
could not but intensify the world crisis and might provoke financial and
economic chaos, His Majesty's Government have suspended their claims on
their debtors in the hope that a general revision of these intergovernmental
obligations may be effected in the interest of world recovery. But it would be
impossible for them to contemplate a situation in which they would be called
on to honour in full their war obligations to others while continuing to suspend
all demands for payment of war obligations due to them.
3. The improvement which has taken place in the budgetary situation of
the United Kingdom in no way invalidates this conclusion. This improve-
ment is due entirely to unprecedented sacrifices made by the people of this
country. Since the war they have been carrying a burden of indebtedness
amounting to approximately £8,000,000,000 (40,000,000,000 dollars) or £178
(850 dollars) per head of their population, about one-fifth of which represents
war loans made to allied governments. They have balanced their budget and
even realised a surplus by the painful process of reducing expenditure and
increasing taxation. For fifteen years they have been paying taxation on a
scale for which it would be hard to find a parallel elsewhere. During the
whole of this period the burden of taxation has been higher in the United
Kingdom, and for a considerable part of the period twice as high as in the
REPORT OF THE SECRETARY OF THE TREASURY 229
United States, including all Federal, State, and local taxation. This taxation
amounting to close on one-quarter of the national income, has aggravated the
depression over a long period and the necessity of maintaining an army of
unemployed resulting from this depression has constituted a formidable prob-
lem to the national finances ever since the war ended. Yet in order to restore
the national credit in 1931 the people of the United Kingdom accepted further
and heavy increases in taxation, accompanied by rigorous control of expendi-
ture, and cuts in salaries and allowances of all kinds; and despite all these
measures the budget would have again shown a deficit last year had it not
been possible to secure by the conversion operation carried through in 1932
a reduction in the rate of interest paid on a large proportion of the public
debt. This reduction has enabled His Majesty's Government to remit a part
of the emergency sacrifices imposed in 1931 and to restore part of the cuts
on salaries and the whole cut in unemployment allowances, the continuance
of which was imposing a severe strain on the national conscience. It would
have been a gross act of social injustice to have denied this relief to the
people of this country in order to pay war debts to the United States while
suspending war debt payments clue to the United Kingdom.
4. But although it is desirable that the internal budgetary position of this
country should not be misunderstood, it is really irrelevant to the question of
intergovernmental debt, the payment of which has to be related to the balance
of trade and not to the volume of internal revenue. The revenues of the
United Kingdom are sterling revenues, whereas the debt payments to America
have to be made in dollars or in gold. In order to secure the means to pay,
therefore, any sums available in sterling would have to be transferred across
the exchange. The attempt to transfer amounts of this magnitude would as its
immediate effect cause a sharp depreciation of sterling against the dollar, which
as His Majesty's Government understands would not be consistent with the
monetary policy of the United States Government. And in the long run such
international transfers would be impossible without a radical alteration in the
economic policies of the United States. Payment of debts implies the willing-
ness of the creditor to accept goods and services sufficient to cover the debts
due to him over and above the goods and services required to cover his exports :
and to make it possible for the United States to receive payment of their
claims, it would be necessary to effect a complete reversal of the existing
favourable balance of trade between their country and the rest of the world.
In tbe case of tbe United Kingdom the balance of trade is heavily unfavorable,
and the balance of accounts is not such that His Majesty's Government could
contemplate tbe transfer of any substantial sum across the exchange, unless it
was compensated by equivalent receipts from the foreign debts of this country.
If this were done, sterling would not be affected by the payments to America,
but the burden would be thrown on the currencies of the European debtor coun-
tries, thereby aggravating the present crisis, which it is the object of both
the United States and His Majesty's Government to alleviate.
5. Thus the question of the British war debt is only a part of the wider
question of intergovernmental obligations resulting from the World War. As
has already been pointed out, the United Kingdom, while it was a debtor to
the United States, was itself a creditor for larger amounts from France, Italy,
and other ex-Allied Powers in respect of war debts, and these in turn are co-
creditors with the United Kingdom of Germany in respect of reparations.
These intergovernmental debts, as stated in the British note of December
1, 1931, are radically different from commercial loans raised by foreign gov-
ernments on the markets for productive purposes. War debts are neither
productive nor self-liquidating, and the unnatural transfers required for their
payment would involve a general collapse of normal international exchange and
credit operations. The administration of the United States under President
Hoover recognized this fact and initiated a moratorium on intergovernmental
payments in 1931 in order to avert an immediate collapse. But the mora-
torium of 1931 caused another change in the situation ; it made any resumption
of the preexisting reparation and war debt settlements impossible, and the
revision of reparations embodied in the Lausanne Agreement was made subject
to conclusion of a subsequent agreement for the revision of war debts.
6. It was with these facts in mind that His Majesty's Government approached
the United States Government in December 1932, and the United States Gov-
ernment in their note of December 7th welcomed their suggestion for a close
examination between the two countries of the whole subject. After this ex-
change of notes His Majesty's Government paid the instalment due on December
230 REPORT OF THE SECRETARY OF THE TREASURY
15th, 1932, in gold, explaining that this payment was not to be regarded as a
resumption of the annual payments contemplated by the existing agreement,
and that it was made because there had not been time for discussion with
regard to that agreement to take place, and because the United States Govern-
ment had stated that in their opinion such a payment would greatly increase I
the prospects of a satisfactory approach to the whole problem. In accordance
with the arrangement then made, discussions took place first in the spring and |
later in the autumn of last year between representatives of the two countries,
and His Majesty's Government appreciate the sympathetic manner in which
their representatives were listened to. But on both occasions it was found i
impossible to arrive at a settlement acceptable to the two Governments in face I
of the unprecedented state of world economic and financial conditions. Accord-
ingly the discussions were adjourned and on June 15th and December 15th,
1933, His Majesty's Government made token payments in acknowledgment of |
the debt and the President expressed the personal view that he would not
regard His Majesty's Government as in default.
7. In their note of November 6th last, His Majesty's Government expressed
their readiness to resume negotiations on the general question whenever, after
consultation with the President, it might appear that this could usefully be
done, and His Majesty's Government are glad to note that the President in his j
message to Congress on June 1st has again stated that each of the debtor
governments concerned has full and free opportunity to discuss this problem
with the Government of the United States. But unfortunately recent events
have shown that discussions on the whole question with a view to a final
settlement cannot at present usefully be renewed. In these circumstances His i
Majesty's Government would have been quite prepared to make a further pay-
ment on June 15th in acknowledgment of the debt and without prejudice to
their right again to present the case of its readjustment, on the assumption
that they would again have received the President's declaration that he would
not consider them in default. They understand, however, that in consequence
of recent legislation no such declaration would now be possible, and if this be
the case the procedure adopted by common agreement in 1933 is no longer
practicable.
8. His Majesty's Government are, in fact, faced with a choice between only
two alternatives, viz, to pay in full the sum of 262,000,000 dollars, as set forth in
the communication from the United States Treasury, dated May 25th, or to
suspend all interim payments pending a final revision of the settlement, which
has been delayed by events beyond the control of the two Governments. Deeply
as they regret the circumstances which have forced them to take such a decision,
His Majesty's Government feel that they could not assume the responsibility of
adopting a course which would revive the whole system of intergovernmental
war-debt payments.
As already pointed out, the resumption of full payments to the United States
would necessitate a corresponding demand by His Majesty's Government from
their own war debtors. It would be a re-creation of the conditions which existed
prior to the world crisis and were in a large measure responsible for it. Such
procedure would throw a bombshell into the European arena which would have
financial and economic repercussions over all five continents and would post-
pone indefinitely the chances of world recovery.
9. Accordingly His Majesty's Government are reluctantly compelled to take
the only other course open to them. But they wish to reiterate that, while
suspending further payments until it becomes possible to discuss an ultimate
settlement of intergovernmental war debts with a reasonable prospect of agree-
ment, they have no intention of repudiating their obligations, and will be pre-
pared to enter upon further discussion of the subject at any time when in the
opinion of the President such discussion would be likely to produce results of
value.
I have [etc.].
R. C. Lindsay.
To the British Ambassador, June 12, 1934
Excellency :
The observations contained in your note of June 4, 1934, concerning the
indebtedness of His Majesty's Government to the United States have been
studied with close attention.
REPORT OF THE SECRETARY OF THE TREASURY 231
This Government is sensible of the elements of the situation set forth by
His Majesty's Government, the heavy war expenditures undertaken in its own
behalf and in behalf of its- Allies, the burden of taxation that has been borne
by the British people, and the transfer difficulties that under certain circum-
stances may arise in the foreign exchanges. With certain observations, how-
ever, and the inferences drawn therefrom, I regret that the American Govern-
ment is UDable to concur and in three instances it feels that, for the purpose
of record, it should make its own attitude clear.
First, His Majesty's Government states in effect that, unless payments were
made in full in the sum of .$262,000,000 as set forth in the communication from
the United States Treasury dated May 25, 1934, the United Kingdom would
fall within the effects of the recent legislation mentioned in paragraph seven
of your note, so that the payment of this amount is regarded as the only alter-
native to suspension of all payment. The Attorney General has advised me
that, in his opinion, the debtor governments which, under the ruling of his
Office of May 5, 1034, are not at present considered in default because of partial
payments made on earlier installments, would have to pay only the amount of
the installment due June 15, 1934— for Great Britain $S5,670,765.05— in order
to remain outside the scope of the act.
Second, in regard to the record cited by the British Government of its loans
to its Allies and the fact that His Majesty's Government has given up great
sums due to it under those loan contracts, this Government must emphasize the
complete independence between the aforementioned transactions and the debt
contracted by His Majesty's Government to this Government. The British
Government undertook to borrow under its own name and on its own credit
standing, and repayment was not made contingent upon the fate of debts due
to ihe British Government.
Third, this Government notes with disappointment the declaration of His
Majesty's Government that " while suspending further payments until it be-
comes possible to discuss an ultimate settlement of intergovernmental war
del >ts with a reasonable prospect of agreement, they have no intention of re-
pudiating their obligations, and will be prepared to enter upon further dis-
cussion of the subject at any time when, in the opinion of the President, such
discussion would be likely to produce results of value."
In effect, this Government reads the declaration of His Majesty's Govern-
ment to mean that it will fail to meet any further payments on the debt due
to th > United States as evidenced by the settlement of June 19. 1923, until
this Government shall first scale down this debt to an unascertained sum to
which His Majesty's Government might be willing to accede. This declaration
appears to represent insistence by His Majesty's Government that before it
makes any payment whatsoever it must be assured of a settlement satisfactory
to it and not necessarily in accordance with any accepted standards of pay-
ment or readjustment of the amounts due. The only indications before this
Government of the extent to which His Majesty's Government has proposed
to meet its obligations are the small fractions of the sums due mentioned by
His Majesty's representative in the course of the discussions in the spring and
autumn of last year referred to in your note of June 4. Adhering to the
opinion so often expressed by the United States Government a situation of
this kind necessarily calls for the initiation of proposals by the debtor and
not by the creditor.
Should His Majesty's Government wish to put forward proposals for the
resumption of payments, this Government would be glad to entertain and
discuss them informally. For instance, no proposal has ever been presented
to this Government looking towards payments in kind to an extent that might
be found mutually practicable and agreeable. Any proposals of this or a
similar character which promise mutual benefit will be carefully considered
for eventual submission to the American Congress.
In conclusion, may I refer to the statement made by the President in his
message to the Congress on June 1 : " The American people would not be dis-
posed to place an impossible burden upon their debtors, but are nevertheless
in a just position to ask that substantial sacrifices be made to meet these
debts."
Accept [etc.].
Cordell Hull.
232 REPORT OF THE SECRETARY OF THE TREASURY
To the Secretary of State from the British Charge" d'Affaires, June 27, 193ft
Sir:
After careful consideration of the note which you addressed to Sir Ronald
Lindsay on June 12th, His Majesty's Government in the United Kingdom feel
that there are two questions to which it may be useful to make further
reference.
In the first place, His Majesty's Government would observe that in their
note of June 4th they did not state that payment of the British war debt was
legally contingent upon payment of the debts due to them. What they said
was that it would be impossible for them to contemplate a situation in which
they would be called on to honour in full their war debt obligations to others
while continuing to suspend all demands for payment of the war obligations
due to them. This was a statement not of law but of fact.
Secondly, as regards the suggested payments in kind, His Majesty's Govern-
ment would recall that the experience of German reparations showed that
transfer difficulties are not solved by a system of deliveries in kind. As the
committee presided over by General Dawes pointed out in 1924: "In their
financial effects deliveries in kind are not really distinguishable from cash
payments." In fact, the economic objections to cash payments would apply
with equal force to deliveries in kind, unless those deliveries were to consist
of indigenous products of the debtor country (excluding reexports) and unless
they were to be accepted by the creditor country and consumed by it in addi-
tion to the goods taken from the debtor country in the normal course of trade.
If the United Kingdom were not to receive payment for goods exported on
commercial account, her exchange resources available to purchase cotton and
other goods from America would be still further diminished. Therefore,
while not unwilling to give further consideration to possibilities in this direc-
tion, His Majesty's Government do not at present see any method of putting
such a plan into practice which would be likely to commend itself to the
Government of the United States of America.
In the view of His Majesty's Government, the primary question for settlement
is the amount that should be paid, having regard to all the circumstances of
these debts. They regret that up to the present it has not been possible to
make further progress in this matter, but they will welcome the opportunity of
resuming the discussion whenever it may appear that the present abnormal
conditions have so far passed away as to offer favourable prospects for a settle-
ment, since they are always anxious to remove from the sphere of controversy
all or any matters which might disturb the harmonious relations between the
two countries.
I have [etc.].
D. G. OSBORNE.
HUNGARY
To the Acting Secretary of State from the Hungarian Minister, December 12,
1933
Sib:
With reference to your note of November 28, 1933, I have the honor to inform
you that I have been instructed by my Government to advise the Government
of the United States that owing to continued unfavorable economic conditions,
the Hungarian Government regrets exceedingly its inability to pay the amount
due on December 15th. However, on that date my Government will deposit to
the foreign creditors' account at the Hungarian National Bank, a Hungarian
Treasury Certificate in the pengo equivalent of the dollar amount due bearing
interest at the rate of two per centum per annum.
I wish to add that my Government's figures show the amount due on Decem-
ber 15th to be $114,260.09.
Accept [etc.].
V£gh.
REPORT OF THE SECRETARY OF THE TREASURY 233
To the Secretary of State from the Hungarian Charge & Affaires, June 11, 1931,
Sir:
I have the honor to inform you that I have been instructed by my Government
to advise tbe Government of the United States that owing to continued un-
favorable economic conditions, the Hungarian Government regrets exceedingly
its inability to pay the amount of $36,971.93 due on June 15, 1934. under the
funding agreement, or to deposit its pengo equivalent at the Hungarian National
Bank. However, on that date my Government will deposit to the foreign
creditors' account at the Hungarian National Bank, a Hungarian Treasury
certificate in the pengo equivalent of the amount due bearing interest at the
rate of two per centum per annum.
Accept [etc.].
A. Balasy.
ITALY
To the Acting Secretary of State from the Italian Ambassador, December 7, 1983
Sir:
I have been instructed to inform you that, referring to the contents of the
communication which this Embassy has addressed to the Department of State
on the 14th of June last, with regard to the war debt, the Italian Government
proposes to make on the 15th of December next a further payment of one mil-
lion dollars in acknowledgment of the debt pending a final settlement.
Accept [etc.].
Rosso.
To the Italian Ambassador, December 12, 1933
Excellency :
In reply to Your Excellency's note of the seventh instant, and to your pre-
vious oral communications dealing with the question of indebtedness of the
Italian Government to the United States, I am directed by the President to say
that due note has been taken of the intention of your Government to make a
further payment on December 15 next, as on June 15 last, in acknowledgment
of the debt pending a final settlement, in the sum of $1,000,000.
The President points out that it is not within his discretion to reduce or
cancel the existing debt owed to the United States, nor is it within his power
as President to alter the schedule of debt payments contained in the existing
settlement. Such power rests with the Congress. The President states, how-
ever, that in view of your representations, of the payment, and of the acknowl-
edgment of the debt, he has no personal hesitation in saying that he does not
regard the Italian Government as in default.
Accept [etc.].
William Phillips,
Acting Secretary of State.
To the Secretary of State from the Italian Ambassador, June 14, 1934
Sir:
With reference to your note of May 28th, containing a statement of the
amount due from Italy under the provisions of the debt agreement of November
14th, 1925, and the moratorium agreement of June 3, 1932, my Government has
instructed me to address to you the following communication :
" By the token payments made on the 15th of June and on the 15th of Decem-
ber 1933 the Italian Government has shown its good will and at the same time
the limitations imposed upon it by the actual situation.
" This situation, both in the economic and financial fields, not only has not im-
proved since then, but has become even worse. In fact, while tariff barriers
and other hindrances to the exchange of goods, which is the chief source of
international transfers, have further increased, there is practically no hope
that Italy may be able again to collect those payments from German reparations
which in 1925 have been taken as a basis for determining Italy's ability to put
aside and transfer the amounts indicated by the debt agreement of November
14, 1925.
234 REPORT OF THE SECRETARY OF THE TREASURY
"The Italian Government, which has always been and is still willing to
acknowledge its obligation in view of a final settlement, would have been pre-
pared to reaffirm its good will by another token payment. It has been informed,
however, that, under a law recently enacted, the nations which do not make
full payment of the amounts due on the 15th of June will be considered as
being in default.
" In these circumstances and since, for the reasons mentioned above, the pay-
ment and transfer of the full amount duo on the said date cannot be effected,
the Italian Government regrets to have to abandon the intention of making a
token payment.
" The Italian Government feels confident that, when the question might be re-
examined by the two Governments, the very foundations of the settlement of
November 1925 will, in the light of tbe new situation which has developed since
then, help to bring about a satisfactory solution."
I avail myself [etc.].
Rosso.
Note from the Latvian Minister for Foreign Affairs to tJw American Charge
d? Affaires, Riga, November .-',.'. 1933
Monsieur le Charge d'affaires :
With reference to the correspondence exchanged between our Governments
concerning the indebtedness of Latvia to the United States, I have the honour
to inform you that my Government have followed with the closest attention
the negotiations between the American and the British Governments on the
question of war debts, which were temporarily suspended on November 6th
last. From the notes exchanged on this occasion between the United States
Secretary of State and the Ambassador of Great Britain it results that " the
present unsettled economic and financial situations " have " made an adjourn-
ment advisable."
In this connection I should like to point out that, so far, the Latvian Gov-
ernment have had no opportunity for discussing with the United States Gov-
ernment the revision of the debt-funding agreement of September 24th, 1925,
which was proposed in the correspondence between our Governments and con-
firmed in the Aide-Memoire of January 26, 1933, in which the United States
Secretary of State announced that " the President would be glad to receive
separately at Washington a representative or representatives of the Latvian
Government for discussions having a similar scope and purpose (as those
conducted with the British Government) after the proposed discussions with
the British Government had been completed."
These latter negotiations having now been suspended in the circumstances
described above, my Government are of the opinion that the negotiations
between Latvia and the United States must of necessity be postponed, since
they were made dependent on the completion of the discussions between the
United States and Great Britain.
In view of the foregoing, I am authorized by my Government to propose
to the American Government to accept on December 15 next a " token pay-
ment " of $S,r,0O, constituting approximately 5 percent of the payment due on
that date, in acknowledgment of the debt pending the revision of the existing
agreement, in which respect my Government maintain the point of view exposed
in the previous correspondence on this subject.
Please accept [etc.].
M. V. Salnais.
Telegram from Acting Secretary of State to the American Legation at Riga,
December 14, 1933
With reference to note enclosed your despatch 1725, November 24, 1933, ad-
vise authorities that this Government will receive (repeat receive) the partial
payment of $8,500 as confirmation of existing obligations.
Phillips, Acting.
REPORT OF THE SECRETARY OF THE TREASURY 235
To the Acting Secretary of State from the Consul General of Latvia in New
York City, in Charge of Legation, December 13, 1933
Sir:
I am authorized and directed by my Government to advise you that by order
of the Government of Latvia $8,500 (eight thousand five hundred dollars) have
been transferred to the Federal Reserve Bank of New York, for the Account
of the Treasury of the United States. My Government requests the Government
of the United States of America to accept the said amount in token of acknowl-
edgment of the indebtedness of Latvia to the United States, in connection with
the payment due on December 15, 1933, pending the revision of the existing
agreement.
On behalf of my Government, I beg, sir, to express sincere regret that the
financial situation of the country and the actual state of the Treasury of Latvia
do not permit of a larger partial payment at this time.
I have permitted myself to forward a similar notification to the Secretary
of the Treasury of the United States.
Please accept [etc.].
Arthur B. Luxe.
To the Secretary of State from the Consul General of Latvia in New York
City, in Charge of Legation, June 13, 1934
Sir:
With reference to the note of the Department of State of May 28, 1934,
stating the amount due the United States Government from the Government of
Latvia, under the debt-funding agreement of September 24, 1925, and the
moratorium agreement of June 11, 1932, I am directed and authorized to advise
you that, to their great regret, the Government of Latvia feel compelled to
suspend all payments due under the aforementioned agreements, pending a
final revision of the debt-funding agreement.
Although, as I am authorized to declare, my Government have no intention of
repudiating their obligations to the United States of America, and although
they do acknowledge again their indebtedness to the Government of the United
States, the Government of Latvia find that their offering a further token pay-
ment on June 15 would not serve the desired purpose since, under the Johnson
Act of April 13, 1934, and in accordance with the note of the Department of
State dated May 19, 1934, the Government of Latvia would not be relieved of
being regarded as in default on their obligations to the United States. While
my Government would be prepared to make a further token payment on June
15, if assured that in such case they would not be considered in default, it is
felt that the procedure of making token payments, as adopted in 1933, upon
common agreement, has become no longer practicable in view of a changed
situation, as referred to above, and on account of a modified viewpoint of the
United States Government, as a result of this situation.
Upon a conscientious scrutiny of the present economic and financial situation
of Latvia, my Government find, to their sincere regret, that there is nothing
to warrant the resumption in full of payments under the debt-funding agree-
ment of September 1925. I understand that the Minister President of Latvia.
in a note delivered on June 12, 1934, has revealed the situation to the Charge
d'Affaires of the United States in Latvia. The Government of Latvia have
repeatedly requested the United States for a revision of the existing debt-
funding agreement and have expressed their desire to send a delegate or
delegates to Washington to discuss the entire matter of Latvia's indebtedness
at such time as might be regarded as opportune and convenient by the United
States Government.
While an opportunity for such discussion has not yet been offered to the
Government of Latvia, I have the honor to assure you, sir, that my Govern-
ment are prepared to enter further discussions concerning Latvia's indebtedness
whenever this may be agreeable to the Government of the United States.
Please accept [etc.].
Arthur B. Lule.
236 REPORT OF THE SECRETARY OP THE TREASURY
LITHUANIA
To the Secretary of State from the Lithuanian Charge- d'Affai7-es, June Ik, 1984
Sib:
Replying to your note of May 28, 1934, transmitting a statement of the sums
due to the United States Government by the Lithuanian Government on June 15,
1934, under the provisions of the debt-funding agreement of September 22, 1924,
and the moratorium agreement of June 9, 1932, I have the honor to inform
you that I have been instructed by my Government to submit to you the
following :
" In December 1932 the Minister of Lithuania, on behalf of the Lithuanian
Government, addressed a note to the Secretary of State transmitting a memo-
randum giving a detailed account of the economic and financial situation in
Lithuania, and stating the reasons which compelled the Lithuanian Government
to request a reexamination of the debt-funding agreement of September 22,
1924, with a view of its more proper adjustment to the new and changed eco-
nomic and financial conditions. The Lithuanian Government also expressed a
hope that the December 15, 1932, payment might be postponed or other ade-
quate relief might be arranged, because of the extreme difficulties it would
encounter in meeting this payment.
" In reply to the above-mentioned note, the United States Government stated
that the President of the United States was prepared to cooperate with the
Lithuanian Government in surveying the entire situation.
" Since the United States Government could not reach the conclusion enabling
it to grant the postponement of the December payment the Lithuanian Gov-
ernment made a supreme effort entailing great sacrifices and paid the Decem-
ber installment in full.
" On January 24, 1933, the United States Government informed the Lithuanian
Government that it would be glad to receive separately at Washington a repre-
sentative or representatives of the Lithuanian Government for discussions
having a similar scope and purpose after the proposed discussions with the
British Government had been completed.
" Deeply grateful for this attitude of the United States Government, the Lithu-
anian Government was prepared to begin the reexamination of the debt problem
as suggested by the United States Government, and hoped that these discus-
sions would take place at an early date. However, in reply to a verbal inquiry
as to the prospects of such discussions, the Lithuanian Government, through
its Minister in Washington, was informed by the Secretary of State that as far
as the debt problem was concerned no material change of the situation had
taken place.
" The Lithuanian Government, because of the prevailing adverse economic
and financial conditions, was unable to meet in full the payments due to the
United States Government on June 15 and December 15, 1933. But, desiring
to give tangible proof of its determination to meet its obligations commensurate
with its ability and capacity, the Lithuanian Government made part payments
on account of the installments due on the above-mentioned dates.
" Since the last payment was made, there have been no indications of better-
ment of the adverse economic and financial situation of Lithuania. On the
contrary, in many instances, conditions have become even more aggravated.
Consequently, it was imperative to make further reductions in the state budget
and to resort to the most stringent measures of national economy.
"A thorough survey of the existing economic and financial conditions forced
the Lithuanian Government to come to the conclusion that it is unable to meet
the installment due to the United States Government on June 15, 1934, as pro-
vided under the terms of the debt-funding agreement of September 22, 1924,
and the moratorium agreement of June 9, 1932.
" The Lithuanian Government, expressing its most sincere regret that it was
obliged to arrive at the above-mentioned conclusion, desires to reaffirm the
assurance that it continues to acknowledge its indebtedness to the United
States Government, and entertains an earnest hope that an opportunity to enter
upon discussions of the debt problem, with a view of its more proper adjust-
ment to the new and changed economic and financial conditions, will be pre-
sented in the near future."
Accept [etc.].
Mikas Baqdonas.
REPORT OF THE SECRETARY OF THE TREASURY 237
To the Department of State from the Polish Charge d'Affaires, ad interim,
December 14, 1933
[Memorandum]
The Chargg d'Affaires ad interim of Poland has been instructed by his
Government to inform the Government of the United States that for reasons
analogous to those stated in the Embassy's note of December 8, 1932, and con-
firmed by later declarations, they are obliged to request similarly a deferment
of payment of the installment of capital and interest payable on December 15th.
The Polish Government are still not in a position to resume, towards the
United States, the service of the debt.
Referring to their previous memoranda, the latest of which is dated June 24,
1933, the Polish Government confirm their readiness to negotiate this matter.
To the Polish Charge" d'Affaires ad interim, December H, 1933
Sib:
In acknowledging receipt of your memorandum dated December 14, 1933,
regarding the payment due December 15, 1933, on account of the indebtedness
of the Government of Poland to the United States, note is taken of the state-
ment of the Polish Government that it will not be able to effect the payment
falling due on that date.
Accept [etc.].
William Phillips,
Acting Secretary of State.
To the Secretary of State from the Polish Ambassador, June 13, 1934
[Memorandum]
The Ambassador of Poland has been instructed by his Government to inform
the Government of the United States that for reasons analogous to those stated
in the note of December 8, 1932, and confirmed by later declarations, they are
obliged to request similarly a deferment of payment of the installment of the
interest payable on June 15, 1934.
The Polish Government are still not in a position to resume, towards the
United States, the service of the debt.
To the Secretary of State from the Rumanian Minister, June 12, 1934
Sir:
Referring to my notes of June 15, 1933, setting forth the unprecedented eco-
nomic and financial difficulties facing the Rumanian Government — difficulties
which have since further increased — and in reply to your note of May 28, 1934,
I have the honor to recall to your attention the fact that the payment made by
the Rumanian Government on June 15, 1933, was subsequent to the declaration
of the President of the United States, on the occasion of the token payment made
by the Government of Great Britain, that in accepting such payment it was his
personal view that he would not regard the British Government as in default.
The Rumanian Government understands that a law recently passed by the
Congress of the United States would render impossible a similar declaration by
the President.
Under these circumstances the Rumanian Government is reluctantly obliged
to suspend all further payments on its indebtedness to the Government of the
United States pending a rediscussion of the entire problem, and trusts that, as
requested in my notes above referred to, a date may be set for this purpose at
the early convenience of the Government of the United States.
Accept [etc.].
Davila.
238 REPORT OF THE SECRETARY OF THE TREASURY
Exhibit 34
[Public No. 151, 73d Cong., S. 682]
An act to prohibit financial transactions with any foreign government in
default un its obligations to the United States
Be it enacted by the Senate and House of Representatives of the United
States of America in Congress assembled, That hereafter it shall be unlawful
within the United States or any place subject to the jurisdiction of the United
States for any person to purchase or sell the bonds, securities, or other obliga-
tions of, any foreign government or political subdivision thereof or any
organization or association acting for or on behalf of a foreign government
or political subdivision thereof, issued after the passage of this act, or to make
any loan to such foreign government, political subdivision, organization, or
association, except a renewal or adjustment of existing indebtedness while
such government, political subdivision, organization, or association is in de-
fault in the payment of its obligations, or any part thereof, to the Government
of the United States. Any person violating the provisions of this act shall
upon conviction thereof be fined not more than $10,000 or imprisoned for not
more than five years, or both.
Sec. 2. As used in this act the term " person " includes individual, partner-
ship, corporation, or association other than a public corporation created by
or pursuant to special authorization of Congress, or a corporation in which the
Government of the United States has or exercises a controlling interest through
stock ownership or otherwise.
Approved, April 13, 1934.
Exhibit 35
Statement for the press by the Department of State concerning an opinion of
the Attorney General requested by the Secretary of State upon various ques-
tions under the act of April 13, 1934, entitled "An act to prohibit financial
transactions ivith any foreign government in default on its obligations to the
United States "
The Secretary of State has received an opinion upon various questions per-
taining to the act of April 13, 1934, entitled "An act to prohibit financial
transactions with any foreign government in default on its obligations to the
United States ", known as the Johnson Act. The Department of State concurs
in the interpretation of the act expressed in the Attorney General's opinion.
Following is the full text of the Attorney General's opinion :
Department of Justice,
Washington, May 5, 1934-
Sir:
I have the honor to refer to your letter of April 17 requesting my opinion
upon various questions under the act of April 13, 1934, entitled "An act to
prohibit financial transactions with any foreign government in default on its
obligations to the United States ", which reads as follows :
[Tt'xt of act is here omitted, see exhibit 34.]
Your questions, in the order in which they are set forth, and my views
thereon are stated below :
"(1) What governments, political subdivisions, or associations are in default
on their obligations to the United States? "
" Default " is a common word which conveys at once a known meaning, but
as applied to particular situations, it is often a matter of uncertainty whether
or not or when a " default " has occurred. Concerning it, Chief Justice Eyre
declared in Doe v. Dacre, 1 B. & P. 250, 258 ; 126 Reprint S87, 891, " I do not
know a larger or looser word than ' default ' " ; but as to civil liability the
following definitions are enlightening:
"As used in such an instrument (a contract), it can mean only the nonper-
formance of a contract — a failure upon the part of one of the contracting
parties to do that which he had contracted to do." (Sixteen hundred Tons
of Nitrate of Soda v. McLeod, 61 Fed. 849, 851.)
" In one sense, any failure is a default, whether it arises from the omission
to perform a contract, or from a neglect of duty. In many reported cases
REPORT OF THE SECRETARY OF THE TREASURY 239
the omission to pay a debt or to perform a contract is spoken of as a default."
(Bumll v. Grossman, 69 Fed. 749, 752.)
However, the word cannot safely be accepted as importing so inclusive a
significance when it is used as a penal statute, as pointed out by the Supreme
Court of Nebraska in State v. Moores, 52 Neb. 770, 787, upon consideration of
a constitutional provision which rendered ineligible to public office " any person
who is in default as collector and custodian of public money or propertv "
which the court declared to be " penal in its nature."
Lipman v. Equitable Life Assur. Soc. of the United States, 58 F (2d) 15 and
Hartsuff v. Hall, 58 Neb. 417, each dealing with written instruments providing
for payment at a stated time with grace, reached contrary conclusions upon
consideration of the context and probable intention as to whether " default "
occurred at the time specified for payment or at the end of the grace period,
thereby indicating that no absolute or rigid meaning is to be assumed in a civil
case, and a fortiori in a criminal case.
In view, therefore, of the flexibility of the term, and bearing in mind that
a penal statute is to be strictly construed against the imputation of criminality
to an act which is not malum in se, I think it is required that we seek carefully
from authorized sources the probable intent of Congress. In connection there-
with your letter indicates particular concern as to Great Britain and other
countries which have made so-called " token payments ", and as to the Soviet
Government, which has not yet, as you informed me, recognized as binding
upon it the obligations incurred by prior governments in Russia. I shall,
therefore, indicate to the extent that I properly can my views in these instances.
On November 7, 1933, the President issued the following statement :
" For some weeks representatives of the British Government have been con-
ferring with representatives of this Government on the subject of the British
debt to this country growing out of the World War. * * *
" It has, therefore, been concluded to adjourn the discussions until certain
factors in the world situation — commercial and monetary — become more clari-
fied. In the meantime, I have as Executive noted the representations of the
British Government. I am also assured by that Government that it continues
to acknowledge the debt without, of course, prejudicing its right again to
present the matter of its readjustment, and that on December 15, 1933, it will
give tangible expression of this acknowledgment by the payment of seven and
one-half million dollars in United States currency.
" In view of these representations, of the payment, and of the impossibility,
at this time, of passing finally and justly upon the request for a readjustment
of the debt, I have no personal hesitation in saying that I shall not regard the
British Government as in default."
On the same day the Chancellor of the Exchequer addressed the House of
Commons to the same effect, concluding with the President's statement that he
would not regard the British Government as in default.
A statement of similar import had been made by the President in June 1933,
shortly before certain installments upon the debts were due. It is unnecessary
to repeat here the statement then made or to treat further of later statements
by the President and their acceptance in good faith, except to say that Great
Britain and certain other countries made partial payments on installments due
in June 1933, and in December 1933, with the expectation and belief that they
would thereby avoid a default.
In his annual message to Congress delivered at a joint meeting of the two
Houses on January 3, 1934, the President stated :
" I expect to report to you later in regard to debts owed the Government and
people of this country by the governments and peoples of other countries.
Several nations, acknowledging the debt, have paid in small part ; other nations
have failed to pay. One nation — Finland — has paid the installments due this
country in full." (Cong. Rec, v. 78, p. 5.) It does not appear, however, that
any further report in regard to these debts was transmitted to Congress prior
to the enactment of the statute.
I find no record of the expression of any views in the Senate upon the mean-
ing of the word " default " when the bill was under consideration, but the
matter was considered in the House, as indicated by the following excerpts
from the Congressional Record.
" Mr. Bankhead. Under this bill, what would be the status of governments
like England, that made a so-called ' token payment ', but has defaulted in the
main?
90353—35 17
240 REPORT OF THE SECRETARY OF THE TREASURY
" Mr. McRetnolds. The President of the United States, as I understand it,
has held that they are not in default." (Cong. Rec, vol. 78, p. 6192.)
" Mr. Britten. Does the gentleman agree with the gentleman from New
York (Mr. Fish) that those governments which have made a small token pay-
ment will not be held in default by our Government?
" Mr. Johnson of Texas. I am not so sure about that." (Cong. Rec, vol. 7S,
p. 6194.)
" Mr. Johnson of Texas. Yes ; the language is broad and comprehensive, but
the question of what constitutes a default is one that will have to be deter
mined by the terms of the original contracts supplemented by any subsequent
agreements that may have been lawfully made." (Cong. Rec, vol. 78, p. 6195.)
" Mr. Kloeb. Since that time we have beheld the spectacle of all these debtor
countries, save one, either actually defaulting in the payments of the install-
ments as they became due or making a so-called ' token payment ' in order to
avoid the ugly word 'default'." (Cong. Rec, vol. 78, p. 6197.)
" Mr. Britten. Mr. Speaker, I am going to vote for this bill because I have,
to my own satisfaction at least, concluded that any nation of Europe in
default of any portion of its indebtedness, interest or principal, to us is included
in the intention of the bill.
" I realize that in the following statement I am disagreeing with the chair-
man of the committee, and probably with the ranking Member on this side,
but on page 2, in speaking about the indebtedness, it says, ' While such gov-
ernment is in default in payment of its obligation or any part thereof.' I
fail to see why England, with a surplus this year of $160,000,000 in her treas-
ury, or France, with countless millions of gold in her treasury, more gold in
her treasury per capita than we have, and governments of that type should
be excluded from the provisions of this bill ; and France is not, I realize, just
because they made some insignificant token payments on account of their vast
obligation to us.
" If the State Department were to exclude those nations from the provisions
of this bill, then Czechoslovakia, Great Britain, Greece, Italy, Latvia, Lithuania,
and Rumania would be excluded, because they have all made some small
payment.
" My contention is that the State Department should not act that way, nor
has it the authority to presume that because an infinitesimal payment lias
been made on an indebtedness of billions it takes that nation out of one class
and puts it into a preferred class." (Cong. Rec, vol. 78, pp. 6197-G19S.)
Mr. McReynolds was in charge of the bill during its consideration by the
House, and therefore, under the rules applied by the courts in considering such
proceedings, his apparent view that Great Britain and other countries similarly
situated were not to be deemed in default is entitled to especial weight.
Moreover, the President, by signing the bill, participated equally with the
Houses of Congress, and his view as to the meaning of words employed in it
is of great significance. I cannot assume that he believed Great Britain to
be in default, within the meaning of the word as used in the bill, in view of
his express statements on the subject ; and from such information as I now
have before me it would appear that Czechoslovakia, Italy, Latvia, and Lithu-
ania fall in the same category with Great Britain. I conclude, therefore, that
these five countries are not, at the present time, in default under the terms of
the act in question.
Beyond this, a specific answer as to what governments, political subdivisions,
organizations, or associations are in default on their obligations to the United
States would seem to require a survey of data not immediately available to
this office, but in general it may be said, in the words of the statute, that a
" foreign government, political subdivision, organization, or association is in
default " if it has failed " in the payment of its obligations, or any part thereof,
to the Government of the United States ", according to its promise or under-
taking to pay a fixed amount at a definite time, unless such default has been
postponed or waived in some competent manner or by a transaction having
that effect in law or good morals. Should any authoritative statement, in
harmony with this opinion, be issued in the form of an administrative declara-
tion that named countries are or are not in default, I should be inclined to
follow it insofar as the Department of Justice is charged with the responsibility
of instituting prosecutions in cases of violation, thereby removing misapprehen-
sion and uncertainty to those who desire to avoid conflict with the statutory
interdiction : and should the question come before the courts it is reasonable
to believe that they would honor any such administrative determination.
REPORT OE THE SECRETARY OE THE TREASURY 241
With regard to the status, under the act, of a political subdivision of a
defaulting country when the subdivision itself is not in default, attention is
called to the fact that while explaining the bill in the House of Representatives
Mr. McReynolds stated that in such a case the political subdivision, such as a
city in a defaulting country, would not come within the inhibitions of the
bill if the city itself were not in default (Cong. Rec, vol. 78, p. G20O). I
approve this view, not only because of the presumption arising from Mr.
McReynolds' explanation but because a reasonable interpretation of the statute
itself supports the conclusion that the default of a foreign government would
not be imputed to a political subdivision thereof, e. g., a municipality, so as
to prohibit the purchase or sale of bonds or securities of the latter, if the
municipality is not itself in default.
It has also been asked whether or not Canada, a member of the common-
wealth of nations which compose the British Empire, is to be regarded as a
political subdivision of Great Britain. The question should properly be an-
swered in the negative, and this conclusion was suggested in Congress (Cong.
Rec, vol. 78, p. 6195), but it appears to be immaterial, in view of my conclusion
above stated concerning the intention of Congress as applied to the obligations
of political subdivisions. Canada, I believe, is not in default.
"(i') To what types of transactions does the act apply? "
The committee reports (S. Rept. 20 and H. Rept. 974, 73d Cong.) recite that
the bill was introduced following an investigation by the Senate Committee on
Finance and the revelation therein that " billions of dollars of securities
* * * offered for sale to the American people " were overdue and unpaid ;
that some of these " foreign bonds and obligations * * * were sold by the
American financiers to make outrageously high profits " ; and stated a purpose
" to prevent a recurrence of the practices which were shown by the investigation
to be little less than a fraud upon the American people * * * to curb the
rapacity of those engaged in the sale of foreign obligations * * *."
This, I think, is indicative of a purpose to deal with such " bonds " and
" securities " and with " other obligations " of like nature, observing the rule of
ejusdem generis — that is, obligations such as those which had been sold to the
American public to raise money for the use of the foreign governments issuing
them — not contemplating foreign currency, postal money orders, drafts, checks,
and other ordinary aids to banking and commercial transactions, which are
" obligations " in a broad sense but not in the sense intended. It was obviously
not the purpose of the Congress to discontinue all commercial relations with
the defaulting countries.
"(3) What constitutes a renewal of an existing credit?"
Your legal adviser has concluded, in the memorandum transmitted with your
letter of April 23d, that :
" It would seem that any instrument which would be issued for the purpose
of replacing the evidence of any existing indebtedness would constitute a
renewal or an adjustment of an existing indebtedness. If new bonds were
issued to replace old ones, it would seem that such a. transaction would be
permissible. Any instrument given in satisfaction or extension of an existing
indebtedness would, it is believed, come within this exception."
In general I approve this statement, but obviously it will be a question of
fact in each case whether or not what is done amounts in good faith to the mere
" renewal * * * of existing indebtedness."
"(4) Does the act apply to acceptances or time drafts?"
This question appears to be sufficiently answered by the comments under
question no. 2, supra. It appears proper to add, however, that such transactions
must be conducted in good faith in order to be within the law, and not as mere
subterfuges to circumvent its purpose.
"(5) Is the present Soviet Government, as the successor to prior govern-
ments of Russia, to be regarded as in default, in v^ew of the fact that no
payment has been made on the bonds issued to the Government of the United
States by the Provisional Government, on account of loans made to that Gov-
ernment by the United States during the period of the war, the Provisional
Government having been the immediate predecessor of the Soviet Government? "
The proceedings in the House of Representatives indicate acceptance of the
view that our Government regards the Soviet Government as responsible for
the obligations incurred by prior Russian governments (Cong. Rec., vol.
78, p. 6192). The position of our Government in this respect accords with
accepted principles of international law, as illustrated by the following au-
thorities :
242 REPORT OF THE SECRETARY OF THE TREASURY
Moore, Int. Law Digest, v. 1, sec. 96, quoting Secretary of State Adams
(August 10, 1818) :
" No principle of international law can be more clearly established than this :
That the rights and the obligations of a nation in regard to other States are
independent of its internal revolutions of government. It extends even to
the case of conquest. The conqueror who reduces a nation to his subjection
receives it subject to all its engagements and duties toward others, the ful-
fillment of which then becomes his own duty."
Halleck, Int. Law (3d ed.) v. 1, p. 90:
" Public debts, whether due to or from the revolutionized state, are neither
canceled nor affected by any change in the constitution or internal government
of a state."
The same rule is stated, in substance, in Kent's Commentaries (12th ed.)
v. 1, p. 26, and in an opinion of Attorney General Griggs, 22 Op. A. G. 583,
584. In connection with, and in support of, these statements the authors cite
L. Whart. Int. Law Dig., sec. 5; Hall, Int. Law (4th ed.), pp. 104, 105; Rivier,
Principes du Droit des Gens, I, pp. 70-72; United States v. NacRae, L. R.
8 Eq., 69; Vattel, Droit des Gens, liv II, ch. XII, §§ 183-197; Grotius, De
Jur. Bel., lib. II, cap. II § 8.
This view, in fact, was stated in Congress (Cong. Rec, vol. 78, p. 6192) to
have suggested the insertion of the provision in section 2 of the statute exclud-
ing from its operation public corporations controlled by the United States,
which are permitted to engage in the transactions prohibited to individuals
and private corporations, if administratively determined to be desirable. I,
therefore, regard the Soviet Government as in default within the contemplation
of the statute.
"(6) However the last question may be answered, can the Soviet Govern-
ment be considered in default to the Government of the United States pending
negotiations that are being had with a view to arriving at the amount of the
indebtedness due from the Soviet Government to the Government of the
United States?"
Bearing in mind what I have just stated in response to your fifth question,
I am aware of no principle of law under which a previously existing default
is waived or overcome because of the mere pendency of negotiations " with a
view to arriving at the amount of the indebtedness due ", assuming that there
is any uncertainty in this regard, although, of course, the matter might be
affected by the outcome of any such negotiations.
"(7) Would the issue and sale in the United States of 'scrip' or 'funding
bonds' in part payment of outstanding obligations be in violation of the act?"
This question appears to present only a detail of the matter treated generally
under question no. 3, and the same answer is applicable. In other words, such
" scrip " or " funding bonds " are authorized if issued in the bona fide " re-
newal or adjustment of existing indebtedness."
It is made unlawful, as I have said, " to purchase or sell the bonds, securities,
or other (similar) obligations of any foreign government * * * issued
after the passage of this act, or to make any loan to such foreign govern-
ment * * * except a renewal or adjustment of existing indebtedness."
The word " renewal " needs no definition by me — it is frequently used and
commonly understood in banking, business, and commercial transactions— and
the word " adjustment ", relating to accounts or claims, has been used in our
statutes since the formation of the Government. (See the act of Sept. 2, 1789,
1 Stat. 65, and the act of Mar. 3, 1817, 3 Stat. 366.) It is used, I think, in the
sense of compromising or determining how much is to be paid, when and where,
upon what terms, and the like. Thus an adjustment of an existing indebted-
ness within the meaning of the act is any lawful arrangement entered into in
good faith between the debtor and the creditor which comprises or determines
the amount to be paid by the debtor to the creditor, and it may include other
details of composition or settlement.
Respectfully,
Homer Cummings, Attorney General.
The honorable the Secretary of State.
REPORT OF THE SECRETARY OF THE TREASURY 243
Exhibit 36
Message from the President to the Congress, transmitting a statement cm the
subject of debts owed the Government and people of the United States by
the governments and peoples of foreign countries (H. Doc. No. 392, 73d Cong.,
2d sess.)
To the Congress of the United States:
In my address to the Congress January 3 I stated that I expected to report
later in regard to debts owed the Government and people of this country by
the governments and people of other countries. There has been no formal
communication on the subject from the Executive since President Hoover's
message of December 19, 1932.
The developments are well known, having been announced to the press as
they occurred. Correspondence with debtor governments has been made public
promptly and is available in the Annual Report of the Secretary of the Treas-
ury. It is, however, timely to review the situation.
Payments on the indebtedness of foreign governments to the United States
which fell due in the fiscal year ended June 30, 1932, were postponed on the
proposal of President Hoover announced June 20, 1931, and authorized by the
joint resolution of Congress approved December 23, 1931. Yugoslavia alone
suspended payment while rejecting President Hoover's offer of postponement.
In the 6 months of July to December 1932, which followed the end of the
Hoover moratorium year, payments of $125,000,000 from 12 governments fell
due. Requests to postpone the payments due December 15, 1932, were received
from Great Britain, France, Belgium, Czechoslovakia, Estonia, Latvia, Lith-
uania, and Poland. The replies made on behalf of President Hoover through
the Department of State declined these requests, generally stating that it was
not in the power of the Executive to grant them, and expressing a willingness
to cooperate with the debtor government in surveying the entire situation.
After such correspondence Czechoslovakia, Finland, Great Britain, Italy, Lat-
via, and Lithuania met their contractual obligations, while Belgium, Estonia,
France, and Poland made no payment.
In a note of December 11, 1932, after the United States had declined to
sanction postponement of the payment due December 15, the British Gov-
ernment, in announcing its decision to make payment of the amount due on
December 15, made the following important statements :
" For reasons which have already been placed on record His Majesty's Govern-
ment are convinced that the system of intergovernmental payments in respect of
the war debts as it existed prior to Mr. Hoover's initiative on June 20, 1931,
cannot be revived without disaster. Since it is agreed that the whole subject
should be reexamined between the United States and the United Kingdom this
fundamental point need not be further stressed here.
" In the view of His Majesty's Government therefore the payment to be made
on December 15 is not to be regarded as a resumption of the annual payments
contemplated by the existing agreement. It is made because there has not been
time for discussion with regard to that agreement to take place and because the
United States Government have stated that in their opinion such a payment
would greatly increase the prospects of a satisfactory approach to the whole
question.
" His Majesty's Government propose accordingly to treat the payment on
December 15 as a capital payment of which account should be taken in any
final settlement and they are making arrangements to effect this payment in
gold as being in the circumstances the least prejudicial of the methods open to
them. «
" This procedure must obviously be exceptional and abnormal and His Maj-
esty's Government desire to urge upon the United States Government the
importance of an early exchange of views with the object of concluding the
proposed discussion before June 15 next in order to obviate a general break-
down of the existing intergovernmental agreements."
The Secretary of State, Mr. Stimson, replied to this note on the same day
that acceptance by the Secretary of the Treasury of funds tendered in payment
of the December 15 installment cannot constitute approval of or agreement to
any condition or declaration of policy inconsistent with the terms of the agree-
ment inasmuch as the Executive has no power to amend or to alter those terms
either directly or indirectly or by implied commitment.
244 REPORT OF THE SECRETARY OP THE TREASURY
No payment was made by France December 15, 1932, as the French Chamber
of Deputies by a vote on the morning of December 14 refused authorization
to make the payment. The resolution voted by the French Chamber at that
time invited the French Government to convoke as soon as possible, in agree-
ment with Great Britain and other debtors, a general conference for the purpose
of adjusting all international obligations and putting an end to all interna-
tional transfers for which there is no compensating transaction. The resolution
stated that the Chamber, despite legal and economic considerations, would have
authorized settlement had the United States been willing to agree in advance
to the convening of the conference for these purposes.
This resolution of the French Chamber is to be read in relation with the
public statements of policy made by President Hoover and by myself on
November 23, 1932. President Hoover said :
" The United States Government from the beginning has taken the position
that it would deal with each of the debtor governments separately, as separate
and distinct circumstances surrounded each case. Both in the making of the
loans and in the subsequent settlements with the different debtors, this policy
has been rigidly made clear to every foreign government concerned."
I said :
" I find myself in complete accord with the four principles discussed in the
conference between the President and myself yesterday and set forth in a state-
ment which the President has issued today.
" These debts were actual loans made under the distinct understanding and
with the intention that they would be repaid.
" In dealing with the debts each government has been and is to be considered
individually, and all dealings with each government are independent of dealings
with any other debtor government. In no case should we deal with the debtor
governments collectively.
" Debt settlements made in each case take into consideration the capacity to
pay of the individual debtor nations.
" The indebtedness of the various European nations to our Government has no
relations whatsoever to reparations payments made or owed to them."
Of the $125,000,000 due and payable December 15, 1932, the Treasury received
$98,750,000, of which $95,550,000 was the British payment made subsequent to
the above correspondence, and the other $3,000,000 represented payments by
five other debtor nations. The amounts due from Belgium, Estonia, France,
Hungary, and Poland which were not received amounted to $25,000,000, of which
$19,260,000 was due and payable by France.
In my statement issued November 23, 1932, I had said :
" I firmly believe in the principle that an individual debtor should at all times
have access to the creditor ; that he should have opportunity to lay facts and
representations before the creditor and that the creditor always should give
courteous, sympathetic, and thoughtful consideration to such facts- and repre-
sentations.
" This is a rule essential to the preservation of the ordinary relationships of
life. It is a basic obligation of civilization. It applies to nations as well as to
individuals.
" The principle calls for a free access by the debtor to the creditor. Each case
should be considered in the light of the conditions and necessities peculiar to the
case of each nation concerned."
On January 20, 1933, President Hoover and I agreed upon the following
statement :
" The British Government has asked for a discussion of the debts. The in-
coming administration will be glad to receive their representative early in
March for this purpose. It is, of course, necessary to discuss at the same time
the world economic probfems in which the United States and Great Britain
are mutually interested and therefore that representatives should also be sent
to discuss ways and means for improving the world situation."
On March 4, 1933, the situation with regard to the indebtedness of other
governments to the United States was, in brief, as follows:
France: The French Parliament had refused to permit payment of
$19,261,432.50 interest due on the $3,863,650,000 bonds of France owned by
the United States.
Great Britain : With respect to the British bonded debt held by the Treasury
in the principal amount of $4,368,000,000, Great Britain in meeting a due pay-
ment of $30,000,000 principal and $65,550,000 interest bad stated that the pay-
ment was not to be regarded as a resumption of the annual payments con-
REPORT OF THE SECRETARY OF THE TREASURY 245
templated under the funding agreement of June 19r 1923, but was to be
treated, so far as the British Government was concerned, as a capital payment
of which account should be taken in any final settlement.
Italy: With respect to the $2,004,900,000 principal amount of bonds of the
Italian Government held by the United States Treasury, the Italian Govern-
ment had paid the sum of $1,245,437 interest due December 15, 1932; but in
doing so it referred to a resolution of the Grand Council of Fascism, adopted
December 5, 1932, in which " a radical solution of the ' sponging of the slate •
type was declared to be necessary for the world's economic recovery."
Czechoslovakia, in making a payment of $1,500,000 principal due Decem-
ber 15, 1932, on its debt of $165,000,000, had stated that "this payment
constitutes in the utmost self-denial of the Czechoslovak people their final
effort to meet the obligation under such extremely unfavorable circumstances."
Belgium had declined to pay $2,125,000 interest due December 15, 1932, on
its bonds of $400,680,000 held by the Treasury of the United States, and in
doing so had recited circumstances which it stated " prevent it from resuming,
on December 15, the payments which were suspended by virtue of the agree-
ments made in July 1931." Adding : " Belgium is still dispased to collaborate
fully in seeking a general settlement of intergovernmental debts and of the
other problems arising from the depression."
Poland had not paid the $232,000 principal and $3,070,980 interest due Decem-
ber 15, 1932, on its bonds in the principal amount of $206,057,000 held by the
Treasury of the United States.
Of the nine other governments whose bonds are held by the Treasury of the
United States, Estonia and Hungary had not met payments due December 15,
1932.
Austria is availing itself of a contractual right to postpone payments.
Greece was making only partial payments on its foreign bonded indebted-
ness, including that held by the United States.
Yugoslavia had declined to sign any Hoover moratorium agreement and had
stopped paying.
No payment by Rumania had fallen due since the close of the Hoover
moratorium.
Finland, Latvia, and Lithuania were current in their payments.
Although I had informal discussions concerning the British debt with the
British Ambassador even before Mai'ch 4, 1933, and in April there was further
discussion of the subject with the Prime Minister of Great Britain and between
experts of the two governments, it was not possible to reach definitive conclu-
sions. On June 13 the British Government gave notice that in the then exist-
ing circumstances it was not prepared to make the payment due June 15, 1933,
but would make an immediate payment of $10,000,000 as an acknowledgment
of the debt pending a final settlement. To this notice reply was made by the
Acting Secretary of State, pointing out that it is not within the discretion of
the President to reduce or cancel the existing debt owed to the United States
nor to alter the schedule of debt payments contained in the existing settlement.
At the same time I took occasion to announce that in view of the representa-
tions of the British Government, the accompanying acknowledgment of the debt
itself, and the payment made, I had no personal hesitation in saying that I
would not characterize the resultant situation as a default. In view of the
suggestion of the expressed desire of the British Government to make repre-
sentations concerning the debt, I suggested that such representations be made
in Washington as soon as convenient.
The Agricultural Adjustment Act, approved May 12, 1933, had authorized
the President for a period of 6 months from that date to accept silver in pay-
ment of installments due from any foreign government, such silver to be ac-
cepted at not to exceed a price of 50 cents an ounce. In the payments due
June 15, 1933, the Governments of Great Britain, Czechoslovakia, Finland, Italy,
Lithuania, and Rumania took advantage of this offer.
On June 15, 1933, payments of about $144,000,000 were due from foreign gov-
ernments, the larger amounts being about $76,000,000 from Great Britain, almost
$41,000,000 from France, and $13,500,000 from Italy. The amounts actually
paid into the Treasury were $11,374,000 of which $10,000,000 was paid by Great
Britain and $1,000,000 by Italy. Communications were received from most of
the debtor governments asking a discussion of the debt question with the United
States Government.
In October 1933, representatives of the British Government arrived in Wash-
ington and conferred for some weeks with representatives of this Government,
246 REPORT OF THE SECRETARY OF THE TREASURY
These discussions made clear the existing difficulties and the discussions were
adjourned.
The British Government then stated that it continued to acknowledge the
debt without prejudicing its right again to present the matter of readjustment
and that it would express this acknowledgment tangibly by a payment of $7,500,-
000 on December 15. In announcing this I stated that in view of the repre-
sentations, of the payment, and of the impossibility of accepting at that time
any of the proposals .for a readjustment of the debt, I had no personal hesita-
tion in saying that I should not regard the British Government as in default.
On December 15, 1933, there was due and payable by foreign governments
on their debt funding agreements and Hoover moratorium agreements a total
of about $153,000,000. The payments actually received were slightly less than
$9,000,000 including $7,500,000 paid by Great Britain, $1,000,000 by Italy, and
about $230,000 by Finland.
At the present time Finland remains the only foreign government which
has met all payments on its indebtedness to the United States punctually and
in full.
It is a simple fact that this matter of the repayment of debts contracted to
the United States during and after the World War has gravely complicated
our trade and financial relationships with the borrowing nations for many
years.
These obligations furnished vital means for the successful conclusion of a
war which involved the national existence of the borrowers, and later for a
quicker restoration of their normal life after the war ended.
The money loaned by the United States Government was in turn borrowed
by the United States Government from the people of the United States, and
our Government in the absence of payment from foreign governments is com-
pelled to raise the shortage by general taxation of its own people in order to
pay off the original Liberty bonds and the later refunding bonds.
It is for these reasons that the American people have felt that their debtors
were called upon to make a determined effort to discharge these obligations.
The American people would not be disposed to place an impossible burden upon
their debtors, but are nevertheless in a just position to ask that substantial
sacrifices be made to meet these debts.
We shall continue to expect the debtors on their part to show full under-
standing of the American attitude on this debt question. The people of the
debtor nations will also bear in mind the fact that the American people are cer-
tain to be swayed by the use which debtor countries make of their available
resources — whether such resources would be applied for the purposes of re-
covery as well as for reasonable payment on the debt owed to the citizens of
the United States, or for purposes of unproductive nationalistic expenditure, or
like purposes.
In presenting this report to you, I suggest that, in view of all existing
circumstances no legislation at this session of the Congress is either necessary
or advisable.
I can only repeat that I have made it clear to the debtor nations again and
again that " the indebtedness to our Government has no relation whatsoever to
reparations payments made or owed to them " and that each individual nation
has full and free opportunity individually to discuss its problem with the
United States.
We are using every means to persuade each debtor nation as to the sacred-
ness of the obligation and also to assure them of our willingness, if they
should so request, to discuss frankly and fully the special circumstances relating
to means and method of payment.
Recognizing that the final power lies with the Congress, I shall keep the
Congress informed from time to time and make such new recommendations as
may later seem advisable.
Franklin D. Roosevelt.
The White House,
June 1, 193$.
REPORT OF THE SECRETARY OF THE TREASURY 247
MIXED CLAIMS
Exhibit 37
Senate Report No. 1376, June 11, 1934, to accompany Senate Joint Resolution
135, to amend Settlement of War- Claims Act of 1928, as amended (73d Cong.,
2d sess.)
The Committee on Finance, to whom was referred the joint resolution (S. J.
Res. 135) to amend the Settlement of War Claims Act of 1928, as amended,
having considered the same, report favorably thereon with amendments, and
recommend that the resolution, as amended, do pass.
Following the war, German nationals had claims against the United States
such as claims arising from our seizure of property owned by German nationals.
Similarly, American nationals had claims against the German Government
arising out of the war. On July 2, 1921, Congress passed the Knox-Porter
peace resolution (later incorporated in the peace treaty between the United
States and Germany), which provided that none of the property of the German
Government and German nationals which was seized during the war should
be returned until Germany had made suitable provision for the satisfaction of
the claims of the United States and its nationals against Germany arising out
of the war.
Germany was not in a position to make a lump payment of the amount due
to Americans. Accordingly, the United States consented to the German-Ameri-
can debt agreement (June 23, 1930) under which Germany agreed (among
other things) to make payment in installments over a period of years of an
aggregate amount equal to the estimated amount due to American nationals.
The installments were not sufficiently large to permit of early payments in
substantial amounts. Accordingly, the American Congress appropriated $S6,-
000,000 to be deposited in an account known as the " German Special Deposit
Account ", out of which payments were to be made in accordance with priorities
established in the Settlement of War Claims Act of March 10, 1928. Of this
$86,000,000, approximately $43,000,000 was paid to American nationals and
$43,000,000 to German nationals.
The German Government took advantage of the provisions of the German-
American debt agreement permitting postponement of its principal installment
payments for a period not exceeding 2y2 years. On March 31 of this year
both the postponed installments and the installment due on that date became
payable, but were not paid. The German Government did, however, make pay-
ment of interest as required by the agreement until last September, when,
instead of making the interest payment to the United States, it notified the
United States that it had established a credit in marks in a German bank
corresponding to the interest due. On March 31 of this year Germany made
payment in dollars in the United States of the current interest due ; but as
previously stated, failed to make payment of the principal installments due.
Furthermore, the German Government has failed to make satisfactory assur-
ances as to when those installments will be paid.
The result is that while the United States has fulfilled its undertakings,
Germany has failed to make suitable provision for the satisfaction of the
claims of the United States and its nationals called for in the Knox-Porter
peace resolution. Under these circumstances it would appear to be in accord
with the policy of the Congress as declared in that resolution to postpone any
further liquidation of the claims of German nationals against the United States
until the German Government fulfills its undertakings to provide for satisfac-
tion of the claims of American nationals against it. The resolution reported
is designed to carry out this policy.
The foregoing is stated in very general terms for the reason that it would be
difficult to present in brief form a picture of the whole question of the war
claims were an attempt made, at the same time, to set out the details and the
necessary qualifications covering variations not essential to the point at issue.
A detailed statement of the situation, together with an explanation of
amendments similar to those agreed to by your committee, and which are
clarifying in character, is contained in the report (appended herewith) of the
House Committee on Ways and Means upon a companion resolution, House
Joint Resolution 365.
248 REPORT OF THE SECRETARY OF THE TREASURY
[H. Rept. No. 1924, 73d Cong., 2d sess.]
The Committee on Ways and Means, to whom was referred the joint resolu-
tion (H. J. Res. 365) to amend the Settlement of War Claims Act of 1928, as
amended, having had the same under consideration, report it back to the House
with amendments and recommend that the joint resolution as amended do pass.
The amendments are as follows :
On page 3, line 11, strike out " any or ".
On page 4, line 14, after " postponed ", insert " under this resolution ".
On page 4 strike out in lines 15 to 18, inclusive, the following : " the action of
the President in determining the period or periods in which Germany is in
arrears in the payments hereinbefore described shall not be subject to judicial
review " and insert in lieu thereof " the President is authorized to determine,
for the purposes of this resolution, the period or periods in which Germany is
in arrears in the payments hereinbefore described and his determination thereof
shall not be subject to judicial review ".
The purpose of this resolution is to postpone (a) further payments to Ger-
man nationals from the German special deposit account in the Treasury De-
partment, established under section 4 of the Settlement of War Claims Act of
1928, on account of awards made by the War Claims Arbiter for ships, patents,
and a radio station seized and used by this Government during the war, and
(6) further return of property belonging to German nationals held by the
Alien Property Custodian, while Germany is in arrears on her payments on
claims of American nationals under the debt agreement of June 23, 1930.
By the terms of the Settlement of War Claims Act, the awards in favor of
German nationals for ships, patents, and a radio station and the awards
entered by the Mixed Claims Commission against Germany in favor of Ameri-
can nationals were to be paid in accordance with the scheme of priorities
established in section 4 (c) of the act.
Germany is now in arrears on the payments due under the debt agreement
of June 23, 1930, and there is no assurance when those arrears will be dis-
charged or further annual payments made. It is not felt that this Government
should make further payments to German nationals from the limited funds that
may be available in the German special deposit account, or that it should return
the small amount of property still held by the Alien Property Custodian while
3ermany's obligations under the debt agreement remain in their present state.
The resolution withholds all amounts which may become payable to German
nationals under the Settlement of War Claims Act of 1928 and withholds the
return of all property belonging to German nationals now held by the Alien
Property Custodian under the Trading with the Enemy Act, as amended. In
view of the many complicated matters involved it is believed that a review of
the problems before Congress at the time it passed the Settlement of War
Claims Act and a review of subsequent events may be useful to the Members of
the House.
The Settlement of War Claims Act of 1928 was approved March 10, 1928.
The act is complicated by reason of the innumerable complex situations cov-
ered by it and also by the complexities of the Trading with the Enemy Act,
which was amended in several particulars by the Settlement of War Claims Act.
There were three major problems involving the United States and its na-
tionals and the German Government and its nationals arising out of the war
which the act attempted to settle. In order not to unduly complicate the
matter, similar problems involving the United States and its nationals in their
relation to the Austrian and Hungarian Governments and their nationals, also
covered in the act, are not covered in this report. The three major problems
referred to were as follows:
1. Alien property.— Property of German nationals in the United States was
seized during the war by the Alien Property Custodian under the provisions
of the Trading with the Enemy Act, as amended, and a large part, estimated
at a value of over $200,000,000. was being held at the time of the enactment of
the Settlement of War Claims Act with no authority in the Executive to return
it. Under the Knox-Porter peace resolution of July 2, 1921, quoted in part in
the first paragraph of the preamble of House Joint Resolution 365, and which
was incorporated in full in the Treaty of Berlin, the United States unquestion-
ably possessed the right to retain this property until Germany had made suit-
able provision for the satisfaction of the claims of American nationals against
• ,, £rman Government- Congress in the Settlement of War Claims Act author-
Vzed the return of 80 percent of the aggregate value of the property of German
REPORT OF THE SECRETARY OF THE TREASURY 249
nationals so held, and further authorized that the remaining 20 percent of the
aggregate value of such property be retained and invested in 5 percent certifi-
cates which participate under certain conditions and in a certain order of
priority in the funds in the German special deposit account in the Treasury
created by the Settlement of War Claims Act.
2. Mixed claims. — The United States Government and many American na-
tionals suffered losses during the war period by reason of acts for which the
German Government was responsible, and their claims had to be satisfied.
A commission, known as the " Mixed Claims Commission, United States and
Germany ", was created by the agreement of August 10, 1022, to bear and
determine the claims and to enter awards for the losses for which Germany
was responsible. Through arrangements made by the Secretary of State with
the Allied Governments, there had been allocated to the United States under
the provisions of the Finance Ministers' agreement of January 14, 1025, 21/4
percent of all receipts paid by Germany which were available for reparation
payments, with a proviso that the sum so allocated should not exceed 45,000,000
gold marks in any one year. The United States was, therefore, receiving at the
time of the enactment of the Settlement of War Claims Act approximately
$11,000,000 per annum through the Reparation Commission for account of
Germany's obligations.
By passing the Settlement of War Claims Act, Congress in effect recognized
that arrangements had been made which, if fulfilled, constituted a "suitable
provision for the satisfaction of all claims " against Germany required by the
joint resolution of July 2, 1921. By the debt agreement of June 23, 1930, an
arrangement was made directly with Germany which superseded the previously-
mentioned arrangement and provided for the gradual liquidation of the Mixed
Claims awards through the payment of an annual sum of 40,800,000 reichs-
marks ($9,700,000) for a period of 52 years, in semiannual installments of
20,400,000 reichsmarks each. Congress approved this agreement. But if the
American claimants had been forced to rely upon only the distributive share
in the payments to be made under the two arrangements mentioned, more than
70 years would have been required for payment in full. It was necessary,
therefore, that some method be provided by which the American claimants
could obtain a more immediate payment.
3. Awards of War Claims Arbiter in favor of German nationals. — The United
States Government, under the authority of a joint resolution of Congress, dur-
ing the war seized and took title to a large number of ships owned by citizens
of Germany and acquired for its own use during the war a large number of
patents and a radio station. The United States recognized a duty to make com-
pensation on these accounts to the German nationals for the value of their
property so taken and used. The Settlement of War Claims Act created the
office of War Claims Arbiter and authorized the Arbiter to hear the claims of
the German nationals and to determine the fair compensation to be paid by
the United States. Some provision had to be made for the payment of the
amounts determined to be due.
The Settlement of War Claims Act recognized the close relationship between
the three problems and their solution as a whole, linger the circumstances, it
was not possible to provide for the immediate payment of all American claim-
ants, nor the immediate payment of all owners of the ships, patents, and the
radio station, nor the immediate return of all the alien property. The act did,
however, provide for the immediate payment of as large a percentage as
possible of the claims of the American nationals and the German nationals,
and for the return of as large a percentage as possible of the alien property,
with a provision for the payment of the balance due over a period of years.
The act created in the Treasury a German special deposit account into which
the Secretary of the Treasury was directed to deposit the following funds:
(a) All sums invested by the Alien Property Custodian under the provisions
of section 25 (a) of the Trading with the Enemy Act, as amended, which repre-
sents 20 percent of the aggregate value of the property of German nationals
temporarily retained by the Alien Property Custodian. As the funds are
invested as required by the Trading with the Enemy Act and deposited in the
Gorman s^pr>ia] ripnosit account, the Secretary of the Treasury issues to the
Alien Property Custodian a 5 percent participating certificate, which is payable
in accordance with the priorities hereinafter enumerated.
(b) All sums transferred by the Alien Property Custodian under the provi-
sions of section 25 (b) of the Trading with the Enemy Act, as amended, which
was referred to as the " Unallocated interest fund " and which represented the
250 REPORT OF THE SECRETARY OF THE TREASURY
interest accrued prior to March 4, 1923, on investments of funds of the Alien
Property Custodian, plus interest on the investment of such interest after
March 4, 1923. No authority of law existed for distributing any interest
accruing on the investment of the funds prior to March 4, 1923, the date of
the approval of the Winslow Act, which act authorized the return of not to
exceed $10,000 per annum to any one person, of the income accruing after
that date.
(c) Amounts appropriated by Congress for the payment of awards of the
War Claims Arbiter in favor of German nationals for ships, patents, and a
radio station.
(d) All moneys received from Germany on account of the awards of the
Mixed Claims Commission in favor of American nationals.
(e) Earnings on investments of funds in the deposit account.
The act authorized and directed the Secretary of the Treasury to make pay-
ments out of the German special deposit account in the following order of
priority :
(1) Payment of expenses of administration.
(2) Payment in full of awards in favor of American nationals attributable
to death and personal injury, together with interest thereon up to the date of
payment.
(3) Payment in full of awards in favor of American nationals the amount
of which, including interest to January 1, 1928, does not exceed $100,000,
together with interest on such amount from January 1, 1928, to the date of
payment.
(4) Payment of $100,000 on account of awards in favor of an American
national, the amount of which, including accrued interest to January 1, 1928, is
in excess of $100,000, provided no person shall be paid an amount in excess of
$100,000 under this priority, irrespective of the number of awards made in his
behalf.
(5) Additional payments on awards in excess of $100,000, including interest to
January 1, 1928, entered in favor of American nationals, as and when funds are
available for this purpose as determined by the Secretary of the Treasury, until
the aggregate payments authorized by priorities 2 to 5 equal 80 percent of the
aggregate amount of the awards entered, including interest to January 1, 1928.
It is pointed out that all the payments authorized by paragraphs 2, 3, and 4
above have been practically completed. There are a few cases remaining unpaid
because the claimants cannot be located and for other reasons, but funds have
been reserved for their complete payment. As to paragraph 5, payments have
been made which aggregate about 74% percent of the amount authorized to be
paid under these priorities. There remains, therefore, approximately 5% per-
cent (about $2,000,000) to complete this priority to American nationals.
(6) Payment to German nationals of 50 percent of the awards entered by the
War Claims Arbiter for ships, patents, and a radio station, including interest to
December 31, 1928. The Secretary of the Treasury was authorized to pay this
amount without regard to any of the other priorities.
(7) Payment of accrued interest upon the 5 percent participating certificates
evidencing the amounts invested by the Alien Property Custodian.
(8) Payment of accrued interest since January 1, 1928, on awards of the
Mixed Claims Commission in excess of $100,000 in amount, including accrued
interest to January 1, 1928, in favor of American nationals and accrued interest
since December 31, 1928, on awards of the War Claims Arbiter in favor of
German nationals for ships, patents, and a radio station, including accrued
interest to December 31, 1928.
(9) Pro rata payments, to the extent funds are available, (a) to the Alien
Property Custodian, on the 5 percent participating certificates held by him as
evidence of the investment of funds representing 20 percent of German property
temporarily retained; (6) to German nationals on account of the balance due
on their awards entered by the War Claims Arbiter for ships, patents, and a
radio station, including interest to December 31, 1928; and (c) to American
nationals on account of the balance due on awards in excess of $100,000 in
amount, including interest to January 1, 1928, entered by the Mixed Claims
Commission.
(10) Payment to German nationals on account of the "Unallocated interest
fund." No interest accrues on this sum.
(11) Payment to the United States Government on account of awards entered
in its behalf by the Mixed Claims Commission, together with interest on such
awards.
REPORT OF THE SECRETARY OF THE TREASURY 251
The Trading with the Enemy Act, as amended by the Settlement of War
Claims Act, authorized the return of 80 percent of the aggregate value of the
property of German nationals, as determined by the Alien Property Custodian ;
authorized the temporary retention of the remaining 20 percent ; and authorized
that funds equal to the value of such property so retained be paid to the German
nationals from the German special deposit account in the order of priority estab-
lished by the Settlement of War Claims Act.
The following is a statement showing the amounts of the various classes of
claims, the payments made on account of each class, and the balance due as of
March 31, 1934 :
I. Principal of awards of Mixed Claims Commission $128, 500 000
Interest to Jan. 1, 1928 40, 500, 000
Amount due Jan. 1, 1928 169,000,000
Payments made on account 134, 000, 000
, 35,000,000
Interest accrued at 5 percent per annum, from Jan.
1, 1928, to Mar. 31, 1934 19,000,000
Balance due as of Mar. 31, 1934 $54 000 000
II. Principal of awards of War Claims Arbiter 63 200 000
Interest to Dec. 31, 1928 23, 500, 000
Amount due Dec. 31, 1928 86, 700, 000
Payments made on account 43, 400, 000
43, 300, 000
Interest accrued at 5 percent per annum from Dec. 31,
1928, to Mar. 31, 1934 16, 100, 000
Balance due as of Mar. 31, 1934 59,400,000
III. Twenty percent of German property temporarily re-
tained :
Investment by Alien Property Custodian 17, 550, 000
Investment yet to be made bv Alien Property Cus-
todian ($15,500,000).
Interest accrued on investment to Mar. 31, 1934 3, 600, 000
Balance due as of Mar. 31, 1934 21, 150, 000
IV. Unallocated interest fund 21,750,000
Amount due private claimants from German special deposit
account as of Mar. 31, 1934 156,300,000
V. Principal of awards entered in behalf of the United
States Government 42, 035, 000
Interest to Mar. 31, 1934 38, 300, 000
• 80, 335, 000
Total including accrued interest 236, 635, 000
In addition it is understood that the Alien Property Custodian has property
in his hands valued at approximately $10,000,000, of which 80 or 90 percent is
estimated to belong to German nationals. Under the law as it now stands, 80
percent of this property would probably be returned this calendar year, the
remaining 20 percent to be retained for deposit in the German special deposit
account.
The following shows the funds made, or to be made, available to the German
special deposit account and the payments that have been made out of such
account :
Receipts :
From investments of Alien Property Custodian under
Trading with the Enemy Act, as amended :
Unallocated interest fund $21, 750, 000
20 percent German property retained 17, 550. 000
Total $39, 300, 000
From Germany :
2% percent of receipts as authorized by Finance
Ministers' agreement of Jan. 14, 1925 32, 183, 000
Under debt agreement of June 23, 1930 20, 198, 00.0
Total 52, 381, 000
Appropriation made by Congress for ships, patents, and
radio station (awards for War Claims Arbiter) 86,852,000
Earnings and profits on investments 4,181,000
Total receipts______ 182, 714, 000
252 REPORT OF THE SECRETARY OF THE TREASURY
Payments ;
On account of awards of the Mixed Claims Commission- $134, 000. 000
On account of awards of the War Claims Arbiter 43, 368, 000
Miscellaneous payments (expenses, etc.) 817,000
Total $178, 185, 000
Balance in German special deposit account 4,529,000
Funds in hands of Alien Property Custodian available for deposit in Ger-
man special deposit account 15, 500, 000
Total available to German special deposit account 20, 029, 000
It will be noted that the funds now available to the German special deposit
account amount to about $20,000,000, which are being reserved to make payment
on account of any awards which the Mixed Claims Commission might enter on
the claims now pending before it. In case awards are entered on account of the
claims now pending before the Commission, payments will be made in the same
manner and to the same extent as payments have already been made on account
of awards entered and certified for payment. On the other hand, if the claims
pending before the Commission are disallowed, the $20,000,000 held in reserve
will be released and distributed to American and German nationals in accord-
ance with priorities specified in section 4 (c) of the Settlement of War Claims
Act, hereinafter enumerated. In such case the funds made available, together
with 80 percent of the value of the property in the hands of the Alien Property
Custodian estimated at $6,500,000, or a total of $26,500,000, would be distributed
approximately as follows :
To American nationals :
Balance of 80 percent of awards of Mixed Claims Commis-
sion under priority no. 5 (5% percent remaining unpaid)- $2,000,000
On account of interest accrued since Jan. 1, 1928 (approxi-
mately 40 percent of such interest) 7,800,000
Total to American nationals $9, 800, 000
To German nationals :
Interest on 5 percent participating certificates (20 percent of
German property temporarily retained) 3,600,000
On account of interest accrued since Dec. 31, 1928, on
awards of War Claims Arbiter (approximately 40 percent
of such interest) 6,600,000
Return of property in hands of Alien Property Custodian 6, 500, 000
Total to German nationals 16, 700, 000
Total available for distribution 26, 500, 000
Under the debt agreement of June 23. 1930, the German Government is obli-
gated to pay semiannually to the United States for a period of 52 years on
account of the awards of the Mixed Claims Commission, the sum of 20,400,000
reichsmarks ($4,850,000 at the time the agreement was concluded, or about
$8,150,000 at the present mint parity of the mark). Under the debt agreement
that Government has the option of postponing payment of the installments due
for a period of 2V-> years, but the amounts so postponed bear interest at the rate
of 5 percent per annum, payable semiannually.
The Hoover moratorium was declared in June 1931 and covered payments
falling due during the year July 1, 1931, to June 30, 1932. It excepted private
obligations, and the joint resolution of December 23, 1931. authorizing that
moratorium, treated the payments due on account of mixed claims as falling
under the exception. Germany, however, took advantage of the option in the
agreement to postpone the payments due, and has exercised that option ever
since up to and including the payment due September 30. 1933. It paid the
interest semiannually up to March 31, 1933, but the semiannual payment of
interest due on September 30, 1933, was paid in reichsmarks into an account
in Germany and was not transferred to the United States as required by
the terms of the debt agreement. It is understood that the United States ad-
vised the German Government that it could not accept the payment in
reichsmarks as a compliance with the debt agreement.
On March 31, 1934, all of the installments aggregating 102,000,000 reichs-
marks, previously postponed since September 30, 1931, together with the semi-
annual installment of 20,400,000 reichsmarks and semiannual interest of
2,550,000 reichsmarks, or a total of 122,400,000 reichsmarks (about $50,000,000).
were due and payable. Germany advised that it could not meet the principal
payments falling due, but would and did pay the interest due of 2,550,000
reichsmarks (about $1,000,000).
REPORT OF THE SECRETARY OF THE TREASURY 253
The Treasury holds German bonds for account of mixed claims in the face
amount of 2,040,000,000 reichsmarks ($500,000,000 at time of acquisition but
$800,000,000 at present rates).
The debt agreement of June 23, 1930, provides that the obligation of Germany
to make the payments specified therein shall cease as soon as all of the pay-
ments contemplated by the Settlement of War Claims Act of 192S have been
completed and the bonds of Germany held by the United States not then
matured shall be canceled and returned to Germany.
The amendment to the joint resolution striking out " any or " and the amend-
ment inserting " under this resolution " are clerical clarifying amendments.
The amendment to the last proviso specifically empowers the President to
determine the period or periods in which Germany is in arrears on her pay-
ments and retains the substance of the provision stricken out, so that judicial
review of the President's determination is denied.
Exhibit 38
[Public Resolution No. 38, 73d Cong., H. J. Res. 325]
Joint resolution extending for two years the time within which American
claimants may make application for payment, under the Settlement of War
Claims Act of 1928, of awards of the Mixed Claims Commission and the
Tripartite Claims Commission, and extending until March 10, 1936, the time
within which Hungarian claimants may make application for payment, under
the Settlement of War Claims Act of 1928, of awards of the War Claims
Arbiter
Resolved by the Senate and House of Representatives of the United States of
America in Congress assembled, That subsection (g) of section 2 and subsection
(f) of section 5 of the Settlement of War Claims Act of 1928, as amended by
Public Resolution Numbered 11, Seventy-third Congress, approved June 12, 1933,
are further amended, respectively, by striking out the words " six years " where-
ever such words appear therein and inserting in lieu thereof the words " eight
years ".
Sec. 2. The first sentence of subsection (h) of section 6 of the Settlement of
War Claims Act of 1928 is amended to read as follows :
" No payment shall be made under this section unless application therefor is
made by March 10, 1936, in accordance with such regulations as the Secretary of
the Treasury may prescribe."
Approved, June 18, 1934.
Exhibit 39
[Public Resolution No. 53, 73d Cong., H. J. Res. 365]
Joint resolution to amend the Settlement of War Claims Act of 1928, as
amended
Whereas the joint resolution of the Congress of the United States, approved
July 2, 1921, provides in part as follows :
" Seo. 5. All property of the Imperial German Government, or its successor
or successors, and of all German nationals, which was, on April 6, 1917, in
or has since that date come into the possession or under control of, or has
been the subject of a demand by the United States of America or of any of
its officers, agents, or employees, from any source or by any agency whatsoever,
* * * shall be retained by the United States of America and no disposition
thereof made, except as shall have been heretofore or specifically hereafter
shall be provided by law until such time as the Imperial German Govern-
ment * * * shall have * * * made suitable provision for the satis-
faction of all claims against said [Government] * * *, of all persons,
wheresoever domiciled, who owe permanent allegiance to the United States
of America and who have suffered, through the acts of the Imperial German
Government, or its agents * * * since July 31, 1914, loss, damage, or
injury to their persons or property, directly or indirectly, whether through
the ownership of shares of stock in German, * * *, American, or other
corporations, or in consequence of hostilities or of any operations of war,
or otherwise * * *."
254 REPORT OF THE SECRETARY OF THE TREASURY
Whereas the treaty between the United States and Germany of August 25,
1921, incorporated said provision of such joint resolution and also provided
in article I thereof as follows :
" Germany undertakes to accord to the United States, and the United States
shall have and enjoy, all the rights, privileges, indemnities, reparations, or
advantages specified in the aforesaid joint resolution of the Congress of the
United States of July 2, 1921, including all the rights and advantages stipu-
lated for the benefit of the United States in the Treaty of Versailles which
the United States shall fully enjoy notwithstanding the fact that such treaty
has not been ratified by the United States." ; and
Whereas by the agreement of August 10, 1922, between Germany and the
United States, a Mixed Claims Commission was established to adjudicate claims
of American nationals against Germany arising out of the World War ; and
Whereas under the terms of the debt funding agreement between Germany
and the United States dated June 23, 1930, Germany agreed to pay to the
United States in satisfaction of Germany's obligations remaining on account
of awards, including interest thereon, entered and to be entered by the Mixed
Claims Commission, United States and Germany, the sum of 40,800,000 reichs-
marks for the period September 1, 1929, to March 31, 1930, and the sum of
40,800,000 reichsmarks per annum from April 1, 1930, to March 31, 1981; and
Whereas Germany is now in arrears in payments due under said debt funding
agreement between Germany and the United States, and has, accordingly, failed
to make suitable provision for the satisfaction of the said claims against
Germany : Now, therefore, be it
Resolved by the Senate and House of Representatives of the United States
of America in Congress assembled, That so long as Germany is in arrears in any
payments of principal or interest, including interest at the rate of 5 per centum
per annum on principal installments not paid when due, under the debt funding
agreement between Germany and the United States, dated June 23, 1930, with
respect to Germany's obligations remaining on account of awards, including
interest thereon, entered and to be entered by the Mixed Claims Commission,
United States and Germany, all payments, conveyances, transfers, or deliveries
of money or property, or the income, issues, profits, and/or avails thereof
authorized or directed to be made under the Trading with the Enemy Act, as
amended, or the Settlement of War Claims Act of 1928, as amended, whether
or not a judgment or decree has been entered with respect thereto, shall be
postponed and the money or property, or the income, issues, profits, and/or
avails thereof reserved : Provided, however, That such of the funds as are from
time to time available (without taking into consideration interest thereafter
accruing) under the Settlement of War Claims Act of 1928, as amended, for
the payment of principal and interest upon awards of said Mixed Claims Com-
mission shall be applied when available to the payment of principal and in-
terest upon such awards in the same manner and to the same extent as though
certain of the payments provided for in said act had not been postponed under
this resolution : Provided further, That the President may, in his sole discretion,
remove the restriction as to any of the cases or classes of cases in relation
to which payments, conveyances, transfers, or deliveries have been postponed
under this resolution: And provided further, That the President is authorized
to determine, for the purposes of this resolution, the period or periods in which
Germany is in arrears in the payments hereinbefore described, and his determi-
nation thereof shall not be subject to judicial review.
Section 36 of the Emergency Farm Mortgage Act of 1933, as amended, is
amended —
I. By striking the comma and the word " and " after the words " to reduce
and refinance its outstanding indebtedness incurred in connection with any
such project " in the second sentence thereof and inserting in place thereof
the following : " ; or, whether or not it has any such indebtedness, to purchase
or otherwise acquire in connection with such project storage reservoirs or
dams or sites therefor, or additional water rights, or canals, ditches, or rights-
of-way for the conduct of water, or other works or appurtenances necessary for
the delivery of water, provided such purchase or acquisition is not intended to
bring additional lands into production. Such loans ".
II. By adding at the beginning of (5) thereof the following: " in the case of
a loan to reduce or refinance its outstanding indebtedness,".
III. By adding at the beginning of (C) thereof the following: "in the case
of a loan to reduce or refinance the outstanding indebtedness of an applicant,".
Approved, June 27, 1934.
REPORT OF THE SECRETARY OF THE TREASURY 255
GOVERNMENT DEPOSITS
Exhibit 40
Supplements to Department Circular No. 92, revised, relating to special deposits
of public moneys under the act of Congress approved September 24, 1917, as
amended
THIRD SUPPLEMENT, JULY 24, 1933
Treasury Department Circular No. 92, dated February 23, 1932, as amended,
is hereby further amended by the addition of the following paragraph under
the caption " Collateral security " :
" 11. Federal land bank and Home Owners' Loan Corporation bonds. — Bonds
of the Federal land banks and bonds of the Home Owners' Loan Corporation ;
all at par."
Paragraph 2 of the collateral security provisions of the circular is hereby
amended to read as follows :
"2. Federal farm loan, insular, and territorial government securities. —
Bonds and debentures issued under the Federal Farm Loan Act, as amended
(other than bonds of the Federal land banks as specified in par. 11), bonds of
Puerto Rico, bonds and certificates of indebtedness of the Philippine Islands,
and bonds of the Territory of Hawaii ; all at market value, not to exceed face
value."
Dean Acheson,
Acting Secretary of the Treasury.
FOURTH SUPPLEMENT, OCTOBER 30, 1933
Treasury Department Circular No. 92, dated February 23, 1932, as amended,
is hereby further amended so that paragraph 11 under the caption " Collateral
security " will read as follows :
" 11. Federal land bank bonds, obligations of the Reconstruction Finance Cor-
poration, obligations of Federal home loan banks, and Home Owners' Loan
Corporation bonds. — Bonds of the Federal land banks, obligations of the Recon-
struction Finance Corporation, obligations of the Federal home loan banks, and
bonds of the Home Owners' Loan Corporation ; all at face value."
Dean Acheson,
Acting Secretary of the Treasury.
FIFTH SUPPLEMENT, JANUARY 30, 1934
Treasury Department Circular No. 92, dated February 23, 1932, as amended,
is hereby further amended so as to provide for payment by credit through war
loan deposit accounts for accepted tenders of Treasury bills in specific cases
when the public notice given by the Secretary of the Treasury offering such
Treasury bills authorizes payment in that manner.
Henry Morgenthau, Jr.,
Secretary of the Treasury.
SIXTH SUPPLEMENT, MARCH 27, 1934
Treasury Department Circular No. 92, dated February 23, 1932, as amended,
is hereby further amended so that paragraph 11, under the caption " Collateral
Security ", will read as follows :
" 11. Federal land bank bonds, bonds issued under the Federal Farm Mort-
gage Corporation Act, obligations of the Reconstruction Finance Corporation,
obligations of Federal home loan banks, and Home Owners' Loan Corporation
bonds. — Bonds of the Federal land banks, bonds issued under the Federal
Farm Mortgage Corporation Act, obligations of the Reconstruction Finance
Corporation, obligations of the Federal home loan banks, and bonds of the
Home Owners' Loan Corporation ; all at face value."
Stephen B. Gibbons,
Acting Secretary of the Treasury.
90353—35 18
256 REPORT OF THE SECRETARY OF THE TREASURY
Exhibit 41
Supplements to Deportment Circular No. 176, relating to regulations governing
deposit of public moneys and payment of Government checks and warrants
FIFTH SUPPLEMENT, JULY 2 4, 19 3 3
Paragraph 28 of Treasury Department Circular No. 176, dated September 2,
.1930, as amended, is hereby further amended so that section (b) thereof will
read as follows:
"(b) Bonds of the Federal land banks, bonds of the Home Owners' Loan
Corporation, bonds of Puerto Rico, and bonds and certificates of indebtedness
of the Philippine Islands ; all at par."
Dean Acheson,
Acting Secretary of the Treasury.
SIXTH SUPPLEMENT, OCTOBER 30, 1933
Treasury Department Circular No. 176, dated September 2, 1930, as amended,
is hereby further amended so that section (b) of paragraph 28 will read as
follows :
"(b) Bonds of the Federal land banks, obligations of the Reconstruction
Finance Corporation, obligations of the Federal home loan banks, bonds of
the Home Owners' Loan Corporation, bonds of Puerto Rico, and bonds and
certificates of indebtedness of the Philippine Islands ; all at face value."
Dean Acheson,
Acting Secretary of the Treasury.
SEVENTH SUPPLEMENT, MARCH 27, 1934
Treasury Department Circular No. 176, dated September 2, 1930, as amended,
is hereby further amended so that section (b) of paragraph 28 will read as
lollows :
"(b) Bonds- of the Federal land banks, bonds issued under the Federal Farm
Mortgage Corporation Act, obligations of the Reconstruction Finance Corpo-
ration, obligations of the Federal home loan banks, bonds of the Home Owners'
Loan Corporation, bonds of Puerto Rico, and bonds and certificates of indebted-
ness of the Philippine Islands ; all at face value."
Stephen B. Gibbons,
Acting Secretary of the Treasury.
MISCELLANEOUS
Exhibit 42
Accounting system of the Treasury Department (Department Circular No. 51-'i)
Treasury Department,
June SO, 193/h
To the heads of bureaus and offices of the Treasury Department and others
concerned:
Hereafter no installations of new accounting forms, systems, and procedures,
and no changes in existing accounting forms, systems, and procedures shall be
made in any bureau, division, or office of the Treasury Department without
express approval of the Secretary of the Treasury or by an officer of the De-
partment duly authorized to act for the Secretary, and all recommendations
with respect thereto, before being acted upon by the Secretary of the Treasury
or by his duly authorized representative, shall be submitted to the office of the
Commissioner of Accounts and Deposits for investigation and report not less
than 15 days in advance < f the date on which the proposed installations or
changes are to be made. As soon as any changes in accounting procedures are
contemplated, the office of the Commissioner of Accounts and Deposits should
REPORT OF THE SECRETARY OF THE TREASURY 257
be immediately notified, in order that arrangements may be made for repre-
sentatives of that office to participate in conferences which may be held
regarding the proposed changes.
Henry Morgenthau, Jr.,
Secretary of the Treasury.
Exhibit 43
Regulations and instructions governing the issue of duplicate checks of disburs-
ing officers (first supplement to Department Circular No. 327, revised)
Treasury Department,
February 20, 193Jf.
To flic heads of departments and establishments and others concerned:
Effective immediately, paragraph 4 of Treasury Department Circular No. 327
(revised), dated October 15, 1924, is hereby amended by adding a sentence at the
end thereof, reading as follows :
" Whenever the issuance of a duplicate check under the provisions of sections
3646 and 3647 of the Revised Statutes, as amended, is necessary to replace a
lost, destroyed, or stolen check issued by an officer whose disbursing function
has been transferred to the Division of Disbursement, Treasury Department,
but who is still in the service of the United States, such duplicate check will
be prepared in the Division of Disbursement, Treasury Department, and pre-
sented to the former disbursing officer for signature, if practicable ; when signed
by the issuing officer, the duplicate check, with bond of indemnity, will be trans-
mitted to the Secretary of the Treasury, Division of Bookkeeping and War-
rants, for approval, after which it will be returned to the Division of Disburse-
ment for delivery to the payee."
Henry Morgenthau, Jr.,
Secretary of the Treasury.
Exhibit 44
Laws and regulations governing the recognition of attorneys, agents, and
other persons representing claimants and others before the Treasury Depart-
ment and offices thereof
FIRST SUPPLEMENT, AUGUST S, 1933, TO department CIRCULAR NO. 230, REVISED,
OF JULY 1, 1927
Treasury Department Circular No. 230 (revised), dated July 1, 1927, pre-
scribing rules and regulations governing the recognition of attorneys and
agents and other persons representing claimants before the Treasury Depart-
ment and offices thereof is hereby amended by striking out the third and
fourth paragraphs of section 1 prescribing the duties of the secretary of the
committee and the attorney for the committee and inserting in lieu thereof
the following:
"The Secretary of the Treasury shall appoint an attorney for the committee
who shall not be a member of the committee. Such attorney shall be the
legal adviser of the committee, present all formal complaints against enrolled
attorneys or agents, and represent the Government in all proceedings before
the committee. Such attorney shall also be the secretary of the committee and
shall keep and maintain its records and shall have the custody of all of its
papers, records, rolls, etc."
Thomas Hewes,
Acting Secretary of the Treasury.
SECOND SUPPLEMENT, JANUARY 5, 1934, TO DEPARTMENT CIRCULAR NO. 230,
REVISED, OF JULY 1, 1927
Section 1 of Treasury Department Circular No. 230 (revised), dated July 1,
1927, prescribing rules and regulations governing the recognition of attor-
neys and agents and other persons representing claimants before the Treasury
258 REPORT OF THE SECRETARY OF THE TREASURY
Department and offices thereof as amended by first supplement dated August
8, 1933, is hereby further amended to read as follows :
"A committee on enrollment and disbarment is hereby created consisting of
6 members who shall be appointed by the Secretary of the Treasury, of
whom 2 shall be detailed from the office of the Secretary. The Secretary
of the Treasury shall designate a chairman and vice chairman of the com-
mittee. The chairman shall be designated from the members detailed from
the Secretary's office. The committee shall make such rules for its own gov-
ernment as it considers advisable. The committee shall meet regularly on
Tuesday and Friday of each week if a business day, and shall meet on other
days at the call of the chairman. Three members shall constitute a quorum.
" The committee shall receive and consider applications to be recognized
as attorney, agent, or other representative before the Treasury Department
or offices thereof; receive complaints against those enrolled; conduct hear-
ings ; make inquiries ; perform other duties as prescribed herein, and do all
things necessary in the matter of proceedings for enrollment, suspension, or
disbarment of such attorneys, agents, or other representatives, pursuant to
these regulations ; and submit its recommendations thereon to the Secretary
of the Treasury for approval.
" The Secretary of the Treasury shall appoint an attorney for the com-
mittee who shall not be a member of the committee. Such attorney shall be
the legal adviser of the committee, present all formal complaints against en-
rolled attorneys or agents, and represent the Government in all proceedings
before the committee. Such attorney shall also be the secretary of the com-
mittee and shall keep and maintain its records and shall have the custody of
all of its papers, records, rolls, etc."
Henry Morgenthau, Jr..
Secretary of the Treasury.
Exhibit 45
Executive orders and Treasury orders changing organization and procedure in
the Treasury Department
EXCERPTS FROM EXECUTIVE ORDER NO. 6166, JUNE 10, 1933, WHICH RELATE TO THE
TREASURY DEPARTMENT
Whereas section 16 of the act of March 3, 1933 (Public No. 428, 47 Stat.
1517), provides for reorganizations within the executive branch of the Govern-
ment ; requires the President to investigate and determine what reorganiza-
tions are necessary to effectuate the purposes of the statute ; and authorizes
the President to make such reorganizations by Executive order ; and
Whereas I have investigated the organization of all executive and adminis-
trative agencies of the Government and have determined that certain regroup-
ings, consolidations, transfers, and abolitions of executive agencies and func-
tions thereof are necessary to accomplish the purposes of section 16 :
Now, therefore, by virtue of the aforesaid authority, I do hereby order that :
SECTION 1. — PROCUREMENT
The function of determination of policies and methods of procurement, ware-
housing, and distribution of property, facilities, structures, improvements, ma-
chinery, equipment, stores, and supplies exercised by any agency is transferred
to a Procurement Division in the Treasury Department, at the head of which
shall be a Director of Procurement.
The Office of the Supervising Architect of the Treasury Department is trans-
ferred to the Procurement Division, except that the buildings of the Treasury
Department shall be administered by the Treasury Department and the admin-
istration of post-office buildings is transferred to the Post Office Department.
The General Supply Committee of the Treasury Department is abolished.
In respect of any kind of procurement, warehousing, or distribution for any
agency the Procurement Division may, with the approval of the President, (a)
undertake the performance of such procurement, warehousing, or distribution
itself, or (b) permit such agency to perform such procurement, warehousing,
or distribution, or (c) entrust such performance to some other agency, or (d)
avail itself in part of any of these recourses, according as it may deem desir-
REPORT OF THE SECRETARY OF THE TREASURY 259
able in the interest of economy and efficiency. When the Procurement Division
has prescribed the manner of procurement, warehousing, or distribution of
anything, no agency shall thereafter procure, warehouse, or distribute such
thing in any manner other than so prescribed.
The execution of work now performed by the Corps of Engineers of the Army
shall remain with said corps, subject to the responsibilities herein vested in the
Procurement Division.
The Procurement Division shall also have control of all property, facilities,
structures, machinery, equipment, stores, and supplies not necessary to the work
of any agency ; may have custody thereof or entrust custody to any other
agency ; and shall furnish the same to agencies as need therefor may arise.
The fuel yards of the Bureau of Mines of the Department of Commerce are
transferred to the Procurement Office. * * *
SECTION 2. NATIONAL PARKS, BUILDINGS, AND RESERVATIONS
All functions of administration of public buildings, reservations, national
parks, national monuments, and national cemeteries are consolidated in an
Office of National Parks, Buildings, and Reservations in the Department of the
Interior, at the head of which shall be a Director of National Parks, Buildings,
and Reservations; except that where deemed desirable there may be excluded
from this provision any public building or reservation which is chiefly employed
as a facility in the work of a particular agency. This transfer and consolida-
tion of functions shall include, among other, those of the National Park Service
of the Department of the Inteiior and the National Cemeteries and Parks of
the War Department which are located within the continental limits of the
United States. National cemeteries located in foreign countries shall be trans-
ferred to the Department of State, and those located in insular possessions under
the jurisdiction of the War Department shall be administered by the Bureau
of Insular Affairs of the War Department.
The functions of the following agencies are transferred to the Office of Na-
tional Parks, Buildings, and Reservations of the Department of the Interior,
and the agencies are abolished :
Arlington Memorial Bridge Commission.
Public Buildings Commission.
Public Buildings and Public Parks of the National Capital.
National Memorial Commission.
Rock Creek and Potomac Parkway Commission.
Expenditures by the Federal Government for the purposes of the Commission
of Fine Arts, the George Rogers Clark Sesquicentennial Commission, and the
Rushmore National Commission shall be administered by the Department of
the Interior.
SECTION 3. — INVESTIGATIONS
All functions now exercised by the Bureau of Prohibition of the Department
of Justice with respect to the granting of permits under the national prohibition
laws are transferred to the Division of Internal Revenue in the Treasury
Department.
All functions now exercised by the Bureau of Prohibition with respect to
investigations and all the functions now performed by the Bureau of Investi-
gation of the Department of Justice are transferred to and consolidated in a
Division of Investigation in the Department of Justice, at the head of which
shall be a Director of Investigation.
All other functions now performed by the Bureau of Prohibition are trans-
ferred to such divisions in the Department of Justice as in the judgment of the
Attorney General may be desirable.
SECTION 4. — DISBURSEMENT
The function of disbursement of moneys of the United States exercised by any
agency is transferred to the Treasury Department and. together with the Office
of Disbursing Clerk of that Department, is consolidated in a Division of Dis-
bursement, at the head of which shall be a Chief Disbursing Officer.
The Division of Disbursement of the Treasury Department is authorized to
establish local offices, or to delegate the exercise of its functions locally to
officers or employees of other agencies, according as the interests of efficiency
and economy may require.
260 REPORT OF THE SECRETARY OF THE TREASURY
The Division of Disbursement shall disburse moneys only upon the certifica-
tion of persons by law duly authorized to incur obligations upon behalf of the
United States. The function of accountability for improper certification shall
be transferred to such persons, and no disbursing officer shall be held account-
able therefor.
SECTION 5. CLAIMS BY OR AGAINST TIIE UNITED STATES
The functions of prosecuting in the courts of the United States claims and
demands by, and offenses against, the Government of the United States, and of
defending claims and demands against the Government, and of supervising the
work of United States attorneys, marshals, and clerks in connection therewith,
now exercised by any agency or officer, are transferred to the Department of
Justice.
As to any case referred to the Department of Justice for prosecution or de-
fense in the courts, the function of decision whether and in what manner to
prosecute, or to defend, or to compromise, or to appeal, or to abandon prosecu-
tion or defense, now exercised by any agency or officer, is transferred to the
Department of Justice.
For the exercise of such of his functions as are not transferred to the De-
partment of Justice by the foregoing two paragraphs, the Solicitor of the Treas-
ury is transferred from the Department of Justice to the Treasury Department.
Nothing in this section shall be construed to affect the function of any agency
or officer with respect to cases at any stage prior to reference to the Depart-
ment of Justice for prosecution of defense.
SECTION 8. — INTERNAL REVENUE
The Bureaus- of Internal Revenue and of Industrial Alcohol of the Treasury
Department are consolidated in a Division of Internal Revenue, at the head of
which shall be a Commissioner of Internal Revenue.
SECTION 16. — APPORTIONMENT OF APPROPRIATIONS
The functions of making, waiving, and modifying apportionments of appro-
priations are transferred to the Director of the Bureau of the Budget.
SECTION 19. GENERAL PROVISIONS
Each agency, all the functions of which are transferred to or consolidated
with another agency, is abolished.
The records pertaining to an abolished agency or a function disposed of, dis-
position of which is not elsewhere herein provided for, shall be transferred to
the successor. If there be no successor agency, and such abolished agency be
within a department, said records shall be disposed of as the head of such
department may direct.
The property, facilities, equipment, and supplies employed in the work of an
abolished agency or the exercise of a function disposed of, disposition of which
is not elsewhere herein provided for, shall, to the extent required, be trans-
ferred to the successor agency. Other such property, facilities, equipment, and
supplies shall be transferred to the Procurement Division.
All personnel employed in connection with the work of an abolished agency
or function disposed of shall be separated from the service of the United States,
except that the head of any successor agency, subject to my approval, may,
within a period of 4 months after transfer or consolidation, reappoint any of
such personnel required for the work of the successor agency without re-
examination or loss of civil service status.
SECTION 20. — APPROPRIATIONS
Such portions of the unexpended balances of appropriations for any abolished
agency or function disposed of shall be transferred to the successor agency as
the Director of the Budget shall deem necessary.
Unexpended balances of appropriations for an abolished agency or function
disposed of, not so transferred by the Director of the Budget, shall, in accord-
ance with law, be impounded and returned to the Treasury.
REPORT OF THE SECRETARY OF THE TREASURY 261
SECTION 2 1 . — DEFINITIONS
As used in this order —
"Agency " means any commission, independent establishment, board, bureau,
division, service, or office in the executive branch of the Government.
"Abolished agency " means any agency which is abolished, transferred, or
consolidated.
" Successor agency " means any agency to which is transferred some other
agency or function, or which results from the consolidation of other agencies
or functions.
" Function disposed of " means any function eliminated or transferred.
SECTION 22. — EFFECTIVE DATE
In accordance with law, this order shall become effective 61 days from its
date : Provided, That in case it shall appear to the President that the interests
of economy require that any transfer, consolidation, or elimination be delayed
beyond the date this order becomes effective, he may, in his discretion, fix a
later date therefor, and he may for like cause further defer such date from
time to time.
Franklin D. Roosevelt.
The White House,
June 10, 1933.
EXECUTIVE ORDER NO. 6224, JULY 27, 1933, POSTPONING CERTAIN PROVISIONS OF
EXECUTIVE ORDER NO. 016fi, OF JUNE 10, 1933
Whereas it appears that the interests of economy require that the transfers,
consolidations, and eliminations provided for under sections 1, 4, and 8 of
Executive Order No. 6166, of June 10, 1933, be delayed beyond the effective date
of said order ;
Now, therefore, pursuant to the provisions of section 22 of said order, I
hereby order that, except as hereinafter provided, the transfers, consolidations,
and eliminations contemplated by sections 1 (except the abolition of the Fed-
eral Employment Stabilization Board), 4, and 8 of Executive Order No. 6166,
of June 10, 1933, together with the operation of all other provisions of the said
order in so far as they relate to any of the said sections, shall be delayed until
December 31, 1933: Provided, That any transfer, consolidation, or elimination
in whole or in part under any of the said sections (except the abolition of tlie
Federal Employment Stabilization Board) including any other provisions of the
said order in so far as they relate to any of the said sections may be made oper-
ative and in force between August 10, 1933, and December 31, 1933, by order of
the Secretary of the Treasury, approved by the President.
Franklin D. Roosevelt.
The White House,
July 21, 1933.
EXECUTIVE ORDER NO. 0244, AUGUST S, 1933. POSTPONING CERTAIN PROVISIONS OF
EXECUTIVE ORDER NO. 6166, OF JUNE 10, 1933
Pursuant to the provisions of section 22 of Executive Order No. 6166, of June
10, 1933, and in the interests of economy, I hereby order that, except as herein-
after provided, the operation of the provisions of the first paragraph of section
5 of the said order in so far as the said provisions may relate to any function of
the Office of the General Counsel for the Bureau of Internal Revenue, and the
operation of all other provisions of the said order in so far as they may relate
to any such function shall be delayed until October 10, 1933 : Provided, That
any of the provisions of the said order the operation of which is hereby delayed,
may be made operative and in force in whole or in part between August 10,
1933, and October 10, 1933, by joint order of the Secretary of the Treasury and
the Attorney General, approved by the President.
Franklin D. Roosevelt.
The White House,
August 8, 1933.
26^ REPORT OF THE SECRETARY OF THE TREASURY
ORDER OF SECRETARY OF TREASURY, OCTOBER 9, 1933, PURSUANT TO EXECUTIVE ORDERS
NOS. 6166 AND 6224
Pursuant to the provisions of Executive Order No. 6166 of June 10, 1933, and
Executive Order No. 6224 of July 27, 1933, and subject to the approval of the
President, the following provisions of the said Executive order of June 10, 1933,
are hereby made operative and in force to the extent hereinafter set forth :
1. The establishment in the Treasury Department of a Procurement Division
with all the powers set forth in the said order of June 10, 1933.
2. The transfer to the Procurement Division of —
(a) The functions of the General Supply Committee;
(&) The fuel yards of the Bureau of Mines of the Department of Commerce;
(c) The functions of the Office of the Supervising Architect of the Treasury
Department ;
(d) The functions of the Federal Coordinating Service relating to the dis-
position of seized and surplus property, and to the procurement, warehousing
and distribution of property, facilities, structures, improvements, machinery,
equipment, stores, and supplies exercised by —
(1) The area coordinators;
(2) The Federal Real Estate Board;
(3) The Federal Specifications Board;
(4) The Federal Standard Stock Catalog Board;
(5) The Federal Traffic Board;
(6) The Interdepartmental Board of Contracts and Adjustments.
(e) Such portions of the unexpended balances of appropriations available
for the conduct of all agencies or functions transferred pursuant hereto as the
Director of the Budget shall deem necessary.
(f) Custody and control of Federal warehouse and all property, facilities,
structures, machinery, equipment, stores, and supplies belonging to or in the
custody, control, management, or supervision of any agency whose procurement,
warehousing, and distributing functions are transferred pursuant hereto.
3. The abolition of the General Supply Committee.
4. The separation from the service of the United States of all personnel
employed in connection with the work of those functions and activities trans-
ferred pursuant hereto.
5. All persons employed in connection with the work of those functions trans-
ferred pursuant hereto as of the date this order takes effect are hereby reap-
pointed to their same positions and at their same salaries as employees of the
Procurement Division for a temporary period of not exceeding 4 months from
and including the date this order takes effect.
6. Section 1 and subsection (d) of section 2 of this order shall take effect at
12 : 01 a. m., October 10, 1933. The remaining provisions of this order shall take
effect at 12 : 01 a. m., October 16, 1933.
W. H. Woodin,
Secretary of the Treasury.
Approved :
Franklin D. Roosevelt,
The White House, October 9, 1933.
TREASURY DEPARTMENT ORDER NO 1, NOVEMBER 2 0, 1933
It is ordered that the following changes in organization and procedure in the
Treasury Department shall be effective immediately :
(1) All statements- to the press or to the public through interviews, speeches,
or public addresses by any officer or employee of the Treasury Department
shall be submitted before release for approval by Mr. Herbert E. Gaston,
Assistant to the Secretary.
(2) All legal matters affecting the Treasury Department shall be under the
general control and direction of Mr. Herman Oliphant, General Counsel to the
Secretary.
(3) All administrative matters, including personnel and budget, shall be
handled by Mr. William H. McReynolds, Administrative Assistant to the
Secretary.
Henry Morgenthau, Jr.,
Acting Secretary of the Treasury.
REPORT OF THE SECRETARY OF THE TREASURY 263
TREASURY DEPARTMENT OEDEE NO. 2, NOVEMBER 22, 1933
Effective from and after this date, the Secret Service Division of the Treasury
Department will report directly to the Secretary of the Treasury. Department
Circular No. 244 of September 19, 1930, is modified accordingly.
Heney Morgenthau, Jr.,
Acting Secretary of the Treasury.
OEDEE OP THE SECEETAEY OF THE TEEASUBY, NOVEMBER 29, 1933, PUESUANT TO EXECU-
TIVE ORDERS NO. 6166 AND NO. 6224
Pursuant to the provisions of Executive Order No. 6166 of June 10, 1933,
and Executive Order No. 6224 of July 27, 1933, and subject to the approval of
the President, the provisions of the said Executive order of June 10, 1933, are
hereby made operative and in force to the extent hereinafter set forth :
1. The establishment in the Treasury Department of a Division of Disburse-
ment.
2. The transfer to the Division of Disbursement of —
(a) The functions of disbursement exercised by the Disbursing Clerk of
the Treasury Department ;
(b) The functions of disbursement exercised in Washington, D. C, by —
(1) The United States Civil Service Commission;
(2) The United States Employees Compensation Commission;
(3) The General Accounting Office ;
(4) The Interstate Commerce Commission;
(5) The Federal Trade Commission ;
(6) The United States Tariff Commission;
(7) The Federal Power Commission.
3. All persons employed on the date of transfer in connection with the work
of those functions transferred pursuant hereto are hereby reappointed at their
same salaries as employees of the Division of Disbursement for a temporary
period of not exceeding four months from and including the date of such
transfer.
4. Section 1 and subsection (a) of Section 2 of this order and the operation
of Section 3 in so far as it applies to persons affected thereby shall take effect
at 12: 01 a. m.. December 16, 1933. The remaining provisions of this order shall
take effect at 12 : 01 a. m., December 22, 1933.
Henry Moegenthau, Jr.,
Acting Secretary of the Treasury.
Approved :
Fbanklin D. Roosevelt,
The White House, November 29, 1933.
OBDEB OF THE SECEETAEY OF THE TEEASTJBY, DECEMBER 4, 1933, AMENDING TREASURY
DECISION NO. 1, OF APEIL 1, 1927, ISSUED PURSUANT TO THE ACT OF MARCH 3,
1927
To the Commissioner of Industrial Alcohol, the Commissioner of Internal Reve-
nue, and all officials and employees of the Treasury Department concerned:
1. Treasury Decision No. 1 (Bureau of Prohibition) of April 1, 1927, and
any decision or order supplementary thereto or amendatory thereof are hereby
amended as follows:
2. There are hereby transferred to, conferred, and imposed upon the Com-
missioner of Internal Revenue, subject to the general supervision and direction
of the Secretary of the Treasury, all rights, privileges, powers, and duties
conferred or imposed upon the Secretary of the Treasury by section 4 of the
act of March 3, 1927, and which have been heretofore by the said Treasury
Decision No. 1 and/or any other orders conferred or imposed upon the Com-
missioner of Prohibition (now the Commissioner of Industrial Alcohol), and
any other officer or employee of the Bureau of Industrial Alcohol, except such
rights, privileges, powers, and duties as were transferred to or conferred or
imposed upon the Attorney General by the act of May 27, 1930, and except such
other rights, privileges, powers, and duties as may have been heretofore with-
drawn from the Secretary of the Treasury or the Commissioner of Prohibition
(now the Commissioner of Industrial Alcohol).
264 REPORT OF THE SECRETARY OF THE TREASURY
3. Except as may hereafter be otherwise provided, all regulations prescribed,
all orders and instructions issued, and all forms adopted for the enforcement of
the laws administered by the Bureau of Industrial Alcohol, Treasury Depart-
ment, remaining in effect after repeal of the eighteenth amendment, are hereby
continued in effect as regulations, orders, instructions, and forms of the Bureau
of Internal Revenue, Treasury Department.
4. The personnel of the Bureau of Industrial Alcohol shall perform such
duties as the Secretary of the Treasury or the Commissioner of Internal Reve-
nue may prescribe.
5. Except as herein provided nothing in this order shall be construed to affect
the validity of any act done, power exercised, or order, decision, or finding
made, or to relieve any person from any liability incurred prior to the effective
date of this order.
6. This order shall take effect at 12 : 01 a. m. December 6, 1933. The right
to amend or supplement this order or any provisions thereof from time to time
or to revoke this order or any provision thereof at any time is hereby reserved.
Henry Morgenthau, Jr.,
Acting Secretary of the Treasury.
TREASURY DEPARTMENT ORDER NO. 3, DECEMBER 5, 1933
Effective from and after this date, the Bureau of Internal Revenue will re-
port directly to the Secretary of the Treasury. Department Circular No. 244
of September 19, 1930, is modified accordingly.
Henry Morgenthau, Jr.,
Acting Secretary of the Treasury.
TREASURY DEPARTMENT ORDER NO. 4, DECEMBER 26, 1933
The following offices of the Treasury Department are hereby assigned to the
supervision of the Administrative Assistant to the Secretary :
1. Chief Clerk of the Department.
2. Division of Appointments.
3. Division of Supply.
The Division of Disbursement created under the provisions of section 4 of
Executive Order No. 6166 of June 10, 1933, is hereby assigned to the general
supervision of the Commissioner of Accounts and Deposits, this officer report-
ing to the Under Secretary of the Treasury as heretofore.
The above assignments will be effective this date, and Department Circular
No. 244 of September 19, 1930, is modified and amended accordingly.
Henry Morgenthau, Jr.,
Acting Secretary of the Treasury.
EXECUTIVE ORDER NO. 6540, DECEMBER 28, 1933, RELATIVE TO THE POSTPONEMENT OF
CERTAIN PROVISIONS OF EXECUTIVE ORDER NO. 6166 OF JUNE 10, 1933
Whereas it appears that the interests of economy require that certain trans-
fers, consolidations, and eliminations provided for under sections 4 and 8 of
Executive Order No. 6166 of June 10, 1933, be further delayed beyond the
effective date of said order :
Now, therefore, pursuant to the provisions of section 22 of said order, I
hereby order that, except as hereinafter provided, the transfers, consolidations,
and eliminations contemplated by sections 4 and 8 of Executive Order No.
6166 of June 10, 1933, which are not effected prior to December 31, 1933, pur-
suant to Executive Order No. 6224, dated July 27, 1933, together with the
operation of all other provisions of Executive Order No. 6166 of June 10, 1933.
insofar as they relate to said sections 4 and 8, shall be further delayed until
June 30. 1934 : Provided, That any transfer, consolidation, or elimination, in
whole or in part, under said sections 4 and 8, including any other provisions of
the said order of June 10, 1933, in so far as they relate to sections 4 and 8
thereof, may be made operative and in force between January 1, 1934, and June
30, 1934, by order of the Secretary of the Treasury, approved by the President.
Franklin D. Roosevelt.
The White House,
December 28, 19S3.
REPORT OF THE SECRETARY OF THE TREASURY 265
ORDER OF THE SECRETARY OF THE TREASURY, JANUARY 13, 1934, PURSUANT TO
EXECUTIVE ORDERS NO. 6166, NO. 6224, AND NO. 6540
Pursuant to the the provisions of Executive Order No. 6166 of June 10, 1933,
Executive Order No. 6224 of July 27, 1933, and Executive Order No. 6540 of
December 28. 1933, and subject to the approval of the President, the provisions
of the said Executive order of June 10, 1933, are hereby made operative and in
force to the extent hereinafter set forth :
1. The transfer to the Division of Disbursement of the function of disburse-
ment of moneys of the United States exercised in Washington by —
(a) The Veterans' Administration;
(b) The American Battle Monuments Commission;
(c) The Board of Mediation;
(d) The Board of Tax Appeals;
(e) The Federal Radio Commission;
(f) The National Advisory Committee for Aeronautics;
(g) The Smithsonian Institution;
(h) The United States Geographic Board;
(i) The Department of Labor.
2. All personnel employed on the date of transfer in connection with those
functions transferred pursuant hereto are hereby reappointed at their same
salaries as employees of the Division of Disbursement for a temporary period
of not exceeding four months from and including the date of such transfer.
3. The provisions of this order affecting The Veterans' Administration and
the personnel employed therein shall take effect at 12 : 01 a. m., January 16,
1934. The provisions of this order affecting the other independent establish-
ments named and the Department of Labor, and the personnel employed
therein, shall take effect at 12: 01 a. m., February 1, 1934.
Henry Morgenthau, Jr.,
Secretary of the Treasury.
Approved :
Franklin D. Roosevelt,
The White Home, January 13, 193Jt.
EXECUTIVE ORDER NO. 6639, MARCH 10, 1934, CONSOLIDATING EXECUTIVE AGENCIES
ENGAGED IN THE ENFORCEMENT OF THE INTERNAL REVENUE LAWS
Whereas section 16 of the act of March 3, 1933 (ch. 212, 47 Stat. 1489, 1517),
provides for reorganizations within the executive branch of the Government,
requires the President to investigate and determine what reorganizations are
necessary to effectuate the purposes of section 16, and authorizes the President
to make such reorganizations by Executive order ; and
Whereas I have investigated the organization of the executive and admin-
istrative agencies of the Government which are engaged in the enforcement
of the internal revenue laws, and have determined that a consolidation of
such agencies is necessary to accomplish the purposes of section 16 ;
Now, therefore, by virtue of and pursuant to the authority vested in me
by the aforesaid section 16 of the act of March 3, 1933, it is hereby ordered
as follows :
TRANSFER OF FUNCTIONS
1. (a) The Bureau of Industrial Alcohol and the office of Commissioner of
Industrial Alcohol are abolished, and the authority, rights, privileges, powers,
and duties conferred and imposed by law upon the Commissioner of Indus-
trial Alcohol are transferred to and shall be held, exercised, and performed
by the Commissioner of Internal Revenue and his assistants, agents, and
inspectors, under the direction of the Secretary of the Treasury.
(&) The authority, rights, privileges, powers, and duties conferred and im-
posed upon the Attorney General by the act of May 27, 1930 (ch. 342, 46 Stat.
427), entitled "An act to transfer to the Attorney General certain functions
in the administration of the National Prohibition Act, to create a Bureau of
Prohibition in the Department of Justice, and for other purposes ", so far as
they are required to, or may, be exercised and performed under existing law,
are transferred to and shall be held, exercised, and performed by the Com-
missioner of Internal Revenue and his assistants, agents, and inspectors,
266 REPORT OF THE SECRETARY OF THE TREASURY
under the direction of the Secretary of the Treasury : Provided, That the
Attorney General shall continue to exercise the power and authority (a) to
remit or mitigate forfeitures under the internal revenue laws and to determine
liability for internal revenue taxes and penalties, in connection with violations
of the National Prohibition Act occurring prior to the repeal of the eighteenth
amendment, and (b) to institute suits upon any cause of action under the
National Prohibition Act or under the internal revenue laws involving a
violation of the National Prohibition Act, arising prior to, and/or not affected
by, the repeal of the eighteenth amendment, and to compromise any such
cause of action before or after suit is brought : And provided further, That
the Commissioner of Internal Revenue, subject to the approval of the Sec-
retary of the Treasury, shall prescribe all regulations under the provisions
of the National Prohibition Act, and all laws amendatory thereof or supple-
mentary thereto, which were not rendered inoperative by the repeal of the
eighteenth amendment, relating to permits, and he shall prescribe the form
of all applications, bonds, permits, records, and reports under such acts.
TKANSFER OF OFFICIAL RECORDS AND PROPERTY
2. (a) The official records and papers on file in, and pertaining to the busi-
ness of, the Bureau of Industrial Alcohol, together with the supplies, furniture,
equipment, and other property of the United States in use in such Bureau, are
transferred to the Bureau of Internal Revenue.
(6) The official records and papers on file in the Department of Justice per-
taining to the functions transferred by this order to the Commissioner of
Internal Revenue, together with the supplies, furniture, equipment, and other
property of the United States in use in said Department in connection with the
performance of such functions, are transferred to the Bureau of Internal
Revenue.
TRANSFER OF PERSONNEL
3. (a) The officers and employees employed in, or under the jurisdiction of,
the Bureau of Industrial Alcohol, are transferred to the Bureau of Internal
Revenue, without change in classification or compensation.
(6) The officers and employees employed in, or under the jurisdiction of,
the Alcoholic Beverage Unit of the Division of Investigation, Department of
Justice, except those employed in, or under the jurisdiction of, the taxes and
penalties section of said unit, are transferred to the Bureau of Internal Rev-
enue without change in classification or compensation.
(c) Officers and employees transferred to the Bureau of Internal Revenue
hereunder, who do not already possess a competitive classified civil service
status, shall not acquire such status by reason of such transfer, except upon
recommendation by the Secretary of the Treasury to the Civil Service Com-
mission, subject to such noncompetitive tests of fitness as the Commission may
prescribe ; and no officer or employee so transferred may be retained in the
Bureau of Internal Revenue without appropriate civil service status for a period
longer than 60 days from the effective date of this order.
TRANSFER OF APPROPRIATIONS
4. The unexpended balances of appropriations for the Bureau of Industrial
Alcohol and the field service thereunder, and the unexpended balances of the
appropriations made for salaries and expenses, Bureau of Prohibition, Depart-
ment of Justice, including the field service thereof, in so far as may be required
for the performance of the functions transferred by this order to the Commis-
sioner of Internal Revenue, shall be transferred on the books of the Treasury
Department to the appropriation entitled " Collecting the Internal Revenue ",
which shall thereafter be available in the Bureau of Internal Revenue as a
single fund for expenditure for the purposes named in the laws making the
separate appropriations for " Salaries and expenses, Bureau of Industrial Alco-
hol, Treasury Department ", " Salaries and expenses, Bureau of Prohibition,
Department of Justice ", and " Collecting the Internal Revenue ", respectively ;
and appropriations, if any, made to the Bureau of Industrial Alcohol and the
Department of Justice, respectively, for the fiscal year 1935, for the perform-
ance of the functions transferred by this order to the Bureau of Internal Rev-
enue shall likewise be transferred on the books of the Treasury Department to
the appropriation " Collecting the Internal Revenue ", subject to the conditions
herein set forth.
REPORT OF THE SECRETARY OF THE TREASURY 267
GENEBAL PROVISIONS
5. Executive Orders Nos. 6166, 6224, and 6540, dated June 10, 1933, July 27,
1933, and December 28, 1933, respectively, are revoked in so far as they are in
conflict with the provisions of this order.
6. This order shall take effect upon the sixty-first calendar day after its
transmission to Congress, unless otherwise determined in accordance with law.
Franklin D. Roosevelt.
Done in triplicate.
The White House,
March 10, 1984.
ORDER OP THE SECRETARY OF THE TREASURY, APRIL 3, 1934
Treasury financing, investment of Government funds, and other matters
relating directly or indirectly to financing operations are hereby assigned to the
supervision of Mr. T. J. Coolidge, Special Assistant to the Secretary.
Treasury officials whose duties bear on these subjects will perform such duties
under the supervision of Mr. Coolidge. This will apply particularly to the
following officials:
Mr. Broughton, Commissioner of the Public Debt.
Mr. Kilby, Assistant to the Commissioner of the Public Debt.
Mr. Bell, Commissioner of Accounts and Deposits.
Mr. Harlan, Assistant to the General Counsel.
Mr. Stark, Chief, Section of Financial and Economic Research.
Mr. Lochhead, Technical Assistant, Office of the Secretary.
Mr. Lanston, Technical Assistant, Office of the Secretary.
Henry Morgenthau, Jr.,
Secretary of the Treasury.
T. D. 4432, ESTABLISHING AN ALCOHOL TAX UNIT IN THE BUREAU OF INTERNAL
REVENUE AND DEFINING ITS JURISDICTION
To Officers and Employees of the Bureau of Internal Revenue, Collectors of
Internal Revenue, and Others Concerned:
1. There is hereby established in the Bureau of Internal Revenue a unit to
be known as the "Alcohol Tax Unit ", at the head of which shall be a Deputy
Commissioner of Internal Revenue appointed as required by law.
2. The Alcohol Tax Unit shall be charged with the administration, under
the direction of the Commissioner of Internal Revenue, of the internal revenue
laws concerning the following subjects :
(a) The production, custody, and supervision of distilled spirits, alcohol,
wines, fermented liquors, cereal beverages, denatured alcohol, and other such
liquors and liquids;
(6) The establishment, construction, operation, custody, and supervision of
distilleries, industrial alcohol plants, bonded warehouses, denaturing plants,
wineries, bonded wine storerooms, breweries, rectifying houses, dealcoholizing
plants, cereal beverage plants, and other places at which such spirits, liquors,
or liquids are produced or stored ;
(c) The determination, assertion, and assessment of all internal revenue
taxes and penalties pertaining to distilled spirits, alcohol, wines, fermented
liquors, cereal beverages, denatured alcohol, and other such liquors and liquids,
and the compromise thereof, except that all moneys shall be received and
accounted for by the collectors of internal revenue under the direction of the
Commissioner of Internal Revenue ;
(d) Inquiries and investigations relating to the filing of returns for occu-
pational and commodity taxes and penalties in respect to distilled spirits, alco-
hol, wines, fermented liquors, cereal beverages, denatured alcohol, and other
such liquors and liquids, except that the collectors of internal revenue will
remain charged with the routine inspection of the places of business of retail
dealers in such liquors and liquids ;
(e) The investigation, prevention, and detection of violations of the laws
pertaining to distilled spirits, alcohol, wines, fermented liquors, cereal bever-
ages, denatured alcohol, and other such liquors and liquids, or any regulations
issued thereunder, and the apprehension of offenders against such laws;
268 REPORT OF THE SECRETARY OF THE TREASURY
(/) The detention and seizure, for violation of laws relating to distilled
spirits, alcohol, wines, fermented liquors, cereal beverages, denatured alcohol,
and other such liquors and liquids, of property, whether real or personal
(except seizure under distraint warrant), and the custody, control, sale, and
disposition of property so seized ;
(g) The discharge of liens under section 902 of the Revenue Act of 1926.
3. There are conferred and imposed upon the Deputy Commissioner of
Internal Revenue in charge of the Alcohol Tax Unit, and the assistants, in-
spectors, and agents under his supervision, subject to the direction of the
Commissioner of Internal Revenue and subject to such regulations as he may
prescribe from time to time with the approval of the Secretary of the Treas-
ury, all the rights, privileges, powers, and duties conferred and imposed upon
the Secretary of the Treasury and/or the Commissioner of Internal Revenue
under the provisions of the Executive order of March 10, 1934 (no. 6639), and
of section 4(a) of the act approved March 3, 1927, entitled "An act to create
a Bureau of Customs and a Bureau of Prohibition in the Department of the
Treasury ", insofar as they relate to the duties to be performed by the Alcohol
Tax Unit as enumerated in paragraph 2 hereof.
4. Except as may hereafter be otherwise provided, all regulations prescribed,
all orders and instructions issued, and all forms adopted for the enforcement
of the laws heretofore administered by the Commissioner of Industrial Alcohol
or the Bureau of Industrial Alcohol, and assistants, inspectors, and agents
thereunder, and remaining in effect after the repeal of the eighteenth amend-
ment, will continue in effect as regulations, orders, instructions, and forms
of the Bureau of Internal Revenue : Provided, That the term " Commissioner "
or " Commissioner of Industrial Alcohol ", and the term " Supervisor " or
" Supervisor of Permits ", wherever used in such regulations, orders, instruc-
tions, and forms, shall be held to mean, respectively, " Deputy Commissioner
of Internal Revenue " and " District Supervisor."
Guy T. TIelvering,
Commissioner of Internal Revenue.
Approved May 10, 1934:
Henry Morgenthau, Jr.,
Secretary of the Treasury.
EXECUTIVE ORDER NO. G727, MAY 29, 1934, POSTPONING EFFECTIVE DATE OF
CERTAIN PROVISIONS OF EXECUTIVE ORDER NO. (illiG OF JUNE 10, 1933
Whereas it appears that the interests of economy require that certain trans-
fers, consolidations, and eliminations provided for under section 4 of Executive
Order No. 6166 of June 10, 1933, be further delayed beyond the effective date of
said order :
Now, therefore, pursuant to the provisions of section 22 of the said order,
I hereby order that, except as hereinafter provided, the transfers, consolida-
tions, and eliminations contemplated by section 4 of Executive Order No. 6166
of June 10, 1933, which are not effected prior to June 30, 1934, pursuant to
Executive Order No. 6224 of July 27, 1933, and Executive Order No. 6540 of
December 28, 1933, together with the operation of all other provisions of
Executive Order No. 6166 of June 10, 1933, in so far as they relate to said
section 4, be further delayed until December 31, 1934: Provided, That any
transfer, consolidation, or elimination, in whole or in part, under said section 4,
including any other provisions of the said order of June 10, 1933, in so far
as they relate to section 4 thereof, may be made operative and effective be-
tween June 30, 1934, and December 31, 1934, by order of the Secretary of the
Treasury, approved by the President.
Franklin D. Roosevelt.
The White House,
May 29, 1934.
REPORT OF THE SECRETARY OF THE TREASURY 269
EXECUTIVE ORDER NO. 0728, MAY 29, 1!)34, REVOKING IN PART SECTION 4 OF EXECUTIVE
ORDER NO. 6166 OF JUNE 10, 193:!
Whereas section 4 of Executive Order No. 6166 of June 10, 1933, provides in
part :
" The function of disbursement of moneys of the United States exercised by
any agency is transferred to the Treasury Department and, together with the
Office of Disbursing Clerk of that Department, is consolidated in a Division of
Disbursement, at the bead of which shall be a Chief Disbursing Officer."
Whereas the effective date of section 4 of Executive Order No. 6166 has been
deferred until December 31, 1934, by Executive Order No. 6727 of this date,
subject to the provisions contained therein; and
Whereas, after further consideration, I have determined that such transfer
of the disbursing functions under the jurisdiction of the War Department, the
Navy Department, and the Panama Canal, except as hereinafter set forth,
would adversely affect the operation of our military and naval forces in time
of emergency and would not be in the public interest ;
Now, therefore, by virtue of and pursuant to the authority vested in me by
section 16 of the act of March 3, 1933 (ch. 212, 47 Stat., 1489, 1517), it is
ordered that the above-quoted provision of section 4 of Executive Order No.
6166 of June 10, 1933, be, and it is hereby, revoked in so far as and to the extent
that it is applicable to the disbursing functions under the jurisdiction of the
War Department, the Navy Department (including the Marine Corps), and the
Panama Canal, except those pertaining to departmental salaries and expenses
in the District of Columbia : Provided, That the Secretary of War and the
Secretary of the Navy shall continue to furnish the Secretary of the Treasury
such fiscal reports as are now or may hereafter be required by law, and such
other fiscal data as may be required by the Secretary of the Treasury from
time to time: Provided, further, That upon the request of the Secretary of the
Treasury and with the approval of the Secretary of War and the Secretary of
the Navy, as the case may be, the facilities of the War and Navy Departments
and the Panama Canal may be utilized in the disbursement, or aiding in the
disbursement, of public moneys of the United States available for expenditure
by any executive department, independent establishment, or agency of the
Government.
This order will become effective in accordance with the provisions of section
1, title III, of the act of March 20, 1933 (ch. 3, 48 Stat. 8, 16).
Franklin D. Roosevelt.
Done in duplicate.
The White House,
May 29, 1934.
DEPARTMENT CIRCULAR NO. 519, JUNE 20, 1934
The Revenue Act of 1934 created in the Department of the Treasury the
Office of General Counsel for the Department of the Treasury. Accordingly,
there is hereby established a division to be known as " Legal Division, Depart-
ment of the Treasury ", to which is transferred all of the personnel, records,
books, furniture, and supplies connected with the legal activities of the Treas-
ury Department, and such division is hereby placed under the direct super-
vision and control of the General Counsel.
The General Counsel is hereby authorized to perform all duties and func-
tions incident to the administration of the legal activities of the Treasury
Department, including the signing of letters and the approval in my stead of
such documents as may come before him in the regular course of his adminis-
tration of the Legal Division of the Treasury Department, and such other duties
as may be assigned to him by me from time to time.
All matters relating to personnel in the Legal Division, including recommen-
dations for new appointments, transfers, promotions, or other matters relating
to changes in personnel and all matters relating to the purchase of books and
supplies for the Legal Division shall be referred to the General Counsel for
his approval before any action is taken thereon.
Henry Morgenthau, Jr.,
Secretary of the Treasury.
270 REPORT OF THE SECRETARY OF THE TREASURY
Exhibit 46
Excerpt from a letter of the Postmaster General to the Secretary of the Treas-
ury, dated November 15, 1934, certifying extraordinary expenditures contribut'
ing to the deficiency of postal revenues for the fiscal year ended June SO,
1934, in pursuance of Public Act No. 316, Seventy-first Congress, approved
June 9, 1930 (40 Stat. 523)
In accordance with the provisions of the act of June 9, 1930, embodied in
section 260, Postal Laws and Regulations, the amounts set forth below with
respect to certain mailings during the fiscal year ended June 30, 1934, are
certified to you in order that they may be separately classified on the book?
of the Treasury Department in stating the expenditures made from the appro-
priation to supply the deficiency of postal revenues :
(a) The estimated amount which would have been collected at regular
rates of postage on matter mailed during the year by officers of the
Government (other than those of the Post Office Department) under
the penalty privilege, including registry fees $23, 094, 882. 00
(b) The estimated amount which would have been collected at regular
rates of postage on matter mailed during the year by :
1. Members of Congress under the franking privilege — $775, 785. 00
2. By others under the franking privilege 215. 00
776, 000. 00
(c) The estimated amount which would have been collected during the
year at regular rates of postage on publications going free in the
county 545, 227. 00
(d) The estimated amount which would have been collected at regular
rates of postage on matter mailed free to the blind during the year 103, 552. 00
(e) The estimated difference between the postage revenue collected dur-
ing the year on mailings of newspapers and periodicals published by
and in the interests of religious, educational, scientific, philanthropic,
agricultural, labor, and fraternal organizations, and that which would
have been collected at zone rates of postage 418, 100. 00
(f) The estimated excess during the year of the cost of aircraft service
over the postage revenues derived from air mail 12, 992, 910. 83
<g) The estimated amount paid during the year to vessels of American
registry for carrying the ocean mail in excess of what would have
been paid at pound rates if carried in vessels of foreign registry 28, 692, 458. 00
Total 66, 623, 129. 83
TABLES
271
90353—35 19
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jJJJj EXPLANATION OF BASES USED IN TABLES
Figures in the following tables are shown on various bases, namely: (1) Dailv
Treasury statements, unrevised (current cash); (2) daily Treasury statements,
revised factual); (3) warrants issued; (4) checks issued;* and (5) collections re-
ported by collecting officers.
"Daily' Treasury statements (unrevised) (receipts and expenditures).— The
figures shown in the daily statement of the United States Treasury are compiled
from t l.e latest daily reports received by the Treasurer of the United States
from Treasury officers and public depositaries holding Government funds. The
daily Treasury statement, therefore, is a current report compiled from latest
available information, and, by reason of the promptness with which the infor-
mation is obtained and made public, it lias come into general use as reflecting
the financial operations of the Government covering a given period, and gives
an accurate idea 1 >f tin- actual condition of the Treasury as far as it is ascertainable
from day fo day. This is known as "current cash'basis", according to daily
Treasury statements (unrevised). Table 8 (p. 294) shows receipts and expendi-
tures on this basis. The current assets and liabilities of the Treasury and the
outstanding public debt are also 'available on this basis.
Daily Treasury statements (revised) (receipts and expenditures).— On ac-
count of the distance of some of the Treasury offices and depositaries from the
Treasury, it is obvious that the reports from all officers covering a particular
day's transactions cannot be received and assembled in the Treasury at one
time without delaying for several days the publication of the daily Treasury
statement. It is necessary, therefore, id order to exhibit the actual receipts and
expenditures for any given month or fiscal year, to take into consideration those
reports covering the transactions for the last few days of the month or fiscal year
concerned which have not been received in the Treasury until the succeeding
month or fiscal year, and to eliminate receipts and expenditures relating to the
preceding month. After taking into consideration these reports, the revised
figures indicate the condition of the Treasury on the basis of actual transactions
occurring during the period under review. This is known as "the basis of daily
Treasury statements (revised)."
It is not practical to delay the publication of the daily Treasury statement in
order to include the later reports, as the difference between the revised and the
unrevised figures is immaterial. The unrevised figures as shown in current
(laily!:"Treakttry 'statements are the basis for the Budget estimates submitted
to Congress by the President. The revised figures are of no practical use except
to enable the use of a true General Fund balance on the monthly statement of
the public debt of the United States and to bring the daily Treasury statement
figures into agreement with the figures basedon warrants issued. The table on
page 154 shows receipts and expenditures on this basis. The current assets and
liabilities of the Treasurv and the outstanding public debt are also available on
this basis.
Warrants issued (receipts). — Section 305 of the Revised Statutes provides that
receipts for all moneys received by the Treasurer of the United States shall be
endorsed upon warrants signed by the Secretary of the Treasury, without •which
warrants, so signed, no acknowledgment for money received into the Public
Treasury shall be valid. The issuance of warrants by the Secretary of the
Treasury, as provided bv law, represents the formal covering of receipts into
the Treasury.
Gortiiicatos of deposit covering actual deposits in Treasury offices and deposi-
taries, upon which covering warrants are based, cannot reach the Treasury
srmurtaneouslv, and for that reason all -receipts for a fiscal year cannot Be covered
into the Treasury by warrants of the Secretary immediately upon the close
of that fiscal vear. It is necessary to have all certificates of deposit before a
statement can be issued showing the total receipts for a particular fiscal year
on a -warrant basis. The figures thus compiled will agree with the figures com-
piled on the basis of daily Treasury statements (revised). The details in table
1 (p. 276) show receipts on this basis.
273
274 REPORT OF THE SECRETARY OF THE TREASURY
Warrants issued (expenditures). — The Constitution of the United States pro-
vides that no money shall be drawn from the Treasury but in consequence of
appropriations made by law. Section 305 of the Revised Statutes requires that
the Treasurer of the "United States shall disburse the moneys of the United
States upon warrants drawn by the Secretary of the Treasury. As the warrants
are issued by the Secretary they are charged against the appropriate appropria-
tions provided by law. Some of these warrants do not represent actual pay-
ments to claimants, but are merely advances of funds to be placed to the credit
of disbursing officers of the Government with the Treasurer of the United States
for the payment of Government obligations. The disbursing officer then issues
his check on the Treasurer in payment of such obligations. As far as the appro-
priation accounts are concerned, the warrants issued and charged thereto consti-
tute expenditures, but it will be observed that such expenditures necessarily in-
clude unexpended balances to the credit of the disbursing officers. Under nor-
mal conditions these balances over a period of several years fluctuate very little
in the aggregate, and the difference between the total expenditures on a warrant
basis and a cash basis (revised) is immaterial. Statement of the expenditures on
a warrant basis from 1789 to 1915 is shown on page 302 of this report.
Checks issued (expenditures). — -This basis, more than any other, reflects the
real expenditures of the Government. Expenditures for a given fiscal year on
the basis of checks issued differ from the corresponding figures on the basis of
warrants in that the former include expenditures made by disbursing officers
from credits granted during the previous fiscal year, and exclude the amount of
unexpended grants remaining to their credit at the end of the fiscal year. The
basis of checks issued differs from the basis of the daily Treasury statement (re-
vised) in that the former includes checks outstanding at the end of the fiscal
year, and excludes unpaid checks outstanding at the beginning of the fiscal year.
A detailed explanation of the basis of checks issued will be found on page 89 of
the Secretary's report for 1927. Table 2 (p. 282) shows expenditures on this basis.
Collections reported by collecting officers (receipts). — Statements showing re-
ceipts on a collection basis are compiled from reports received by the various
administrative offices from collecting officers in the field, such as collectors of in-
ternal revenue and collectors of customs. These reports cover the collections
actually made by these officers during the period specified. The collections are
then deposited in a designated Government depositary to the credit of the
Treasurer of the United States, which depositary renders a report to the Treas-
urer. The reports of the collecting officers and the depositaries do not, of course,
coincide, for the reason that the collecting officers make collections during the
last few days of the fiscal year which are not deposited until after the close of the
fiscal year. On this account the two reports do not agree. The receipts are
reported on a collection basis merely for statistical purposes and to furnish infor-
mation as to detailed sources of revenue. Classification of such items on the
basis of deposits has been found to be impracticable and uneconomical. Tables
7 and 13 (pp. 317 and 329) show receipts on a collection basis.
DESCRIPTION OF ACCOUNTS THROUGH WHICH TREASURY
OPERATIONS ARE EFFECTED
All receipts of the Government are covered into the General Fund of the Treas-
ury from which all expenditures are made. Receipts and expenditures, however,
are classified in the Treasury's records according to the class of accounts through
which operations are effected. Transactions are segregated in order to exhibit
separately those effected through general fund accounts, as contrasted with those
effected through special and trust accounts representing restricted or specially
allocated receipts and expenditures chargeable thereto. This classification was
first shown in published records for 1927 for the warrants and checks-issued
bases and on the daily Treasury statements beginning with the July 1, 1930,
issue, in order to conform to the practice of the Bureau of the Budget. In some
tables in this report, however, transactions in the three types of accounts are com-
bined for purposes of historical comparison. A brief general explanation of the
three classes of accounts is presented below.
General fund accounts. — The principal sources of general fund account receipts
are income taxes, miscellaneous internal revenue, and customs duties. In
addition, a large number of miscellaneous receipts come under this head including
such items as proceeds of Government owned securities (except those which are
REPORT OF THE SECRETARY OF THE TREASURY 275
applicable to public debt retirement), sale of surplus and condemned property,
Panama Canal tolls, fees (including consular and passport fees), fines, penalties,
forfeitures, rentals, royalties, reimbursements, immigration head tax, sale of
public land, tax on national bank circulation, interest on public deposits, seignior-
age on coinage of subsidiary silver and minor coins, etc. Moneys represented in
the general fund accounts may be withdrawn from the Treasury only in pursuance
of appropriations made by Congress. There are four classes of appropriations
payable through the general fund accounts of the Treasury, namely: (a) An-
nual, being those made each year in the several departmental supply bills and
limited for obligation during the fiscal year for which made; (b) continuing
(no year), being available until expended or until the object for which appro-
priated has been accomplished, such as construction of public works; (c) perma-
nent-specific, being fixed amounts provided for each of a series of years by perma-
nent legislation, without annual action of Congress; and (d) permanent-indefinite,
being indefinite amounts (so much as may be necessary) provided by permanent
legislation without annual action of Congress, such as the indefinite appropriation
to cover interest on the public debt.
A statement of general fund receipts and expenditures is, therefore, in the
nature of a general operating statement, and gives a picture of the relationship
between the general revenues of the Government and the operating expenditures
(including capital outlays and fixed charges) chargeable against them.
Special accounts. — -Special account receipts may be generally defined as funds
received under special authorizations of law which may be expended only for
the particular purposes specified therein. Special account receipts may not be
used for the general expenditures of the Government. The most important
items of receipts included under this heading, from the standpoint of amounts,
are those applicable to the retirement of the public debt. Other important
special account receipts are the reclamation fund under the Department of the
Interior, funds received for river and harbor improvements, Forest Service
cooperative funds, and proceeds from sales of ships, etc., by the United States
Shipping Board available for construction loans. There are many other special
account receipts of lesser importance.
Trust accounts. — Trust account receipts represent moneys received by the
Government for the benefit of individuals or classes of individuals. Moneys
held in trust, being payable to or for the use of beneficiaries only, are not available
for general expenditures of the Government. There are several classes of trust
account receipts, the beneficiaries under which may be either individuals or
groups of individuals. The funds may represent (a) moneys received directly
from or for account of individuals, as in the case of moneys received from foreign
governments or other sources in trust for citizens of the United States or others
under the act of February 27, 1896; (b) moneys collected as revenues and held
in trust, such as the proceeds of sales of Indian lands which are held as interest-
bearing funds for the benefit of Indian tribes; and (c) proceeds of grants from the
general fund accounts of the Treasury in pursuance of treaty or other obligations
such as the perpetual trust fund created for the Ute Indians under section 5 of
the act of June 15, 1880.
276 immm sis mcm*iwm « mssmsp
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ni bgtno- dcneral tables ra lo 9§Bnioo no 93s
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■ uoiriJ y[«. svfiq
[Details on basis of warrants issuedwith totals adjusted to basis ol, daily. Treasury statements (unrevised^,,
see ,). 273. Fur axp} ar^io>; fif account,, see p. 274J , ^ ^^
-oiqqjj ibiil/7 — — ~ ; — ^~ — .[j iiJnn 'io bebiiijqxi) iiJaiu aldidiiiv ■ — - :■'/ on)
-Brxii9q (o) ;x:!ti// 'jiu'l^^g aoiteinJanoo a/i douy ,b
-ean9q T{d 8-ibo\ to 391193 bio do£9 ioi b9bivo
■ ; I General and n
special accounts
..gjiafiobtd-ui ■■ — 1 : ■■gaignoO to noitofl Isi.i
■
jn9nfimi9q vd b9bivo»gv^f*38909a 9d \&ai ?& douce
InterimiJrpTenup:; ajinitobni 9dj 8fi doua ,a39l3fioO '■
Income taxes 4^^.
Miscellaneous internal revenue taxes , -,. ' _.
9^o8fesifi§ tax on farm | .roducts L2SL. PJSfi.ffl[ai§aS3..-Pi
qid
, Total internal revenue, warrapts-iss.ued basis
"''Adjustment between warrants' issued and cash receipts
■
ebr^dt^iinteirj^f^epUeisafih^ecfeiijts -.--4 ....
siV\i _j'Ju>» »riabjJ.iiCLL''^3 _3'i xf>nt dairfw wbI to anoitssi
Customs (excluding tonnage tax):
(Trust (inklacbahq
tributpd accounts .
■il Lr<9n
os) sL uorajs jiinitobrd gnigd
ddiw noiiiil3i§9l
319trri-19-7TT9-0i
-kr-9-ro^en
..$817, 025, 339.72
1, 473; 724', 386. (32"
' ■ 3B6;iI62, 220. 36
2,641}, 9QL, 946- 70
■ 6,298*118.40
2, 640,003, .s28. 30 ||
EJ-n99W*9d
^aJBI/foni)
" Customs duties, warraii'ts-'issiifed- basis:..
..•ni?md* bar! toajit, $&, 240. 64
jilAidiustment between, warrants 'issued; and oaiJh rjedoipte— aaaijii :
Total c^1on«duties^n ^M2}h^^.^Ll?P.
:i i9flJT) :./ouD oiranq 3nJ 10 Jnoinyujoi
Miscellaneous: ,;ul noijJJfOBloai yd| 9'IC
i>r;w».,it
313, 434,'3Q2;i9
U JJ9Vi9991
. jjzlviiiiwsi. Sid 5
j_-atij:---K3^--bo8iJ
j'>-n 10 amgj'i
qir"fla"r<?T,T^«,f:
..,518;904V84
Tax on circulation of national banks
Tonnage ta\... :...._...■. :_.._L-
Imaiigration head teaS-STOri!— ,2iuiat-aGii3.U5ttefl09
Taxes, licenses, fines, etc., Canal Zone — sorrfttao JfXii isIhSP%3%
3 d J v cjroi&i tnisegriaifeoti^^Ses jtn989io;9T. . 8d.qi90.9i . .in L c o
a^onoM .alfinbivibni io a98a/ifo io alsubivibni to
lii (tjrest, exchange, and dividends: aA
10 agrcemwits,,..,.,....: gft ____._t; .'jiiiJi
inuoooB l£io9qa
bitul ,ioii9JaI
)ooi«4fe5i'o22-!48 rCCiIyZCVi3liqoQ3
10} 9lfi*p yov qo Itigoa.gaiqqiHg
rcrisooT Trnuo99£
6,^123,921.11
,\ -ii .ent s . . . . : l:L??l?P. .' ?* fId "78, 'fe fr ' '.llJAU.H.?A
Tntcrest on bonds of foreign govemmerits ' under fUnding- '
Interest on tanners' seed loansr, „.-
Interest on Library of Congress trust fund, investment ac
ngi9iofcOUut..A:............ALroflUP.P-:-:-:--.. >
Interest on loans, Puerto 'iiioarJ Hurricaaia Belief Commie
bio'i sion rtfo **h-!ttm-\-»J---r-.-'~i-->l
Interest ou endowment fund, preservation birthplace of
Abraham Lincoln.... i... '. ...
Interest 1 on public deposits^.---- — .-^
Interest ojn, :objigafions qi Reconstruction Finance, Cor^o'
ration..... __L+.l., _,..__' J„-.,l.T-'_.;..J.i..."
'• Interefst'ori money loaned from cdnstrirction' loan funds..':..'
Interest and profits on Federal Farm Mortgage Corporation
bonds
Interest on miscellaneous obligations.
Interest on loans to States, municipalities, etc., Public
Works Administration
Interest on investments, National Institute of Health con-
ditional gift fund
Gain by exchange
Dividends on capital stock of the Panama R. R. owned by
the United States
Military and naval insurance, Veterans' Administration
(repayments to appropriations)
Federal control of transportation systems (repayments to
appropriations)
Loans to railroads after termination of Federal control (re-
payments to appropriations)
Dividends on capital stock of Federal home loan banks
Earnings of War Finance Corporation.
Discount on Treasury obligations redeemed and purchased..
Total interest, exchange, and dividends on capital stock...
Fines and penalties:
Judicial..
Customs Service
Immigration Service
Enforcement of National Prohibition Act (Judicial)
For footnotes, see p. 281.
bbd
'ti9§"ibl
i.iS3d.T.-,tHifC)OaS
rbtir-to-sqcrois
>0£ ioi io moil
'l-3l«Iill-^fiH£9d
a bnul bngngg
aqL 3KH UK Idply 3
afijjl to job edi
3 ,20,-033;5&1 10
&iril,778,4i:,85
n9fnni9vo§
W^3!(r"*3B-9rf*-rabrti/
'.b9900M 9RJ 3 3 liODS ^801^ ni
jngfig86,30&9ftj
•'37446,170.92
- [ .51
374, 048. 92
154, 317. 07
24, 645. 78
(')
19,359.11
2,000,000.00
* 868, 108. 65
2 19, 181. 76
» 475, 405. 07
552, 635. 61
100, 000. 00
332, 310. 58
79,471,164.58
347, 351. 86
596, 807. 21
51, 490. 00
490, 153. 98
-am ban tctnT
?.iauoooa balwihl
bns [si9nfiouTQe
revenue — continued
Miscellaneous — C ontinued.
Fines and penalties — Continued.
Navigatio a.T ~„ _. 1__
Liquidated jjarnages . - -
bannUno: i— auviavaa
-------
Naval fines' and forfeitures....^ _
Recovery ©t value, of oil in case of United States against fa
American' pqta^um Co. .
Other ,...I,r-Trrr....
General and
■special accounts
Fees
Total fines and penalties IYlVUP.. }™
tqaSh ,8$ffiJfE
Agricultural Commodities Act ?.9"iL0K 1??
Clerks, United States mv^izz~-.~~".-.~zz~-.z-J??Rwy
Board of Tax Appeals .
Commissions on telephone pay stations in Ferteral-bajll
and Tented post offices.
Alaska gapiejaws
Consular grid passport _
-4 -jjjj ■ i ". - 1?;,- - - -- 1 :r "alvis i 1
56, 1.-1. 01
0 14,78'i. 12
3, 246, 654. 12
Court of ClSr md Patent Appe^:n^V
copSii:n-v;:;:::::::::::::::::::::::
Immigration (registration) •..-... ■.".".-.-.-.-.-.-.-.--%
Indian-lands and timber ■.:.___..'_.
Land offices (including commissions)
Marshals, United States courts r '_.'.
Naturalization. ' - -
Naval stores grading r. . . i-v.--.-.-.-. i . I '.".
Ngyigartiop-- j^z. .:'" i. ------------ ------- ---------------
Patents X-,.-.^. ,,,._, i
Purchase of discharge's, Navy and Marine Corps
Registration Securities
Testing fr...
Warehouse Act
: ioY?7ooitc'7T
tol .
- Total teles.
."-"-"."".""JfiBobV , -----------
'." - . Snoaisq ffwooSHJi Tn~;
Water anS power Hfehts. .
-•Othpr "'
,£3 .CKE .38
-pr
Forfeitures: j
Bonds of Aliens, comractors, etc
Bribes to IJaited Spates officers
Judicial rrjisceflaneous '.'_-......'. .
Under enforcement of National Prohibition Act (JuditfalK
Jnclaimed moneys and wages remaining in registry of courts
-----
6-, 82.
38,329. (ii
1 .250,-315.6(1
58, 530. 55
260, 240. 35
177, 306. 3S
1,761,076.51
7,678.05
172,333.4)9
4, 280, 242. 55
92, 980. 33 ,
59,341.88
15,200.00
31,896. IX
13,615.06'
_.9aiv
2}n9m9voiqaii locher
.. .
JdobKofTgfDTo"' noi 1,
•■
261, 555. 55
'6, 016.40
156, 58a 58
53, 9Wi 07
249, 478. 63
Unclaimed merchandise 133, 214. 4)2
Unclaimed funds' .i... ---------
Unexplained balances in cash accounts .--_.-_ JLV.VlvS™
nthor T 9T8BT? ,29iofa B9nni9l5aoo ,sls
uiner.„j.grTSrBg5. i
Total forfeitures. -
1 bap, iool.:97il_ S'liln fofli l 506, 132. '.'7
Assessments:!^^ apA'ano
Colorado Rjivei' Dam fund, Boulder Canyon project-
-- Deposits -for establishing wool standards...
-- Deposits, p'ublfp survey work, Alaska. ... .--
Deposits, ptfblic survey work, general: :.„._:
On Federal Reserve l>anks for salaries and expenses-, -Federal
Reserve' Board: t-
On Federarana joint stock jland- banks, and Federal-inter-
mediate, credit batiks for expenses of examinations,- -Farm
- Credit Administration. --4 -......-- -.-.i-.-.-.-.-.:-.-.-.:-.:.-.^
On- Federal .Home Loan Banks for salaries and -expenses-. L-iV 1
On national binkstbr salaries and oxpenses-of national- bank
.examinejrs.
General railroad contingent fund . „,-..^ --..„ .. ... IbJoTO)
On railroads for expenses of Federal Coordinator of Trans-
portatiob-,--^
German G£yernin£nt>% mojety, expenses,- Mixed Glaims-
"- CommiSS^;l'..C^ j ___._. .-;l;; = ;.;--i::;,~~.^
Furlough 'atid/eprnpensatiorj deductions and vacancy' sav-' '
ings (special dep6sit accouvts)-.-.^-..~^-.-.-.~----------z'zz:iZ'"i
Naval- hospital nirid 4--------i--r--^—--~i--"--V--:j
j -ni ,naiJ09mi8iD ,noijs;?imnt §d
Total assess $&85- ],-.i.-.-i--------------------------.--------------^-----
_ r^^TT,!!' 0917102 Y.lDniJ
fiS.YW.Sfr
For footnotes, see p. 281.
.baimitnc
$30, 555. 50
206, 640. 25
267,971.44
191,214.28
11,550.46
Trust and con-
tributed accounts
2, 193, 737. 98
98, 870, 00
1,458,901. 11
42, 805. 23'
...
:K"l90n"lj"~"
a9iaoiffiS~
...
aflsJoT"
12,255,663.23
1, 436. 15
vliaqoigi^fgj.
14;- 886. 49
. 72; 923.49
14, 000. 00
870. 00
6, 240. 56
_2ini bat
:iuilui:
170, 734. 00
•'268-,1861I.196-
<3)-
io 89lf
ihrriiin"
58,178.37
63, 746'. 15
403, 873. 22
1,464,418.74
' ill'," .(■'■»:■' ■■■■
) — RuronelloDaiM
irno^iudrnioJI
■"
"""
7T
B
km::
1
fdiUM"
iibV hnc 8J1TD"
iBldll
i-ifioT/— —
.a
To "flintaiT"
:Q
...
il >[> xoT
q bns 1JH3U .&3QH_
moif isU'
.lorilO
402, 767. 3C»' iil^Xo??!??..
Baal BfiOTli^ii
2, 223. 69
jtiH.
.182 .q 998 ,29loalool lol
278 REPORT OF THE SECRETARY OF THE TREASURY
Table 1. — Details of receipts, by sources and accounts, for the fiscal year 1984 — Con.
Source
revenue— continued
Miscellaneous — Continued.
Reimbursements:
Construction charges (Indian Service) ---
Collections under Grain and Cotton Standards Acts
Maintenance of District of Columbia inmates in Federal
penal and correctional institutions
Refunds on empty containers
Expenses, miscellaneous
By contractors for excess cost over contract price
By State of Arizona for expenditures, nonproduction of cot-
ton zones for 1930 crop losses
Expenses of redeeming national currency
Inspection of food and farm products
Gasoline State tax
Government property lost or damaged
Hospitalization charges and expenses
Expenses of international service of ice observations and
patrol ---
Costs from estates of deceased Indians
Maintenance and operation charges, irrigation systems,
Indian Service
Of appropriations made for Indian tribes
Reclamation fund, collections
Auxiliary reclamation fund, Yuma project, Arizona
By District of Columbia for advances for acquisition of lands
under sec. 4, act May 29, 1930, as amended
Licenses under sec. 27, Trading with the Enemy Act
Settlement of claims against various depositors —
Other —
Total reimbursements-
Gifts and contributions:
Forest Service cooperative work
Library of Congress gift fund
Library of Congress trust fund, investment account
Moneys received from known and unknown persons
Donations to the United States.
Donations, National Park Service
Contributions for river and harbor improvements
Contributions for flood control
For roads, bridges, and related works, Alaska
Return of part of compensation of the President
Return of salary and mileage paid to Members of Congress-
Return of salary from constitutional officers -.-
Total gifts and contributions .
Sales of Government property — products:
Scrap and salvaged materials, condemned stores, waste
paper, refuse, etc -
Agricultural products, including livestock and livestock
products
Dairy products
Card indexes, Library of Congress
Public documents, charts, maps, etc
Electric current, power plant, Coolidge Dam, Ariz
Electric current (Dam No. 2, Muscle Shoals, Ala., $40,931.14)
Fox skins and furs
Heat, light, and power
Gas from helium plants
Ice
Occupational therapy products...
Subsistence (meals, rations, etc).
Water
Other
Total sales of Government property— products
Sales of services:
Alaska Railroad fund
Fumigating and disinfecting
Laundry and dry-cleaning operations
Livestock breeding service
Overhead charges on sales of services or supplies (War and
Navy)
Quarantine charges (including fumigation, disinfection, in-
spection, etc., of vessels)
Quarters, subsistence, and laundry service
Radio service
For footnotes, see p. 281.
General and
special accounts
$15, 858. 80
84, 886. 46
90, 922. 77
9, 014. 41
107, 196. 24
66, 494. 58
1, 134. 94
469. 887. 79
251, 353. 41
4, 172. 29
37, 290. 59
52, 476. 51
75, 854. 55
46, 077. 12
462, 910. 51
104, 314. 18
2, 080, 677. 90
14, 158. 48
1, 000, 000. 00
103, 585. 00
5, 762. 31
58, 509. 86
5, 142, 538. 70
(>)
(')
(')
8, 052. 04
36, 320. 55
(0
(')
(')
(')
10, 625. 00
1, 478. 65
5, 839. 15
62, 315. 39
989, 237. 76
31, 099. 85
36, 109. 40
205, 986. 73
485, 809. 29
2, 307. 59
87, 333. 40
23, 215. 21
86, 773. 02
17, 500. 05
54, 675. 36
45, 954. 87
47, 059. 54
42, 836. 84
34, 375. 75
2, 190, 274. (
1, 360, 719. 68
19, 596. 00
815, 659. 38
1, 479. 40
75, 719. 19
228, 040. 44
41, 542. 95
43, 417. 25
Trust and con-
tributed accounts
REPORT OF THE SECRETARY OF THE TREASURY 279
Table 1. — Details of receipts, by sources and accounts, for the fiscal year 1934 — Con.
Source
General and
special accounts
Trust and con-
tributed accounts
revenue— continued
Miscellaneous — Continued.
Sales of services — Continued.
Storage and other charges...
$158, 029. 73
189, 201. 80
252, 680. 21
24, 746, 684. 75
11,954.56
71, 608. 32
Profits from sale of ships' stores, Navy
Telephone and telegraph
Tolls and profits, Panama Canal
Work done for individuals, corporations et al
Other
Total sales of services
28, 016, 333. 66
Rents and royalties:
Rent of public buildings, grounds, etc
295, 452. 19
105, 745. 56
3, 206, 891. 30
753, 826. 09
71, 923. 99
18, 995. 67
74, 315. 95
18, 192. 93
34, 073. 17
15, 000. 00
Rent of land .
Other
4, 594, 416. 85
Permits, privileges, and licenses:
210, 167. 65
158, 959. 92
2, 398. 94
200, 789. 28
554, 910. 08
489, 415. 34
15, 253. 00
150, 000. 00
765. 00
(6)
Other .
1, 782, 659. 21
2, 960, 537. 47
3, 348, 949. 03
20, 124. 04
222, 805. 54
Total
242,929.58
68, 117. 52
152, 124, 109. 98
3, 112, 548, 297. 32
NONREVENUE
Miscellaneous — Realization upon assets:
249, 800. 84
Repayments of investments:
Federal control of transportation systems (repayments to
72, 200. 00
704, 016. 27
762, 804. 41
114, 274. 25
396, 755. 15
14, 393. 20
56, 386. 95
8, 934. 19
Loans to railroads after "termination of Federal control, etc.
Repayment of principal on account of loans to States, munici-
Principal of bonds of foreign governments under funding
Principal of Government-owned securities, sale of war
Construction costs of public works in Colon and Panama
2, 129, 764. 42
99, 335. 91
For footnotes, see p. 281.
280 KSli^¥^F3ME^^^^AW?:^F'^MlE^'ttlia&tja¥
-noo Lmx; tainT
ziauo'Mv baiud'ni
ban Isi9Q90
alnuooac L.SoqxclB
sfj -mineral and
special accounts
Trust and con-
tributed accounts
nonre venue— continued
Miscellaneous — Realization upon assets — Continued
Sales of Government property:
Capital equipment, includes
bonnilaoa— au'«iavaii
trucks, horses, cars, machinery,
furniture, and 'futures, and- other capital equipment—. .;.
Land and buildings!,!, _-_-__. :.-. .-.-.-...-..-.. ....v.'i.'i"-1.*.^
Lands, etc, on account of military-post construction fund..
Proceeds of sales, building or purchaseof vessels for the Coast
Guard r
.b9i>niJnoD — eooafiElIorjaiM
.bsurtiJuoO — 89>iri98 1o aalaa
$1S3, 67l'36" ?*93BTOja
211,991 29
oWaMEHT
Proceeds of -sales, rebuildingand improving Coast- Guard
stations .,„._r, „— 4-
' ,8Jnoiq one «nb T
,alBi)biYgl>g^4i§^«aofc jlioW
""."TOajD"""
< Mice material, etc. (General Supply Committee).
War supplies.
11,007.01
9,:805. S3
jTabT"
1, 182, 449. 02
,5,.099?6?
269,!04B.'5B
4,182,067.01
rbi~5n¥ aJnall
;Jqi9i>9H
ii!!i voH
■- 42<482:f»:r~
0, 302. 16
0,4O4,.79,2.73
. T
i9dJO
8 $7L,838, 520. 24
., ,. . 4.614,783.61
-13: lUl JBieBl
mo} aagniaujAg oc i
hospitals
Deposits, general post. fun d^, National Homes. Veterans,'
A . i minist rat ion Ivr.v.--v.^?i?.«^a.^??.??i!SS .<
General railroad contingentdjund
Relief and rehabilitation, and interest- on- mvestments,-
~Employees' Compensation C ommission
Deposits- of pttn>^n^!sary fundV,- Federal prisons.---------------.-- .---.-.
ih'jiosii- of funds of-Eederal prisoners ....- ■_- _'_';•
Pension money, St.. Elizabeths Hospital
Personal funds of patients, St- Elizabeths-Hospital
of the Xuvy, deposit fund
Ib'nul
rciiaO" GmsifBT'iilqisrjai I
STfansD ,'-'.. jjJH u taoq ,.-.)i
"ay of the Army, deposit fund
■j "iaiiii&Grio
SeMte^-ftdWffirMrffititi^ '^71203! 46
oceeds from estates of deceased soldiers
Deposits of unclaimed' moneys of- individuals- whose- where
abouts are unknown.::..;}. fe
Civilian Conservation CorpsL withheld cash ^allowances. ?.H? ?Y-a-??.°**.
Indian mobeys:
Proceeds pf labor,, act Juie 13, 1930
, 42U16.97
83qi909i sfna'/si IfiJoT
5,419.19
942, 524. 78
-tato9f^j/Ugffiyj.
Proceeds of labor* agendiiis%cfcoolvVtY:Yf?™ BjeoD2,W*'V!fe 48
sofla
Oil and gas leases, etc., Qsage Reservation, Okla.
Miscellaneous (Indians) -L.
":afn9nif897nl1o einsthi&isSi
' lo-suvH-
Coos iiay wagon-road grant fund ,
- -Oregon and California land-grant fund. ... .....-.-.-.-.-?i?.'A*i?^0
Funds received from sales of ships, etc., and deposited for - -
— -construction loans/under sec. 11, Merchant Marine Act,
-1920(44 Stat. 1151). .......-..-.-.-.-.-.---.-.-.-.-
- - Ordnance material (war) ;.....-.-...........-
Other ,. .^.'ilySfl.
Total sales of Government property. .....„.*.,,, -~g?
Miscellaneous^ -
Trust accounts: —
Government life insurance fund
Adjusted service certiiicate fund:
Interest on investments.^
Interest on loans. ._
Canal Zone retirenient fund:|
- - Gontnl -ut ions.", . 1 L-.-.-.-.-.-.-.-.-.-.-.-.-.-.-.-.-.-.-.-.-.-.-.-. ...
Interest on investments .f-.-.-.-.v.-.-.-.-.. .j...-.--^3}m.^lM,:llJjPAjl''^ -9UI1;%, 894. 58
Civil service retirement fund: - .. afimraq acitsis
,; Contributions.1:.,: L-.-.-.-.-.-.-.-.-.-.-.v..-.-.-.-.-.-.-^.I9.w.°.q ;??■§£ j§j9b95A9£9" ^^$3,458.68
Interest on investments -(.----v.---v..v-v---jj^^ >j *julffi'5i8, 358. 79
- Foreign service retirement fund:- - - -aJflgn noia&imsnefiJ-'i'
C on t r i but i ons . i- L . 31-.---.---.--.--.-. .-.-.-.-.-.-.v.-.-.-.-.-A : 14 j?l
Interest on in vestments .Lv.-.-.-.v.- ..-.-.-.-.-.-.-.-.- .-.-.-r.-.-.-.-.-.-rr.-;
Deposits of unclaimed moneys of former patients, Veterans'
Administration hospitals..;. -.-.-..-......-.-..-.-.-.- .-.-.-.i' .'l'J?9RPJ±
§FAYij^Ji,J:l°.±!i-i'1 ^wli^fe, 733. 60
-.-.-.-.-.-.-.-.-.-.-.-.-..-.-.-.-. "I9£lJ^8, 502. 69
z^aliyhg^^Jinn )q LsJoT 4 g^g gg
*<H?P-'9?-?0-?*?0?S) ^fl'^^^'ltG'Ms. 95
279' i(85! 30
J719891 SBOlOi
A:
327.85
539.72
"86.31
. 1L025.63
!:«2T079. 65
521. 31
Proceeds of sales and leaseVof ffi fian ISBlP/eW9???!! 'cmi; UA^fflT. lojoiia )o
- Miscellaneous trust funds. ....v,w-v ------- vv "
_, . ,. .oi9 .loilnoo unoii9Tlb"n"oi3firnkn'f^ ~:~".r~
Total trust .accounts ._.__. _ _ ..._................_._._..._....
Contributed accounts: um,89jBi8<
Forest Service 'c'oopefative w]>rfc.-.-.-.-.-.-.-.-. . . .
----Library of < 'ongress gift func^----.-.-.-.-.v.-.---.-.-.vJi:j 1 ] "...
Eibrary-oflObngrejS'tt'ust fund, investment' iiccotint
Collections, dislilled spirits industry parity payments..
Donations! National Park Service -_-
Contributions to reclamation fi^.T0..?i5?..^i?nSmY"I>s«f*
--PontTibutiiin- fry river and Harbor improvement?
- ■ --Contribution's lor (!"»■ i control-.-.-; '.''."•.
-For-roads, inii ■.-('-. and relat ed- works,- AlaskV-.-.-
Advanceorrnndsjor
■-"Hh 457! 83
rjnoflBfiqoiqqfi 39 726 26
o<;oT
,124, 732, 748. 52
6-fa9 fnniaVdCT "To
iCTnTgJliOT
iii'lslorrivcrani harbor improvements. . ...
MisceHaneons--..! .■;•;'- .-.-.-.-.—.-— zlastnfzavailiO aJaoai%Bt[sri IstoT
.Total .coht#jbu.:te.(teccounts
rdtal, trust and contribu
District of Columbia.
For footnotes, see p. 281.
ed accounts, exclusive of the
muia
j'nbilfibfitpii
"lc leqionij'
"?rf£f9m9UT-'iH
laqiooir
g9ilqqu*.
qfJcTdqTd llzbb'no\ iointsuS
.i9riF(
-.if:i-.il:>tiZ
Y. 300, 354. 16
''J7,481.96
3, 944, 45
5, 624. 68
5, 979. 77
7, 481. 07
m, 862. 69
T7, 795. 60
3T5, 944. 85
24, 000. 00
9, 929. 03
hiu;Lt>ilduu 3*385*388. 26
,£V2 .q 953 ,(I)93iY9inu) 2la90T9jfi)»i^ft8fi9iT vjifib oi bglzntbfi affiJ/ot
[1>VS .q 992 .elnucoos lo noilisnelqxg to
General and .
special accounts '
Trust and con-
tributed accounts
■"9013
RjniJOOOB
NONREygNpE— continued
bns tetnT
Mtec*n*Beino9— Continued.
WStrtet of Columbia:
Revenue receipts:
- ^&istriet of Columbio| sham.
United States share.!.
Nonrevenue receipts:
- Dfcteict of Columbia share.
Total District of CJohMMa'refceipts.
30.80KCti$
Total nonrevenue receipts:=.r.rrrzr:
Total miscellaneous Revenue receipts.
80.80KMI
Total mispeHaneous xe venue and nonrevenue
including -Panama Canal' and sale
(')
warrants-issued bas.is._-.
Adjustment to basis, of daily Treasury
s 'of public lands
s (un
Total rrrfscella neons Tcverrne anc
including Pananja Canal and
cash basis -|
sains
Tt)tai tiece#fe, warrants-issued- basis
.Revenue receipts.
Nonrevenue receipts.---.- .---—.— ™:
Increment resulting from reduction in the weight of the gold
dollar
80 .8vG ,S
Total receipts, warrants-issued basi
Adjustment to- basis of daily T-reasur^ statements {un
-----
Total receipts orl basis- of <iaHy-Tr<
(unrevised) | --
-„ 1 — ! —
baE !ei9090
Isiogqg
alrtiioous
ei> .STi" ,fiee ,2?
TS .T5£ ,TSS ,T
95 .5K) ,03T ,S
e2.818,S0°,f
- — -"----■--■
receipts
inegiO
(')
. J2
-$30r934,£S9^6
30, 931,,_8S9T86
2,2'.I8,479. 17
'if 33, 233, 369. 03
-■$9,883, 698; !i0
152, 3*2-1, 109. 9K
lid, 273, 515. si
receipts,
of public lands]
s .■ioo'do ,9vilfi!«i
■
161, 007, 803. 88
. 508,115.16
. 906,374.82
[vol ,f,r1nT
301110 avilruoaxa
161,515,919.01
—
162,179,890.63
GI .08J> ,538
3,112,548.297.32
-9,983,693.90
161,273,645.81
3,121,131,901.22
161,273,515.81
2,811,397,066.15
"Sa"33Tr5eY—
fetements
3,121,431,991,22
B.H77,Hi-69
w„.
"0 .S62 ,fM
3,115,554,049.53
2, 972, 670, 581. 96
885,065.39
2,973,555,647.35
- — — — —
W .p*t>lassifled under "Contributed aeeeunts-",- p.-
a- Items -of this character represent- eash receipts credited to appropriation.
----»■ Under the provisions- of the sinking Act of 1933, approved June 16, 1933, no moneys win be.covered into
the Treasury or expended therefnom on this account during the fiscal year 1934.
-— * Inaddition to this amount, j^Ol.O&J^ was carried to the surplus fund of the Treasury as impounded
- salary -savings: and $10,643,980.68 reserved for- impounded Salary savings during the fiscal year gfffl under
the provisionsiof the Economy Act of June 30, 193? (47 Stat. 403, sees. 110 and 203, as amended by sec. 3 of
- title II -act trf- )VIar. 20, J933). These figures are exclusive of $23,030,370.29 on account of impounded salary
savings' and $1)1,636,163.28 reserve for impounded salary savings for the Postal --Service.
Si *<pmst accourJt receipts of $15,205.06 included in raiscellaheous trust accounts, »S^2a.i
---7-Theact-of Apr.'l-,-l932 (47 Stat. 78) suspended reimbursement ol $1,000,000 annually to the General
--F-»In\dud^^$3^,?ffi»U6Ilt representing the 'proceeds -of- eheete -drawn by the Veteran.' Administration
against the adjusted service certificate fund and Teposited in the Government life insurance fund under
- -the- Art of July 21 , 1932, on-aeeoiint ef eertifieates-Vhich ha'd not matured or been paid . 1 nasinuoh as the
ft r merit 1 -------- «-._ j 1 4 *i*i„^ t„ riin,>,„F»m»ii .intil rrtoturftv Inr rfnvrrtf certificates.
- the- Veterans'
ment li
the'totals oi duto ra
- -by $3-241 098 61- as a result of thisadjustment, the dharcter of which was not disclosed to the TreasUi y unt il
■SSS for the fiscal yea? 1934 had been closed, The balances in the two funds, however, lire no
affected -since the adjustment checks reflected in the expenditures of the Government life insurance fund
S^SiX increaWthereceipts of the Government life insurance fund. The necessary
- adjustment will be reflected in tire fiscal- year 1935.
--^heiterndf$68:m,52Unitedl«^
i° Exclusive lof $68,117.52 United States revenue from
-Note —Excess- credits and adjustments in itali
13.ee1.tos
12. .!££• ,3VS ,1
50 .SSg ,£01- ,£
■ ,-£0 ,5
. ,iC3
h .nv ,vao ,i
£V .£85 ,£51
to.be .deducted.
C2 .1^6 JoO ,3
*a .os8 ,m
^I .IVT ,T30 .1
£V .t85 ,£31
zaoil
.noiJcioqioOlailoH BuIqixiS
nofeairainoO obciT leioba'i
I-033A It;i9a90
imoO 90iomjnoO 9tBiai9laI
10I oslliraraoO 'iioaivbA h
. goi tii .;nois A
vonggisinSI gniyiafiU. lenoileM
„" - 19 A
-a-filSt bne -Aif.I leti
aoiaainimoO gnia
.£GS .q S9E ,«'-
282
REPORT OF THE SECRETARY OF THE TREASURY
Table 2. — Details of expenditures, by organization units and accounts, for the fiscal
year 1984
[Details on basis of checks issued, totals adjusted to daily Treasury statements (unrevised), see p. 273.
For explanation of accounts, see p. 274]
Organization unit
General and
special
accounts
Emergency
accounts
Total, general,
special, and
emergency
accounts
Trust and
contributed
accounts
LEGISLATIVE
U. S. Senate-
$2, 999, 473. 45
7, 227, 357. 37
5, 830. 00
2, 760, 645. 56
104, 745. 82
1, 992, 818. 29
2, 620, 086. 28
$2, 999, 473. 45
7, 227, 357. 37
5, 830. 00
2, 885, 235. 23
104,745.82
1, 992, 818. 29
2, 620, 086. 28
House of Representatives
Legislative, miscellaneous
Architect of the Capitol
$124, 589. 67
Botanic Garden
$114,408.06
Government Printing Office
Total legislative, checks-
17, 710, 956. 77
68, 224. 25
124, 589. 67
/, 208. 17
17, 835, 546. 44
69, 432. 42
114,408.06
Adjustment between checks issued
and cash expenditures
Total, legislative, cash basis-.
17, 652, 732. 52
123, 381. 50
17, 776, 114. 02
(')
EXECUTIVE OFFICE
Executive Office, checks-issued
basis .--
355, 480. 19
3, 417. 56
355, 480. 19
3, 417. 56
Adjustment between checks issued
and cash expenditures
Total, Executive Office, cash
basis,,
358, 897. 75
358, 897. 75
INDEPENDENT OFFICES
Alien Property Custodian
314, 379. 66
American Battle Monuments
Commission
295, 755. 53
2, 978. 98
143, 292. 67
475, 477. 34
8.06
295, 755. 53
2, 978. 98
American National Red Cross
2, 978. 98
Arlington Memorial Bridge Com-
mission.
Board of Mediation
143, 292. 67
475, 477. 34
8.06
Board of Tax Appeals
2, 6S9. 65
Bureau of Efficiency
Central Statistical Board
0)
Chicago World's Fair Centennial
Celebration ...
349, 573. 09
1, 233, 419. 78
349, 573. 09
1, 233, 419. 78
Civil Service Commission
Commission of Fine Arts
Electric Home and Farm Author-
ity, Inc
13, 426. 60
13, 426. 60
3, 753, 974. 99
29, 589. 27
142, 851. 52
Employees' Compensation Com-
mission
3, 753, 974. 99
Executive Council
29, 589. 27
142, 851. 52
Federal Alcohol Control Adminis-
tration
Federal Board for Vocational Edu-
cation
«
Federal Coordinator of Transporta-
tion
401, 836. 11
401, 836. 11
Federal Deposit Insurance Corpo-
ration
Federal Farm Board. __
(6)
339, 937. 73
2,111.63
270, 875. 29
626, 736. 00
96, 004. 22
Federal Home Loan Bank Board. .
339, 937. 73
2,111.63
397, 683. 76
626, 736. 00
96, 004. 22
Federal Oil Conservation Board
Federal Power Commission . .
126, 808. 47
Federal Radio Commission
27 61
Federal Reserve Board
Federal Savings and Loan Associa-
tions
(5)
P)
Federal Surplus Relief Corporation
Federal Trade Commission
1,275,931.21
3, 318, 317. 27
5, 057, 621. 29
714, 820. 64
1, 067, 771. 14
1,275,931.21
3, 463, 522. 05
5, 057, 621. 29
894, 248. 06
1, 067, 771. 14
153, 584. 73
29,646.17
16,787.73
307 199 81
General Accounting Office.. ..
145, 204. 78
Interstate Commerce Commission
National Advisory Committee for
Aeronautics .
179, 427. 42
450. 00
National Banking Emergencv
Act.
National Capital Park and Plan-
ning Commission
153, 584. 73 1
For footnotes, see p. 293.
REPORT OF THE SECRETARY OF THE TREASURY
283
Table 2. — Details of expenditures, bij organization units and accounts, for the fiscal
year 1934 — Continued
Organization unit
General and
special
accounts
Emergency
accounts
Total, general,
special, and
emergency
accounts
Trust and
contributed
accounts
INDEPENDENT OFFICES— COI1.
National Emergency Council
$78, 5S5. 55
217, 555. 67
40, 240. 99
$78, 585. 55
217, 555. 67
40, 240. 99
Office of Special Advisor to the
Public Buildings and Public Parks
$32, 607. 90
4, 449, 081. 44
841, 257. 30
0)
(8)
2, 645, 464. 14
744, 998. 26
46, 935. 76
2, 472. 50
65, 043. 93
0)
589, 231. 13
1,933.82
(2)
111.42
926. 47
Puerto Rican Hurricane Relief
32, 607. 90
4,449,081.44
841, 257. 30
Railroad administration and trans-
U. S. Supreme Court Building
2, 645, 464. 14
744, 998. 26
46, 935. 76
2. 472. 50
Miscellaneous commissions, boards,
etc.:
District of Columbia- Virginia
George Rogers Clark Sesquicen-
George Washington Bicentennial
65, 043. 93
Mount Rushmore National Me-
Operations under Mineral Act of
589, 231. 13
1,933.82
Protection of interests of United
States in oil leases and oil lands-
Public Buildings Commission
United States-Yorktown Sesqui-
111.42
926. 47
Other
Total of the above inde-
pendent offices, checks-
19, 698, 239. 84
2, 667, 222. 74
1, 375, 526. 38
470, 240. S7
21,073,766.22
2, 196, 982. 37
$39, 026. 91
Adjustment between checks
issued and cash expenditures. ..
Total of the above inde-
pendent offices, cash basis. .
22, 365, 462. 58
905, 286. 01
23, 270, 748. 59
0)
Veterans' Administration:
63, 355, 096. 82
1, 895, 154. 57
2, 836, 026. 68
2, 037, 991. 50
104, 029, 588. 85
86, 650. 45
63, 355, 096. 82
1, 895, 154. 57
2, 836, 026. 68
2,037,991.50
104, 029, 588. 85
86, 650. 45
401,794.47
319, 322, 029. 23
151,844.76
285. 00
2, 077, 029. 76
249, 036. 62
Adjusted service and dependent
Hospital and domiciliary facili-
Military and naval compensa-
Military and naval insurance
National Industrial Recovery,
401, 794. 47
Army and Navy pensions.-
State and Territorial homes for
disabled soldiers and sailors
319, 322, 029. 23
151, 844. 76
285. 00
2, 077, 029. 76
249, 036. 62
268, 493. 98
Special deposit accounts
71,901.76
Total, Veterans' Administra-
tion, exclusive of adjusted
service certificate fund,
civil service retirement
fund, Canal Zone retire-
ment fund, and Govern-
ment life insurance fund,
checks-issued basis
496, 040, 734. 24
401, 794. 47
496, 442, 528. 71
196, 592. 22
For footnotes, see p. 293.
284
REPORT OF THE SECRETARY OP THE TREASURY
Table 2.^Details of expenditures, by organization units,, and accoun(sr-for t^fis^al
year 1934 — Continued
Organization unit
General and
special
«tc accounts
Emergenc
accounts
Total, general,
special, and
emergency-
accounts
Trust and
contributed
' accounts
independent'offices— con.
Veterans' Administration— Com
Adjustment between checks isf
sued and cash expenditures-i.1.
Total, Veterans' Administra-
tion, exclusive of adjusted
service certificate fund,
civil service retirement
fund, Canal Zone retire-
ment fund, and Govern-
ment life insurance fund,
cash basis ' !
noo— aanmo TVi?avi3iaaKi
$10. fi08.719.j90
$760. 87
$10,507,959.03
m3 [■
00
506, 549, 454
54. 14
-
401, 033. 60
506, 950, 487.74
ildnl
Adjusted service certificate fund-
Civil service retirement and dis-
ability fund \~- '.'.
Canal Zone retirement fund..-..
Government life insurance fund.
Total, checks-issued basis, ...
Total, cash basis
50, 000, 000. 00
20,850,
000.00
50, 000, 000. 00
20, 850, 000'. 00
$5. 207, 144.' 77
70, 850, 000. 00
-
- -
38, 556, 699, 54
572,036.97
« 72, 310, 707. 68
70, 850, 000. 00
110,616. 58s.<r,
70, 850, 000. 00
70,850,000.00
(')
Total, Veterans' Administra-
tion, cash basis
Miscellaneous
577,399,454.14
401,033.60
577, 800, 487. 74
C)
Commodity Credit Corporation..-.
Emergency Conservation Fund...
Export-Import Banks -of Washing
ton
Federal Civil Works Administra
tion , .;... --L.
Federal Emergency Housing Cor
poration ..
Federal Emergency Relief Admin
istration
National Industrial Recovery:
Federal Emergency Relief Ad
ministration .
Federal Emergency Relief Ad
ministration, Surplus Relief. ..
Administration
Tennessee Valley Authority-
Total miscellaneous, checks-
issued basis
Adjustment between checks ' is-
sued and cash expenditures,...
-'-y
2, 573,
313,002,
820, 1
(s)
64,
,,717,333,
803,
597. 30
240. 41
775. 35
554. 65
717, ltf
, 730, 35
344, 666,
9, 964. 71
23,
7, 005,
11, 466,
2, 573, 597. 30
313, 002, 240. 41
64,775.35
717,333,554.65
^863,717.-16
344, 666, 730. 35
—
Q O
.......
...........
U3 bstfnU
toifirtir'J'J
rjdiO
093. 49
966. 21
900. 35
9, 964. 71
23,093,49
7,005,966.21
11, 466, 900. 35
IsJoT
rftrrwj
Icorrr
"
Total miscellaneous,
basis
Federal Emergency Administration
of Public Works
Administrative expenses.
Loans and grants to States, munic-
ipalities, railroads, etc
Total, Federal Emergency
Administration of Public
Works, checks-issued basis'.
Adjustment between checks issued
and cash expenditures ..I...
Total, Federal Emergency
Administration of Public
Works, cash basis
1, 397, 010, 539. 98.
12,771,682.53
1,397,010,539.'98
12,771,682,53
1, 409, 782, 222. 51
1,409,782,222.51
6, 002, 384. 78
155, 719, 695. 17
6,002,384.78
155,719,695.17
gallant
161,722,079.95
5, 847, 535. 08
...
161,722,079.95
6,847,535.02
[leoziM
Ifiiosq2
155, 874, 544
B0HlJl90
Ln9iil9i eoivi
155,874,544.93
,.I-:J-> .
17193
livio
baui
For footnote, see p. 293.
0i0,9e*
.Ses .q 993 ,39,1oo3ool in'i
jM#fa* OF THE SECRETARY OF THE TkEMI? 2S5
Table 2.— Details of expenditures, by organization units and accounts, for the fiscal
year 1934- — Continued
bar, I
boHid'.i
, [. Organization unit
;
zinuoooB
General and
special
accounts
raaao
Emergency
accounts
Total, general,
special, and
emergency
accounts
Trust and
contributed
accounts
INDEPENDENT OFFICES — COn.
Farm Credit Administration
Salaries and expenses.
Louni
TM3U
flOO
Agricultural marketing revolving
fund..,, s
Kevolving fund (Emergency ac-
count, Farm Credit Act)
Farmers' crop production and
harvesting loans
Repayment of loans on account of
' distribution of Government-
owned wheat and cotton
Agricultural credits and .rehabili-
tation, emergency relief.
Loans to farmers in storm, flood,
and drought-stricken areas
M iscellaneous items
Special deposit accounts
Total, Farm Credit Admin-
istration, checks-issued
basis
Adjustment between cheeks issued
and cash expenditures.
Total, Farm Credit Admin-
istration, cash basis
Total, independent offices,
cash basis.....
DEPARTMENT OF AGRICULTURE
Office of the Secretary....
Office of Information ........
Library, Department of Agricul-
ture..
Office of Experiment Stations.....
Extension Service...,
Cooperative agricultural extension
work L
Weather Bureau
Bureau of Animal Industry
Meat Inspection, Bureau of Ani-
maj. Industry
Bureau of Dairy Industry
Bureau of Plant Industry.. .,
Forest Service.. -L~
Cooperative work, Forest Service. .
Payment to States and Territories
from national forests fund 1
Acquisition of lands for protection
of watersheds and streams-'.' i
Bureau of Chemistry and Soils I
Bureau of Biological Survey .IJ i
Bureau of Agricultural" Ecbnbmics.i
Bureau of Agricultural Engineerings
Bureau of Home Economics-,
Bureau of Entomology
Bureau of Plant Quarantine
Enforcement of the Qrain Futures
Act
Food and Drug Administration
National Industrial Recovery,
Agricultural Adjustment Ad-
ministration, National Recovery
Administration, codes, ..„,„. ,.
A gricul ture, miscellaneous j
, 135, 019. 91
13, 204, 210. 62
27, 500, 000. 00
4,946,783.11
4,871,195.38
13,041,870.26
8, 374. 40
8,379,658.11
$60,000,000.00
40, 000, 000. 00
28, 491, 749. 08
88-.Se6-,H
$2,435,019V9l1
73,204,210.62
67,500,000.00
30<ix9 aV.
-
22, 301, 764. 29
821,523.97
128, 491, 749. 08
1,323,444-11
2S, 11,1, 749. OS
4,916,783.11
4,371,195.33
13,041,870.26
S, 374. 40
8,379,558,11
*-
. LilaS
----
-- -"
- r-
.$61,858.48
160,793,5^3,7;
501,920.14
61,058.48
r
23, 123,288.20
127, 168, 304. 97
150,291,593.23
ra
ri
1122, MS8, 204. 98
1,694,131,392.02
2,317,019,597.00
I1)
765, 900. 69
915,290.06
■ 8,7,380.18
4,' 552, 233. 21
1,189,353.67
8,351,957.91
2,963,574.12
6, 481,921." 88
4,562,567.50
541,062.27
3, 553, 406. 96
9, 499, 861. 96
679, 317. 09
443, 437. 75
1, 355, 544. 85
1,067,572.46
4, 707, 491. 77
345, 598. 30
171, 361. 76
2,726,071.76
1,594,534.36
163, 180. 15
1, 490, 019. 67
2,717.96
4,^947. 89
92, 865. 39
995,411.86
130,705.71
1, 836, 365. 00
8, 747, 245. 13
- —
5&588."63
290, 590. 00
915,
87,
4,557,
1, 189,
8,351,
3, 056,
7, 477,
4, 562,
671,
5, 3S9,
18, 247,
618. 65
290.06
380. 18
181. 10
353. 67
957. 91
439. 51
333. 74
567^ 50
767. 98
771.96
107.09
"
•- T~
filTfiT""'
141,133.17
1, 199. 03
44, 067. 03
1,541,412.58
29,725.41
21, 646. 49
1,408,
1, 358,
4, 707,
486,
172,
2, 770,
3, 135,
163,
1, 519,
,317.09
, 437. 75
132. 88
162.46
491. 77
731. 47
560.79
138.79
946. 94
180. 15
745. 08
1,287,828.32
SpeeiaJ <leposit accounts. ,.., . - .
125, 141. 18
131,557.90
~$55,TS5^2
---------- .-
Total, Agriculture, depart-) -
"Ulllmental, checks-issued. basis.
58, 201, 223. 61
For footnotes, see p, .293. ,
VK5I8.0YI.3
0i' 1I&&5.06
as.eii
21,
229,
132,
646. 49
994. 44
557.90
__
5.
67
71,778,708.67 4,146,193.36
-lif.ijsb ,9919m moD ,lnloT
eiasd 1
I il lol
286
REPORT OF THE SECRETARY OF THE TREASURY
Table 2. — Details of expenditures, by organization units and accounts, for the fiscal
year 1934 — Continued
Organization unit
General and
special
accounts
Emergency
accounts
Total, general,
special, and
emergency
accounts
Trust and
contributed
accounts
DEPARTMENT OF AGRICULTURE—
continued
Adjustment between checks issued
$161, 348. 78
$674, 921. 71
$4/3, 672. 93
Total, Agriculture, depart-
58, 362, 572. 39
13, 002, 563. 35
71, 365, 135. 74
(»)
Agricultural Adjustment Adminis-
tration:
Advances to Agricultural Ad-
justment Administration
Refunding processing tax on farm
293, 996, 321. 15
1, 374, 302. 66
293, 996, 321. 15
1, 374, 302. 66
2, 744, 629. 20
8, 122, 807. 80
2, 744, 629. 20
8, 122, 807. 80
Total, Agricultural Adjust-
ment Administration,
295, 370, 623. 81
14, 462, 921. 48
10, 867, 437. 00
;, 635, 470. 60
306, 238, 060. 81
15, 988, S92. 08
Adjustment between cheeks issued
Total, Agricultural Adjust-
ment Administration, cash
280, 917, 702. 33
9, 331, 966. 40
290, 249, 668. 73
Public highways:
138, 672, 714. 85
33, 934. 90
108, 174, 390. 39
341, 565. 50
57, 722. 34
138, 672, 714. 85
33, 934. 90
108, 174, 390. 39
341, 565. 50
57, 722. 34
Mount Vernon Memorial High-
Flood relief for restoration of roads
Roads and trails for States, na-
Total, public highways,
'0 247, 280, 327. 98
20, 601, 689. 68
1° 247, 280, 327. 98
20, 601, 689. 68
Adjustment between checks issued
Total, public highways, cash
ii 267, 882, 017. 66
» 267, 882, 017. 66
Total, Department of Agri-
339, 280, 274. 72
290, 216, 547. 41
629, 496, 822. 13
(')
DEPARTMENT OF COMMERCE
Office of the Secretary
672, 521. 17
29, 263. 54
4, 934, 886. 97
2, 070. 638. 91
1, 459, 775. 08
1, 277, 714. 43
1, 310, 481. 10
8, 289, 657. 48
1, 745, 080. 43
1,211,615.97
3, 942, 719. 41
(12)
(13)
64, 491. 42
16, 393. 61
672, 521. 17
29, 263. 54
5, 327, 042. 02
2, 070, 638. 91
1, 459, 775. 08
1, 296, 757. 43
1, 385, 387. 60
9, 619, 193. 25
4, 895, 351. 04
1, 538, 353. 12
3, 942, 719. 41
Federal Employment Stabilization
Board.
Aircraft in commerce
392, 155. 05
Bureau of Foreign and Domestic
Commerce
Bureau of Census .
Bureau of Navigation and Steam-
boat Inspection Service
19, 043. 00
74, 906. 50
1, 329, 535. 77
3, 150, 270. 61
326, 737. 15
Bureau of Standards-.
Bureau of Lighthouses
Coast and Geodetic Survey
Bureau of Fisheries
$100. 87
Patent Office
Bureau of Mines
U. S. Shipping Board
Commerce, miscellaneous .
64, 491. 42
16, 393. 61
Special deposit accounts
83, 778. 28
Total, Commerce, depart-
mental, checks-issued basis.
Adjustment between checks issued
and cash expenditures
26, 873, 469. 46
578, 950. 40
5, 292, 648. 08
121,832.61
32, 166, 117. 54
457, 117. 79
83, 677. 41
Total, Commerce, depart-
mental, cash basis
27, 452, 419. 86
5, 170, 815. 47
32, 623, 235. 33
(')
For footnotes, see p. 293.
REPORT OF THE SECRETARY OF THE TREASURY
287
Table 2. — Details of expenditures, by organization units and accounts, for the fiscal
year 1934 — Continued
Organization unit
General and
special
accounts
Emergency
accounts
Total, general,
special, and
emergency
accounts
Trust and
contributed
accounts
DEPARTMENT OF COMMERCE— COtl.
U. S. Shipping Board:
Checks-issued basis
$9,691,668.81
147, 243. 22
$9,691,668.81
147, 243. 22
Adjustment between checks is-
sued and cash expenditures
Total, U. S. Shipping Board,
cash basis
9, BU, 42S. S9
9, BU, 42S. 69
Total, Department of Com-
17, 907, 994. 27
$5, 170, 815. 47
23, 078, 809. 74
(»)
DEPARTMENT OF THE INTERIOR
Office of the Secretary
610, 133. 12
8, 419. 85
306, 179. 69
2, 780, 402. 65
2, 216, 182. 02
(13)
1, 585, 044. 04
9, 237, 285. 29
2, 796, 193. 33
8,131,452.85
3, 019, 979. 74
2, 123, 102. 98
1, 332, 807. 26
9, 858. 08
102, S76. 48
m, HZ. 01
1, 197, 835. 78
7, 813, 349. 51
1,817,059.87
(15)
5,163,911.37
507, 250. 23
3, 787, 684. 77
4, 397, 817. 89
8,419.85
306, 179. 69
3, 392, 399. 74
5, 226, 343. 58
Commission of Fine Arts 14.- _
George Rogers Clark Sesquicenten-
nial Commission 14
611, 997. 09
3, 010, 161. 56
$604. 15
B ureau of Reclamation .
Boulder Canyon project
Geological Survey
1, 835, 898. 46
5,971,987.29
3, 420, 942. 50
15, 209, 272. 58
2, 796, 193. 33
8, 131, 452. 85
4,171,001.88
2,628,388.86
1, 404, 455. 68
9, 858. 08
231, 034. 61
296, 112. 01
8, 071, 334. 35
7, 813, 349. 51
1, 817, 059. 87
Office of National Parks, Build-
197, 728. 80
Office of Education
Federal Board for Vocational
Education »
Government in the Territories
1, 121, 022. 14
505, 285. 88
71, 648. 42
35, 852. 38
Bureau of Mines.-
U. S. Geographic Board u
Interior, civil, miscellaneous
128, 6S8. 03
77, 191. 79
Indian Affairs:
Salaries and general expenses
6, 873, 498. 57
Education. __
General support and administra-
tion
Fulfilling treaty stipulations and
treaty supports
Miscellaneous expenses of Indian
5, 163, 911. 37
507, 250. 23
5, 125, 564. 77
4, 260, 104. 27
Total, Interior, departmental,
including Indian Affairs,
but excluding Boulder Can-
yon project, checks-issued
50, 287, 959. 17
4,366,795.40
23, 660, 526. 15
1,094,847.82
73,948,485.32
6,460,643.22
1, 146, 386. 64
Adjustment between checks issued
Total, Interior, departmental,
including Indian Affairs,
but excluding Boulder Can-
yon project, cash basis _ . .
45, 922, 163. 77
22, 565, 678. 33
68, 487, 842. 10
(■)
Boulder Canyon project:
19, 526, 289. 81
80, 908. 17
19, 526, 289. 81
80,908.17
70, 536. 99
Adjustment between checks is-
Total, Boulder Canyon proj-
19, 445, 381. 64
19, 445, 381. 64
(')
Total, Department of the
45, 922, 163. 77
42,011,059.97
87, 933, 223. 74
(»)
For footnotes, see p. 293.
90353—35-
-20
288 REPORT OF THE SECRETARY OF THE TREAStJltf
Table 2. — Details of expenditures, by organization units ahS^cdUrii^^fofSi^^dai
year 1934 — Continued
ztuv. Organisation unit
ziauoooB
General and
■ t special
accounts
Emergency
accounts
Total, general,
special^ anxbn
emergency
accounts
Trust and
contributed
accounts
of
DEPARTMENT OF JUSTICE
Office of the Attorney General:
Salaries and expenses ..
Detection and prosecution
crimes . ..
Miscellaneous objects
Js.Bureau of Prisons, salaries and
expenses
Bureau of Prohibition j
Division of Investigation
Veterans' Insurance Litigation...
The Judiciary:
Salaries and expenses, Supreme
Court -----*, l
Salaries and expenses of judges. .„
Court of Customs and Patent
Appeals ,
United States Customs Court...,
Court of Claims ,
Territorial courts I.
Panama Canal Zone, salaries,
District Court ._
United States Court for China,
salaries and expenses >«....
Expenses, etc., United States
courts
Judicial, miscellaneous r
Special deposit accounts.
Penal and correctional institutions.
Total, Department of Justice,
checks-issued basis 1
Adjustment between checks issued
and cash expenditures ,
$1,449,775.22
296, 612. 30
464, 918. 22
185, 438. 76
922, 365. 62
4,432,558.72
316,573.21
308,-117.44
2,258,334.47
94, 761. 89
206, 293. 65
170, 996. 93
77, 068. 67
22,914.71
' I
11,267,743.47:
46, 924. 54
57, 242. 99
8, 713, 284. 76
noo— aosaMwoo
O lY.-aUTHAHZa
,U&,C
$1,449,775.22
'296, 612. 30
464,918.22
bisofL ?niqqic'8 .8 .U
beuEEi-siosdO
" "3 If I2T f e'iTiBX "
s,o baB bouz
-- I—
B8-.«^-,8—
Total, Department of Justice,
cash basis ,.
DEPARTMENT OF LABOR
Office of the Secretary
Bureau of Labor Statistics
Bureau of Immigration and Natu
ralization .-.-
Children's Bureau. ..:;:i^ss^-
Women's Bureau.. :..
U. S. Employment Service L
Employment Service j.
Housing Corporation ..(.
Labor, miscellaneous
"i"1 deposit accounts
Total, Department of Labor,
checks-issued basis
Adjustment between checks issued
and cash expenditures
31, 318, 202. 68
. 280,32.1.85
31, 598, 524. 53
583,827.13)
396,339.33
-7,961,326.98
324,043.78
136, 894. 93
909, 306. 08:
91, 935. 17i
16,624.69:
23,147.84:
LKS..Q9B
m.iio i
os .C8S ,t«s .e
.. ....j. —
"$2li,"9§i."95r
214, 981. 95
77., 681.72
185, 438. 76
„. ,-, ,922,365.62
4,432,558.72
316, 573.' 21
■ I 3IIT "i
308, 117. 44
2, 258, 334. 47
94, 761. 89
206, 293. 65
170, 996. 93
77, 068. 67
'XT'TEJoT-
SHojuJjS'55510
fonbTaSTm
siosofl sbtooO
26,277.11
22, 914. 71
11, 267, 743. 47
46, 924, 54 ,
57, 242. 99
8, 928, 266. 71
137, 450. 23
Total, Department of Labor,
cash basis
NAVY DEAPRTMENT
Salaries, Navy Department
Contingent expenses, etc..
Offiee of the Secretary
Bureau of Navigation
Bureau of Engineering
Bureau of Construction and Repair
Bureau of Ordnance.
Bureau of Supplies~and Accounts:
Fuel and UanspQrtatk>ni3eJJOOa=«
Maintenance
National Industrial Recovery,
Navy, Supplies and Accounts.
Naval supply account fund
Pay, subsistence, and transpor-
tation, Navy
Naval working fund
Other items
(it)
9,360.40
3,693.58;
1, 218, 786. 88
1, 172. 07
10, 443, 445. 93
388, 458. 69
10, 831, 904. 62
3, 265, 411. 09
524, 577. 64
1 216,513.94
3,262,917.28
14,504*778.97,
12, 495, 193. 90
9,065,394.25
5, OCT, 407. 88
6, 587, 081. 90
1,091,639.48
129, 094, 280. 39
is, 4ss, no. 61
496, 834. 48
1, 930, 012. 93
SI, 641.06
31, 533, 184. 63
202, 790. 13
"
.... .._.
bxaBU'ieEGioB.
riv'ti leohjoIoaO
mWTo TsoffiO
faiabol
$191,m.€2
"6B8,~565.~90
-
494, 593. 28
■ ■ ■ ■■ ■ ■
31, 735,374/76
593, 187. 53
400, 032. 91
9,180,113.86
324, 043. 78
136, 894. 93
1,607„478.15
, 91,935.17
16,624.69
23, 147. 81
-sae —
If oii j;niII0ki'5
tfeoij
133,00
"rffrf-.fe*©?1
"4Z6.59S.54
1,908,471.87
1, 084, 864. 15
'"""l4,"706."29!
2T17345.33
X .£31 ,sse ,et
117, 413. 93
12, 373, 45S. 86
366,917.63
12, 740, 376. 49
m, 4W. 64
3, 265, 41i:'09'
524, 577. 64
2VS01,37&09
3. 262, 917. 28
14,5119,479.26
-12,-496,- 193. 9tt'
9, 276. 739. 58
-5,-067,407.88
6, 587, 081. 90
117,il^93'
1,091,539.48
129, 094, 280. 39
IS, 433, no. 61
ill .TtV't
(»)
isMO..
bans.—
JrJoT
PL.Jaa.-_.
,oT
LlobajnJL
,29lonJooi 101
■r.-thi6, 097. 42
For footnotes, see p. 293.
REPORT OF THE SECRETARY OF THE TREASURY 289
SsS^Wfc %<?rp:etails of expenditures, by organization units ami accounts, fat thejisM
year 1934-^- Continued
bns t-iinT
r.gahi
,Ifil9CS7
izaHsibn unit
1 jos
General and
special
accounts
NAVY DEPARTMENT — COn.
Bureau of Medicine and Surgerji.
Bureau of Yards and Docks
Bureau of Aeronautics J.
NavaiAcaderiiy>fv
Marine Corps:
Pay iCT...
General expenses.
OIUtT items
Alterations to naval vessels.
Increase of the Navy;
Armor, armament, am! ammunl-
"""fibnZZZIIlL '-. J;
Construction and machinery..,.
"* "National ""Industrial Kecoveijy,
Navy allotment.". '_"___
Other items, ,.
Navy, miscellaneous-'..'--
General account of advances...
"[Special deposit accounts
Total, Navy ' Department","
checks-issued basis '.'.'.
Adjustment bptween checks issujed
and cash expanditjurgg^.j^ —
Total, Navy Department",
cash pasis.
POST oKOCE DEr.VRjTlfENT
Salaries and expenses, public build-
ings, Tost Office Department. "
Foreign mail transportation
Private relief acts
Deficiencies in the postal revenues.
A I iscellaneous. " " expenses; " " Tos EST
Service ..-> L._.
Total, iPost Office Depart-
mental exclusive of Postal
deficiency and Postal Serv-
ice payable from postal
revenues, checks-issued
basis
Adjustment between checks issued
and cash expenditures
Total, (Post Office Depart-
mental exclusive of Postal
defic >pncy and Postal Serv-
\V ?.% Gl&^ce payable from postal
reveo-ues, cash baslsi::;'"^
Deficiencies in the postal revenues"
checks-issued and cash basis_.L...
Total, Post Office Depart-"
ment, exclusive of Postal
"Service payable from post-
al revenues, cash basis. . . . .
DEPARTMENT -OF. STATE
Salaries and expenses
Foreign intercourse
Special deposit accounts
Foreign service Retirement fund.
, Total, (State, departmental,
checks-issued basis
Adjustment between checks issued
and cash expenditures.. _ _
Total, State, departmental,
castr'basis L~
For footnotes, see p. 293.
N, 829.
"57, TIT.
18, 292. .
(3,'ssrm
---
23, 457, 056
,520- ,£0-
_ _ —
264,141,535.
.10,246,851.
274. 388,386
§, 589, MS,
2, COO, 000
10.636
.....v1.3)...
L666
06
12,211,146.70
OP
5,416 97
Oi" 12," 205, 729
» 52, 003, 295^ 62
64,209,025 35
1,674,416 50
9,721,912.01
9, 9081 08
'' ' 03) :
11,386,420.43
m,S17.67
11,121,102
Emergen c
accounts
"OS
36,784,053.
-
95
22, 640, 904. 90
,8M ,IT2
:
...
6, 198
6,198
Q^i
000 ,5V
sa ,ia 6, 198
m
eri
01)
6,195
808, 585. 93
808, 585. 93
61,415.92
747, 170. 01
Total, general,
special, and
emergency
accounts
noo— 3TATa to TiiaiiTHAiaa
$•-•. m, 79C, 80
20. 084; €88 . c:,
16,200,754.07
1.328,946.58
12.691,874.52
1. 124.071.28
m 486 77
5, Cl 1,425. 18
10. 0U, 749. 12
32, 529, 28fi, 88
23, 157, 056. 19
-8.8i9.J4
57, 1 17. 52
is, 292, 39
13. 587. 36
300, 925, 588, 86
297, 029, 290. 96
•i9lioijq
9, 589, 943. 80
2, 600, 000, 00
19,636.62
7, 764, 28
-soiioo-
12,217,344.70
■\ 416.97
-— — - — I —
if) Eoililidail
12,211,927.73
62,003, 295. 62
64, 215, 223. 35
1,674,416.50
10, 530, 497. 94
12, 195, 006. 36
11,868,272.87
Trust and
contributed
accounts
?. agiaiol
-JeJol
$122,976.97
iiBO
asJ
rvid
i 123." 63
159, 19S. 02
C)
C9lT lo 90fBO
■ v.vjz
tod-—
„3i»
51.00
51.00
(liiuooofl
(')
asm
JaioT
18,967. 47
209,835.20
190, 867. 73
(')
290
KEPORT OF THE SECRETARY OF THE TREASURY
Table 2. — Details of expenditures, by organization units and accounts, for the fiscal
year 1984 — Continued
Organization unit
General and
special
accounts
Emergency
accounts
Total, general,
special, and
emergency
accounts
DEPARTMENT OT STATE— COn.
Foreign service retirement fund,
checks-issued basis
Total, Foreign Service retire-
ment fund, cash basis
$292, 700. 00
292, 700. 00
$292, 700. 00
292, 700. 00
Total, Department of State,
cash basis
11,413,802.86
$747, 170. 01
12, 160, 972. 87
TREASURY DEPARTMENT
Office of the Secretary
Office of Solicitor of the Treasury..
Office of Chief Clerk and Superin-
tendent
Division of Supply
Office of Commissioner of Accounts
and Deposits
Division of Bookkeeping and War-
rants
Division of Disbursements
Public Debt Service
Division of Appointments.
Bureau of Customs:
Collecting the revenue from
customs
Miscellaneous expenses
Refunds, debentures, drawbacks,
etc
Bureau of the Budget
Office of Treasurer of United States.
Office of Comptroller of the Cur-
rency
Bureau of Internal Revenue:
Collecting the revenue
Refunds, debentures, drawbacks,
etc
Bureau of Industrial Alcohol, sal-
aries and expenses
Bureau of Prohibition, enforcement
of narcotic and national prohibi-
tion acts
Bureau of Narcotics.
Coast Guard
Bureau of Engraving and Printing. .
Secret Service Division
Public Health Service
Bureau of the Mint
Treasury, miscellaneous:
To promote the education of the
blind
Outstanding liabilities (trust
account)
Other items
Special deposit accounts
Special accounts:
Settlement of War Claims Act
of 1928
Procurement Division:
Salaries and expenses
Repairs, equipment, etc., public
buildings
Operating expenses, public build-
ings
139, 319. 35
14, 084. 27
575, 967. 59
922, 284. 92
93, 926. 63
912, 770. 90
309, 165. 34
3, 814, 756. 47
37,896.31
17, 650, 631. 43
356.00
(13)
155, 313. 48
1, 406, 768. 95
271, 148. 09
28, 505, 063. 50
(.3)
2, 826, 810. 90
139, 319. 35
14, 084. 27
575, 967. 59
922, 284. 92
93, 926. 63
912, 770. 90
309, 165. 34
3, 814, 756. 47
37,896.31
17, 650, 631. 43
356.00
155, 313. 48
1, 406, 768. 95
271, 148. 09
28, 505, 063. 50
1,
1, 029,
19, 498,
4, 339,
648,
8, 245,
1, 031,
807. 86
040.96
818.21
524. 32
912.07
170. 09
702. 64
17, 665, 307. 00
1, 397, 468. 54
2, 826, 810. 90
1, 807. 86
1, 029, 040. 96
37, 164, 125. 21
4, 339, 524. 32
648, 912. 07
9, 642, 638. 63
1, 031, 702. 64
75, 000. 00
61, 528. 27
64, 596. 18
79, 666. 63
1, 800, 567. 49
2, 884, 324. 32
6, 146, 766. 66
61, 438. 75
64, 596. 18
, 666. 63
, 567. 49
, 324. 32
, 766. 66
Total, Treasury, depart-
mental, checks-issued basis.
Adjustment between checks issued
and cash expenditures
Total, Treasury, depart-
mental, cash basis
103, 543, 689. 83
4, 994, 366. 86
19, 062, 686. 02
134, 565. 80
122,
4,
375. 85
801.06
108, 538, 056. 69
18, 928, 120. 22
127, 466, 176. 91
Refunds of receipts:
Customs
Internal Revenue
Bureau of Industrial Alcohol
Total, refunds of receipts,
checks-issued basis
13, 883, 578. 98
48, 024, 440. 15
53, 743. 54
,883,
,024,
53,
578. 98
440.15
743. 54
61,961,762.67
61,961,762.67,1
For footnotes, see p. 293.
REPORT OF THE SECRETARY OF THE TREASURY
291
Table 2. — Details of expenditures, by organization units and accounts, for the fiscal
year 1934 — Continued
Organization unit
General and
special
accounts
Emergency
accounts
Total, general,
special, and
emergency
accounts
Trust and
contributed
accounts
TREASURY DEPARTMENT — COn.
Adjustment between checks issued
and cash expenditures... _
$748, 789. 62
$748, 789. 62
Total, refunds of receipts, cash
basis
62, 710, 552. 29
62, 710, 552. 29
Procurement Division:
Sites, construction, etc.:
Post offices, customhouses,
courthouses, etc
69,883,411.77
381, 898. 22
58, 222. 84
1, 296, 209. 59
$3, 240, 982. 05
73, 124, 393. 82
381, 898. 22
58, 222. 84
1, 296, 209. 59
Inspection stations
Quarantine stations
Marine hospitals
Total, public building con-
struction and sites, checks-
issued basis
71,619,742.42
3, 896, 071. 44
3, 240, 982. 05
50,526.68
74, 860, 724. 47
3, 845, 544. 81
Adjustment between checks issued
and cash expenditures
Total, public building con-
struction and sites, cash
basis
75,515,813.86
3, 190, 455. 42
78, 706, 269. 28
Special accounts:
Federal land banks:
Subscriptions to capital stock. .
1,787,780.00
1,737,780.00
40, 863, 477. 16
7, 029, 256. 79
1, 086, 300. 00
150, 000, 000. 00
Subscriptions to paid-in surplus.
40, 863, 477. 16
7, 029, 256. 79
1, 086, 300. 00
150, 000, 000. 00
Payments to Federal land
banks, reductions in interest
rate on mortgages
Subscriptions to preferred shares,
Federal savings and loan asso-
ciations
Subscriptions to capital stock,
Federal Deposit Insurance
Corporation
Total, special accounts,
checks-issued basis
1, 737, 780. 00
198, 979, 033. 95
829, 350. 35
197, 241, 253. 95
829, 350. 35
Adjustment between checks is-
sued and cash expenditures
Total, special accounts, cash
basis
1, 787, 780. 00
198, 149, 683. 60
196,411,903.60
Total, Treasury Department,
cash basis...
245, 026, 642. 84
220, 268, 259. 24
465, 294, 902. 08
(>)
WAR DEPARTMENT
National defense:
Salaries, War Department-
3, 996, 201. 95
393, 702. 58
92, 599. 39
61, 590. 77
114,122,111.16
872, 982. 61
783, 088. 01
470, 645. 96
8, 533, 686. 53
10, 333, 147. 84
4, 733, 043. 98
5, 819, 382. 34
511,961.59
2, 963, 795. 92
3,062,591.92
13, 537, 645. 37
3, 996, 201. 95
393, 702. 58
92, 599. 39
61, 590. 77
114,122,111.16
872, 982. 61
783, 088. 01
470, 645. 96
8, 533, 686. 53
10, 333, 147. 84
4, 733, 043. 98
5, 819, 382. 34
511,961.59
Office of Secretary of War
General Staff Corps
Adjutant General's Department..
Finance Department:
Pay of the Army
Finance Service
Judgments
Other items
Quartermaster Corps:
Army transportation
Barracks and quarters and
Construction of buildings, etc.,
Construction and repair of hos-
2, 963, 795. 92
3, 062, 591. 92
13, 537, 645. 37
27, 303, 122. 62
171,978.51
1, 743, 775. 77
17, 372, 856. 76
1, 216, 869. 95
321,403.51
National Industrial Recovery..
27, 303, 122. 62
171, 978. 51
1, 649, 316. 65
17, 357, 934. 53
1, 216, 869. 95
321, 403, 51
Signal Corps
94, 459. 12
14, 922. 23
Air Corps
Corps of Engineers
For footnotes, see p. 293.
\%W ^/,-Gontmued
bar, i?.uVJ
boiisdhiao
Kinuooos
Jsionsg .liiloT
gaijiization miifeq>.
Y.0a9§19OI9
aJnuooos
General and
accounts
i Emergency
i .accounts
sJnooooB
Total, general,
special, and
em^geneyt, s
accounts
Trust and
contributed
accounts
war department— continued
National defense— Continued.
Ordnance Department
Chemical Warfare Service.-.
Chief oflnfantry..
Chief of Cavalry..,—, „,..
Chief of Field Artillery......
Ciller oT Coast Artillery
Seacoast defenses
Military Ac&demy.
aOO— TK^U1HA13< l YHUgA3JIT
National Guard Bureau^
Organized Reserves- . -.:'l.
Citizens'" military training
National Board for Promotion
RrflA Prarfiff- L-_—
Accounting funds
Special deposit accounts
$7, 872,
806;
57;
18,
---23;
28;
1,414,
1, 975,
:ir,n,
-8; 587;
Total, [national defence,
checks-issued basis.
-'Adjustment between checks—
sued and cash expenditures —
, national defense, cash
/, 180, 988.
787.
1
233,850,831.45
672. 5$
748. 26
700. 55
324. 25
568: 93
319.55
464.16
451.09
722. 03
852. 08
735. 70
,$4,446,489.
52
" "
FTHo.gJq
2, 416, 590.
85
1,113,212.62
$12,319,162.07
806; 748. 26
57, 700. 55
18,324.35
-23,66&93-
26, 319. 55
3,831,055.01
1,975,451.09
25,691,934.65
3,611,852.06
3, 587, 736. 70
;f_m9_ml3rjrjt>A_
51,792.
; 35, 388, 796. 96
51,792.95
1,180,988.87
787, 17
28,5U,909.62
2, 634, 432. 41"
269,239,628.41
*5, 910,477. 11
T2iiibA
ifv-a-fteso-b-He---
I JetoT
205, 305, 921. 93
Nonmilitary activities:
National remoter ies..-.ilfe.
National military parks
Miscellaneous, Quartermaster
- . Corps IMS. E. -l-C'J
Signal Corpfc ..J...
Corps of Engineers, miscellaneous
Bureau of Insular AflairS. -i-C3
War claims and relief acts.
Miscellaneous--. —
Trust funds
Total, nonmilitary activities,
"Checks-issued basis
Adjustment between checks issued
andvcasft-expendltures
Total, nonmilitary activities,
77t ,£721,973.
(2)
38, 023, 229. 37
243,329,151.30
»„.-.
29
361,259.18
142, 225. 77
92, 648. 47
61, 782.98
97, 432.111
424, 060. 88
...
37
239, 160.
>oJa
1,146,034,17
361, 259. 18
142, 225. 77
92, 648. 47
239, 160. 37
61, 782. 98
97, 432. 11
$1,762,599.29
-casrj baSis.
4, 109, 859. 43
775; 477.
4, 885, 337. 40
Rivers and harbors:
Improving rivers and harbors-j.
Flood control and relief
Special deposit accounts
54, 651, 487. 06
23, 315, 356. 97
5,844-U
50,232,192,
24, 834, 446,
.65
104,883,679.94
48, 149, 803. 62
. a6_,8UJ&
a 583,739.71
304,72|.64
"Total, rivers and harbo|-sy
checks-issued basis .;::
Adjustment between checks issujed-
and cash expenditures.. .,-. j...
•-"Total, rivers and harbors,-
caslr basis .-
Total, War Department, ex-
cluding Panama Canal,
cash basis ._
"77,-960,999.92
320,478.57,
75, 066, 639.
153,027,639.45
2,295,779.49
888, 4,68. 35
78,-281,478.49
72,450,381
150,731,859.46
i noar.ni d
287,697,259.85
398, 946, 348. 66
(')
Panama Canal, checks-issued basis.
Adjustment between checks issued
and cash expenditures. .=
Total, Panama Canal, cash
basis. -----
808, 522.
67.041.
9,665,780.09
292, 847. 53
toiO-
aoO
9,197,147.37
-751, 480. 25
9,948,627.62
DISTRICT OF COLUMBIA
District of Columbia, checks-issue^
basis :.... _: ™.
Adjustment between Cbecks issued
- andcash expenditures. ...
Total, District of Columbia,"
cash basis. _„;;£-' .—
For footnotes, see p. 293.
'8 5. 700, 324. 53
J* -{'? 824, it
490, 720.
9, 809.
56
5, 891, 045. 09
.31
-10,15$. 98'
'■ 30,
9l: 13
974] 206. 34
SSW'&l ■ 67
5, 700, 000. 00
0,911.17
5, 880, 9U. 17 '[ ' 30, 68ft,,8P4. 67
.EGS .q 993 ,383onJool 10%
Tabl
E 2. — Details of expenditures, by organization units ana accounts, for IM fiscal
year 193%— Continued
.11117
Organization unit
<■; , j General andqr
special
accjounts —
INTEREST ON THE PUBLIC DEBT
Interest on the public debt, checks-
issued basis..-.. .11;....
Adjustment between checks issued
- and cash expenditures
Total, interest on the public
'debt, cash basis .U.-_
>,05 i. -
tea.sso
m» | _
880 ,80 i ,\£
B DEBT7RBttBEMENTS'
Siiikirig fund &.8Q
Obligations retired from Federal
"Reserve' 'bank franchise tax re-
ceipts and earnings from Federal
intermediate, credit banks.;
Received from foreign govern-
ments under! debt settlements...
Esjat.e taxes, forfeitures, gifts, etc
Total, public debt retirements,
p p|ieQks-;ipsue(J basis
4djustmwt between checks issued,
and cash expenditures ..J "...
^<j-<^ofel, public debt retire-
0£,v .OOl'ments, cash basis .
SPECIAL ACCOUNTS
Reconstruction Finance Corpora-
tion....
Chargeable against I increment- on
gold, exchange stabilisation fund.
Tutal, classified, expenditures,
fees ,3E£ cjiecksrissued ba|is . -W{-w<
Adjustment between checks Jssued
* ajidtcaah expenditures
Total, classified expendtoofesi,
cash basis.. .
Unclassified items, cash basis ...
Total cash expenditures on
000,'oooPftS's of daily Treasury,
statements (unrevised)--'.--
Exeesgpf expenditures over receipts.
Emergency
accounts
I £Tv
o,i$ae2,*es,i
$757,210,099.33
59*; 978. 60
B._„_
756, 617, 126-. 73
359, 491, 9001*0'
I ,E
342. 90
357, 850. 00
15, 000. 00
:aoiJnuooa
an
756,617,126.73
=*>■' >i ';i'i»il=
359,865,092.90
t, 000. 00
359, 864, 092. 90
$1,614,932^38.15
3,. 1,10,094, 871. 70
9, s\l0, 690. 61t
g, 99J7, 407, 766. 86
,067,7013. 14
f ',
3, 100, 554, 181. 12
360/353, 02
1
4, 004, 475, 469. 00
339,918.13
ion, ,14. 534. 14
iook,135,35tl£l.
Total, general,
special, and
emergency
accounts
A JAlD:i4a nvjA ,TAfT.My>m
eTiiaoafl
$767,210,099.33
■ ■■
592,972.60
..oio ,3iL
359,491,900.00
)un979i IemaJnl
..r.Bi sniooal
■
1 i ...UoatiM
)Ol1
I i.qioah'J
!)(i)oI[A
i InnsO r.mme'i
.ui-Uaaaiw-iaiiiG
3}qi909iIisioT
342.30
357, 850. 00
15, 000. 00
359, 865, 002. 90
1000,00
359. 864, 092. 90
j arm
oiulIuuhsA lo
9019IJI
1,614,932,338.15
.- i
f. 107, 502. 638 Ji2
""gyr&dts.so
7, 105, 029, 650. 12
20.434.83
7,105,050,084.95
6 o non ir\a no e a<\ ■
... '» 3,989,496,035.42
^le^aajgia^qag
mr!rmrs9tr
q .oviiu'jsxC'l
— : ' — ■-
JnjinJinqgCI
tail
$2,000,000,000.00
.', lis, S7 4,623. 23
W, ?M. 0>,6. 70
2, 138, -519. 676., 53
155,963.08
2, 138, 675, 539. 61
*> 83b,'88b,-lfft\1%
i Expenditures from trust and contributed accounts are; not classified by organization units, except for
the District of Columbia, in 'daily Treasury cash statements.
a Stated under Office of National Parks, Buildings, and Reservations, Department of the Interior, pursu-
ant tp Executive Order No. 6166 of June 10, 1933.
* Included under National Industrial Recovery. Administration.- — gJ»ui'o
.^Stated under the Department of the Interior, pursuant to Executive Order No. 6166 of June 10, 1§33:. ;
* Under the Treasury Department.
« Included under Farm Credit Administration, pursuarit to Executive Order No. 6084 of Mar. '27, 1933.
ftlnchadedunderEederal Enrargenoy Relief Administration. , , >. .cri
* 'Stated: under' the Department of Commerce, pursuant to Executive Order No. -6166 of June 10, 19?3.
'Includes $3,241,098. 61 referred to in note 8,' p. 281.
-W.Sxclusiv«of:$35,275,000!advanQedtO'StatesfftE road construction under sec. 204 (a)' of the act of June 16,
1933^.,The>paymeuti bf.checks cohering such advances are reflected in daily Treasury cash statements as
expenditures during the fiscal year 1934, but will not be reflected as expenditures on the basis of the figures
included in this report until the moneys in the possession of the States are expended and accounted for.
» Incudes $35,276,000 referred to in note 10. ; 'rf,"
mS Stated under the- Department of th&Iateripr, pursuant to Executive Order No. 6611 of Feb. 22, iPf>4,if;j
13 See below for this item.
14 Stated under the Department of the Interior, pursuant to Executive Order No. 6166 of June 10, 1933.
Heretofore stated.underi independent -oflSces. A rails baa nO •
-*> ■Included- under. general support and administration. , , , li boa .hxaoH .ans'S
i« Stated under the Department of Justice, pursuant to Executive Order No. 6166 of June 10, 1933. , ,Jle?e.-
tofore included under the Department of State.
17 For classification of extraordinary expenditures contributing to the deficiency in postal revenues foi
the fiscal year ended June 30, 1934, see exhibit 46 on p. 270 for statement of account.
is $5,700,000 plus additional charges of $324. 53 divided accounts.
" Add excess of trust account expenditures over trust account receipts for comparison with surpluses and
deficits as published in annual reports for years prior to 1931.
so Excess of receipts over expenditures.
Note.— Excess credits and adjustments in italics to be deducted.
294
REPORT OF THE SECRETARY OF THE TREASURY
Table 3. — Receipts, expenditures, and surplus or deficit for the fiscal years 1931
to 1934
[On basis of daily Treasury statements (unrevised), see p. 273]
1931
1932
1933
1934
GENERAL AND SPECIAL ACCOUNTS
Receipts
Internal revenue:
Income tax
Miscellaneous internal revenue ..
Processing tax on farm products
Customs '
Miscellaneous receipts:
Proceeds of Government-owned securities:
Principal— foreign obligations
Interest — foreign obi igations. .
All other
Panama Canal tolls, etc
Other miscellaneous
$1, 860, 394, 295
569, 386, 721
$1, 057, 335, 853
503, 670, 481
$746, 206, 445
858, 217, 512
378, 354, 005
51, 588, 133
184, 474, 623
28, 325, 941
26, 624, 253
90, 490, 661
327, 754, 969
22, 367, 501
22, 588, 375
72, 008, 258
250, 750, 251
31, 567, 519
67, 190, 207
32, 090, 747
23, 267, 500
70, 406, 561
$817,961,481
1, 469, 593, 551
353, 048, 797
313, 434, 302
396, 755
20, 033, 594
57, 415, 484
27, 103, 068
56, 567, 018
Total receipts
Expenditures
General
Departmental: 2
Legislative establishment
Executive proper
State Department
Treasury Department 3
War Department (nonmilitary)3
Department of Justice
Post Office Department
Interior Department *
Department of Agriculture...
Department of Commerce
Department of Labor
Shipping Board
Other independent offices and commissions.
Unclassified items
3, 189, 638, 632
2, 005, 725, 437
2, 079, 696, 742
3,115,554,050
23, 978, 412
506,811
15, 753, 493
204, 656, 705
27, 318, 601
424, 545
18,881,864
287, 945, 003
21, 477, 373
369, 113
15, 225, 569
267, 504, 959
44, 403, 498
82, 297
5 64, 542, 778
296, 865, 945
61,477,118
12, 181, 472
33, 961, 996
50, 835, 845
182, 625
51, 639, 261
125, 899
81, 444,
318,975,817
52, 700, 200
14, 701, 344
51, 540, 826
52, 545, 271
45, 491
44, 088, 327
57, 882
74, 579, 717
250, 981, 139
45, 968, 153
13, 677, 842
28, 518, 830
45, 237, 407
895, 138
17, 652, 732
358, 898
11,121,103
108, 538, 057
4, 109, 859
31, 598, 524
12, 205, 730
45, 922, 164
58, 362, 572
27, 452, 420
10, 831, 905
9, 644, 426
22, 365, 463
360, 353
Total departmental
Public building construction and sites, Treas-
ury Department 23
River and harbor work 2
National defense: 2
Army 3
Navy
Veterans' Administration 2 *
Adjusted service certificate fund..
Agricultural Adjustment Administration
Farm Credit Administration 6
Agricultural Marketing Fund (net)6
Distribution of wheat and cotton for relief
Refunds of receipts:
Customs
Internal revenue...
Processing tax on farm products...
Postal deficiency
Panama Canal
Subscriptions to stock of Federal land banks..
809, 428, 995
958, 289, 118
806, 791, 173
121, 034, 167
s 355, 808, 530
353, 768, 185
5 708, 609, 670
224, 000, 000
116, 798, 680
349, 989, 331
357, 617, 834
784,841,820
200, 000, 000
118,391,256
318,331,028
349, 561, 925
763, 154, 886
100, 000, 000
190, 540, 855
136, 238, 856
21, 369, 007
69, 887, 929
17, 202, 968
83, 921, 552
1,461,684
3,254,996
34, 240, 628
12, 576, 842
57, 763, 119
341, 335, 354
75,515,814
78, 281, 479
205, 305, 922
274, 388, 386
506, 549, 454
50, 000, 000
279, 723, 062
23, 123, 288
145, 643, 613
9, 299, 057
202, 876, 341
10, 661, 805
125, 000, 000
117, 380, 192
12, 672, 729
242, 545
14, 046, 350
48, 664, 202
1, 194, 640
52, 003, 296
9, 197, 147
1,737,780
1 Beginning with the fiscal year 1932 tonnage tax was covered into the Treasury as miscellaneous receipts.
2 Additional expenditures on these accounts for the fiscal year 1934 are included under "Federal Emer-
gency Administration of Public Works."
3 The classification of general expenditures for public building construction and sites, Treasury Depart-
ment, and for War Department (nonmilitary) prior to the fiscal year 1934 is not available, and such expend-
itures are therefore included in general expenditures under Treasury Department and National Defense-
Army, respectively.
* The Bureau of Pensions and National Homes for Disabled Volunteer Soldiers were transferred from
the Department of the Interior and War Department, respectively, to the Veterans' Administration in
accordance with the Executive order of July 21, 1930.
5 Revised to adjust classification.
6 On and after May 27, 1933, repayments of loans made from Agricultural Marketing Fund— Federal
Farm Board, and interest thereon, are reflected as credits in the expenditures of the Farm Credit Admin-
istration.
REPORT OF THE SECRETARY OF THE TREASURY
295
Table 3. — Receipts, expenditures, and surplus or deficit for the fiscal years 19S1
to 1984 — Continued
1932
1934
GENERAL AND SPECIAL ACCOUNTS—
Continued
Expenditures— Continued
General— Continued
Civil service retirement fund (Government
share).
Foreign service retirement fund (Government
share) —
District of Columbia (Government share)
Interest on the public debt
Public debt retirements:
Sinking fund._
Purchases and retirements from foreign
repayments --.
Received from foreign governments under
debt settlements
Estate taxes, forfeitures, gifts, etc
$20, 850, 000
216, 000
9, 500, 000
611,559,704
391, 660, 000
48, 245, 950
$20, 850, 000
215, 000
9, 500, 000
599, 276, 631
412, 554, 750
$20, 850, 000
7.
416, 000
, 775, 000
, 365, 106
176, 050
75, 000
425,
30,
660, 300
977, 000
909, 650
057, 850
$20, 850, 000
292, 700
5, 700, 000
756, 617, 127
359, 490, 900
357, 850
15, 343
Total, general expenditures '
Emergency 7
Federal Emergency Administration of Public
Works:
Administrative expenses
Loans and grants to States, municipalities,
etc -
Loans to railroads --
Legislative establishment
State Department
Treasury Department:
Public building construction and sites. _
Allother -
War Department (nonmilitary):
River and harbor work
All other
National defense:
Army
Navy
Panama Canal ---
Department of Justice
Post Office Department
Interior Department:
Boulder Canyon project
All other --
Department of Agriculture:
Public highways --
All other
Department of Commerce
Department of Labor
Veterans' Administration
Independent offices and commissions
District of Columbia
Civil Works Administration
Export-Import Banks of Washington
Emergency Housing Corporation
Federal Surplus Relief Corporation
Unclassified items .-.
Civil Works Administration.
Federal Emergency Relief Administration
Federal Surplus Relief Corporation
Administration for Industrial Recovery
Agricultural Adjustment Administration:
Department of Agriculture
Department of Agriculture, special deposits
(cotton, etc.)
Treasury Department
4, 091, 597, 712
4, 385, 909, 686
3, 865, 915, 459
3, 100, 914, 534
6, 539, 315
78, 596, 230
70, 739, 000
123, 382
747, 170
3, 190, 455
18, 928, 120
72. 450. 381
775, 478
38, 023, 229
22, 640, 905
751, 480
137, 450
6,198
19. 445. 382
22, 565, 678
267, 882, 018
13, 002, 563
5, 170, 816
1, 908, 472
401,034
905, 286
180,911
400, 005, 000
63, 533
369, 351
22, 210
339,918
316, 157, 892
333, 702, 701
7, 039, 448
6, 632, 491
6, 875, 797
77
5,000
7 Emergency expenditures prior to the fiscal year 1934 (except Reconstruction Finance Corporation) are
included in general expenditures, the classification of which emergency expenditures is not available for
comparison with emergency expenditures for the fiscal year 1934. Therefore, neither the totals of general
expenditures nor the totals of emergency expenditures for the fiscal year 1934 are comparable with the totals
for prior fiscal years.
Table S.-Recei^, expenditures, and s^^lefieit for the fiscal years 1931
D9imiJnoU ••• I oV
*£GI
GENERAL AND SPECIAL ACCOUNTS—
Continued
Expenditures— Continued
£77i ergency— Continued
Agricultural ; Adjustment : Administration—
Continued.
National Industrial Recovery Act:
000 ,0.V Department of Agriculture. .,£*.. -i^
Farm Credit Administration.
I'.iinnio'Iiiy ('red it Corporation...-
OQpicPnelassified items. o-.-00e-.-e—
Far—
Farm Credit Administration
Emergency Conservation Work
,
&,-Hd-
. Reconstruction. France Corporation:
Direct expenditures by the Corporation
From funds allocated by the Corporation:
"Crop production loans '
Regional agricultural credit corpora-
mW T tions...... »..-..
__Loans to joint stock land banks
{-gfi HQ Farm mortgage relief— j
Federal Farm Mortgage Corporation..
Federal Intermediate Credit Banks, re-
volting fund ' J
Farm! Credit Administration J
Commodity Credit Corporation ...J
318 GS?. 'Capital stock of home loan banks
Federal Surplus Relief Corporation. ..
06S ,965 Capital stock of Home Owners' Loan
Corporation ...V. '
Fxport-Import Banks of Washingi
Oil \1\ Civil Works Administration.
Tennessee Valley Authority.. .~_Y.7—
Federal land banks:
Subscriptions to paid-in surplus..'
Payment for reduction Of interest rates on
mortgages .
Federal Savings and Loan Association (sub-
scriptions to preferred shares) ..'.'.llli
Federal Deposit Insurance Corporation ({sub-
scriptions to stock)
™\ ,
OS* .VEfTotal
Total general and emergency expenditures s
Excess of expenditures over receipts s
TD CONTRIBUTED AC-
AND INCREMENT ,ON
emergency expenditures 7I~.
Receipt
J--
ist accounts:
District of Columbia 10
Government life insurance fund...
Adjusted service certificate fund "
Civil service retirement fund nyj"_~
Foreign service retirement fund "
Canal Zone retirement fund lr-~_.— -V-l
08S
ne
ooo
-£'ij>tuoooA j^ioaq? cm*
l <naimoO
Ja9£iai9voO) brul 3noai3ihsi
--t— --
...
61,867,202
$4,091,597,712
901, 959, 0S0
36, 457, 590
79, 492, 41C
1932
boutiliaoZ >- -aaflUTiavia' :x3
banni
tsiETte-irrDTinr
;to9b"aHTTDcra
- _
»$LL59,263,825
37, 148, 880
$705,868,007
--- --■
767. 735, 209
5,153,644,895
3, 147, 919, 458
36,893,540
71,906,720
1933
aoO-SnwnsO
:
50
6Q6
basvJPim
\jorts^V3m3
£~ 29^789
m,
331. W0, Ml
91S,2i8,852
52, 89p, 666
0,178 7,766,815
' 941,044
14^129, 660
85, 760, 051
25, 000, 000
;TI^3i.969,965
32,9Sp,151
153, 000, 000
'2, ,590,792
Bis
40, 863, 477
jlilijkmon) iaomizikv-'U V-Aia oc7
-, .-- '■ l~y> £0>
1,000,000
T -
-rhrarat
a bns aoiJoinJ aoo gnibliud
rrrrrrarl
TrrrotfTTfl'&nr
_ -radio I1A
1,277,038,168
5,142,953,627
3, 063, 256, 885
ospammoO lo
I lo Ja^inJifiqsG
33,356,95
71, 144, S91
5, 793, 28' 3
40, 089, 115
262, 273
560, 931
1934
JAH3M30
$2
Cio
:;;,,7#4,800
1&>, 502, 150
4, 004, 135, 551
7, 105, 050, 085
3, 9S9, 496, 035
33,263,806
72, 026, 323
14,8d7,393
39, m 462
. 262,236
595,157
8 Revised tq adjust classification.
7 Emergency expenditures prior to the fiseal year 1934 (except Reconstruction Finance' Corporation) are
included in general expenditures, the classification of which emergency expenditures is not available for
comparison with emergency expenditures for the fiscal year 1934. Therefore, neither'rhe totals of general
expenditures nor the totals of emergency expenditures for the fiscal year 1934 are comparable with the totals
for prior fiscaj years.
' Total expenditures and excess of expenditures for the fiscal years 1932 and 1933 include expenditures
.made by the Reconstruction Finance Corporation, whereas the expenditure statements for those years did
not show Reconstruction Finanee Corporation expenditures, except $500,000,000 in payments from the
proceeds of sales to the Treasury of- the-Corporatian's capital stock. ■ "' '
9 The classification of receipts and expenditures in contributed accounts prior to the fiscal year 1934 is
not available. >uch receipts and expenditures were classified as special funds and are included In the
receipts and general expenditures under General and Special funds for the fiscal year 1933 .and prior fiscal
vears.
:1 Expenditures for the District of Columbia representing the share of the United States are charg
igainst the amount to be advanced from the General Fund until the authorized amount is expended. Af
against I
that they are charged against the revenues of the District under trust accounts. For total District of
Columbia expenditures the 2 items should be added.
11 Since July 1, 1932, deductions from salaries credited to the civil service, foreign service, and Canal
Zone retirement funds and the earnings from investments of such funds and of the adjusted service certifi-
cate fund have been classified as receipts, whereas prior to that date such items were used to offset expendi-
tures for the respective funds.
repo^w m gscfflmw m mmm* 297
Table 3.- — Receijds, exycnditnrcs, ami surplus or deficit fur the fiscal years 1981
■.%%%% to W84— Continued
— _
++i M
~ FFFFFFF
1931
1932
1933
1934
TRUST AND CONTRIBUTED AC-
COUNTS AND INCREMENT ON
GOLD— Continued
Receipts— Continued
Trust accounts— Continued.
Indian tribal funds .
Other
Contributed accounts •
Unclassified items
Incretnent resulting from reduction in the
weight of the gold dollar..
^)(C«© Ctt CO
"-»3i co cease*''
88,-262,712
3, 382, 144
$3, 089, 343
S 3, 612, 968
$2. 777. 238
4.674,749
------------
...
$4, 640, 101
3,812*926
3, 184, 586
, 358,900
2, 81}, 375'?757'
—127,594,-862
4.15, 502,-563
L58,659,439
2^97&, 555, 647
icotocm1?
Expenditures
Trust accounts:
District of Columbia
Government life insurance fund
Adjusted service certificate fund
Civil service retirement fund
Foreign service retirement lund
Canal Zone retirement fund
Indian tribal funds
Contributed accounts »"_""" '".'"".'.
Unclassified items..,- ..z
Chargeable against increment on gold exchange
stabilization fund
"39, 524, 774
-74, 345, 105
s"' 6 ;\0S5, 5SS
i 9, 903
9, 1,60
26, 121
Z 9,723,320
. 2,943, 218
34,604,341
70, 398, 706
'.1,419,647
40,067,140
257, 672
538, 687
4, 475, 60
-; 3, 790, 61
344, 90S
205, 413
117, 117
30, 6897806;
71, 498, 480
6,232,817-
38, 483, 1S2
265,129
575; 233
1,617,86?
IS, 273, 791
2, 430, 855
165, 903
2, 000, 0PQ- OOft
Total... _
Excess of receipts over expenditures..
Excess of expenditures over receipts..
128, 352, 626
120„680, 619
163,669,428 2,138,675.540
757, 764
5,178,050
.5, 009, 98!
834, 880, 107
— —
I B to (S
8 The classification of receipts and expenditures in contributed; account;
not available. Such receipts and expenditures were classified as special
receipts and generalexpendituros under General and Special funds for the
years.
Note.— Excess credits in italics to be deducted;
3 -309c.
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REPORT OF THE SECRETARY OF THE TREASURY
Specific receipts and expenditures
317
Table 7. — Comparison of detailed internal revenue receipts for the fiscal years
1933 and 1934
[On basis of reports of collections, see p. 274]
Source of revenue
Increase (+) or
decrease (— )
Income tax:
Corporation.
Individual..
$394, 217, 783. 93
352, 573, 620. 18
$397, 515, 851. 94
419, 509, 487. 78
+$3, 298, 068. 01
+66, 935, 867. 60
Total.
746, 791, 404. 11
817, 025, 339. 72
+70, 233, 935. 61
Capital stock (act of June 16, 1933)
Dividends (act of June 16, 1933)
Excess profits (act of June 16, 1933)
Estate tax: Transfer of estates of decedents.
Gift tax: Transfer of any property by gift..
29, 693, 061. 89
4, 616, 661. 96
80, 168, 344. 13
50, 229, 122. 97
2, 630, 615. 56
103, 985, 288. 04
9, 153, 076. 06
+80, 168, 344. 13
+50, 229, 122. 97
+2, 630, 615. 56
+74, 292, 226. 15
+4, 536, 414. lo
Liquor taxes:
Distilled spirits (imported) excise tax
Distilled spirits (domestic) excise tax
Distilled spirits, rectification tax
Still or sparkling wines, cordials, etc...
Grape brandy used for fortifying sweet wines.
Rectifiers; retail and wholesale liquor dealers;
manufacturers of stills (special taxes)
Stamps for distilled spirits intended for export.
Case stamps for distilled spirits bottled in
bond
Container stamps (Liquor Taxing Act of 1934).
Spirits, floor tax (Liquor Taxing Act of 1934)..
Wines, floor tax (Liquor Taxing Act of 1934)..
3.2 percent wines (act of March 22, 1933)
Fermented malt liquors
Brewers, retail and wholesale dealers in malt
liquors (special taxes)
5, 505. 52
6, 744, 923. 17
3, 797. 26
208, 627. 22
48, 094. 13
877,911.18
9.00
51, 734. 00
80, 948. 77
33, 090, 230. 63
2, 068, 041. 56
6, 577, 958. 65
61, 889, 863. 92
4, 822, 698. 49
3, 382, 813. 04
106, 855. 57
5, 140, 352. 48
15.35
79, 695. 61
2, 238, 525. 01
5, 210, 954. 69
474, 314. 73
27, 699. 91
163, 270, 608. 56
5, 688, 976. 61
+6, 572, 453. 13
+55, 144, 940. 75
+4, 818, 901. 23
+3, 174, 185. 82
+58, 761. 44
+4, 262, 441. 30
+6.35
+27, 961. 61
+2, 238, 525. 01
+5, 210, 954. 69
+474, 314. 73
-53,248.86
+130, 180, 377. 93
+3, 620, 935. 05
Total.
43, 179, 822. 44
258, 911, 332. 62
+215, 731, 510. 18
Tobacco:
Cigars (large)
Cigars (small)
Cigarettes (large) ..
Cigarettes (small)
Snuff of all descriptions
Tobacco, chewing and smoking
Cigarette papers and tubes
Miscellaneous collections relating to tobacco..
Total
11, 304, 995. 91
173, 730. 47
21, 267. 58
328, 418, 413. 58
6, 404, 999. 69
55, 450, 340. 99
958, 145. 34
7, 165. 69
11, 633, 296. 26
173, 018. 13
637, 496. 55
349, 661, 945. 45
6, 788, 191. 13
55, 298, 629. 34
973, 054. 18
3, 266. 00
+328, 300. 35
-712.34
+616, 228. 97
+21, 243, 531. 87
+383, 191. 44
-151,711.65
+14,908.84
-3,899.69
402, 739, 059. 25
425, 168, 897. 04
+22, 429, 837. 79
Stamp taxes (not elsewhere enumerated):
Bonds of indebtedness, issues of capital stock,
deeds of conveyance, etc .
Capital stock and similar interest sales or
transfers..
Sales of produce (future delivery)
Playing cards
Use of yachts and boats (domestic and foreign)
Silver bullion transfers
16, 034, 755. 59
33, 188, 494. 94
4, 206, 597. 74
3, 908, 354. 20
239, 859. 22
16, 259, 304. 76
38, 065, 999. 47
7, 847, 743. 08
4, 406, 384. 68
180, 672. 98
606. 04
+224, 549. 17
+4, 877, 504. 53
+3, 641, 145. 34
+498, 030. 48
-59, 186. 24
+606. 04
Total.
57, 578, 061.
5, 760, 711. 01
+9, 182, 649. 32
Manufacturers' excise taxes:
Lubricating oils
Brewer's wort, malt, grape concentrates, etc..
Matches
Gasoline
Electrical energy...
Tires and inner tubes
Toilet preparations, etc
Articles made of fur
Jewelry (watches, clocks, opera and field
glasses, etc.).
Automobile trucks
Other automobiles and motorcycles
Parts or accessories for automobiles
Radio sets, phonograph records, etc
Mechanical refrigerators
16, 232, 924. 81
5, 707, 904. 63
2, 871, 992. 13
124, 929, 412. 02
28, 562, 739. 33
14, 980, 084. 52
9, 602, 539. 37
7, 546, 274. 34
3, 068, 494. 24
1, 654, 040. 02
12, 573, 922. 08
3, 597, 276. 24
2, 206, 763. 39
2,111,868.76
25, 254, 986. 84
3, 067, 119. 25
6, 970, 596. 30
202, 575, 034. 03
33, 134, 407. 26
27, 630, 145. 00
10, 813, 471. 07
7, 654, 990. 17
4, 668, 557. 00
5, 048, 436. 37
32, 526, 751. 61
5, 695, 711. 79
3, 156, 777. 38
5, 525, 912. 94
+9, 022,
-2,640,
+4, 098,
+77, 645,
+4, 571,
+12, 650,
+1, 210,
+108,
062. 03
785. 38
604.17
622. 01
667. 93
060. 48
931. 70
715. 83
+1, 600, 062. 76
+3, 394, 396. 35
+19, 952, 829. 53
+2, 098, 435. 55
+950, 013. 99
+3, 414. 044. 18
318
REPORT OF THE SECRETARY OF THE TREASURY
Table 7. — Comparison of detailed internal revenue receipts for the fiscal years
1933 and 1934 — Continued
Source of revenue
1933
1934
Increase (+) or
decrease (— )
Manufacturers' excise taxes — Continued.
Sporting goods
Firearms, shells, and cartridges
Pistols and revolvers —
Cameras and lenses
Candy and chewing gum
Soft drinks
$2, 701, 680. 08
896, 833. 02
35, 388. 89
170, 002. 29
4, 150, 227. 65
4, 186, 447. 33
$3, 772, 892. 41
2,510,989.81
52, 980. 41
364, 073. 95
4, 867, 380. 44
4, 746, 732. 71
+$1, 071, 212. 33
+1, 614, 156. 79
+17, 591. 52
+194,071.66
+717, 152. 79
+560, 285. 38
Total.
247, 786, 815. 14
390, 037, 946. 74
+142, 251, 131. 60
Miscellaneous taxes:
Telephone, telegraph, radio and cable facili-
ties, leased wires, etc
Transportation of oil by pipe line
Leases of safe deposit boxes -.
Checks, drafts, or orders for the payment of
money
Admission to theaters, concerts, cabarets, etc.
Club dues and initiation fees
Adulterated and process or renovated butter,
mixed flour, and filled cheese
Oleomargarine, including special taxes
Narcotics, including special taxes - -.
Collections on account of prohibition enforce-
ment, including penalties, fines, offers in
compromise, etc -.
Delinquent taxes collected under repealed
laws
Receipts from other miscellaneous sources
Total
14, 564, 756. 17
7, 467, 297. 50
2, 365, 040. 83
38, 456, 493. 49
15, 520, 512. 30
6, 679, 260. 95
15,511.97
1, 347, 190. 45
457, 067. 63
529,788.84
44, 612. 64
6, 805. 05
19, 250, 799. 85
10, 379, 369. 59
2, 715, 850. 67
41, 383, 198. 66
14, 613, 414. 42
5, 986, 150. 46
14, 984. 59
1, 476, 230. 32
495, 270. 18
378, 715. 19
520.64
51, 130. 42
+4, 686, 043. 68
+2,912,072.09
+350, 809. 84
+2, 926, 705. 17
-907, 097. 88
-693,110.49
-527.38
+129, 039. 87
+38, 202. 55
-151,073.65
-44,092.00
+44, 325. 37
87, 454, 337. 82
96, 745, 634. 99
+9, 291, 297. 17
Agricultural Adjustment, import compensating,
floor, and processing taxes:
Wheat
Cotton
Tobacco.
Field corn
Hogs
Certain paper and jute fabrics
Sugarcane and sugar beets
117, 621, 174. 82
144, 767, 232. 64
18, 088, 426. 05
4, 496, 193. 74
77, 034, 611. 24
9, 244, 830. 78
170, 416. 37
+117,621,174.82
+ 144,767,232.64
+18, 088, 426. 05
+4, 496, 193. 74
+77,034,611.24
+9, 244, 830. 78
+170, 416. 37
Total
Grand total.
371, 422, 885. 64
+371, 422, 885. 64
1, 619, 839, 224. 30
2, 672, 239, 194. 52
+1,052,399,970.22
Note.— Collections for credit to trust accounts are included in above figures.
REPORT OF THE SECRETARY OF THE TREASURY
319
Table 8. — Internal revenue receipts, by sources, for the fiscal years 1916 to 1934 1
[On basis of reports of collections, see p. 274]
Income and profits a
Corporation Individual
Total
Corporation
capital stock
Dividends
Estates and
gifts s
$56, 993, 658
207, 274, 004
$67, 943, 595
180, 108, 340
916,
1, 094,
1, 308,
1, 291,
1, 235,
1, 263,
1, 026,
629,
394,
400,
232, 697
979, 734
012, 533
845, 989
733, 256
414, 466
392, 699
566,115
217, 784
146, 468
845,
879,
911,
882,
1, 095,
1, 146,
833,
427,
352,
419,
426, 352
124, 407
939,911
727, 114
541, 172
844, 764
647, 798
190, 582
573, 620
509, 488
$124,
387,
2, 852,
2, 600,
3, 956,
3, 228,
2, 086,
1, 691,
1, 841,
1, 761,
1 974.
2, 219,
2, 174,
2, 331,
2, 410,
1, 860,
1, 056,
746,
819,
937, 253
382, 344
324, 866
783, 903
936, 004
137, 674
918, 465
089, 535
759, 317
659, 049
104, 141
952, 444
573, 103
274, 428
259, 230
040, 497
756, 697
791, 404
655, 956
$10, 471, 689
24, 996, 205
28, 775, 750
93, 020, 421
81, 525, 653
80, 612, 240
81, 567, 739
87, 471, 692
90, 002, 595
97, 385, 756
8,970,231
8, 688, 502
5, 956, 296
46, 967
80, 168, 344
$50i 229, 123
$6, 076, 575
47, 452, 880
82, 029, 983
103, 635, 563
154, 043, 260
139, 418, 846
126, 705, 207
102, 966, 762
108, 939, 896
119, 210, 375
100, 339, 852
60, 087, 234
61, 897, 141
64, 769, 625
48, 078, 327
47, 422, 313
34, 309, 724
113,138,364
Year
Distilled
spirits and
wines, includ-
ing special
taxes
Fermented
malt liquors,
including spe-
cial taxes
Nonalcoholic
beverages,
soft drinks,
etc.
Sales taxes,
other than
those listed
separately 4
Oleomarga-
rine, includ-
ing special
taxes
Tobacco, in-
cluding spe-
cial taxes in
effect to June
30, 1926
1916
$158, 682, 440
192,111,319
317, 553, 687
365,211,252
97, 905, 276
82, 598, 065
45, 563, 350
30, 354, 007
27, 580, 381
25, 902, 820
26, 436, 334
21, 194, 669
15, 307, 496
12, 776, 628
11, 695, 267
10, 432, 064
8, 703, 963
8, 016, 045
89, 951, 748
$88, 771, 104
91, 897, 194
126, 285, 858
117,839,602
41, 965, 874
25, 364
46, 086
4,079
5,328
1,954
15, 694
883
300
100
$4, 218, 979
775, 078
36, 636, 607
79, 400, 266
267, 968, 579
229, 397, 837
174, 361, 288
185,117,058
200, 921, 721
140, 877, 326
150, 220, 488
66, 850, 109
51, 951, 694
5, 723, 791
2, 676, 261
149, 744
96, 195
243, 615, 880
385, 306, 199
$1,485,971
1, 995, 720
2, 336, 907
2, 791, 831
3, 728, 276
2, 986, 465
2, 121, 080
2, 254, 531
2, 814, 104
3, 038, 928
3, 070, 218
3, 164, 219
3, 407, 600
3,611,153
3, 919, 388
2, 681, 428
1, 744, 737
1, 347, 191
1, 476, 230
$88, 063, 948
1917
103, 201, 592
1918 .
$2, 215, 181
7, 182, 219
57,460,956
58, 675, 973
33, 504, 284
10, 131, 897
10, 418, 866
156, 188, 660
1919
206, 003, 092
1920
295, 809, 355
1921-
255, 219, 385
1922
270, 759, 384
1923
1924
309, 015, 493
325, 638, 931
1925
345,247,211
1926
370, 666, 439
1927
376, 170, 205
1928
396, 450, 041
1929
434, 444, 543
1930
450,339,061
1931
444, 276, 503
1932
398, 578, 619
1933 -
35, 158, 272
168, 959, 585
4, 186, 447
4, 746, 733
402, 739, 059
1934
425, 168, 897
Year
Receipts in
connection
with prohibi-
tion enforce-
ment
Narcotics,
including
special taxes
Documentary
stamps «
Capital stock
transfers
Future de-
livery (sales
of produce
on exchange)
Playing cards
1916
$245, 072
277, 165
185, 359
726, 137
1, 514, 230
1, 170, 316
1, 269, 090
1, 013, 736
1, 057, 341
1, 090, 933
981, 739
797, 825
690, 432
605, 336
588, 682
607, 340
521, 163
457, 068
495, 270
$38, 110, 282
8, 254, 342
17, 284, 805
28, 946, 888
59, 715, 331
53, 551, 491
41, 347, 753
44, 603, 166
43, 031, 608
27, 862, 622
28, 480, 422
13, 044, 446
15, 561, 459
17, 868, 372
22,611,275
14, 757, 383
9, 198, 539
16, 034, 755
16, 259, 909
(6)
(6)
$2, 236, 040
7, 540, 881
13, 372, 164
8, 790, 906
9, 012, 702
9, 871, 604
7, 936, 832
12, 808, 629
17, 137, 186
16, 674, 103
24, 208, 538
37, 595, 928
46, 698, 227
25, 519, 973
17, 696, 130
33, 188, 495
38, 065, 999
(6)
(°)
$2, 353, 889
7, 263, 571
8,171,871
7, 521, 676
5, 558, 589
7, 015, 382
7, 557, 577
5, 397, 148
4, 183, 218
2, 884, 534
4, 048, 499
3, 333, 427
3, 599, 875
1, 682, 681
959, 320
4, 206, 598
7, 847, 743
$819, 654
1917
820, 897
1918 -
1, 276, 505
1919
2, 091, 791
1920
$641, 029
2, 152, 387
1, 979, 587
729, 244
855, 395
560, 888
416, 198
502, 877
925, 252
727, 006
1, 105, 172
586, 150
490, 773
529, 789
378, 715
3, 088, 462
1921
2,603,941
1922
2, 787, 921
1923
3, 385, 227
1924
3, 731, 537
1925
3, 183, 385
1926
4, 213, 414
1927
4, 742, 469
1928
5, 010, 712
1929 --- --
5, 375, 804
1930,
4, 819, 293
1931
4, 993, 559
1932
4, 386, 831
1933
3, 908, 354
1934
4, 406, 385
320
REPORT OF THE SECRETARY OF THE TREASURY
Table 8. — Internal revenue receipts, by sources, for the fiscal years 1916 to 1934
Continued
Year
Admissions
Club dues
Insurance
Transporta-
tion, includ-
ing oil by
pipe lines
Telephone,
telegraph,
radio, and
cable com-
munications
Bank checks,
drafts, or
orders for
immediate
payment of
money
1916
0)
(6)
$6, 492, 025
14, 508, 881
18, 421, 754
18, 992, 094
10, 855, 404
(6)
(6)
$64, 437, 533
219, 937, 183
261, 671, 046
273, 070, 001
169, 518, 727
m
m
$6, 299, 017
17, 902, 389
27, 677, 041
28, 442, 413
29, 271, 522
30, 380, 784
34, 662, 429
1917
1918 -
$26, 357, 339
50, 919, 608
76, 720, 555
89, 730, 833
73, 384, 956
70, 175, 147
77, 712, 524
30, 907, 809
23, 980, 677
17, 940, 637
17, 724, 952
6, 083, 056
4, 230, 667
2, 778, 864
1, 858, 606
15, 520, 512
14, 613, 414
$2, 259, 057
4, 072, 549
5, 198, 001
6, 159, 818
6, 615, 634
7, 170, 731
8, 009, 861
8, 690, 588
10, 073, 838
10, 436, 021
10, 352, 990
11, 245, 255
12, 521, 092
11, 477, 723
9, 204, 587
6, 679, 261
5, 986, 150
1919
1920---
1921
1922
1923 -
1924
1925
1926
1927
1928
1929
1930
1931 -
1932
1933 -
7, 467, 298
10, 379, 370
14, 564, 756
19, 250, 800
$38, 456, 493
1934- .
41, 383, 199
Year
Safe deposit
boxes
Special taxes
not elsewhere
included 7
Miscella-
neous 8
Agricultural
adjustment
taxes
Total
1916 --- -.-
$6, 908. 108
5, 237, 044
2, 691, 587
4, 721, 298
9, 913, 281
8, 585, 540
8, 662, 760
8, 035, 583
7,814,414
5, 811, 558
4, 546, 978
7,967
9,763
$480, 477
892, 681
1, 091, 814
1, 501, 005
3, 045, 183
1, 975, 970
3,881,415
3, 125, 078
4, 232, 637
12, 156, 929
870, 777
2, 009, 639
1, 536, 971
536, 111
265, 651
166, 518
110, 569
56. 923
51,651
$512, 723, 288
1917 -
809, 393, 640
1918 -
3, 698, 955, 821
1919
3, 850, 150, 079
1920
5, 407, 580, 252
1921
4, 595, 357, 062
1922
3, 197, 451, 083
1923
2, 621, 745, 228
1924
2, 796, 179, 257
1925 .-
2, 584, 140, 268
1926
2, 835, 999, 892
1927
2, 865, 683, 130
1928
2, 790, 535, 538
1929
2, 939, 054, 375
1930
3, 040, 145, 733
1931
2, 428, 228, 754
1932-
1, 557, 729, 042
1933 -
$2, 365, 041
2, 715, 851
239, 859
180, 673
1, 619, 839, 224
1934 _ __
$371, 422, 886
2, 672, 239, 194
i For fieures for 1863 to 1915, see annual report for 1929, p. 419.
2 Includes munitions manufacturers' tax, 1917, $27,663,940, and 1918, $13,296,927; also excess profits tax,
1917, $37,176, and 1934, $2,630,615. Separate figures on excess profits, corporation, and individual income
tax collections not available for the years 1918 to 1924.
a Includes gift tax as follows: 1925, $7,518,129; 1926, $3,175,339; 1933, $4,616,662; and 1934, $9,153,076.
4 Includes collections from taxes on sales under act of Oct. 22, 1914, " Excise taxes" under the war revenue
and subsequent acts, and also *ul taxes paid by manufacturers of and dealers in adulterated and process
or renovated butter, filled cheese, and mixed flour.
* Originally schedule A, act of Oct. 22, 1914; now covers issues and transfers of bonds of indebtedness,
issues of capital stock, passage tickets, foreign insurance policies, and deeds of conveyance; also includes
for 1934, $606 from the tax on silver transfers.
6 Included under ''Documentary stamps".
7 Includes the occupational taxes imposed under the act of Oct. 22, 1914, on various classes of entertain-
ment proprietors, brokers, and bankers, with subsequent repeals and amendments to include hackney
automobiles and boats. Collections for 1933 and 1934 were entirely from pleasure boats.
8 Includes receipts as follows: (a) For 1919, 1920, and 1921, receipts which remained unclassified at the
time the statistical tables were compiled; (6) internal revenue collected through customs offices for 1921
to 1933, for 1934 such receipts are included with "Distilled spirits"; (c) delinquent taxes collected under
repealed laws, except delinquent collections on automobiles for 1929 and 1930, included under "Sales
taxes," and on "Corporation capital stock", under which the collections represent delinquencies for 1927
to 1930; (d) penalties for 1916, $458,773; 1917, $871,606; and 1918, $985,220; after 1918 all penalties are included
under the respective taxes to which they relate.
REPORT OF THE SECRETARY OF THE TREASURY
321
Table 9. — Internal revenue receipts, by States and Territories, for the fiscal year
19341
[On basis of reports of collections, see p. 274]
States, etc.
Income taxes
Miscellaneous
internal rev-
enue 3
Agricultural ad-
justment taxes
Total 3
Alabama.
Alaska.,.
Arizona
Arkansas
California
C olorado
Connecticut
Delaware
District of Columbia.
Florida
Georgia
Hawaii
Idabo
Illinois
Indiana
Iowa
Kansas
Kentucky
Louisiana
Maine
Maryland
Massachusetts
Michigan
Minnesota
Mississippi
Missouri
Montana
Nebraska
Nevada
New Hampshire
New Jersey
New Mexico
New York
North Carolina
North Dakota
Ohio..
Oklahoma
Oregon
Pennsylvania
Khode Island
South Carolina
South Dakota
Tennessee
Texas
Utah
Vermont
Virginia...
Washington
West Virginia
Wisconsin
Wyoming
Philippine Islands
Puerto Rico
200.
12,
938, 284. 21
158, 930. 38
487. 599. 02
891, 381. 50
469, 209. 10
586, 088. 90
515, 146. 56
922, 925. 19
725, 048. 57
437, 630. 34
047, 449. 43
287,591.30
402, 048. 73
537, 029. 35
916, 842. 17
246, 667. 58
013, 605. 83
147, 249. 33
799, 512. 61
433, 053. 05
154, 022. 60
622, 028. 81
169. 277. 71
551, 764. 40
631, 034. 61
074, 838. 51
685,114.28
630, 338. 71
736, 364. 78
455,411.37
337, 659. 13
289, 861. 02
844, 259. 47
957, 991. 46
292, 321. 55
895, 741. 72
921, 570. 00
740, 784. 85
461, 022. IS
125, 959. 00
047. 644. 16
347, 033. 97
163, 773. 23
176, 698. 67
914, 966. 26
644, 405. 85
796, 180. 92
592, 337. 03
582, 747. 46
796, 324. 34
422, 561. 86
$1,891,
58,
550,
1, 489,
83, 833,
5, 917,
11,627,
4, 689,
4, 217,
6, 546,
5, 598,
1,828,
526,
98, 549,
18, 202,
3, 737,
7, 844,
59, 086,
11,074,
2,411,
16, 861,
36, 485,
68, 833,
14, 379,
873,
37, 322,
1, 610,
3, 187,
509,
1, 815,
54, 665,
432,
268, 150,
217, 674,
391,
73, 914,
35, 317,
2, 484,
117,226,
5, 412,
1, 226,
534,
6,446,
34,411,
1, 303,
485,
107, 878,
6, 555,
4, 251,
32, 441,
549,
475,
294. 57
553. 05
240. 64
214. 90
520. 39
668. 32
766. 85
769. 55
613. 85
200. 56
887. 62
878. 44
632. 39
728. 67
421. 54
329. 82
235. 01
875. 07
275. 65
061. 32
109. 28
908. 23
720. 70
212. 30
754. 39
812. 05
351. 43
372. 37
706. 74
138. 34
548. 52
469. 61
689. 24
867.15
412.07
431. 43
499. 72
870. 03
514. 27
519. 95
608. 49
177. 08
885. 47
054. 60
213. 02
550. 15
669. 72
467. 68
212. 42
214. 80
614. 55
225. 15
$8, 234,
25,
333,
569,
10, 643,
2, 958,
2, 012,
405,
326,
605,
18, 136,
630,
418,
53, 353,
5,728,
9, 542,
12, 250,
4, 420,
1, 517,
2, 132,
3, 540,
21, 581,
4, 317,
25, 221,
810,
17, 143,
1, 663,
4, 533,
129,
2, 023,
3, 765,
147,
39, 027,
29, 773,
1, 047,
12, 871,
3, 558,
2, 603,
10, 305,
3, 444,
17, 297,
449,
5, 840,
10, 080,
417,
320,
5, 987,
4, 015,
1. 095,
3, 262,
202,
121. 38
710.01
257. 62
197. 83
534. 94
791. 18
924. 33
941.61
635. 44
429. 87
390. 55
820. 85
854. 18
080. 44
913. 07
018. 32
194. 20
082. 92
897. 34
212. 46
652. 27
751. 27
563. 36
215. 08
504. 42
925. 76
172. 78
342. 96
511.31
579. 20
806. 59
867. 49
330. 83
132. 87
067. 62
065. 29
121. 39
625. 88
037. 92
656. 35
107. 37
965. 15
400. 16
935. 36
991. 00
412. 70
386. 98
377. 64
863. 52
104.43
588. 77
697. 813. 35
$12, 063,
243,
1, 371,
2, 949,
151, 946,
13, 462,
29, 155,
18, 018,
11,269,
11,589,
28, 782,
5, 747,
1, 347,
215,439,
32, 848,
17, 526,
23, 108,
68. 654,
17, 391,
7, 976,
39, 555,
97, 689,
101, 320,
50, 152,
2, 315,
76, 541,
3, 958,
10, 351,
2, 375,
5, 294,
99, 769,
870,
508. 022,
260, 405,
1, 730,
124, 681,
44, 797,
6, 829,
193, 992,
14, 983,
20, 571,
1, 331,
17,451,
60, 668,
2, 636,
1, 450,
122, 662,
14, 163,
8, 929,
43, 499,
1, 174,
475,
697,
700. 16
193. 47
097.28
794. 23
264. 43
548. 40
837. 74
636. 35
297. 86
260. 77
727. 60
290. 65
535. 30
838. 46
176. 78
015. 72
035. 04
207. 32
685. 60
326. 83
784. 15
688. 31
561. 77
191. 78
293. 42
576. 32
638. 49
054. 04
582. 83
128. 91
014. 24
198. 12
279. 54
991.48
801. 24
238. 44
191.11
280.76
574. 37
135. 30
360. 02
176. 20
058. 86
688. 63
170. 28
368. 70
243. 62
182. 95
823. 40
643. 57
765. 18
225. 15
813. 35
Total.
817, 025, 339. 72
1, 483, 790, 969. 16
371, 422, 885. 64
2, 672, 239, 194. 52
1 Internal revenue receipts are credited to the districts in which the collections are made. Receipts in
the various States do not indicate the tax burden of the respective States, since the taxes may be eventually
borne by persons in other States.
2 Includes $2,332,898.20 deposited by postmasters from sale of documentary stamps and $6,577,958.65
deposited (on warrant basis) by collectors of customs from the excise tax on imported distilled spirits.
3 Includes trust funds as follows:
Income tax on Alaska railroads (act of July 18, 1914) $2,240.12
Internal revenue tax on imported manufactured Philippine products (act of Aug. 5, 1909). 482, 049. 07
Agricultural adjustment tax on imports from the Philippines (act of May 12, 1933) 283, 501. 55
Agricultural adjustment tax on imports from the Virgin Islands (act of May 12, 1933) 645. 05
Agricultural adjustment tax on imports from the Canal Zone (act of May 12, 1933) 9.82
Agricultural adjustment tax on imports from American Samoa (act of May 12, 1933) 1, 611.41
Agricultural adjustment tax on imports from Guam (act of May 12, 1933) . . 10. 33
Note. — For additional information, see published report of the Commissioner of Internal Revenue for
the year ended June 30, 1934
322
REPORT OF THE SECRETARY OF THE TREASURY
Table 10. — Expenses of the Internal Revenue Service for the fiscal year 1984
[On basis of checks issued, see p. 274]
A. Disbursements by Collectors of Internal Revenue from the Appropriation "Collecting
the Internal Revenue, 1934"
District
Salaries of
collectors,
deputies,
clerks, etc.
Travel
expenses
Rent
Miscel-
laneous
Alabama
Arizona
Arkansas --
California:
First district
Sixth district
Colorado
Connecticut
Delaware
Florida
Georgia
Hawaii
Idaho
Illinois:
First district
Eighth district
Indiana
Iowa --
Kansas
Kentucky
Louisiana
Maine
Maryland
Massachusetts..
Michigan
Minnesota
Mississippi
Missouri:
First district
Sixth district
Montana
Nebraska
Nevada
New Hampshire
New Jersey:
First district
Fifth district
New Mexico
New York:
First district
Second district
Third district
Fourteenth district
Twenty-first district.-.
Twenty-eighth district
North Carolina
North Dakota
Ohio:
First district
Tenth district
Eleventh district
Eighteenth district
Oklahoma
Oregon
Pennsylvania:
First district
Twelfth district
Twenty-third district..
Rhode Island
South Carolina
South Dakota
Tennessee
Texas:
First district
Second district
Utah
Vermont
Virginia
Washington
West Virginia
Wisconsin
Wyoming
Total
$71),
40,
56,
237
253
84
130,
28,
116,
77
37
37
493
L09,
128,
130,
72,
114;
95,
65,
253
395,
215,
165,
129,
82,
49i
82,
26,
53,
50,
214,
28,
269
364
301
148,
112,
171.
91
38,
103,
75,
66,
224,
92
27'.),
81
230,
69,
55,
43,
85,
119,
101
37
41
105
127
7'.)
199
38
622. 82
012. 62
941. 69
694. 63
016. 58
324.34
229. 04
953. 47
006. 12
721. 95
352. 77
179. 21
793. 04
725. 58
708. 72
801. 89
049. 58
263. 59
241. 04
569. 29
091. 48
389.11
088. 47
413. 51
369. 79
828. 74
448. 73
725. 62
425. 19
516. 73
700. 19
488. 22
470. 77
904. 58
622. 89
889. 68
809. 54
812. 06
215. 98
047. 22
533. 81
720. 22
305. 76
775. 64
271. 56
026. 23
487. 33
470. 35
699. 11
412. 20
819. 31
551. 36
175. 65
280. 21
726. 81
558. 93
017. 04
879. 76
862. 29
245. 85
921. 04
168. 37
765. 67
947. 14
977. 79
221. 32
564. 86
712.03
988. 86
482. 06
207. 39
569. 17
342. 29
896. 41
737. 96
085. 40
401. 75
062. 52
396. 15
693. 04
867. 61
647. 30
373. 44
395. 61
436. 40
307. 07
923. 53
879. 53
295. 97
137. 78
899. 83
386. 51
601. 74
844. 98
054. 25
709. 83
900. 10
017. 21
880. 42
942. 71
389. 57
102. 49
864. 57
079. 80
301. 18
034. 66
949. 66
951. 00
348. 81
786. 85
326. 64
449. 44
085. 14
908.64
337. 55
639. 04
964. 72
704. 01
021. 63
041.91
048. 33
827. 15
626. 46
436. 99
377. 40
692. 22
$3, 000. 00
20, 707. 02
6, 030. 02
440. 00
764. 00
~ 137." 50
7, 644. 45
28, 885. 00
1, 800. 00
16, 350. 00
11, 333. 33
1, 900. 00
120. 00
901. 00
257. 00
9, 000. 00
1, 700. 00
$886. 35
1, 052. 14
2, 289. 67
4, 840. 84
5, 166. 37
1, 805. 82
2, 016. 23
474. 76
3,311.62
1, 173. 33
1. 179. 11
374. 86
5, 718. 26
3, 695. 52
2, 812. 74
1, 164. 34
1, 487. 38
2, 853. 41
3, 444. 80
1, 700. 50
4, 902. 23
3, 034. 91
6, 588. 33
2, 381. 30
568. 74
998. 12
790. 86
1, 707. 43
751. 67
518. 61
658. 31
2, 750. 06
4, 106. 61
435. 22
1, 681. 28
9,351.11
5, 777. 37
3, 256. 27
2, 198. 03
5,761.72
3, 437. 84
822. 41
980. 05
1, 280. 69
2, 651. 82
2,911.03
1, 680. 96
647. 87
4, 866. 22
899. 80
1, 645. 17
2, 624. 13
1, 585. 62
317. 48
1. 967. 12
2, 795. 22
2, 562. 55
837. 24
1, 445. 31
2, 954. 41
2,911.66
1, 392. 87
1,931.42
884. 24
8, 051, 227. 85
446, 678. 45
115,969.24
151, 699. 36
For footnotes, see p. 325.
REPORT OF THE SECRETARY OF THE TREASURY
323
Table 10. — Expenses of the Internal Revenue Service for the fiscal year 1934 — Con.
B. Disbursements by Collectors of Internal Revenue from the Appropriation "Advances to
Agricultural Adjustment Administration (Transfer to Internal Revenue, Administrative
Expenses)"
District
Salaries of
deputies,
clerks, etc.
Travel
expenses
Miscellaneous
Total
Alabama.-
Arizona...
Arkansas
California:
First district
Sixth district
Colorado
Connecticut
Delaware
Florida
Georgia
Hawaii
Idaho..
Illinois:
First district
Eighth district.
Indiana
Iowa
Kansas
Kentucky
Louisiana
Maine -.
Maryland
Massachusetts
Michigan _.
Minnesota
Mississippi
Missouri:
First district
Sixth district...
Montana
Nebraska
Nevada
New Hampshire
New Jersey:
First district.. -.
Fifth district
New Mexico
New York:
First district
Second district- -.
Third district
Fourteenth district
Twenty-first district-.
Twenty-eight district.
North Carolina
North Dakota. ■
Ohio:
First district...
Tenth district
Eleventh district
Eighteenth district
Oklahoma
Oregon
Pennsylvania:
First district
Twelfth district
Twenty-third district.
Rhode Island „..
South Carolina
South Dakota
Tennessee
Texas:
First district
Second district
Utah
Vermont
Virginia..
Washington
West Virginia
Wisconsin
Wyoming
$23, 256. 92
7, 693. 67
26. 160. 22
45, 003. 22
39, 134. 73
20, 124. 92
19, 516. 00
10, 216. 64
23, 995. 17
35, 155. 51
7, 249. 37
14, 134. 20
56, 640. 26
29, 801. 69
26. 161. 53
28, 942. 07
40, 003. 26
24, 872. 82
25, 053. 56
9, 264. 38
41, 772. 59
51,503.24
52, 885. 03
30, 733. 27
12, 905. 83
14, 546. 43
31,118.71
22, 760. 49
22, 716. 65
7, 983. 50
9, 230. 13
23, 828. 97
34, 599. 20
15, 691. 07
45, 172. 74
43, 337. 88
40, 772. 19
26, 325. 47
23, 743. 55
34, 794. 62
27, 559. 35
10, 878. 49
27, 241. 41
18, 508. 01
21, 859. 82
24, 858. 02
40,370.19
21, 246. 04
46, 509. 84
42, 599. 89
30, 476. 43
9, 151. 56
17, 977. 43
7, 334. 83
33, 832. 51
39, 792. 79
40, 848. 20
12, 065. 88
11,077.07
34, 052. 79
23, 517. 12
21,891.12
46, 619. 02
11, 064. 38
$6, 842. 52
1, 360. 88
5, 408. 51
8, 551. 93
3, 443. 85
3, 788. 87
1, 590. 59
3, 299. 93
7, 272. 97
9, 236. 88
710. 85
4, 039. 80
1, 186. 71
5, 629. 60
6, 991. 13
4, 256. 49
12, 960. 83
9, 885. 68
•3,313.14
2, 367. 24
4, 569. 05
1,869.59
9, 396. 37
5, 568. 20
8, 078. 26
3, 984. 73
5, 829. 56
10, 026. 17
9, 230. 49
3, 455. 22
1, 537. 32
666. 73
2, 003. 16
3, 390. 60
1, 666. 19
117.45
172. 00
5, 064. 65
3, 572. 71
2. 220. 09
9, 655. 68
5, 567. 64
1, 077. 92
1, 868. 42
3, 225. 87
2, 858. 22
12, 993. 07
6, 103. 60
3, 255. 04
2, 094. 33
2, 595. 15
465. 65
5, 533. 22
2, 491. 91
9. 830. 10
6, 553. 31
11,843.36
3, 443. 38
2, 794. 26
10, 493. 43
3, 954. 05
9, 523. 12
7, 979. 42
4, 613. 64
$2, 875. 85
1, 089. 31
1, 757. 74
5, 241. 44
3, 348. 29
2. 066. 86
2, 302. 52
340. 00
699. 39
3, 412. 50
279. 17
1, 153. 56
4, 320. 64
3, 233. 25
2, 202. 08
5, 041. 77
2, 597. 55
2, 412. 13
3, 431. 95
1, 435. 15
1,902.99
3. 884. 87
3, 574. 81
2, 978. 70
959. 38
499. 16
2, 092. 50
1, 986. 31
3, 571. 64
1, 596. 49
1, 462. 08
4, 140. 56
2, 327. 22
217. 04
3, 132. 74
4, 678. 72
2, 316. 07
3, 507. 03
1. 046. 80
2, 648. 13
3, 825. 86
1, 338. 98
5, 002. 55
921. 35
1, 465. 24
4, 421. 18
1, 174. 37
1, 386. 30
244. 15
1, 722. 82
726. 98
1, 320. 21
2, 380. 34
106. 45
3, 409. 91
4, 020. 84
2,117.24
357. 95
795. 15
3, 359. 30
1,321.77
2. 339. 81
2, 793. 07
885. 02
$32, 975. 29
10. 143. 86
33, 326. 47
58, 796. 59
45. 926. 87
25, 980. 65
23, 409. 11
13, 856. 57
31, 967. 53
47, 804. 89
8, 239. 39
19, 327. 56
62, 147. 61
38, 664. 54
35, 354. 74
38, 240. 33
55, 561. 64
37, 170. 63
31, 798. 65
13, 066. 77
48, 244. 63
57, 257. 70
65, 856. 21
39, 280. 17
21, 943. 47
19, 030. 32
39, 040. 77
34, 772. 97
35, 518. 78
13, 035. 21
12, 229. 53
28, 636. 26
38, 929. 58
19, 298. 71
49, 971. 67
48. 134. 05
43, 260. 26
34, 897. 15
28. 363. 06
39, 662. 84
41, 040. 89
17, 785. 11
33. 321. 88
21, 297. 78
26, 550. 93
32, 137. 42
54, 537. 63
28, 735. 94
50. 009. 03
46. 417. 04
33, 798. 56
10, 937. 42
25, 890. 99
9, 933. 19
47, 072. 52
50, 366. 94
54, 808. 80
15,867.21
14, 666. 48
47, 905. 52
28, 792. 94
33, 754. 05
57,391.51
16, 563. 04
Total.
1, 720, 133. i
315, 370. 73
145, 201. 23
2, 180, 705. 85
For footnotes, see p. 325.
324
EEPORT OF THE SECRETARY OF THE TREASURY
Table 10. — Expenses of the Internal Revenue Service for the fiscal year 1984 — Con.
C. Disbursements by Internal Revenue Agents »
Division
Atlanta
Baltimore
Boston
Brooklyn
Buffalo
Chicago
Cincinnati
Cleveland...
Columbia..
Dallas
Denver —
Detroit.
Greensboro
Honolulu
Huntington
Indianapolis
Jacksonville.
Los Angeles
Louisville
Milwaukee
Nashville —
Newark
New Haven
New Orleans
New York:
Second division
Upper division.
Oklahoma
Omaha
Philadelphia
Pittsburgh.
Richmond.-.
Salt Lake City
San Francisco
Seattle
Springfield
St. Louis
St. Paul
Wichita
Total
Salaries of
agents,
clerks, etc.
296,
568,
352,
213,
514,
154,
237,
45,
330,
98,
280,
100,
42,
71,
138,
123,
523,
90,
146,
156,
300,
214,
106,
794,
770,
154,
186,
532,
292,
112,
87,
276,
212,
86,
244,
157,
76,
823. 82
587. 12
232. 24
496. 67
756. 28
129. 02
319. 88
616.28
172. 67
263. 76
750. 85
944. 24
936. 82
602. 36
280. 34
314. 37
804. 97
183. 02
021. 89
001. 57
552. 46
431. 08
212. 77
106. 87
003.76
358. 92
824. 46
805. 63
448. 22
461. 97
691.81
147. 37
986. 77
054. 00
869. 47
043. 25
151.31
722. 35
9, 185, 110. 64
Travel
expenses
$6, 070. 34
10, 828. 24
18, 755. 93
4, 240. 46
14, 079. 63
10, 550. 48
9, 723. 56
12, 862. 38
4, 362. 56
27, 889. 05
12, 028. 26
20, 561. 74
8, 506. 84
3, 359. 44
6, 338. 56
9, 933. 57
11, 484. 16
22,354.91
5, 927. 52
6, 859. 23
12, 508. 59
11,830.14
6, 225. 08
8, 589. 16
2, 355. 65
7, 875. 54
27, 162. 73
12, 984. 63
13, 836. 36
10, 189. 75
8, 213. 67
9, 928. 49
11, 585. 43
9, 440. 08
11, 793. 37
6, 275. 32
12,511.98
7, 835. 68
417, 858. 51
Rent
$4, 462. 50
7, 864. 75
10, 652. 25
9, 297. 00
"~"7l8."55'
~8,"77l."60'
2, 620. 00
16, 534. 92
6, 999. 97
832. 56
34, 604. 64
10, 993. 32
11, 439. 00
8, 600. 04
5, 054. 00
11, 232. 00
"2,'88i."67'
153, 558. 17
Miscella-
neous
$700. 09
869. 30
3, 378. 85
2, 974. 14
2, 108. 69
5,613.65
1, 837. 35
3, 248. 22
646. 99
3. 254. 79
1, 157. 14
3,110.00
1, 025. 99
283. 25
1,071.04
961. 33
1, 567. 00
4, 367. 11
666. 63
1, 193. 85
1. 696. 80
4, 290. 67
2, 095. 63
1, 238. 60
8, 379. 03
5, 633. 55
1, 243. 96
1, 476. 29
3, 334. 79
2, 523. 58
1, 087. 46
619. 75
3, 286. 65
1,851.97
929. 73
1, 182. 20
1, 948. 83
569. 64
83, 424. 54
D. Disbursements by District Supervisors Offices >
District
Salaries of
supervisors,
clerks, etc.
Travel
expenses
Rent
Miscella-
neous
Total
$70, 923. 01
149, 148. 61
147, 996. 09
100, 624. 30
97, 862. 44
105, 584. 87
116, 652. 31
40, 467. 70
52, 208. 05
20, 594. 37
78, 803. 31
33, 527. 15
$7, 798. 00
7, 033. 75
10, 938. 15
11,908.17
16, 592. 21
16, 024. 99
16, 397. 78
5, 453. 92
9, 603. 97
4, 704. 04
8, 847. 08
5, 942. 48
$394. 53
1, 518. 98
6, 413. 11
170. 00
720. 22
4, 057. 74
266. 50
$3, 851. 72
3, 594. 34
3, 204. 36
2, 667. 98
6, 635. 20
3, 623. 97
5, 681. 46
2, 336. 01
1, 903. 53
1,092.00
3, 061. 22
2, 251. 42
$82, 967. 26
161, 295. 68
Philadelphia
168, 551. 71
115, 370. 45
121,810.07
129, 291. 57
138, 998. 05
St. Paul-
48, 257. 63
1, 018. 54
401. 10
2, 421. 05
275. 26
64, 734. 09
26, 791. 51
93,132.66
Seattle
41,996.31
Total -
1, 014, 392. 21
121,244.54
17, 657. 03
39, 903. 21
1, 193, 196. 99
For footnotes, see p. 325.
KEPORT OF THE SECRETARY OF THE TREASURY
325
Table 10. — Expenses of the Internal Revenue Service for the fiscal year 1934 — Con.
E. Disbursements by the Disbursing Clerk of the Treasury Department and Direct Settle.
ments Through the Office of the Comptroller General, Claims Division
Appropriation
Salaries
Travel
expenses
Rent
Miscella-
neous
Total
Collecting the internal revenue, 1934.
Advances to Agricultural Adjust-
ment Administration (transfer to
Internal Revenue, administrative
$8, 203, 619. 71
190, 349. 03
$320, 342. 61
6, 543. 97
$6, 046. 97
$183, 302. 75
145, 672. 72
$8, 713, 312. 04
342, 565. 72
Total
8, 393, 968. 74
326, 886. 58
6, 046. 97
328, 975. 47
9, 055, 877. 76
F. Recapitulation, by Appropriations
Appropriation
Salaries
Travel
expenses
Rent
Miscella-
neous
Total
Collecting the internal revenue,
1934:
2 $8, 051, 227. 85
3 9,185,110.64
* 1,014,392.21
» 8, 203, 619. 71
$446, 678. 45
417, 858. 51
121, 244. 54
320, 342. 61
$115,969.24
153, 558. 17
17,657.03
6, 046. 97
$151, 699. 36
83, 424. 54
39, 903. 21
183, 302. 75
$8, 765. 574. 90
9,839,951.86
1, 193, 196. 99
Disbursing clerk, Treasury
Department and General
8, 713, 312. 04
Total
26, 454, 350. 41
1,306,124.11
293, 231. 41
458, 329. 86
28, 512, 035. 79
Advances to Agricultural Adjust-
ment Administration (transfer to
Internal Revenue, administra-
tive expenses) :
'1,720,133.89
I 190, 349. 03
315, 370. 73
6, 543. 97
145, 201. 23
145, 672. 72
2, 180, 705. 85
Disbursing clerk, Treasury
Department and General
342, 565. 72
Total
1, 910, 482. 92
321,914.70
290, 873. 95
2, 523, 271. 57
28, 364, 833. 33
1, 628, 038. 81
293, 231. 41
749, 203. 81
31,035,307.36
Claims Approved for Payment from the Refunding Appropriations
Appropriation
1932 and
prior years
1933 and prior
years
1934 and prior
years
Total
Refunding taxes illegally collected
Advances to Agricultural Adjustment Ad-
ministration (transfer to Internal Reve-
$402. 96
$7, 792, 909. 27
$38, 027, 006. 05
$45, 820, 318. 28
1,374,404.47
i From the appropriation "Collecting the internal revenue, 1934."
2 $73,261.98 retirement deductions included.
3 $367,529.12 retirement deductions included.
4 $39,939.48 retirement deductions included.
• $310,180.52 retirement deductions included.
« $3, 159.48 retirement deductions included.
$6,112.34 retirement deductions included.
326
REPORT OF THE SECRETARY OF THE TREASURY
Table 11. — Customs duties (estimated), value of imports entered for consumption,
and ratio of duties to value of dutiable imports and to value of all imports, for the
calendar years 1923 to 1933 l
[On basis of reports of the Bureau of Foreign and Domestic Commerce; dollars in thousands]
Estimated
duties
Value of imports entered for con-
sumption
Ratio of duties to
value of—
Calendar year
Total
Dutiable
Ratio of
dutiable
to total
Dutiable
imports
Total
imports
1923
$566, 664
532, 286
551,853
590, 045
574, 840
542, 270
584, 772
461, 885
370, 771
259, 600
283, 681
$3, 731, 770
3, 575, 111
4, 176, 218
4, 408, 076
4, 163, 090
4, 077, 937
4, 338, 572
3,114,077
2, 088, 455
1, 325, 093
1,433,013
$1, 566, 622
1, 456, 943
1, 467, 390
1,499,969
1, 483, 031
1, 399, 304
1, 458, 444
1, 032, 954
696, 762
439, 557
529, 466
Percent
41. 9S
40.75
35.14
34.03
35.62
34.31
33.62
33.17
33.36
33.17
36.95
Percent
36.17
36.53
37.61
39.34
38.76
38.76
40. 11
44.71
53.21
59.06
53.58
Percent
15.18
1924
14.89
1925 .
13.21
1926_
13.39
1927
13.81
1928
13.30
1929 .
13.48
1930 ..
14.83
1931
17.75
1932
19.59
1933
19.80
i For figures for 1867 to 1899, see Annual Report for 1930, p. 523; for 1900 to 1922, Annual Report for
1932, p. 382.
Table 12. — Customs duties (estimated), value of dutiable imports, and ratio of
duties to value of dutiable imports, by tariff schedules, for the years 1923 to 1933 l
[On basis of reports of the Bureau of Foreign and Domestic Commerce; dollars in thousands]
Calendar year
Estimated
duties
Value of
dutiable
imports
Ratio of
duties to
imports
Estimated
duties
Value of
dutiable
imports
Ratio of
duties to
imports
Schedule 1.— Chemicals, oils,
and paints
Schedule 2.— Earths, earthen-
ware, and glassware
1923
$26, 989
24, 492
27, 465
28, 681
27, 997
28, 011
33, 910
25, 859
20, 279
16,041
18, 286
$90, 123
77,015
93, 746
98, 328
98, 312
92, 633
110,452
73, 337
52, 913
36, 437
42, 296
Percent
29.95
31.80
29.30
29.17
28.48
30.24
30.70
35.26
38.33
44.02
43.23
$23, 526
22, 098
24, 529
28, 908
28, 217
25, 865
27, 014
20, 524
13,421
8,326
9,012
$60, 182
54, 481
56, 391
61,089
58, 260
53, 321
55, 304
41, 646
25, 694
15, 285
16, 444
Percent
39.09
1924 .
1925
40.56
43.50
1926
1927
47.32
48.43
1928
48.51
1929
48.85
1930
49.28
1931
52,23
1932
54.47
1933
54.80
Schedule 3.— Metals and mfrs.
Schedule 4.— Wood and mfrs.
1923 _
$35, 013
35, 240
38, 961
48, 528
47, 179
46, 251
54, 654
36, 367
23, 062
12, 355
17, 081
$103, 307
96, 768
113, 684
147, 010
135, 403
131,921
154, 022
97, 214
58, 518
32, 810
45, 116
Percent
33.89
36.21
34.27
33.01
34.84
35.06
35.48
37.41
39.41
37.66
37.86
$4, 001
4,161
4,164
4,307
4,535
4,191
4,301
3,557
2,389
1,687
3,129
$18, 230
18,115
18, 570
18,004
19,879
16.917
17,411
17, 140
12, 749
7,518
15, 449
Percent
21.95
1924
22.97
1925
22.42
1926
23.92
1927
22.81
1928
24.77
1929
24.70
1930
20.75
1931
18.74
1932
22.44
1933
20.26
1 The amount of customs duties is calculated in the Bureau of Foreign and Domestic Commerce on the
basis of reports showing the quantity and value of merchandise imported. Total estimated duties and
total value of dutiable imports will be found in table 11. For figures for 1890 to 1899, see Annual Report
for 1930, p. 525; for 1900 to 1922, Annual Report for 1932, p. 383.
REPORT OF THE SECRETARY OF THE TREASURY
327
Table 12. — Customs duties (estimated), value of dutiable imports, and ratio of
duties to value of dutiable imports, by tariff schedules, for the years 1923 to 1933
— Continued
Calendar year
Estimated
duties
Value of
dutiable
imports
Ratio of
duties to
imports
Estimated
duties
Value of
dutiable
imports
Ratio of
duties to
imports
Schedule 5. — Sugar, molasses,
and manufactures of
Schedule 6.— Tobacco and
manufactures
1923
$128, 064
135, 906
139, 103
146, 591
131, 199
118, 572
131, 190
116,809
99, 631
76, 061
67, 408
$353, 873
337, 862
221, 347
205, 659
222, 703
174, 760
156, 232
116, 844
74, 819
45, 762
44, 540
Percent
36. 19
40.23
62.84
71.28
58.91
b7.85
83.97
99.97
133. 16
166. 21
151. 34
$35, 831
33,941
35, 428
38, 076
40, 016
39, 315
39, 105
40, 141
32, 310
22, 481
21, 542
$64, 881
67, 530
69, 943
70, 789
68, 632
62, 319
60, lib
56, 152
43, 201
27, 314
24, 754
Percent
1924
1925
1926
1927
1928
1929
1930
1931
1932
1933
Schedule 7.— Agricultural
products and provisions
Schedule 8. — Spirits, wines,
and other beverages
1923
$61, 578
60, 093
60, 568
64, 373
fit, 072
64, 140
68, 055
59, 595
56, 613
43, 418
46, 189
$236, 976
235, 198
259, 917
270, 063
284, 253
282, 375
297, 161
213,035
134, 337
90, 666
103, 941
Percent
25. 98
25.55
23.30
23.84
22.54
22.71
22.90
27.97
42.14
47.89
44.44
$613
431
492
450
465
483
544
430
376
418
7,414
$1, 371
1,065
1,161
1,150
1,350
1,346
1,571
1,363
1,273
1,149
9,179
^Percent
t*, 44. 67
! 40 47
1924.
1925
1926
39 13
1927.
34 44
1928
35 88
1929
[34.63
131.55
i 29 54
1930...
1931
1932
36 38
1933..
[80 78
&»
Schedule 9. — Cotton manufac-
tures
Schedule 10.— Flax, hemp, jute,
and manufactures
1923
$21, 946
18, 083
15, 347
13, 666
14, 561
15, 681
15, 627
13, 457
13, 595
9,168
10, 845
$68, 207
59, 981
49, 999
39, 842
40, 461
42, 456
42, 855
33, 282
28, 653
19, 249
22, 660
Percent
32.18
30.15
30.69
34.30
35.99
36.93
36.46
40.43
47.45
47.63
47.86
$24, 632
26, 121
25, 684
26, 737
26, 525
25, 088
24, 600
20, 571
15, 927
11,652
12, 959
$121,126
117,216
143,907
145, 168
126, 524
135, 769
129, 409
i 95, 570
i 57, 780
37, 473
47, 129
Percent
20 34
1924
22 2S
1925 ....
17 87
1926 .. .
1927 . -
18.42
20.96
1928
18 48
1929
19.01
1930.
21.52
1931
27 56
1932
31 09
1933
27.50
Schedule 11. — Wool and manu-
factures of
Schedules 12 and 13.— Silk and
rayon manufactures
1923
1924
$91, 466
62, 582
71,019
73, 965
67, 219
57, 172
61,815
40, 877
24, 483
13, 270
20, 539
$162,016
123, 904
162, 458
148, 187
127, 707
115,181
121,636
70, 357
32, 339
15,771
22, 660
Percent
56.45
50.51
43.71
49.91
52.64
49.64
50.82
58.10
75.71
84.14
90.64
$21, 692
17,629
21, 388
24, 074
28, 815
27,810
27, 349
13,418
10,313
4,021
4,649
$40, 794
33, 234
40, 304
44, 138
51, 293
48, 739
47, 156
23, 073
17, 249
6,747
8,370
Percent
53.18
53 05
1925
53.07
1926
54.54
1927
56. 18
1928
57.06
1929
58.00
1930
58. 16
1931
59.79
1932
59.60
1933
55.54
328
REPORT OF THE SECRETARY OF THE TREASURY
Table 12. — Customs duties (estimated), value of dutiable imports, and ratio of
duties to value of dutiable imports, by tariff schedules, for the years 1923 to 1933
— Continued
Calendar year
Estimated
duties
Value of
dutiable
imports
Ratio of
duties to
imports
Estimated
duties
Value of
dutiable
imports
Ratio of
duties to
imports
Schedule 14.— Pulp, paper, and
books
Schedule 15.— Sundries
1923
$4,667
4,813
4,416
6,241
5,417
7,881
6,099
6,024
3,361
2,183
2,221
$19, 217
18, 729
18, 682
21, 463
22,138
25, 910
24,089
19,428
12, 927
8,187
8,497
Percent
24.29
25.70
23.64
24.42
24.47
30.42
25.32
25.86
26.00
26.66
26.14
$86,647
86,695
83,288
86, 448
88,624
81,810
90, 509
65, 156
55,011
38, 158
42,406
$226. 319
215, 846
217, 279
229, 078
226,117
215, 657
241. 030
174, 513
144, 310
95, 189
118, 432
Percent
38.29
1924 -
40.17
1925 -
38.33
1926 -
37.74
1927 —
39.19
1928 .
37.94
1929
37.55
1930
37.34
1931 -
38.12
1932 -
40.46
1933
35.81
REPORT OF THE SECRETARY OF THE TREASURY 329
Table 13. — Customs receipts, expenditures, and entries, fiscal year 1934
District
Duties on
imports •
Expenditures (reported by collectors)1
Excessive
duties
refunded
Drawback
paid
Expenses
Total
number
of
entries
Alaska (no. 31) .
Arizona (no. 26)
Buffalo (no. 9)
Chicago (no. 39)
Colorado (no. 47).-
Connecticut (no. 6)
Dakota (no. 34)
Duluth and Superior (no. 36)
El Paso (no. 24)
Florida (no. 13)...
Galveston (no. 22)
Georgia (no. 17)
Hawaii (no. 32)
Indiana (no. 40)
Iowa (no. 44)
Kentucky (no. 42)
Los Angeles (no. 27)
Maine and New Hampshire (no. 1)
Maryland (no. 13)
Massachusetts (no. 4)
Michigan (no. 38)
Minnesota (no. 35)
Mobile (no. 19)...
Montana and Idaho (no. 33)
New Orleans (no. 20)
New York (no. 10)
North Carolina (no. 15)
Ohio (no. 41)
Omaha (no. 46)
Oregon (no. 29)
Philadelphia (no. 11)
Pittsburgh (no. 12)
Puerto Rico (no. 49)
Rhode Island (no. 5) _.
Rochester (no. 8)
Sabine (no. 21)
St. Lawrence (no. 7)
St. Louis (no. 45)
San Antonio (no. 23)
San Diego (no. 25)
San Francisco (no. 28)
South Carolina (no. 16)
Tennessee (no. 43)...
Utah and Nevada (no. 48)
Vermont (no. 2)..
Virginia (no. 14)
Washington (no. 30)
Wisconsin (no. 37)
Total 3
$24,
389,
4,041,
8, 386,
192,
566,
329,
481,
264,
2, 429,
2, 370,
3, 845,
1, 360,
500,
30,
647,
4, 179,
572,
8, 565,
25, 741,
4, 233,
374,
897,
108,
7, 606,
162, 330,
8, 902,
2, 566,
310,
719,
28, 103,
2, 725,
1, 796,
1, 507,
802,
170,
1, 030,
1, 673,
563,
111,
8, 709,
857,
107,
21,
769,
10, 152,
2, 471,
351,
259. 26
650. 12
049. 65
151. 42
804. 98
804. 12
199. 02
217. 04
121.93
924. 98
100.90
031. 77
991. 86
212. 53
071. 80
273. 10
021. 22
792. 31
989. 34
589. 13
126. 93
678. 89
389. 05
769. 04
121. 19
613. 24
003. 21
497. 70
495. 95
094. 52
402. 97
374.44
086. 33
172. 23
679. 47
061. 79
493. 14
020. 06
022. 56
394. 14
064. 66
779. 94
279. 03
090. 53
370. 78
281. 03
589. 31
705. 29
$255. 18
778. 99
21, 984. 53
66,115.08
652. 10
14, 801. 71
3,915.34
2, 397. 98
493. 58
3, 002. 01
20, 243. 55
15, 576 32
15, 103. 78
3, 028. 63
12.69
723. 62
74, 186. 65
2, 128. 42
81, 504. 20
143, 805. 11
11, 060. 94
4, 416. 64
384. 70
16.92
27, 888. 00
4, 860, 595. 29
30, 497. 48
57, 479. 40
181.14
5, 394. 89
165, 752. 47
8, 816. 84
15,151.86
9, 688. 93
13, 461. 18
563. 71
2, 684. 97
9. 752. 12
4. 070. 13
1,111.49
90, 339. 08
2, 105. 47
320. 17
48.44
4, 664. 22
28, 324. 14
31, 487. 37
7, 427. 11
$2, 168. 60
40, 863. 75
7, 364. 30
2.~38
26, 093. 63
1, 353. 92
12, 768. 21
8, 547. 29
16, 778. 78
23, 987. 29
70, 305. 60
64, 891. 31
66, 482. 00
628. 92
662. 30
51,570.11
5, 990, 212. 07
30, 941. 96
145, 670. 95
37, 792. 08
824, 998. 23
1, 184. 64
4, 208. 00
1, 058. 99
2, 101. 43
22.23
2, 519. 45
14.69
596, 463. 58
95.51
5, 443. 62
40, 091. 47
3, 908. 77
$58, 984. 16
141,877.06
474, 637. 39
409, 487. 23
17, 025. 01
41,241.06
174, 509. 62
86, 450. 53
214,126.74
356, 451. 22
176, 767. 53
66, 301. 48
117,338.39
19,653.80
10. 971. 27
15, 332. 94
293, 987. 42
417, 338. 37
468, 354. 64
1, 074, 757. 96
754, 512. 19
48. 972. 24
63, 250. 63
143, 561. 51
514, 378. 40
6, 563, 469. 87
50,691.45
153, 658. 90
12, 956. 89
101, 682. 99
836, 719. 33
45, 284. 95
205, 206. 79
41, 837. 77
67, 707. 00
32, 828. 38
324, 180. 65
86, 695. 91
248, 580. 44
158, 263. 21
689, 805. 47
22, 357. 18
19, 831. 60
6, 988. 95
343, 700. 80
161, 554. 76
554, 965. 62
46, 136. 45
1,337
15, 759
71,880
72, 279
3,139
3,302
11, 827
6,891
16, 600
36, 279
6,712
3,353
15,481
2,356
253
2,202
58,045
41, 478
45, 097
89, 566
79, 485
17, 093
3,444
5,168
33, 564
1, 057, 924
9,056
23,566
1,219
8,733
63, 776
3,908
15, 766
3, 135
3,826
1,800
27, 023
16, 727
22, 167
6,114
114,470
965
772
2,097
49, 791
28,071
44, 522
8,162
313, 093, 727. 57
5, 849, 242. 71
8, 076, 988. 06 16, 730, 167. 36
2, 140, 414
SUMMARY OF COLLECTIONS AND EXPENDITURES
Collections:
Customs receipts:
Duties on imports $313,094,971
Miscellaneous fines, penalties, etc.* 963,493
Total _ 314, 058, 464
Collections for other departments, bureaus, etc.:
Tonnage tax for the Department of Commerce 1,459,693
Head tax for the Department of Labor 741, 626
Miscellaneous collections for other bureaus, etc — 7, 255, 172
Total 9, 456. 491
Total customs collections 323, 514, 955
Expenditures from customs appropriation:
Expenses as reported by collectors 16, 730, 167
All other, including customs agency service and bureau salaries, etc i, 363, 597
Total 18, 093, 764
Less refunds to customs appropriation on account of reimbursable expenditures 457, 269
Total exclusive of reimbursable items 17,636,495
1 Customs receipts, on the basis of reports of collections, are credited to the districts in which the collec-
tions are made. Receipts in the various districts do not indicate the tax burden of the respective districts,
since the taxes may be eventually borne bv persons in other divisions. The duties on a warrant basis
during the fiscal year 1934 amounted to $313,522,240.64.
2 As shown on the accounts of the Bureau of Customs.
3 Figures for Puerto Rico not included in totals.
* Figures include $5,101.80 in fees or charges paid under all acts of Congress.
330
REPORT OF THE SECRETARY OF THE TREASURY
Table 14. — Panama Canal receipts and expenditures for the fiscal years 1903 to 1934
[On basis of warrants issued, see p. 273]
Receipts cov-
ered into the
Treasury »
Expenditures
Year
Construction,
maintenance,
and operation 2
Fortifications
Total general
expenditures
Interest paid
on Panama
Canal loans
1903
$9, 985. 00
50, 164, 500. 00
3, 918, 819. 83
19, 379, 373. 71
27. 198, 618. 71
38, 093, 929. 04
31, 419, 442. 41
33,911,673.37
37, 038, 994. 71
34, 285, 276. 50
40, 167, 866. 71
31, 702, 359. 61
24, 677, 107. 29
14, 8S8, 194. 78
16. 199, 262. 47
13, 549, 762. 56
10, 954, 409. 74
6, 281, 463. 72
16, 480, 390. 79
3, 041, 035. 40
3, 870, 503. 37
7,391,711.97
9, 300, 509. 73
8, 669, 333. 57
7, 863, 376. 03
10, 909, 442. 27
10, 220, 913. 25
10, 497, 935. 33
10, 303, 755. 15
10, 904, 319. 70
11,417,757.84
9, 905, 780. 09
$9, 985. 00
3 50, 164, 500. 00
3, 918, 819. 83
19, 379, 373. 71
27, 198, 618. 71
38, 093, 929. 04
31, 419, 442. 41
33, 911, 673. 37
37, 069, 603. 46
35, 321, 367. 58
41, 991, 358. 03
35, 079, 260. 46
29, 444, 712. 67
17, 756, 536. 75
19, 512, 795. 02
21, 037, 624. 92
12,515,774.48
9, 715, 056. 54
18, 568, 398. 45
3, 937, 362. 85
4, 820, 692. 57
7, 785, 675. 34
10, 173, 199. 66
9, 822, 655. 95
8, 449, 419. 97
12, 075, 074. 80
11,164,898.56
11, 497, 349. 10
11, 220, 734. 44
11, 684, 187. 82
12, 032, 673. 84
10, 302, 090. 67
1904- .
1905
$371, 253. 06
380, 680. 10
1, 178, 949. 85
1, 083, 761. 49
705, 402. 42
3, 214, 389. 48
1, 757, 284. 44
2, 982, 823. 92
4, 070, 231. 27
698, 647. 87
4, 130, 241. 27
2, 869, 995. 28
6, 150, 668. 59
6, 414, 570. 25
6, 777, 046. 55
9, 039, 670. 95
11,914,361.32
12, 049, 660. 65
17, 869, 985. 25
27, 124, 513. 33
22, 903, 732. 44
24, 291, 917. 87
25, 894, 701. 45
28, 834, 345. 42
28, 831, 447. 24
28, 971, 643. 03
26, 534, 587. 74
22, 448, 911. 57
23, 183, 754. 40
27, 167, 390. 62
1906-..
1907--.
1908
$785, 268. 00
1909
1, 319, 076. 58
1910
1, 692, 166. 40
1911
$30, 608. 75
1, 036, 091. 08
1, 823, 491. 32
3, 376, 900. 85
4, 767, 605. 38
2, 868, 341. 97
3, 313, 532. 55
7, 487, 862. 36
1, 561, 364. 74
3, 433, 592. 82
2, 088, 007. 66
896, 327. 45
950, 189. 20
393, 963. 37
872, 689. 93
1, 153, 322. 38
586, 043. 94
1, 165, 632. 53
943, 985. 31
999, 413. 77
916, 979. 29
779, 868. 12
614,916.00
396, 310. 58
1, 691, 107. 20
1912
3, 000, 669. 60
1913..
3, 201, 055. 81
1914.
3, 194, 105. 95
1915
3, 199, 385. 05
1916
3, 189, 024. 79
1917..
3, 103, 250. 67
1918
2, 976, 476. 55
1919...
2, 984, 888. 33
1920.
3, 040, 872. 89
1921
2, 994, 776. 66
1922
2, 995, 398. 14
1923 -
2, 997, 904. 81
1924
2, 992, 461. 19
1925
2, 988, 918. 80
1926
2, 989, 598. 76
1927 ..- -
2, 991, 988. 25
1928 -.
2, 987, 329. 95
1929
3, 002, 235. 80
1930
2, 991, 375. 23
1931
2, 992, 366. 42
1932
2, 989, 627. 15
1933
2, 969, 049. 75
1934.
2, 992, 453. 55
Total
379, 846, 569. 12
564, 617, 804. 65
42, 457, 041. 35
607, 074, 846. 00
75, 252. 832. 28
i Beginning with the fiscal year 1924, the amounts shown in this column have been revised to include the
sums received as dividends on capital stock of the Panama Railroad owned by the United States.
1 The amounts shown in this column have been revised to include the payments to the Government of
Panama under the treaty of Nov. 18, 1903, of $250,000 per annum, the first payment being made during the
fiscal year 1913, and similar payments continuing each year since that date; but do not include the payments
to the Government of Colombia growing out of the construction of the Panama Canal of $5,000,000 per
annum during the fiscal years 1923 to 1927, inclusive, an aggregate sum of $25,000,000, as provided for under
the treaty of Apr. 6, 1914. Includes expenses of civil government, Panama Canal and Canal Zone.
3 This amount includes the $40,000,000 paid to the New Panama Canal Co. of France for the acquisition
of the property, and the $10,000,000 paid to the Republic of Panama in connection with the Canal Zone
as provided for under art. 14 of the treaty of Nov. 18, 1903.
REPORT OF THE SECRETARY OP THE TREASURY
Estimates of Receipts
331
Table 15. — Actual receipts for the fiscal year 1934 and estimated receipts for the fiscal
years 1935 and 1936, by sources
Receipts
Actual, 1934,
on basis of
daily Treas-
ury state-
ments (unre-
vised) and of
warrants
issued
Estimated,
1935
Estimated, 1936
Assuming
temporary
taxes not
extended
Assuming
temporary
taxes ex-
tended
GENERAL AND SPECIAL ACCOUNTS
Revenue receipts:
Internal revenue:
Income taxes:
Current corporation.
Current individual..
Back taxes
$321, 453, 193
354, 985, 194
140, 586, 953
$440, 000, 000
444, 000, 000
167, 000, 000
$509, 000. 000
506, 000, 000
173, 000, 000
$509, 000, 000
506, 000, 000
173, 000, 000
Total income taxes (collection basis)
Adjustment to daily Treasury statement
basis (unrevised)
Total income taxes (Treasury state-
ment basis)
Miscellaneous internal revenue:
Continuing taxes:
Estate tax
Gift tax
Distilled spirits and fermented liquors:
Distilled spirits (domestic)
Distilled spirits (excise tax on imports)
Wines (domestic and excise tax on
imports)
Fermented malt liquors
Rectification, rectifiers: Retail and
wholesale dealers, and manufac-
turers of stills
Container stamps...
Floor taxes, distilled spirits and wines.
Brewers: Retail and wholesale dealers
All other..
Total distilled spirits and fermented
liquors
Tobacco manufactures:
Cigars (large)
Cigarettes (small).
Cigarettes (large)
Tobacco, chewing and smoking.
Snuff..
Cigarette papers and tubes
All other..
Total tobacco manufactures.
Dues of clubs (athletic, social, and sport-
ing)
. Oleomargine, process butter, etc.
("Flaying cards
^Silver bullion transfers
Leases of safe-deposit boxes
Processing tax on coconut oil, etc
Capital stock tax
Excess-profits tax
Miscellaneous
Taxes terminated:
Dividends.
Check tax
Manufacturers' excise taxes:
Soft drinks
Candy
For footnotes, see p. 336.
817, 025, 340
936, 141
817,961,481
103, 985, 288
9, 153, 076
61, 889, 864
6, 577, 959
3, 382, 813
163, 270, 608
9, 948, 089
2, 238, 525
5, 562, 602
5, 688, 977
351, 896
258,911,333
11, 633, 296
349, 661, 946
637, 497
55, 298, 629
6, 788, 191
973, 054
176, 284
425, 168, 897
5, 986, 150
1, 491, 215
4, 406, 385
606
2, 715, 851
80, 168, 344
2, 630, 616
1, 106, 309
50, 229, 123
41, 383, 199
4, 746, 733
4, 216, 482
1,051,000,000
1,051,00(1.000
137, 000, 000
11,000,000
141, 300, 000
12, 000, 000
5, 300, 000
213, 000, 000
9, 500, 000
4, 300, 000
2, 900, 000
3, 400, 000
300, 000
392, 000, 000
11,800,000
369, 000, 000
500, 000
55, 600, 000
6, 900, 000
1, 000, 000
200, 000
445, 000, 000
6, 500, 000
1, 500, 000
4, 400, 000
1, 000, 000
2, 500, 000
19, 400, 000
91, 000, 000
5, 000, 000
1, 000, 000
24, 200, 000
1, 188, 000, 000
1, 188, 000, 000
191, 000, 000
25, 000, 000
167, 700, 000
10, 000, 000
6, 600, 000
224, 000, 000
12, 500, 000
5, 500, 000
3, 400, 000
300, 000
430, 000, 000
12, 100, 000
390, 000, 000
500, 000
55, 000, 000
7, 200, 000
1, 000, 000
200, 000
466, 000, 000
7, 000, 000
1, 800, 000
4, 500, 000
1, 000, 000
2, 500, 000
20, 600, 000
91, 000, 000
5, 000, 000
1, 200, 000
1, 188, 000, 000
1, 188, 000, 000
191, 000, 000
25, 000, 000
167, 700, 000
10, 000, 000
6, 600, 000
224, 000, 000
12, 500, 000
5, 500, 000
3, 400, 000
300, 000
430, 000, 000
12, 100, 000
390, 000, 000
500, 000
55, 000, 000
7, 200, 000
1, 000, 000
200, 000
466, 000, 000
7, 000, 000
1, 800, 000
4, 500, 000
1, 000, 000
2, 500, 000
20, 600, 000
91, 000, 000
5, 000, 000
1, 200, 000
VA
332
REPORT OF THE SECRETARY OF THE TREASURY
Table 15. — Actual receipts for the fiscal year 1934 and estimated receipts for the fiscal
years 1935 and 1936, by sources — -Continued
Receipts
Actual, 1934,
on basis of
daily Treas-
ury state-
ments (unre-
vised) and of
warrants
issued
Estimated,
1935
Estimated, 1936
Assuming
temporary
taxes not
extended
Assuming
temporary
taxes ex-
tended
general and special accounts— continued
Revenue receipts— Continued.
Internal revenue — Continued.
Miscellaneous internal revenue — Con.
Temporary taxes, terminating June 30,
1935, in absence of specific legislation:1
Manufacturers' excise taxes:
•/ Lubricating oil
• Brewers' wort, malt, grape concen-
trate, etc
' Matches
Gasoline
Electrical energy
Automobile trucks
Other automobiles and motorcycles....
Parts or accessories for automobiles
Tires and inner tubes
Toilet preparations, etc
Articles made of fur
i Jewelry (watches, clocks, opera and
field glasses, etc.)
Radio sets, phonograph records, etc...
Mechanical refrigerators ..
Sporting goods, cameras and lenses
Firearms, shells and cartridges
Chewing gum
Telephone, telegraph, radio, and cable
facilities, leased wires, etc
Transportation of oil by pipe line
Stamp taxes: Bond transfers and deeds of
conveyance
Tax rates reduced June 30, 1935, in absence
of specific legislation:
Stamp taxes:
Issues of securities
Stock transfers...
Sales of produce for future delivery
Admissions
$25,' 254, 987
/
.
C)
2 16, 259, 305
38, 066, 000
7, 847, 743
14, 613, 414
$23,900,000
1, 000, 000
6, 100, 000
160, 000, 000
33, 000, 000
3, 200, 000
28, 500, 000
5, 400, 000
23, 900, 000
11,000,000
2, 600, 000
1, 400, 000
3, 400, 000
5, 200, 000
4, 200, 000
2, 500, 000
600, 000
19, 500, 000
10, 200, 000
14, 300, 000
3, 200, 000
16, 800, 000
6, 600, 000
15, 000, 000
$2, 100, 000
100, 000
600, 000
15, 300, 000
2, 700, 000
600, 000
5, 700, 000
900, 000
4, 500, 000
1, 000, 000
200, 000
100, 000
300, 000
600, 000
400, 000
200, 000
1, 700, 000
900, 000
1, 300, 000
5, 200, 000
11, 300, 000
2, 700, 000
3, 200, 000
$24, 700, 000
1, 000, 000
7, 000, 000
170,000,000
35, 000, 000
3, 600, 000
32, 300, 000
6, 000, 000
24, 600, 000
12, 000, 000
2, 900, 000
1, 700, 000
3, 900, 000
5, 600, 000
4, 400, 000
2, 600, 000
700, 000
20, 200, 000
10, 300, 000
15, 100, 000
10, 600, 000
21, 600, 000
7, 000, 000
16, 500, 000
Total miscellaneous internal revenue
(collection basis)
Adjustment to daily Treasury state-
ment basis (unrevised)
Total miscellaneous internal revenue
(Treasury statement basis)
Processing taxes on farm products:
Cotton (including jute and paper)
Wheat...
Corn .-
Hogs -
Tobacco
Sugar
Peanuts -
Tobacco (Kerr-Smith Act, June 28, 1934)
Total processing taxes on farm products (col-
lection basis) -
Adjustment to daily Treasury statement
basis (unrevised)
Total processing taxes on farm products
(Treasury statement basis)
Total internal revenue (Treasury statement
basis)
Customs (excluding tonnage tax) :
Distilled spirits and fermented liquors
All other
1, 483, 790, 969
14, 197, 419
1, 543, 000, 000
14, 197, 418
1, 308, 200, 000
1, 685, 900, 000
1, 469, 593, 550
1, 557, 197, 418
1, 308, 200, 000
1, 685, 900, 000
154, 012, 064
117,621,175
4, 496, 194
77, 034, 611
18, 088, 426
170,416
111,000,000
121, 000, 000
6, 000, 000
211, 000, 000
33, 000, 000
3 82, 000, 000
5, 000, 000
1, 895, 000
< 570,000,000
570, 000, 000
371, 422, 886
18, 374, 089
570, 895, 000
18, 374, 089
570, 000, 000
570, 000, 000
353, 048, 797
570, 000, 000
570, 000, 000
2, 640, 603, 828
3, 197, 466, 507
3, 066, 200, 000
3, 443, 900, 000
< 24, 861, 124
288, 232, 603
35, 000, 000
252, 000, 000
32, 000, 000
255, 000, 000
32, 000, 000
266, 000, 000
Total customs (collection basis)...
Adjustment to daily Treasury Statement
basis (unrevised)
313, 093, 727
340, 575
287, 000, 000
2S7, 000, 000
298, 000, 000
Total customs (Treasury Statement basis) .
For footnotes, see p. 336.
313,434,302
287, 000, 000
287, 000, 000
298, 000, 000
REPORT OF THE SECRETARY OF THE TREASURY
333
Table 15. — Actual receipts for the fiscal year 1934 ana" estimated receipts for the fiscal
years 1985 and 1936, by sources — Continued
Receipts
Actual, 1934, on
basis of daily
Treasury state-
ments (unre-
vised) and of
warrants issued
Estimated, 1935
Estimated, 1936
general and special accounts— continued
Revenue receipts — Continued
Miscellaneous: '
Miscellaneous taxes:
$4, 518, 905
1, 485, 022
748, 901
« 71, 093
$4, 519, 000
1, 555, 000
750, 000
71,000
$3, 510, 000
1, 555, 000
750, 000
71,000
6, 823, 921
6, 895, 000
5, 886, 000
Interest, exchange, and dividends:
Interest on bonds of foreign governments under
20, 033, 594
48, 924, 064
285,209
3, 446, 171
332, 310
2, 000, 000
374, 049
24,646
552, 635
« 3, 498, 489
600,000
60, 000, 000
62, 490
3, 150, 000
325,000
Interest on obligations of Reconstruction Finance
Corporation purchased by the Secretary of the
50, 000, 000
47, 090
Interest on money loaned from construction loan
2,900,000
Discount on Treasury obligations redeemed and
Dividends on capital stock of the Panama Rail-
700, 000
700, 000
Interest and profits on Federal Farm Mortgage
Interest on loans to States, municipalities, etc.,
15, 000, 000
1, 511, 700
1, 144, 898
35, 000, 000
Dividends on capital stock of Federal Home
1, 297, 200
865, 468
Total interest, exchange, and dividends on capi-
79, 471, 164
82, 169, 088
91, 134, 758
Fines and penalties:
Enforcement of National Prohibition Act (Judi-
490, 154
191, 214
596, 807
347, 352
« 568, 211
65, 000
15,000
Recovery of value of oil in case of United States
420, 000
850, 000
296, 935
420,000
1, 000, 000
296. 835
2, 193, 738
1, 631, 935
1, 731, 835
Fees:
1, 458, 921
3, 246, 654
1, 761, 076
4, 280, 243
« 1, 508, 769
1, 500, 000
3, 301, 500
1, 300, 000
4, 650, 000
1, 978, 870
1, 500, 000
3,331,500
1, 300, 000
Patent-...
4, 650, 000
All other
1, 855, 210
Total fees
12, 255, 663
12, 730, 370
12, 636, 710
Forfeitures.
1,506,132
1, 227, 560
1,102,810
Assessments:
On Federal Home Loan banks for salaries and ex-
268, 862
402, 768
403, 873
• 388, 916
267, 460
530,000
(8)
907, 228
264, 040
Federal Coordinator of Transportation, salaries
(')
(!)
1, 468, 000
1, 464, 419
1, 704, 688
1, 732, 040
Reimbursements :
By District of Columbia for advances for acquisi-
tion of lands under sec. 4, act May 29, 1930, as
1, 000, 000
2, 080, 678
469, 888
» 1,591,973
531, 200
2, 600, 000
463, 900
1, 605, 380
>•
;,? 300,000
1 2, 900, 000
* 553, 000
r 1,554,775
Total reimbursements
5, 142, 539 1 5, 200, 480
5, 307, 775
For footnotes, see p. 336.
334
REPORT OF THE SECRETARY OF THE TREASURY
Table 15 —Actual receipts for the fiscal year 1934 and estimated receipts for the fiscal
years 1935 and 1936, by sources— Continued
Receipts
Actual, 1934, on
basis of daily
Treasury state-
ments (unre-
vised) and of
warrants issued
Estimated, 1935
Estimated, 1936
general and special accounts— continued
Eevenue receipts— Continued.
Miscellaneous *— Continued.
Gifts and contributions:
Forest Service cooperative work __----.
Contributions and advances for river and harbor
improvements ■
Allother -
Total gifts and contributions .
Sales of Government property— products:
Scrap and salvaged materials, condemned stores,
waste paper, refuse, etc
Card indexes, Library of Congress
All other '—
Total sales of Government property— products.
Sales of services:
Alaska R. R. fund receipts
Laundry and dry-cleaning operations.
Tolls and profits, Panama Canal
All other
(8)
(8)
6 $62, 315
62,315
989, 238
205, 987
e 995, 050
Total sales of services-
Rents and royalties:
Receipts under mineral leasing act.
All other - -
Total rents and royalties.
Permits, privileges, and licenses:
Permits to enter National Parks..
Immigration permits
Migratory-bird hunting stamps...
All other
Total permits, privileges, and licenses -
2, 190, 275
1, 360, 720
815, 659
24, 746, 685
« 1, 093, 270
$20, 882
1, 109, 869
210, 000
1, 224, 121
28, 016, 334
3, 206, 891
« 1, 387, 526
4, 594, 417
489, 415
200, 789
« 1, 092, 455
2, 543, 990
1, 247, 000
788, 005
24, 722, 500
939, 263
27, 696, 768
3, 350, 000
1, 314, 595
Mint receipts (profits on coinage, bullion de-
posits, etc.)
Forest reserve fund -—
Postal receipts, and postal funds, Panama
Canal --- ---- -- - ----- -,- --------
United States share of District of Columbia
receipts
Total miscellaneous revenue receipts-
Total revenue receipts
1, 782, 659
2, 960, 537
3, 348, 949
242, 930
68, 118
6, 620, 534
152, 124, 110
Nonrevenue receipts:
Miscellaneous:
Realization upon assets:
Army costs due the United States from Ger-
many—
Repayment of investments:
Foreign repayments -- --
Repayment of principal on account of loans to
States, municipalities, etc., Public Works Ad-
ministration
All other.
Total repayments of investments.
Sales of public lands.
For footnotes, see p. 336.
3, 106, 162, 240
249, 801
4, 664, 595
550, 000
250, 000
750,000
970, 070
2, 520, 070
65, 162, 000
3, 400, 000
246, 000
68, 808, 000
217, 813, 426
3, 702, 279, 933
396, 755
70, 000
$16, 322
1, 099, 910
225,000
1, 206, 156
2, 531, 066
1, 270, 000
788, 005
24, 600, 000
938, 063
27, 596, 068
3, 350, 000
1, 279, 810
4, 629, 810
560, 000
250, 000
750, 000
992, 640
2, 552, 640
10, 561, 000
3, 400, 000
246, 000
14, 207, 000
171, 064, 834
3, 912, 964, 834
70, 000
75, 000, 000
1, 500, 280
REPORT OF THE SECRETARY OF THE TREASURY
335
Table 15.
-Actual receipts for the fiscal year 1934 and estimated receipts for the
fiscal years 1935 and 1936, by sources — Continued
Receipts
Actual, 1934. on
basis of daily
Treasury state-
ments (unre-
vised) and of
warrants issued
Estimated, 1935
Estimated, 1936
general and special accounts— continued
Nonrevenue receipts— Continued.
Miscellaneous— Continued.
Realization upon assets— Continued.
Sales of Government property:
Funds deposited for construction loans under
sec. 11, Merchant Marine Act, 1920
$4, 182, 067
1, 182, 449
« 1, 040, 277
War supplies, War and Navy Departments .
All other
$1, 001, 000
1, 730, 185
$1, 001, 000
1, 268, 525
Total sales of Government property
6, 404, 793
2, 731, 185
2, 269, 525
Total nonrevenue receipts, exclusive of trust
accounts
8, 883, 694
9, 370, 755
78, 939, 805
Total general and special account receipts
Adjustment to daily Treasury statement basis
(unrevised)
3,115,045,934
508, 115
3,711,650,688
3, 991, 904, 639
Total general and special account receipts, on
basis of daily Treasury statement (unrevised).
3, 115, 554, 049
3, 711, 650, 688
3, 991, 904, 639
TRUST AND CONTRIBUTED ACCOUNTS
Nonrevenue receipts:
Miscellaneous:
Government life insurance fund .
71, 838, 520
4, 807, 178
28, 703, 459
10, 518, 359
4, 629, 651
33, 233, 369
262, 236
595, 157
1, 306, 354
826, 863
327, 796
« 4, 224, 574
68, 120, 000
6, 200, 000
29, 000, 000
10, 502, 000
5, 134, 190
32, 735, 263
269, 136
562, 000
1, 200, 000
3, 828, 000
445, 800
8,875,590
67, 580, 000
Adjusted service certificate fund
9, 200, 000
Civil service retirement fund:
29, 500, 000
Interest on investments
11, 835, 000
Proceeds of sales and leases of Indian lands, etc
6, 115, 690
33, 107, 700
Foreign service retirement fund
277, 880
597, 000
Forest Service cooperative work
1, 200, 000
Contributions and advances for river and harbor
82,600
848, 600
All other
8, 708, 640
Total trust and contributed accounts
161, 273, 516
2, 811, 397, 066
166, 871, 979
1, 100, 000
100, 000, 000
169,053,110
Increment resulting from reduction in the weight
Seigniorage..
25, 000, 000
Adjustment to daily Treasury statement basis
2, 972, 670, 582
885, 065
267, 971, 979
194,053,110
Total trust and contributed account receipts on
basis of daily Treasury statement (unrevised)
2, 973, 555, 647
267,971,979
194,053,110
Total receipts, exclusive of postal revenues
6, 089, 109, 697
3, 979, 622, 667
4, 185, 957, 749
SUMMARY BY ACCOUNTS
General and special accounts:
313, 434, 302
2, 640, 603, 828
161, 515, 919
287, 000, 000
3, 197, 466, 507
227, 184, 181
» 298, 000, 000
» 3, 443, 900, 000
250, 004, 639
Total general and special accounts
3, 115, 554, 049
162, 179, 891
2, 811, 375, 757
3,711,650,688
166, 871, 979
1, 100, 000
100, 000, 000
3, 991, 904, 639
Trust and contributed accounts
169, 053, 110
Increment resulting from reduction in the weight of the
gold dollar
Seigniorage
25, 000, 000
Total receipts, exclusive of postal revenues
6, 089, 109, 697
3, 979, 622, 667
4, 185, 957, 749
For footnotes, see p. 336.
90353— 3£
336 REPORT OF THE SECRETARY OF THE TREASURY
Table 15 —Actual receipts for the fiscal year 1934 and estimated receipts for the
fiscal years 1935 and 1936, by sources— Continued
SUMMARY OF RECEIPTS CLASSIFIED BY DEPARTMENTS AND ESTABLISHMENTS
Receipts
Actual, 1934, on
basis of daily
Treasury state-
ments (unre-
vised) and of
warrants issued
Estimated, 1935
GENERAL AND SPECIAL ACCOUNTS
Legislative establishment
Executive and independent offices.
Department of Agriculture
Department of Commerce.. --
Department of the Interior —
Department of Justice
Department of Labor
Navy Department
Post Office Department
Department of State
Treasury Department
War Department
Panama Canal
District of Columbia
Adjustment to daily Treasury statement basis (unre-
vised)...
Total general and special accounts receipts, on
basis of daily Treasury statement (unrevised)
exclusive of postal revenues
TRUST AND CONTRIBUTED ACCOUNTS
District of Columbia
Government life insurance fund
Adjusted service certificate fund
Civil service retirement fund
Foreign service retirement fund
Canal Zone retirement fund.
Indian tribal funds.
Other trust and contributed accounts-
Unclassified items
$951, 899
7, 818, 617
3, 995, 384
13, 851, 655
9, 094, 925
4, 010, 582
3, 084, 712
2, 390, 292
18, 233
3, 287, 077
3, 035, 238, 537
4, 068, 513
27, 167, 391
68, 117
3, 115, 045, 934
508, 115
3,115,554,049
Total trust and contributed accounts receipts
Increment resulting from reduction in the weight of the
gold dollar
Seigniorage..
Adjustment to daily Treasury statement basis (unre-
vised)
Total receipts, on basis of daily Treasury state-
ment (unrevised) exclusive of postal revenues—
33, 233, 369
71,838,520
4, 807, 178
39, 221, 818
262, 236
595, 158
4, 629, 651
6, 685, 586
358, 900
$1, 028, 699
25, 861, 508
4, 992, 925
9, 969, 603
9, 752, 570
3,871,155
2, 699, 400
1, 485, 810
30, 000
3, 327, 628
3, 618, 520, 865
4, 264, 025
25, 846, 500
Estimated, 1936
3,711,650,688
3, 711, 650, 688
161, 632, 416
2, 811, 397, 066
2, 973, 029, 482
526, 165
2, 973, 555, 647
6, 089, 109, 697
32, 735, 263
68, 120, 000
6, 200, 000
39, 502, 000
269, 136
562, 000
5, 134, 190
14, 349, 390
166, 871, 979
1,100,000
100, 000, 000
267, 971, 979
267, 971, 979
3, 979, 622, 667
$1, 019, 950
115,005,743
4, 915, 725
9, 703, 548
10, 472, 950
3, 822, 605
2, 688, 400
1, 484, 810
30, 000
3, 356, 580
8 3, 809, 850, 903
3, 829, 425
25, 724, 000
3, 991, 904, 639
3, 991, 904, 639
33, 107, 700
67, 580, 000
9, 200, 000
41, 335, 000
277, 880
597, 000
6,115,690
10, 839, 840
169,053,110
25, 000, 000
194,053,110
194,053,110
4, 185, 957, 749
' Taxes on tires and inner tubes, automobile trucks, other automobiles and motor cycles, and parts or
accessories for automobiles terminate July 31, 1935, in absence of specific legislation extending these taxes.
Estimates shown for 1936 for temporary taxes, assuming these taxes not extended, represent estimated col-
lections during July 1935 and collections during July and August for the taxes mentioned in this note.
2 Collections from stamp taxes on bond transfers, deeds of conveyance, and issues of securities in 1934 not
3 Includes $17,471,000 which may be segregated for expenditure for gensral benefit of agriculture in insular
possessions.
* Computed duties.
» Miscellaneous receipts classified by departments and establishments on p. 336.
« For further details, see table 1, p. 276.
? This activity terminates on June 15, 1935, unless further extended by act of Congress.
s Designated as trust funds by Permanent Appropriation Repeal Act, 1934 (48 Stat. 1224) .
• Includes customs and internal-revenue receipts on cash basis, assuming extension of temporary taxes in
present form.
Note. — Adjustments in italics to be deducted.
REPORT OF THE SECRETARY OF THE TREASURY
337
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348
REPORT OF THE SECRETARY OF THE TREASURY
Table 18. — Interest-bearing x debt outstanding June SO, 1934, by kind of security
and callable period or payable dale
[On basis of daily Treasury statements (revised), see p. 273]
Security
Callable period or pay-
able date
Certificates of
indebtedness
and Treasury
bills
Notes and
bonds
Cumulative
total, post-war
issues
PRE-WAR ISSUES
Panamas
Do
Postal savings 2
Consols
Conversion bonds.
Panamas
Total pre-war issues.
POST-WAR ISSUES
Fourth Liberty loan: first
called 3.
Treasury bills
Do
Do
Do—.
Treasury notes, series B-1934.
Treasury bills..
Do
Do.
Do.
Do.
Do.
Do.
Do.
Certificates of indebtedness,
series TS-1934.
Treasury bills-.
Do
Do
Fourth Liberty loan: second
called.3
Treasury bills
Do..
Do.
Do.
Do.
Do-
Certificates of indebtedness,
series TD-1934.
First Liberty loan
Treasury bills
Do
Treasury notes, series C-1935.
Fourth Liberty loan: un-
called 3.
Treasury notes:
Series A-1935
Series B-1935
Series D-1935
Series C-1936
Series A-1936
Series B-1936
Series C-1937.
Series B-1937
Series A-1937
Series A-1938
Series C-1938
Series B-1938
Series A-1939
Postal Savings System
series.
Treasury bonds
Do
Do..
Do
Do.
Do
Do
Certificates of indebtedness,
adjusted service.
See footnotes on next page.
July 1, 1934-Aug. 1, 1936
July 1, 1934-Nov. 1, 1938.
July 1, 1934-Jan. 1,1954..
After July 1, 1934
Jan. 1, 1946-47
June 1, 1961
Apr. 15, 1934.
July 3, 1934...
July 11, 1934..
Julv 18, 1934. .
July 25, 1934. .
Aug. 1, 1934..
do.
Aug. 8,1934..
do
Aug. 15, 1934.
do
Aug. 22, 1934.
Aug. 29, 1934.
Sept. 5, 1934..
Sept. 15, 1934.
Sept. 26, 1934.
Oct. 3, 1934.-
Oct. 10, 1934-
Oct. 15, 1934..
Oct. 17, 1934..
Oct. 24, 1934..
Oct. 31, 1934-
Nov. 7, 1934-
Nov. 14, 1934.
Nov. 21, 1934.
Dec. 15, 1934.
Dec. 15, 1934-June 15,
1947.
Dec. 19, 1934
Dec. 26, 1934
Mar. 15, 1935
Apr. 15, 1935-Oct. 15,
1938.
June
Aug.
Dec.
Apr.
Aug.
Dec.
Feb.
Apr.
Sept.
Feb.
Mar.
June
June
June
15, 1935.
1, 1935..
15, 1935.
15, 1936.
1, 1936.-
15, 1936.
15, 1937.
15, 1937.
15, 1937.
1. 1938. .
15, 1938.
15, 1938.
15, 1939.
30, 1939.
June 15, 1940-43.
Mar. 15, 1941-43.
Aug. 1, 1941
June 15, 1943-47.
Oct. 15, 1943-45..
Apr. 15, 1944-46.
Dec. 15, 1944-54.
1945 *
$48, 954, 180
25, 947, 400
78, 030, 240
599, 724, 050
28, 894, 500
49, 800, 000
831, 350, 370
$50, 151, 000
50, 257, 000
75, 047, 000
75, 325, 000
75, 056, 000
50, 078, 000
75,114,000
75, 044, 000
50, 254, 000
50, 457, 000
75, 088, 000
100, 236, 000
524, 748, 500
50, 525, 000
50, 096, 000
50, 225, 000
50, 033, 000
50, 040, 000
50, 037, 000
50, 173, 000
50, 080, 000
50, 140, 000
992, 496, 500
75, 226, 000
75, 353, 000
117, 800, 000
50, 754, 000
28, 362, 500
1, 246, 231, 650
1, 933, 210, 300
528, 101, 600
3, 115, 578, 350
416, 602, 800
353, 865, 000
418,291,900
558, 819, 200
364, 138, 000
357, 921, 200
428, 730, 700
502, 361, 900
817, 483, 500
276, 679, 600
455, 175, 500
618, 056, 800
528, 521, 700
35, 000, 000
352, 993, 950
544, 914, 050
834, 474, 100
454, 135, 200
1, 400, 570, 500
1, 061, 753, 750
1, 036, 834, 500
$50, 754, 000
100,
151,
226,
301,
329,
404,
455,
530,
605,
655,
705,
780,
881,
1, 405,
905, 000
162, 000
209, 000
534, 000
896, 500
952, 500
030, 500
144, 500
188,500
442, 500
899, 500
987, 500
223, 500
972, 000
1, 456, 497, 000
1, 506, 593, 000
1, 556, 818, 000
2, 803, 049, 650
2, 853,
2, 903,
2, 953,
3, 003,
3, 053,
3, 103,
4, 096,
082, 650
122, 650
159, 650
332, 650
412, 650
552, 650
049, 150
6, 029, 259, 450
6, 104, 485, 450
6, 179, 838, 450
6, 707. 940, 050
9,823,518,400
10, 240,
10, 593,
11,012,
11,571,
11,935,
12, 293,
12,721,
13, 224,
14,041,
14, 318.
14, 773,
15, 391,
15, 920,
15, 955,
16, 308,
16, 853,
17, 687,
18, 141,
19, 542,
20, 604,
21, 640,
21, 758,
121, 200
986, 200
278, 100
097, 300
235, 300
156,500
887, 200
249, 100
732, 600
412, 200
587, 700
644, 500
166, 200
166, 200
160, 150
074, 200
548, 300
683, 500
254, 000
007, 750
842, 250
642, 250
REPORT OF THE SECRETARY OF THE TREASURY
349
Table 18. — Interest-bearing l debt outstanding June 30, 1934, by kind of security
and callable period or payable date — Continued
Security
Callable period or pay-
able date
Certificates of
indebtedness
and Treasury
bills
Notes and
bonds
Cumulative
total, post-war
issues
post-war issues— continued
Treasury bonds
Do
Do
Do
Do
Treasury notes, civil service,
foreign service, and Canal
Zone.
Mar. 15, 1946-56.
June 15, 1946-48.
June 15, 1946-49.
Oct. 15, 1947-52..
Sept. 15, 1951-55.
(s)
$489, 087, 100
824, 408, 050
819, oye, 500
758, 983, 300
755, 481, 350
243, 439, 000
247, 729, 350
072, 137, 400
891, 233, 900
650, 217, 200
405, 698, 550
649, 137, 550
Total post-war issues-
Grand total
$3, 039, 080, 000
22, 610, 057, 550
3, 039, 080, 000
23, 441, 407, 920
1 Matured debt on which interest has ceased amounted to $54,266,380, of which $17,916,800 was certificates
of indebtedness; $24,572,000, Treasury bills; $3,687,150, Treasury notes; $2,016,350, second Liberty loan*
bonds; and $3,259,550, third Liberty loan bonds. Debt bearing no interest was $518,331,688.
2 Callable and payable dates for all issues of Postal Savings bonds fall within the period indicated.
3 Approximately 30 percent of the Fourth 4j^'s outstanding on October 12, 1933, were called for redemp-
tion on April 15, 1934, on which date interest ceased. On April 13, 1934, about two-sevenths of the then
uncalled fourth 4J4's were called for redemption on October 15, 1934. The approximate division between
called and uncalled bonds is based on the October 12 division, less subsequent exchanges for Treasury
bonds of 1943-45 and redemptions.
* Funds available for the adjusted service certificate fund are invested and reinvested in special short-
term securities which are redeemed from time to time to meet current obligations. These transactions will
occur until the adjusted service certificates mature about 1945.
8 Funds acquired during year are invested in short-term securities. Therefore, these issues in varying
amounts will be outstanding indefinitely.
Table 19. — Principal of the public debt outsta7iding at the end of each fiscal year
from 1853 to 1934 l
[On basis of daily Treasury statements (revised), see p. 273]
June 30—
Interest-
bearing J
Matured
Noninterest-
bearing 3
Total gross
debt
Gross debt
per capita
1853.
1854.
1855.
1856.
1857.
1858.
1859.
1860.
1861.
1862.
1863.
1864.
1865.
1866.
1867.
1868.
1869.
1870.
1871.
1872.
1873.
1874.
1875.
1876.
1877.
1878.
1879.
1880.
1881.
1882.
1883.
1884.
1885.
1886.
42
35,
31,
28,
44,
58,
64,
90,
365,
707,
1, 360,
2, 217,
2, 322,
2, 238,
2, 191,
2, 151,
2, 035,
1, 920,
1, 800,
1, 696,
1, 724,
1. 708,
1, 696,
1, 697,
1, 780,
1, 887,
1. 709,
1, 625,
1, 449,
1,324,
1, 212,
1, 182,
1, 132,
642,412
044, 517
418, 001
805, 180
503, 377
743, 256
333, 156
683, 256
423, 292
356, 045
834, 255
026, 914
709, 407
116,330
954, 794
326, 130
495, 065
881, 095
696, 750
794, 100
483, 950
930, 750
676, 300
685, 450
888, 500
735, 650
716, 110
993, 100
567, 750
810, 400
229, 150
563, 850
150, 950
014, 100
$162, 249
199, 248
170, 498
168, 901
197, 998
170, 168
165, 225
160, 575
159, 125
230, 520
171,970
366, 629
2, 129, 425
4, 435, 865
1, 739, 108
1, 246, 334
5,112,034
3, 569, 664
1, 948, 902
7, 926, 547
51, 929, 460
3, 216, 340
11,425,570
3, 902, 170
16, 648, 610
5, 594, 070
37, 015, 380
7, 621, 205
6, 723, 615
16, 260, 555
7, 831, 165
19, 655, 955
4, 100, 745
9, 704, 195
$158,591,390
411, 767, 456
455, 437, 271
458, 090, 180
429, 211, 734
409, 474, 321
390, 873, 992
388, 503, 491
397, 002, 510
399, 406, 489
401, 270, 191
402, 796, 935
431, 785, 640
436, 174, 779
430, 258, 158
393, 222, 793
373, 088, 595
374, 181, 153
373, 294, 567
386, 994, 363
390, 844, 689
389, 898, 603
393, 087, 639
392, 299, 474
413,941,255
$59,
42,
35,
31,
28,
44,
58,
64,
90,
524,
1, 119,
1, 815,
2, 677,
2, 755,
2, 650,
2, 583,
2, 545,
2, 436,
2, 322,
2, 209,
2, 151,
2, 159,
2, 156,
2, 130,
2, 107,
2, 159,
2, 298,
2, 090,
2, 019,
1, 856,
1,721,
1, 625,
1, 578,
1, 555,
804, 661
243, 765
588, 499
974, 081
701, 375
913, 424
498, 381
843, 831
582,417
177, 955
773, 681
830, 814
929, 012
763, 929
168, 223
446, 456
110,590
453, 269
052, 141
990, 838
210, 345
932, 730
276, 649
845, 778
759, 903
418,315
912. 643
908, 872
285, 728
915. 644
958, 918
307, 444
551, 169
659, 550
$2.36
1.62
1.32
1.15
1.01
1.53
1.93
2.06
2.83
16.03
33.56
53.33
77.07
77.69
73.19
69.87
67.41
63.19
58.70
54.44
51.62
50.47
49.06
47.21
45.47
45.37
47.05
41.69
39.35
35.37
32.07
29.60
28.11
27.10
For footnotes, see next page.
350
REPORT OF THE SECRETARY OF THE TREASURY
Table 19. — Principal of the public debt outstanding at the end of each fiscal year
from 1853 to 1934 l — Continued
June 30—
Interest-
bearing 2
Matured
Noninterest-
bearing 3
Total gross
debt
Gross debt
per capita
1887
$1,007,692,350
936, 522, 500
815, 853, 990
711,313,110
610, 529, 120
585, 029, 330
585, 037, 100
635, 041, 890
716, 202, 060
847, 363, 890
847, 365, 130
847, 367, 470
1, 046, 048, 750
1,023,478,860
987, 141, 040
931,070,340
914,541,410
895, 157, 440
895, 158, 340
895, 159, 140
894, 834, 280
897, 503, 990
913,317,490
913, 317, 490
915,353,190
963, 776, 770
965, 706, 610
967, 953, 310
969, 759, 090
971, 562, 590
2, 712, 549, 477
11, 985, 882, 436
25, 234, 496, 274
24, 061, 095, 362
23, 737, 352, 080
22, 711, 035, 587
22, 007, 590, 754
20, 981, 586, 430
20, 210, 906, 251
19, 383, 770, 860
18, 250, 943, 965
17,317,695,097
16, 638, 941, 380
15, 921, 892, 350
16, 519, 588, 640
19, 161, 273, 540
22, 157, 643, 120
26, 480, 487, 920
$6,114,915
2, 495, 845
1,911,235
1, 815, 555
1, 614, 705
2, 785, 875
2, 094, 060
1, 851, 240
1, 721, 590
1, 636, 890
1, 346, 880
1, 262, 680
1, 218, 300
1, 176, 320
1,415,620
1, 280, 860
1, 205, 090
1, 970, 920
1, 370, 245
1, 128, 135
1, 086, 815
4, 130, 015
2, 883, 855
2, 124, 895
1, 879, 830
1, 760, 450
1, 659, 550
1, 552, 560
1, 507, 260
1, 473, 100
14, 232, 230
20, 242, 550
11, 109, 370
6, 747, 700
10, 939, 620
25, 250, 880
98, 172, 160
30, 241, 250
30, 242, 930
13, 327, 800
14, 707, 235
45, 331, 660
50,751,399
31,715,370
51, 822, 845
60, 086, 685
65,910,825
j 54, 266, 380
$451, 678, 029
445,613,311
431, 705, 286
409, 267, 919
393, 662, 736
380, 403, 636
374. 300, 606
380, 004, 687
378, 989, 470
373, 728, 570
378, 081, 703
384,112,913
389, 433, 654
238, 761, 733
233, 015, 585
245, 680, 157
243, 659, 413
239, 130, 656
235, 828, 510
246, 235, 695
251, 257, 098
276, 056, 398
232,114,027
231, 497, 584
236,751,917
228. 301, 285
225, 681, 585
218, 729, 530
219, 997, 718
252, 109, 878
248, 836, 878
237, 503, 733
236, 428, 775
230, 075, 350
227, 958, 908
227, 792, 723
243, 924, 844
239, 292, 747
275, 122, 993
246, 084, 419
244, 523, 064
241, 263, 806
241, 504, 969
231, 700, 579
230, 073, 658
265, 649, 541
315,118,219
518, 331, 688
$1, 465, 485, 294
1, 384, 631, 656
1,249,470,511
1, 122, 396, 584
1, 005, 806, 561
968, 218, 841
961, 431, 766
1, 016, 897, 817
1,096,913,120
1, 222, 729, 350
1, 226, 793, 713
1, 232, 743, 063
1. 436, 700, 704
1,263,416,913
i, 221, 572, 245
1, 178, 031, 357
1, 159, 405, 913
1, 136, 259, 016
1, 132, 357, 095
1, 142, 522, 970
1, 147, 178, 193
1, 177, 690, 403
1,148,315,372
1, 146, 939, 969
1,153,984,937
1, 193, 838, 505
1, 193, 047, 745
1, 188, 235, 400
1, 191, 264, 068
1, 225, 145, 568
2, 975, 618, 585
12, 243, 628, 719
25, 482, 034, 419
24, 297, 918, 412
23, 976, 250, 608
22, 964, 079, 190
22, 349, 687, 758
21,251,120,427
20, 516, 272, 174
19, 643, 183, 079
18, 510, 174, 266
17, 604, 290, 563
16, 931, 197, 748
16,185,308,299
16,801,485,143
19, 487, 009, 766
22, 538, 672, 164
27, 053, 085, 988
$24.97
1888 ..- --
23.09
1889 .
20.39
1890
17.92
1891 . --
15.75
1892
14.88
1893
14.49
1894
15.04
1895
15.91
1896
17.40
1897
17.14
1898
16.90
1899
19.33
1900 ..
16.56
1901
15.71
1902
14.89
1903 ..
14.40
1904
13.88
1905
13.60
1906
13.50
1907.
13.33
1908
13.46
1909
12.91
1910
12.69
1911
12. 28
1912
12.48
1913
12.26
1914
12.00
1915
11.83
1916
11.96
1917
28.57
1918 -
115. 65
1919 . .
240.09
1920
228. 32
1921
221. 09
1922 .
208. 97
1923
200.10
1924 .
186. 86
1925 .
177. 82
1926
167. 70
1927
156. 04
1928
146. 69
1929
139. 40
1930
131.38
1931
135. 42
1932...
156. 12
1933
179. 32
1934
213. 75
Figures for 1853 to 1885, inclusive, are taken from "Statement of receipts and expenditures of the Gov-
ernment from 1855 to 1885 and principal of public debt from 1791 to 1885", compiled from the official records
of the Register's office. Later figures are taken from the monthly debt statements and revised figures
published in the annual reports of the Secretary of the Treasury.
2 Exclusive of the bonds issued to the Pacific railways (provision having been made by law to secure the
Treasury against both principal and interest) and the Navy pension fund (which was in no sense a debt,
the principal being the property of the United States).
3 Includes old demand notes; United States notes (gold reserve deducted since 1900); postal currency and
fractional currency less the amounts officially estimated to have been destroyed; and also the deposits held
by the Treasury for the retirement of Federal Reserve bank notes, and for national bank notes] of national
banks failed, in liquidation, and reducing circulation, which prior to 1890 was not included in the published
debt statements. Does not include gold, silver, or currency certificates, or Treasury notes of 1890 for re-
demption of which an exact equivalent of the respective kinds of money or bullion was held in the Treasury ,
REPORT OF THE SECRETARY OF THE TREASURY
Public Debt Operations
351
Table 20. — Public debt retirements chargeable against ordinary receipts during the
fiscal year 1934, and cumulative totals to June SO, 1933 and 1934, by sources and
issues
[On basis of daily Treasury statements (revised), see p. 273]
Detail
Face amount
retired
Principal amount
paid
Purchases and/or redemptions for cumulative sinking fund:
Cumulative total to June 30, 1933
$4, 417, 343, 350. 00
$4, 409, 964, 440. 05
Fiscal year 1934:
Purchases:
Treasury bonds:
3^ percent of 1946-49
400, 000. 00
3, 650, 000. 00
569, 000. 00
568, 000. 00
1,000,000.00
2, 612, 000. 00
13, 600, 000. 00
16, 918, 000. 00
5, 967, 000. 00
837, 000. 00
5, 855, 000. 00
300, 002, 200. 00
7, 513, 700. 00
398, 068. 70
3, 571, 056. 07
560, 478. 40
560, 864. 64
1,007,500.00
2, 598, 980. 01
13, 562, 039. 07
16, 912, 292. 52
5, 932, 020. 95
818, 747. 20
5, 748, 106. 26
300, 002, 200 00
3 percent of 1951-55
%M percent of 1941
4Ji-3M percent of 1943-45
Treasury notes:
Redemptions:
4J4 percent Fourth Liberty Loan of 1933-38
3 percent Treasury notes, series A-1934
7,513,700 00
Total
359, 491, 900. 00
359, 186, 053 82
4, 776, 835, 250. 00
4, 769, 150, 493. 87
Purchases and/or redemptions of bonds, etc., from cash repay-
ments of principal by foreign governments, being repayments
of loans under the Liberty bond acts (received under ratified
or unratified debt agreements):
464, 049, 150. 00
454,092,091 91
Fiscal year 1934, no retirements
464, 049, 150. 00
454,092,091 91
Purchases and/or redemptions from franchise tax receipts derived
from Federal Reserve banks:
i 149, 809, 133. 57
36.50
1 149, 138, 263. 79
Fiscal year 1934:
36.50
149, 809, 170. 07
149, 138, 300. 29
Purchases and/or redemptions from net earnings derived by the
United States from Federal intermediate credit banks:
2 2, 504, 713. 31
306. 40
2 2, 496, 472. 30
Fiscal year 1934:
Net earnings used to supplement the gold reserve
306. 40
2, 505, 019. 71
2, 496, 778. 70
Redemption of bonds, etc., received as repayments of principal
by foreign governments, under ratified debt agreements:
206, 993, 100. 00
210, 400. 00
206, 993, 100. 00
Fiscal year 1934, 3 percent Treasury bonds of 1951-55..
210, 400. 00
207, 203, 500. 00
207, 203, 500. 00
Redemption of bonds, etc., received as interest payments on ob-
ligations of foreign governments, under ratified debt agree-
ments:
907, 732, 500. 00
147, 450. 00
907, 732, 500. 00
Fiscal year 1934, 3 percent Treasury bonds of 1951-55
147, 450. 00
907, 879, 950. 00
907, 879, 950. 00
Redemption of bonds, etc., received for estate taxes:
66, 276, 650. 00
66, 276, 650. 00
66, 276, 650. 00
66, 276, 650. 00
For footnotes, see next page.
90353—35 24
352
REPORT OF THE SECRETARY OF THE TREASURY
Table 20. — Public debt retirements chargeable against ordinary receipts during the
fiscal year 1934, and cumulative totals to June SO, 1933 and 1934, by sources and
issues — Continued
Detail
Face amount
retired
Principal amount
paid
Redemption of bonds, etc., received as gifts, forfeitures, or from
miscellaneous sources:
Cumulative total to June 30, 1933..
Fiscal year 1934:
Forfeitures:
First 3J^'s.
First 4ii's
Fourth 4Ji's
Treasury bonds:
3& percent of 1941-43
zyi percent of 1946-49.
3 percent of 1951-55
Total
Cumulative total to June 30, 1934
Total purchases and redemptions:
Cumulative total to June 30, 1933
Fiscal year 1934...
Cumulative total to June 30, 1934
s $10, 540, 965. 30
3 $10, 540, 965. 30
1, 000. 00
1,100.00
4, 400. 00
2, 000. 00
1, 000. 00
5, 500. 00
1,000.00
1, 100. 00
4, 400. 00
2, 000. 00
1, 000. 00
5, 500. 00
15, 000. 00
15, 000. 00
3 10, 555, 965. 30
» 10, 555, 965. 30
6,225,249,562.18
359, 865, 092. 90
6, 207, 234, 483. 35
359, 559, 246. 72
6, 585, 114, 655. 08
6, 566, 793, 730. 07
' Includes $1,240,699.09 applied to the gold reserve.
1 Includes $1,819,363. 31 applied to the gold reserve.
3 Amounts exclude $4,842,066.45 written off the debt Dec. 31, 1920, on account of fractional currency
estimated to have been lost or destroyed in circulation.
REPORT OF THE SECRETARY OF THE TREASURY
353
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Table 25. — Issues, maturities, and redemptions of interest-bearing securities, exclu-
sive of trust account and other special issues June 1988 through June 1934
[On basis of daily Treasury statements (unrevised), see p. 273]
Date
Issue
Rate of
interest •
Amount issued
Amount ma-
tured (or
redeemed)
1933
June 7
7
15
15
15
21
21
28
28
July 1
1
5
5
12
12
19
19
26
26
Aug. 2
2
Sept. 6
6
15
15
20
20
27
27
Oct. 4
4
11
11
15
15
18
18
25
25
Nov. 1
1
Dec. 6
6
15
15
15
20
20
27
27
Treasury bills maturing Sept. 6, 1933
Treasury bills issued Mar. 6, 1933 ..
Treasury notes, series B-1938
Certificates of indebtedness maturing Mar. 15,1934-.
Certificates of indebtedness issued June 15, 1932
Treasury bills maturing Sept. 20, 1933
Treasury bills issued Mar. 22, 1933.
Treasury bills maturing Sept. 27, 1933
Treasury bills issued Mar. 29, 1933
Postal savings bonds, series 45
Postal savings bonds, series 5
Treasury bills maturing Oct. 4, 1933
Treasury bills issued Apr. 5, 1933
Treasury bills maturing Oct. 11, 1933
Treasury bills issued Apr. 12, 1933
Treasury bills maturing Oct. 18, 1933
Treasury bills issued Apr. 19, 1933
Treasury bills maturing Oct. 25, 1933
Treasury bills issued Apr. 26, 1933
Treasury bills maturing Nov. 1, 1933
Treasury bills issued May 3, 1933
Treasury bills maturing Nov. 8, 1933
Treasury bills issued May 10, 1933
Treasury notes, series B-1935
Treasury bonds of 1941
Certificates of indebtedness issued Mar. 15, 1933
Treasury bills maturing Nov. 15, 1933
Treasury bills issued May 17, 1933
Treasury bills maturing Nov. 22, 1933
Treasury bills issued May 24, 1933
Treasury bills maturing Nov. 29, 1933
Treasury bills issued May 31, 1933
Miscellaneous redemptions before maturity
Total, June through August.
Treasury bills maturing Dec. 6, 1933
Treasury bills issued June 7, 1933
Certificates of indebtedness maturing June 15, 1934..
Certificates of indebtedness issued Sept. 15, 1932
Treasury bills maturing Dec. 20, 1933
Treasury bills issued June 21, 1933 _
Treasury bills maturing Dec. 27, 1933
Treasury bills issued June 28, 1933
Treasury bills maturing Jan. 3, 1934
Treasury bills issued July 5, 1933
Treasury bills maturing Jan. 10. 1934
Treasury bills issued July 12, 1933
Treasury bonds of 1943-45
Fourth Liberty Loan of 1933-38 redeemed in exchange
for Treasury bonds of 1943-45
Treasury bills maturing Jan. 17, 1934
Treasury bills issued July 19, 1933
Treasury bills maturing Jan. 24, 1934.
Treasury bills issued July 26, 1933.
Treasury bills maturing Jan. 31, 1934
Treasury bills issued Aug. 2, 1933
Treasury bills maturing Feb. 7, 1934
Treasury bills issued Aug. 9, 1933
Treasury bills maturing Feb. 14, 1934
Treasury bills issued Aug. 16, 1933
Treasury bills maturing Feb. 21, 1934
Treasury bills issued Aug. 23, 1933
Treasury bills maturing Feb. 28, 1934
Treasury bills issued Aug. 30, 1933
Miscellaneous redemptions before maturity
Total, September through November .
Treasury bills maturing Mar. 7, 1934
Treasury bills issued Sept. 6, 1933
Certificates of indebtedness maturing Dec. 15, 1934.
Certificates of indebtedness issued Dec. 15, 1932
Certificates of indebtedness issued Mar. 15, 1933
Treasury bills maturing Mar. 21, 1934 _
Treasury bills issued Sept. 20, 1933
Treasury bills maturing Mar. 28, 1934
Treasury bills issued Sept. 27, 1933
.604
. 116
2M
H
*H
.735
.106
.729
.097
1 For Treasury bills, average rates on a bank discount basis are shown.
Percent
0.271
4.259
m
.243
1.830
.273
1.717
2^
2V2
.282
1.351
.359
.766
.392
.490
.373
.514
.345
.488
.319
.481
m
4
.263
.448
.218
.422
.137
.321
$75. 529, 000
623, 911, 800
460, 099, 000
$75. 216, 000
100.361,000
"75,"697,"666
373, 856, 500
~i66,"569,~666
17,052,940
';.66,"6i6,~666
100, 158, 000
"""i.iiMso
75, 453, 000
75,"l72,"oo6'
100, 096, 000
""75," 733." 666
80, 122, 000
~60,~696,~666'
75, 188, 000
"86,295"666
75, 143, 000
353, 865, 000
835,043,100
60, 655, 000
"75.067,666
75, 100, 000
" 60," 266" 666
166," 296," 666"
469, 089, 000
"~75,"442."666
60, 078, 000
3, 243, 150, 840
.116
.271
H
.106
.2433"
. 097 ?r
.2735
.102
.282^
. 117 f
.359
4M-3J4
.127
.392
.169
.373
.216
.345
.236
.319
.398
.263
.426
.218
.429
.137
75, 039, 000
"i74,~965," 500
100, 015. 000
"75,"682,"666
100, 050, 000
757626,666
"i,"4oi,"i38,"566'
75, 523. 000
"86,"634,"666'
60, 180, 000
"75,"335,"666"
75, 295, 000
'"60," 063," 666'
'166," 627," 666'
2, 527, 707, 000
100, 050, 000
"992,"496,"506'
100, 352, 000
231,061,600
2, 053. 972. 980
75, 529, 000
"226"389,"566
100, 361. 000
'"75,~697."666
100, 010, 000
"75,l53."666
900, 716, 550
"75."i72,"666
80, 122, 000
"66,"696,"666
75, 143, 000
"75," 166." 666
60, 200, 000
100, 296, 000
5, 187, 000
2, 079, 472, 050
100, 263, 000
"166," 890," 666'
75. 039, 000
254, 364, 500
473, 328, 000
100, 015, 000
"75,"682f"666
REPORT OF THE SECRETARY OF THE TREASURY
365
Table 25. — Issues, maturities, and redemptions of interest-bearing securities, exclu-
sive of trust account and other special issues June 19SS through June 1934 — Con.
Rate of
interest
Amount issued
Amount ma-
tured (or
redeemed)
Postal savings bonds, series 46
Postal savings bonds, series 6
Treasury bills maturing Apr. 4, 1934.
Treasury bills issued Oct. 4, 1933
Treasury bills maturing Apr. 11, 1934
Treasury bills issued Oct. 11, 1933
Treasury bonds of Apr. 16, 1934, maturing Apr. 16,
1934
Treasury bills maturing Apr. 18, 1934...
Treasury bills issued Oct. 18, 1933 ...
Treasury bills maturing Apr. 25, 1934
Treasury bills issued Oct. 25, 1933
Treasury notes, series C-1935
Certificates of indebtedness maturing Sept. 15, 1934..
Treasury bills maturing May 2, 1934
Treasury bills issued Nov. 1, 1933
Treasury bills maturing May 9, 1934
Treasury bills maturing Aug. 8, 1934
Treasury bills issued Nov. 8, 1933
Treasury bills maturing May 16, 1933
Treasury bills maturing Aug. 15, 1933
Treasury bills issued Nov. 15, 1933
Treasury notes, series D-1935
Treasury notes, series C-1937
Treasury bills maturing May 23, 1934
Treasury bills issued Nov. 22, 1933
Treasury bills maturing Aug. 29, 1934
Treasury bills issued Nov. 29, 1933
Miscellaneous redemptions before maturity (includ-
ing % percent Treasury bonds, series maturing Apr.
16, 1934) ..
Percent
2}4
.621
.102
.622
.117
.670
.127
.669
.169
1Yi
.717
.216
.656
.942
.236
.662
.988
.398
2V2
3
.575
.426
.617
.429
Total, December through February .
Treasury bills maturing Sept. 5, 1934
Treasury bills issued Dec. 6, 1933
Treasury notes, series C-1938
Certificates of indebtedness issued June 15, 1933
Treasury bills maturing June 20, 1934..
Treasury bills issued Dec. 20, 1933
Treasury bills maturing June 27, 1934
Treasury bills maturing Sept. 26, 1934
Treasury bills issued Dec. 27, 1933.
Treasury bills maturing July 3, 1934.
Treasury bills maturing Oct. 3, 1934..
Treasury bills issued Jan. 3, 1934...
Treasury bills maturing July 11, 1934 —
Treasury bills maturing Oct. 10, 1934
Treasury bills issued Jan. 10, 1934
Treasury bonds of 1944-46
Fourth Liberty Loan of 1933-38, first called (approxi-
mate amount) -.
Treasury notes, series A-1934, redeemed in exchange
for Treasury bonds of 1944-46
Treasury bills maturing July 18, 1934
Treasury bills maturing Oct. 17, 1934
Treasury bills issued Jan. 17, 1934
Treasury bills maturing July 25, 1934
Treasury bills maturing Oct. 24, 1934
Treasury bills issued Jan. 24, 1934
Treasury bills maturing Aug. 1, 1934
Treasury bills maturing Oct. 31, 1934
Treasury bills issued Jan. 31, 1934 —
Treasury notes, series A-1934
Treasury bills maturing Aug. 8, 1934
Treasury bills maturing Nov. 7, 1934 —
Treasury bills issued Feb. 7, 1934
Treasury bills maturing Aug. 15, 1934
Treasury bills maturing Nov. 14, 1934
Treasury bills issued Feb. 14, 1934
Treasury bills maturing Aug. 22, 1934
Treasury bills maturing Nov. 21, 1934
Treasury bills issued Feb. 21, 1934..
Miscellaneous redemptions before maturity
Total, March through May.
$10, 526, 560
~ 100," 990," 666"
"i66,"656,"666"
$1, 129, 820
"166,656, 666
"75,626,666
55, 559, 765
125, 340, 000
125, 126, 000
528, 101, 600
524, 748, 500
150, 320, 000
75, 523, 000
"§6,"634,"666
125, 493, 000
50, 078, 000
60, 180, 000
75, 007, 000
75, 044, 000
75, 335, 000
418, 291, 900
428, 730, 700
74, 955, 000
75, 295, 000
75, 088, 000
60, 063, 000
"i66,"627,"666
102, 712, 115
4, 337, 149, 525
1, 783, 197, 435
.434
.604
3
u
.089
.735
.080
.190
.729
.077
.194
.621
.073
.182
.622
3K
Qi
3
.079
.187
.670
.078
.185
.669
.074
.162
.717
3
.068
.146
.656
.063
.140
.662
.058
.127
.575
100, 236, 000
455, 175, 500
"l66,"i 10," 666
100, 050, 000
"460,"699,"666
50, 091, 000
50, 525, 000
100, 263, 000
50, 151, 000
50, 096, 000
100, 890, 000
50, 257, 000
50, 225, 000
100, 990, 000
1, 061, 960, 500
100, 050, 000
75, 047, 000
50, 033, 000
1, 005, 000, 000
234, 464, 300
75, 325, 000
50, 040, 000
125, 340, 000
75, 056, 000
50, 037, 000
125, 126, 000
75,114,000
50, 173, 000
150, 320, 000
9, 770, 300
50, 254, 000
50, 080, 000
125, 493, 000
50, 457, 000
50, 140, 000
75, 007, 000
74, 955, 000
8,200
2, 720, 583, 000
2, 887, 825, 800
366
REPORT OF THE SECRETARY OF THE TREASURY
Table 25 — Issues, maturities, and redemptions of interest-bearing securities, exclu-
sive of trust account and other special issues June 1933 through June 1934 — Con.
Date
Issue
Rate of
interest
Amount issued
Amount ma-
tured (or
redeemed
1934
June 15
15
15
15
20
20
27
27
Treasury bonds of 194&-48...
Treasury notes, B-1934, redeemed in exchange for
Treasury bonds of 1946-48
Certificates of indebtedness issued Sept. 15, 1933
Treasury notes, series A-1939
Treasury bills maturing Dec. 19, 1934
Treasury bills issued Mar. 21, 1934
Treasury bills maturing Dec. 26, 1934
Treasury bills issued Mar. 28, 1934
Percent
3
2%
Va.
2J4
.074
.089
.067
.080
Total, June.
$824, 508, 050
528, 521, 700
75, 226, 000
75, 353, 000
1, 503, 608, 750
$317, 030, 100
174, 905, 500
100,110,000
50, OQlToOO
642, 136, 600
REPORT OF THE SECRETARY OF THE TREASURY
367
Table 26. — Sources of public debt increase or decrease for the fiscal years 1915 to
1934
[On basis of daily Treasury statements (unrevised), see p. 273
[In thousands]
Public debt retirements chargeable against ordinary receipts
Sinking
fund
Foreign payments
Bonds
and notes
received
for
estate
taxes
Fran-
chise tax
receipts,
Federal
Reserve
banks
Net earn-
ings,
Federal
interme-
diate
credit
banks
Year
Cash
repay-
ments
of prin-
cipal
Bonds,
etc., re-
ceived
as repay-
ments
of prin-
cipal
Bonds,
etc., re-
ceived
as inter-
est pay-
ments
Miscel-
laneous
gifts, for-
feitures,
etc.
1915
1916
1917
1918
$1, 134
1919
$7, 922
72, 670
73, 939
64, 838
32, 140
38, 509
386
4,394
19, 254
19, 068
571
51, 135
48, 246
$93
3,141
26, 349
21, 085
6,569
8,897
47
1920
2,922
60, 724
60, 333
10,815
3,635
114
59
818
250
2,667
4,283
18
$13
1921
$261, 100
276, 046
284, 019
295, 987
306, 309
317, 092
333, 528
354, 741
370, 277
388, 369
391, 660
412, 555
425, 660
359, 492
i 5, 010
1922
393
1923
$68, 753
87, 914
135, 970
136, 260
134, 962
135, 307
137, 747
69, 456
355
1924
$22, 965
22, 823
29, 000
25, 000
27, 429
37, 895
40, 335
93
1925
$680
509
414
369
266
172
74
21
208
1926
63
1927
5,578
1928 .
2
20
73
3,090
1929
160
1930
61
1931
85
1932
1
53
1933
30, 977
1,546
210
1,364
147
2,037
21
1934
15
Total
4, 776, 835
464, 049
207, 203
907, 881
66, 277
149, 809
2,505
15, 198
Year
Total public
debt retire-
ments
chargeable
against
ordinary
receipts
Surplus or
deficit 2 of
receipts
(general,
special, and
trust accounts
combined) 3
Increase or
decrease 2
in General
Fund
balance
Increase or
decrease 2
in gross
debt
Total gross
debt
General
Fund
balance
$1, 191, 362
1, 225, 146
2, 975, 619
12, 455, 225
25, 484, 506
24, 299, 321
23, 977, 451
22, 963, 382
22, 349, 707
21, 250, 813
20, 516, 194
19, 643, 216
18,511,907
17, 604, 293
16, 931, 088
16, 185, 310
16, 801, 281
19, 487, 002
22, 538, 672
27, 053, 141
$158, 142
1916
$48, 478
853, 357
9, 033, 254
13, 370, 637
212,475
86, 724
313, 802
309, 657
505, 367
250, 505
377, 768
635, 810
398, 828
184, 787
183, 789
902, 717
< 3,163,097
« 3, 068, '267
3,154,616
$82, 262
897, 116
447, 487
333, 342
893, 963
191,977
277, 573
98, 834
135, 528
17,576
7,834
24, 055
31, 470
61, 186
8,106
153, 337
54, 747
445, 008
1, 719, 717
$33, 783
1, 750, 473
9, 479, 607
13, 029, 281
1,185,185
321,871
1,014,069
613, 674
1,098,894
734, 619
872, 978
1,131,309
907, 6I4
673, 205
745, 779
615, 972
2, 685, 721
3, 051, 670
4, 514, 469
240, 404
1917
1, 137, 520
1918
$1, 134
8, 015
78, 746
427, 123
422, 695
402, 850
458, 000
466, 538
487, 376
519, 555
540, 255
549, 604
553, 884
440, 082
412, 630
461, 605
359, 864
1, 585, 007
1919
1, 251, 665
1920
357, 702
1921 .
549, 678
1922 .
272, 106
1923 .
370, 939
1924 .
235,411
1925 _
217, 836
1926
210, 002
1927
234, 057
1928
265, 527
1929
326, 713
1930 ..
318, 607
1931 . -
471,944
1932
417, 197
1933 .
862, 205
1934
2, 581, 922
6, 589, 956
30, 027, 955
2, 423, 780
25, 861, 779
1 Includes $4,842,066.45 written off the debt Dec. 31, 1920, on account of fractional currency estimated to
have been lost or destroyed in circulation.
2 Deficit and decrease in italics.
a For explanation of accounts, see p. 274. .....
* Revised to cover all expenditures of the Reconstruction Finance Corporation including payments
against credits established for the Reconstruction Finance Corporation through the purchase of its notes
under section 9 of the Reconstruction Finance Corporation Act.
90353—35-
-25
368
REPORT OF THE SECRETARY OF THE TREASURY
Table 26. — Sources of public debt increase or decrease for the fiscal years 1915 to
198 '4 — Continued
[In thousands]
RECAPITULATION
Retirements from —
Charges against ordinary receipts. - $6,589,956
Surplus of receipts 3,507,990
Total.. _ $10,097,946
Increase in debt on account of—
Deficit in ordinary receipts 33,535,945
Increase in general fund balance 2,423,780
Total _ 35,959,725
Net increase 25,861,779
Gross debt:
June 30, 1915... 1,191,362
June 30, 1934 27,053,141
Net increase. ._ 25,861,779
Table 27. — Transactions on account of the cumulative sinking fund during the
fiscal year 1934
[On basis of daily Treasury statements (revised), see p. 273]
Unexpended balance July 1, 1933.. $5, 384. 31
Appropriation for 1934:
Initial credit:
(a) Under the Victory Liberty Loan Act (2^
percent of the aggregate amount of Liberty
bonds and Victory notes outstanding on July
1, 1920, less an amount equal to the par
amount of any obligations of foreign govern-
ments held by the United States on July 1,
1920) $253,404,864.87
(6) Under the Emergency Relief and Construction
Act of 1932 (2H percent of the aggregate
amount of expenditures, made during the
previous fiscal year, out of appropriations
made or authorized under this act).-- 5, 269, 283. 16
(<•) Under the National Industrial Recovery Act
{2Yi percent of the aggregate amount of ex-
penditures made during the previous fiscal
year, out of appropriations made or author-
ized under this act) 3,250.00
$258, 677, 398. 03
Secondary credit (the interest which would have been payable during
the fiscal year for which the appropriation is made on the bonds and
notes purchased, redeemed, or paid out of the sinking fund during
such year or in previous years) 179,858, 106.47
— — ■ 438, 535, 504. 50
Total available, 1934 438,540,888.81
Securities retired in 1934: Par amount Principal cost
Liberty bonds: Fourth 4M's $300,002,200 $300,002,200.00
Treasury bonds:
Z}4 percent of 1946-49 400,000 398,068.70
3 percent of 1951-55 3,650,000 3,571,056.07
3% percent of 1941 569, 000 560, 478. 40
4M-3J4 percent of 1943-45 568, 000 560, 864. 64
Treasury notes:
3 percent, series A-1934 7,513,700 7,513,700.00
Z\i percent, series A-1936- 1,000,000 1,007,500.00
2% percent, series B-1936— 2,612,000 2,598,980.01
2V8 percent, series C-1936 13,600,000 13,562,039 07
3J4 percent, series A-1937 16,918,000 16,912,292.52
3 percent, series B-1937... 5,967,000 5,932,020.95
2Vb percent, series A-1938 837,000 818,747.20
274 percent, series B-1938 5,855,000 5,748, 106.26
Total 359,491,900 359,186,053.82
359, 186, 053. 82
Unexpended balance June 30, 1934 79,354,834.99
EEPORT OF THE SECRETARY OF THE TREASURY
369
Table 28. — Transactions on account of the cumulative sinking fund for the fiscal
years 1921 to 1934
[On basis of daily Treasury statements (revised), see p. 273]
Year
Appropriation
available '
Debt retired
(par amount)
Expended (prin-
cipal cost)
1921
$256, 230, 010. 66
274, 516, 965. 89
284, 156, 439. 19
294, 927, 023. 26
306, 666, 759. 52
321, 184, 577. 22
336, 890, 916. 27
355, 081, 401. 18
370, 241, 327. 02
382, 925, 568. 19
392, 152, 206. 17
410, 850, 121. 31
425, 575, 012. 75
438, 535, 504. 50
$261, 250, 250
275, 896, 000
284, 018, 800
295, 987, 350
306, 308, 400
317, 091, 750
333, 528, 400
354,741,300
370, 277, 100
388, 368, 950
391, 660, 000
412, 554, 750
425, 660, 300
359, 491, 900
$254, 844, 576. 50
1922
274, 481, 902. 16
1923
284, 149, 754. 16
1924
294, 927, 019. 57
1925
306, 666, 736. 01
1926 .
321,184,468.20
336, 890, 832. 47
355, 080, 563. 11
1927
1928
1929
370, 241, 297. 84
1930
382, 925, 400. 49
392, 152, 187. 50
1931
1932
410, 850, 073. 60
1933
425, 569, 628. 44
359, 186, 053. 82
1934
Total
4, 848, 505, 328. 86
4, 776, 835, 250
4, 769, 150, 493. 87
1 Unexpended balance each year included in appropriation available for next year but excluded from total.
Unexpended balance $79,354,834.99 at end of 1934.
Table 29. — Securities retired through the cumulative sinking fund, par amount and
principal cost, to June 30, 1934
[On basis of daily Treasury statements (revised) see p. 273]
Issue
Par amount
Principal cost
Liberty bonds:
First 3H's
First 4's -.
First V4's
Second 4's
Second 4\i's
Third 4J4's
Fourth 4J4's
Victory notes:
3M's
4^'s
Treasury bonds:
ZYs percent of 1940-43
Z% percent of 1941-43
Ws percent of 1943-47
zy8 percent of 1946-49
3 percent of 1951-55
3J4 percent of 1941
4M-3M percent of 1943-45....
Treasury notes:
5}/i percent, series B-1924
4% percent, series A-1925
4% percent, series B-1925
4J4 percent, series C-1925
4% percent, series A-1926
4J4 percent, series B-1926
4Vi percent, series A-1927
4% percent, series B-1927
ZlA percent, series A-1930-32
ZV2 percent, series B-1930-32
3i/2 percent, series C-1930-32
3J4 percent, series 1932
3 percent, series A-1934
3k£ percent, series A-1936
2% percent, series B-1936....
2y% percent, series C-1936
Z\i percent, series A- 1937
3 percent, series B-1937
2% percent, series A-1938— .
2% percent, series B-1938— ..
Total
$11,000
151, 000
324, 050
670, 900
374, 735, 400
, 261, 876, 000
323, 945, 850
106, 186, 900
610, 584, 150
6, 045, 000
49, 309, 000
38, 901, 550
2, 303, 000
8, 643, 300
569, 000
568, 000
103, 000, 000
101, 000, 000
11,315,900
113, 199, 900
1,018,300
9, 564, 200
26, 798, 000
60, 217, 900
691, 284, 850
41, 989, 300
359, 556, 100
418, 764, 000
7, 513, 700
1, 000, 000
2, 612, 000
13, 600, 000
16, 918, 000
5, 967, 000
837, 000
5, 855. 000
$11,000.00
143, 503. 09
325, 948. 13
671, 196. 27
374, 988, 667. 88
1, 268, 640, 946. 97
323, 759, 385. 28
104, 542, 256. 28
604, 769, 347. 07
5, 935, 096. 05
48, 443, 927. 18
38, 169, 957. 24
2. 291. 879. 60
8. 482. 873. 61
560, 478. 40
560, 864. 64
103, 028,
101, 004,
11,279,
113, 196,
1,018,
9, 485,
26, 880,
60, 217,
687, 390,
41, 682,
358, 811,
418, 764,
7, 513,
1,007,
2, 598,
13, 562,
16,912,
5, 932,
818,
5, 748,
635. 62
123. 53
715. 38
011.61
300. 00
492. 59
711.16
900. 00
338. 29
698. 99
853.00
000. 00
700. 00
500. 00
980. 01
039. 07
292. 52
020. 95
747. 20
106. 26
4, 776, 835, 250
4, 769, 150, 493. 87
370 REPORT OF THE SECRETARY OF THE TREASURY
Interest on the public debt
Table 30. — Interest on the 'public debt -payable, paid, and outstanding unpaid for
the fiscal year 1934
[On basis of daily Treasury statements (revised) , see p. 273]
Issue
Outstanding
unpaid June
30, 1933
Due and pay-
able during
1934
Payments
during 1934
Outstanding
unpaid June
30, 1934
Pre-war loans..
Liberty and Victory loans
Treasury bonds
Treasury notes
Certificates of indebtedness
Treasury (war) savings securities '.
Treasury bills '
Total.
$371, 123. 52
28, 575, 431. 92
8, 172, 629. 05
7(17,840.79
1, 630, 174. 28
4, 146, 685. 00
$17,370,148.03
318, 960, 055. 76
220, 839, 312. 05
151, 388, 135. 96
40, 986, 212. 36
2 299. 14
4, 628, 408. 87
$17, 353, 094. 08
323, 843, 446. 95
218, 747, 188. 02
151,035,248.79
41, 421, 401. 76
181, 310. 86
4, 628, 408. 87
f388, 177. 47
692, 040. 73
264, 753. 08
120, 727. 96
194, 984. 88
965, 075. 00
43, 663, 884. 56
754, 171, 973. 89
757, 210, 099. 33
40, 625. 759. 12
1 Amounts represent discount treated as interest.
2 Adjustments, deduct.
REPORT OF THE SECRETARY OF THE TREASURY
371
Table 31. — Interest paid on the public debt, by issues, for the fiscal years 1932 to
1934 1
[On basis of warrants issued, see p. 274]
Title
Debt unmatured as of June 30, 1934:
Consols of 1930..
Panama Canal loan of 1916-36
Panama Canal loan of 1918-38
Panama Canal loan of 1961
Conversion bonds of 1946-47 .
Postal Savings bonds...
First Liberty Loan bonds. —
First Liberty Loan bonds (converted)...-.
Do..
First Liberty Loan bonds (second eon-
verted)
Fourth Liberty Loan bonds...
Treasury bonds of Apr. 16, 1934
Treasury bonds of 1947-52.
Treasury bonds of 1944-54.
Treasury bonds of 1946-56.
Treasurv bonds of 1943-47.
Treasury bonds of 1941-43
Treasury bonds of 1940-43
Treasury bonds of 1941
Treasury bonds of 1943-45
Treasury bonds of 1946-49
Treasury bonds of 1951-55
Treasury bonds of 1946-48
Treasury notes at various interest rates....
Treasury notes..
Treasury notes, civ. serv. ret. series
Treasury notes for. serv. ret. series —
Treasury notes, Canal Zone ret. series
Certificates of indebtedness at various
interest rates
Certificates of indebtedness, adjusted-serv-
ice series..
Treasury bills 3 -
Treasury certificates
Debt matured as of June 30, 1934:
Old debt, matured, issued prior to Apr. 1,
1917.
Second Liberty Loan bonds
Second Liberty Loan bonds (converted)...
Third Liberty Loan bonds
Victory Loan notes
Certificates of indebtedness at various
interest rates
Certificates of indebtedness, adjusted-serv-
ice series. .
Treasury notes at various interest rates
Thrift and Treasury savings stamps
Total .
Rate of
interest
Percent
2
2
2
3
3
2H
3H
4
4H
414
414
H
4)4
4
m
m
z%
z%
3H
3H-4H
3
3
4
4H
4)4
334-1%
1932
$11,994,223.25
978,464.10
518, 722. 30
1, 492, 434. 75
865, 452. 75
621,661.50
48, 870, 615. 64
206, 074. 69
22, 557, 235. 91
149, 049. 59
265, 250, 533. 90
32,085,722.18
40, 835, 912. 00
18, 304, 992. 52
16,091,009.98
19, 888, 916. 46
11,780,100.74
24, 456, 103. 67
11,848,614.82
8, 494, 645. 81
7, 624, 273. 23
64, 678. 69
66, 3S5. S9
8, 910, 674. 75
2 7, 245. 81
3, 952. 49
28, 693. 00
67, 382. 77
203, 275. 13
20,410.11
32, 873, 998. 97
3,018,641.12
9, 216, 847. 66
340, 138. 68
599, 722, 595. 24
1933
$11,990,139.00
978, 846. 00
518,383.50
1,471,820.25
865, 270. 50
986, 213. 00
4.8,441,586.38
201,916.85
22,226,011.76
146, 878. 84
265, 019, 138. 65
31,920,008.79
40, 750, 354. 00
18, 246, 522. 08
15, 050, 002. 32
18,293,444.97
11,579,908.75
25, 028, 979. 71
23, 612, 904. 75
68,321.67
8, 787, 758. 90
84, 752. 99
84,985.31
4, 415, 909. 34
643,313.71
5, 282. 12
33, 290. 00
62, 201. 62
162, 708. 19
16, 322. 53
66, 491, 539. 01
5, 577, 165. 31
65, 222, 788. 57
258, 342. 45
689,243,011.82
1934
$11,999,618.25
979, 820. 7C
518, 860. 6C
1, 493, 772. 25
858, 598. 50
1,501,625. 0C
48, 663, 774. 64
203, 269. 71
22, 625, 355. 09
150,
251, 993,
2,
32, 217,
41,306,
18, 281,
14, 991,
18, 302,
11,919,
12,436,
21,301,
25, 408,
22, 580,
137, 287,
918. 02
768. 02
314.80
517. 83
512. 00
530. 59
220. 49
019. 02
902. 30
314. 20
492. 99
249. 22
187. 05
2 72. 47
089. 30
9, 553. 819. 17
98, 502. 69
88, 894. 58
11,903,458.03
116,197.27
4, 628, 408. 87
23, 633. 00
798. 78
20, 940. 00
42, 936. 27
126, 525. 89
15, 959. 31
24, 879, 527. 12
4, 498, 586. 34
4, 006, 943. 05
181,310.86
757, 210, 099. 33
1 For details for the fiscal years 1918 to 1929, see annual report for 1929, table 42, p. 503; and for later years,
similar tables in subsequent reports.
2 Deduct excess of credits, collection of interest accruals, and counter warrant adjustments.
3 Sold on a discount basis.
372
REPORT OF THE SECRETARY OF THE TREASURY
Table 32. — Amount of interest-bearing debt outstanding, the computed annual
interest charge, and the computed rate of interest, for the fiscal years 1916 to 1984,
and by months from July 1931 to June 1984
[On basis of daily Treasury statements (revised), see p. 273]
Interest-bearing
debt
Computed an-
nual interest
charge
Computed
rate of
interest
Year ended as of June 30 —
1916
$971, 562, 590
2, 712, 549, 476
11,985,882,436
25, 234, 496, 273
24, 061, 095, 361
23, 737, 352, 080
22,711,035,587
22, 007, 590, 754
20, 981, 586, 429
20, 210, 906, 251
19, 383, 770, 860
18, 250, 943, 965
17, 317, 695, 096
16, 638, 941, 379
15, 921, 892, 350
16, 519, 588, 640
19, 161, 273, 540
22, 157, 643, 120
26, 480, 487, 920
16, 522, 060, 880
16, 585, 493, 880
17, 048, 078, 680
17, 028, 360, 180
17,040,063,880
17, 528, 489, 430
17, 515, 271, 290
17, 820, 334, 290
18, 189, 798, 090
18,287,411,840
18, 728, 685, 540
19, 161, 273, 540
19, 297, 374, 840
19, 758, 170, 390
20, 296, 069, 990
20, 485, 202, 040
20, 476, 034, 090
20, 448, 138, 190
20, 454, 107, 920
20, 584, 310, 620
20, 991, 640, 520
21, 086, 995, 520
21, 468, 790, 420
22, 157, 643, 120
22, 239, 761, 680
22, 722, 597, 530
22, 671, 755, 280
22, 668, 932, 880
23, 161, 427, 730
23,450,261,380
24, 719, 894, 150
25, 707, 259, 320
25, 698, 167, 820
25,598,931,020
25, 587, 744, 520
26, 480, 487, 920
$23, 084, 635
83, 625, 482
468, 618, 544
1, 054, 204, 509
1, 016, 592, 219
1, 029, 917, 903
962, 896, 535
927,331,341
876, 960, 673
829, 680, 044
793, 423, 952
722, 675, 553
671,353,112
656,654,311
606,031,831
588, 987, 438
671, 604, 676
742, 175, 955
842, 301, 133
587, 477, 244
586,114,096
601, 090, 554
602, 462, 109
607, 683, 462
630, 637, 299
630, 148, 410
642, 255, 354
663, 038, 425
661,575,410
667, 423, 595
671, 604, 676
675, 077, 227
686, 256, 470
702, 834, 883
706, 876, 866
705, 806, 132
696, 632, 815
696,871,414
698, 842, 039
719, 225, 989
721, 262, 126
732, 466, 777
742, 175, 955
743, 655, 348
754, 021, 129
751, 152, 007
750,308,131
771, 687, 275
772, 979, 377
797, 099, 559
822, 501, 890
831,111,908
817, 085, 844
813, 005, 384
842, 301, 133
Percent
2.376
1917
3.120
1918 _
3.910
1919
4.178
1920
4.225
1921
4.339
1922
4.240
1923
4.214
1924...
4.180
1925 -
4.105
1926
4.093
1927. .
3.960
1928
3.877
1929
3.946
1930- -
3.807
1931
3.566
1932. .
3.505
1933.
3.350
1934
3.181
Month ended —
1931— July
3.556
3.534
3.526
3.538
November
3.567
3.599
1932— January
3.598
3.605
3.646
3.618
3.564
3.505
July
3.498
3.473
3.463
3.451
3.447
3. 407
3.407
3.395
3.427
3.421
3.412
3.350
July
3.344
3.318
September...
October .
November .
3.313
3.310
3.332
3.296
1934 — January ... -
February..-
March. ._ ._
3.225
3.200
3.234
3.192
May.. -_ -_ --. -_
3.178
3.181
REPORT OF THE SECRETARY OF THE TREASURY
373
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REPORT OF THE SECRETARY OF THE TREASURY 375
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376
REPORT OF THE SECRETARY OF THE TREASURY
CONDITION OF THE TREASURY EXCLUSIVE OF PUBLIC DEBT
LIABILITIES
Table 34.— Current assets and liabilities of the Treasury at the close of the fiscal
years 1932, 1933, and 1934
[On basis of daily Treasury statements (revised), see p. 273]
Assets:
Gold.
$2, 958, 560, 678. 71
Liabilities:
Gold certificates
Gold certificate fund, Federal Reserve Board L
Redemption fund, Federal Reserve notes 2.
Gold reserve
Exchange stabilization fund
Gold in General Fund
Total .
SILVER
Assets*
Silver bullion (sec. 45, act of May 12, 1933) .
Silver dollars
Total.
Silver certificates (sec. 45, act of May 12, 1933).
Silver certificates
Treasury notes of 1890
Silver dollars in General Fund
Total .
GENERAL FUND
Assets:
Gold
Silver dollars
United States notes -----
Silver certificates (sec. 45, act of May 12, 1933) .
Federal Reserve notes
Federal Reserve bank notes
National bank notes
Subsidiary silver
Minor coin ---
Silver bullion
Unclassified, collections, etc
$3,234,213,011.51
1,490,698,969.00
1, 235, 736, 771. 58
59, 689, 661. 26
156, 039, 088. 03
16,396,188.84
2,958,560,678.71
501, 022, 745. 00
501,022,745.00
1933
1, 230, 717, 109. 00
1,771,485,595.89
44, 066, 151. 32
156, 039, 088. 03
31,905,007.27
3,234,213,011.51
507, 190, 969. 00
507, 190, 969. 00
487, 216. 201. 00
1,222,150.00
12, 584, 394. 00
501, 022, 745. 00
Total in Treasury offices.
In Federal Reserve banks:
To credit of Treasurer of the United
States —
In transit.
16, 396, 188. 84
12,584,394.00
2, 279, 960. 00
1,406,880.00
26, 298. 00
16, 578, 916. 50
8, 490, 555. 75
4, 755, 770. 67
18, 237, 324. 17
556,401.43
81,312,689.36
479, 817, 980. 00
1, 186, 324. 00
26, 186, 665. 00
1934
$7, 856, 180, 556. 45
958, 463, 029. 00
3, 973, 332, 588. 66
25,722,721.73
156, 039, 430. 93
1,800,000,000.00
942, 622, 786. 13
7, 856, 180, 556. 45
1,560,000.00
503, 847, 022. 00
505, 407, 022. 00
1, 560, 000. 00
493, 445, 255. 00
1, 189, 324, 00
9, 212, 443. 00
507, 190, 969. 00
31,905,067.27
26, 186, 665. 00
3,960,271.00
17, 070, 215. 00
513, 088. 00
19, 694, 260. 00
9,372,110.40
5, 677, 679. 96
25,839,415.92
493, 398. 53
140,712,171.1
Total in Federal Reserve banks.
In special depositaries account of sales of
Treasury bonds, notes, and certificates
In general and limited depositary banks (ex-
cept foreign):
To credit of Treasurer of the United
States
To credit of other Government officers —
In transit --
Total in depositary banks (except for-
eign) -
In treasury, Philippine Islands:
To credit of Treasurer of the United States
In transit -
Total in treasury, Philippine Islands..
3, 758, 367. 94
1, 946, 472. 95
5, 704, 840. 89
405, 648, 239. 95
7, 388, 443. 31
18,415,160.97
1, 192, 068. 15
26, 995, 672. 43
577, 374. 23
1, 294. 97
578, 669. 20
35, 587, 765. 37
13, 209, 387. 45
48, 797, 152. 82
836, 515, 161. 69
505, 407, 022. 00
942, 622,
9, 212,
1, 959,
1, 190,
13, 709,
2,331,
21, 662,
3, 515,
3, 626,
45, 694,
1, 179,
786. 13
443. 00
827. 00
980. 00
100. 00
360. 00
510. 00
351.45
309. 55
665. 75
760. 60
1, 046, 705, 093. 48
64, 185, 068. 68
3 402,973.35
63, 782, 095. 33
1,854,045,099.45
7, 304, 771. 67
22,019,925.31
1, 286, 554. 71
30,611,251.69
767, 400. 16
62.50
767, 462. 66
6, 546, 830. 05
24, 408, 600. 52
1, 143, 268. 42
32, 098, 698. 99
1,110,352.99
90.09
1, 110, 443. 08
i " Gold fund, Federal Reserve Board," in 1932 and 1933. „oWlltw ;„ 10,9 a„A 1(V,o ■,„ «,,-„
2 Redemption fund, Federal Reserve notes, carried as General Fund liability in 1932 and 1933. In this
table the 1932 and 1933 figures have been revised to include this item as a gold account liability.
3 Excess of credits (deduct).
REPORT OF THE SECRETARY OF THE TREASURY
377
Table 34. — Current assets and liabilities of the Treasury at the close of the fiscal
years 1932, 1938, and 1934 — Continued
1932
1933
1934
general fund— continued
Assets— Continued.
In foreign depositaries:
To credit of Treasurer of the United States.
To credit of other Government officers
$61, 646. 25
723,377.41
706, 561. 60
$882, 105. 50
1, 264, 457. 66
48, 653. 20
$1, 338, 468. 05
1,750,451.20
8, 258. 75
1, 491, 585. 26
2, 195, 216. 36
3,097,178.00
521, 731, 697. 09
1,059,598,416.30
3, 000, 838, 608. 33
Liabilities:
Deposits:
Redemption of Federal Reserve bank
7, 392, 000. 00
36, 888, 706. 91
1,350.00
81,662,349.37
4, 335, 000. 00
Redemption of national bank notes (5
29, 849, 699. 78
1, 350. 00
42, 255, 971. 16
32, 843, 393. 11
Retirement of additional circulating notes,
act of May 30, 1908
1, 350. 00
Board of trustees, Postal Savings System.
74, 129, 958. 29
Total redemption and trust funds in
72, 107, 020. 94
125, 944, 406. 28
111,309,701.40
1, 236, 569. 94
582, 932. 81
5, 480, 031. 36
51, 120, 013. 02
11,737,480.34
817,950.82
6, 554, 521. 63
60, 766, 282. 01
3, 362, 765. 44
9,189,331.34
13, 170. 485. 87
Balance to credit of postmasters, clerks of
311,301,580.86
58, 419, 547. 13
79, 876, 234. 80
337, 024, 163. 51
130, 526, 568. 07
205, 820, 641. 08
448, 333, 864. 91
391, 205, 129. 02
853, 777, 775. 22
» 2, 552, 504, 743. 42
Total
521, 731, 697. 09
1, 059, 598, 416. 30
3, 000, 838, 608. 33
' Balances in General Fund for years 1791 to 1922 are shown on page 481 of the annual report for the fiscal
year 1922.
s Includes increment resulting from reduction in the weight of the gold dollar of $811,397,066.
Table 35. — Net Balance in the General Fund of the Treasury at the end of each
month from July 1929 to June 1934 l
[On basis of daily Treasury statements (unrevised), see p. 273]
End of month
July -
August
September
October
November.
December.
January...
February..
March
April
May
June -.
Fiscal year
1930
$150, 932, 756
88, 365, 247
407, 637, 361
204, 512, 841
123, 894, 244
172, 996, 078
98, 928, 297
54, 262, 505
368, 767, 815
156,637,720
104, 609, 501
318, 607, 168
1931
103
331
203
83
306
155,
ISO,
.r4L>.
330,
11,
■171,
275, 986
667, 155
163, 294
056, 867
787, 586
803, 320
792, 897
397, 680
428, 597
797, 827
060, 314
943, 983
$273, 331, 614
133,791,198
602, 778, 618
292, 062, 263
149, 744, 876
474,689,559
339, 929, 501
375, 859, 437
647, 420, 773
292, 465, 209
383, 877, 525
417, 197, 178
1933
$144, 951, 863
338, 731, 250
862,119,223
754, 730, 499
589, 729, 504
554,751,995
327, 482, 803
221,480,376
492, 926, 476
240, 752, 592
364,431,211
862, 205, 221
1934 2
$833,
1, 199,
1, 145,
909,
1, 107,
1, 026,
1, 537,
4, 901,
4, 817,
2, 293,
2, 021,
2, 581,
932, 960
515, 473
554, 763
161, 294
325, 902
148, 623
201, 112
768, 920
870, 615
9S1, 573
713, 008
922, 240
i For monthly figures back to October 1915, see annual report for 1930, p. 598.
2 Net balances at the end of February and March include increment resulting from reduction in the
weight of the gold dollar of $2,808,221,138 and $2,810,454,390, respectively; net balances at the end of April,
May, and June include balance of increment resulting from reduction in weight of the gold dollar of $810,-
863,442, $811,162,310, and $811,375,757 respectively.
378
REPORT OF THE SECRETARY OF THE TREASURY
Table 36. — Securities owned by the United States Government, June SO, 1934*
Foreign obligations:
Funded indebtedness:
Under the debt-funding agreements as authorized by acts of
Congress and moratorium agreements as authorized by the
act of Congress approved Dec. 23, 1931:
Principal amount
held
Austria - $23,752,217.00
Belgium 400,680,000.00
Czechoslovakia !._ - 91,879,671.03
Estonia K 16,466,012.87
Finland 8,478,840.04
France 3,863,650,000.00
Great Britain.-. 4,368,000,000.00
Greece.. 31,516,000.00
Hungary 3 1,908,560.00
Italy.. 2,004,900,000.00
Latvia 3 6,879,464.20
Lithuania' 6,197,682.00
Poland 3 206,057,000.00
Rumania4 63,860,560.43
Yugoslavia 61,625,000.00
Unfunded indebtedness:
Represented by obligations received for (1) cash advances
made under authority of acts of Congress approved Apr. 24,
1917, and Sept. 24, 1917, as amended; (2) surplus war sup-
plies sold on credit by Secretary of War under authority of
acts of Congress approved July 9, 191S, and June 5, 1920;
(3) relief supplies sold on credit by American Relief Admin-
istration under authority of act of Congress approved Feb.
25, 1919; and (4) relief supplies sold on credit by United
States Grain Corporation under authority of act of Congress
approved Mar. 30, 1920:
Armenia 11,959,917.49
Nicaragua 289, 898. 78
Russia 192,601,297.37
$11,155,851,007.57
204,851,113.64
German bonds:
For account of reimbursements of the costs of the United
States army of occupation and the awards of the Mixed
Claims Commission, under the funding agreement of June
23, 1930, as authdized by the act of Congress approved June
5, 1930 (bonds are in reichsmarks, which for the purpose of
this statement are converted at 40.33 cents to the reichs-
nvirk ) *
Army costs RM997, 500, 000 402, 291, 750. 00
Mixed claims « RM2, 040, 000, 000
Private awards
(estimated) 1,415,000,000
Government awards (estimated) . . . 625, 000, 000 252, 062, 500. 00
RM1, 622, 500, 000 654,354,250.00
Total foreign obligations 12,015,056,371.21
Capital stock of war emergency corporations:
Capital stock of the Emergency Fleet Corporation 50.000,000.00
Less cash deposited with the Treasurer of the United States
to the credit of the Corporation... 16, 752, 671. 52
Capital stock of the United States Housing Corporation, issued. . 70, 000, 000. 00
Less amount retired plus cash deposit covered into Treasury
under act approved July 11, 1919... 43, 745,526. 04
33, 247, 328. 48
26, 254, 473. 96
Capital stock of the United States Spruce Production Corporation 99,993. 00
War Finance Corporation (in liquidation):
Capital stock outstanding 10,000.00
Offset by cash on deposit with Treasurer of United States
to credit of the Corporation 98, 806. 54
Total.. 59,601,795.44
Capital stock, etc., of other governmental corporations and credit agencies:
Capital stock of the Panama Railroad Co 7,000,000.00
Capital stock of the Inland Waterwavs Corporation (acquired pursuant to the
act approved June 3, 1924, as amended by act of May 29, 1928) 12,000,000.00
Reconstruction Finance Corporation:
Capital stock $500,000,000.00
Notes, Series D 3,255,000,000.00
- $3,755,000, 000. 00
Less cash deposited with the Treasurer of the United States
to the credit of the Corporation 49, 575, 285. 31
3, 705, 424, 714. 69
For footnotes see p. 379.
REPORT OF THE SECRETARY OF THE TREASURY 379
Table 36. — Securities owned by the United States Government, June SO, 1934 —
Continued
Capital stock, etc., of other governmental corporations and credit agencies— Cont'd.
Capital stock Federal Deposit Insurance Corporation, Banking Act of 1933, approved
June 16, 1933, as amended _ $150,000,000.00
Capital stock of Federal Home Loan Banks, act of July 22, 1932, as amended 8 81, 445, 700. 00
Capital stock of the Home Owners' Loan Corporation, Home Owners' Loan Act of
1933, approved June 13, 1933, as amended. '154,000,000.00
Capital stock (preferred and full paid income shares) Federal Savings and Loan
Associations, Home Owners' Loan Act of 1933, approved June 13, 1933,"as amended. 1, 086, 300. 00
Capital stock of Federal Land Banks, Federal Farm Loan Act approved July 17,
1916, as amended 123,019,675.00
Subscriptions to paid-in surplus of Federal Land Banks, Federal Farm Loan Act
approved July 17, 1916, as amended 40, 863, 477. 16
Capital stock of Federal Intermediate Credit Banks acquired pursuant to the Fed-
eral Farm Loan Act approved July 17, 1916, as amended 70,000,000.00
Subscriptions to paid-in surplus of Federal Intermediate Credit Banks, pursuant
to the Federal Farm Loan Act, approved July 17, 1916, as amended 15,000,000.00
Capital stock of Central Bank for Cooperatives acquired under the provisions of
sec. 33 of the Farm Credit Act of 1933, approved June 16, 1933, as amended 50, 000, 000. 00
Capital stock of Banks for Cooperatives acquired under the provisions of sec. 40 of
the Farm Credit Act of 1933, approved June 16, 1933, as amended 60,000,000.00
Total 4,469,839,866.85
Other obligations and securities:
Equipment trust 6 percent gold notes, acquired by Director General of Railroads
pursuant to Federal Control Act of Mar. 21, 1918, as amended, and act approved
Nov. 19, 1919, to provide for the reimbursement of the United States for motive
power, cars, and other equipment ordered for carriers under Federal control 33, 600. 00
Obligations of carriers acquired pursuant to sec. 207 of the Transportation Act,
approved Feb. 28, 1920, as amended 5,219,500.00
Obligations of carriers acquired pursuant to sec. 210 of the Transportation Act,
approved Feb. 28, 1920, as amended 32,457,941.34
Obligations acquired by the Federal Emergency Administration of Public Works.. 145, 423, 423. 39
Notes received by the Federal Farm Credit Administration evidencing outstanding
advances made from the revolving fund created by the Agricultural Marketing
Act 150,360,286.43
Securities received by the Secretary of War on account of sales of surplus war
supplies.. 828,000.00
Securities received by the Secretary of the Navy on account of sales of surplus
property 4,909,988.20
Securities received by the United States Shipping Board Bureau on account of
sales of ships, etc 142,940,237.36
Total 482,172,976.72
Grand total 17,026,671,010.22
MEMORANDUM
Amount due the United States from the Central Branch of the Union Pacific Rail-
road on Account of bonds issued (Pacific Railroad Aid Bonds, acts approved July
1, 1862, July 2, 1864, and May 7, 1878):
Principal 1,600,000.00
Interest. 1,713,105.13
Total 3,313,105.13
i This statement is made on the basis of the face value of the securities therein described as received by the
United States, with due allowance for repayments. To the extent that the securities are not held in the
custody of the Treasury, the statement is made up from reports received from other Government depart-
ments and establishments.
J Indebtedness of Czechoslovakia has been funded under the agreement of Oct. 13, 1925, but the original
obligations have not been exchanged for the new bonds of that Government.
3 Differences between principal here stated and face amount of obligations provided for in funding agree-
ments represent deferred payments for which, under the funding agreements, gold bonds of the respective
debtor governments have been or will be delivered to the Treasury.
* Original amount ($66,560,560.43) included bonds aggregating $21,970,560.43 representing interest accruing
and remaining unpaid during first 14 years, payment of which, under the funding agreement, is extended
over the last 48 years.
» Division of German bonds between private awards and Government awards is an estimate based upon
best information available at this time. When Mixed Claims Commission has completed its duties, a
more accurate division may be made. Awards generally bear interest at 5 percent per annum. Bonds do
not bear interest, but the aggregate face amount thereof will be sufficient to cover payment of the principal
and interest due on the total awards finally entered by the Mixed Claims Commission. Bonds for private
awards are held in trust, the proceeds thereof when received at maturity to be distributed by the Treasury
to the claimants. Bonds mature on Mar. 31 and Sept. 30 of each year in the principal amount of RM.
20,400,000 each. No payments are to be made on Government awards until all private awards are paid
in full.
• These securities acquired with funds originally advanced to Reconstruction Finance Corporation,
which are also reflected in its securities shown in this statement.
REPORT OF THE SECRETARY OF THE TREASURY
381
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392
REPORT OF THE SECRETARY OF THE TREASURY
Table 43. — Estimated money cost of the World War to the United States Govern-
ment to June 30, 1934
To June 30, 1921 1 (revised) . $25,729,000, 000
Continuing costs:
Veterans' Administration 6,391,000,000
Interest on war debt 9,557,000,000
Settlement of War Claims Act of 1928 88,000,000
Total to June 30, 1934 41,765,000,000
i The President, under proclamation dated Nov. 14, 1921, declared the end of the war with Germany
to be July 2, 1921, the date on which the joint resolution of Congress terminating the state of war was
approved. The figures contained herein are on the basis of warrants issued. They make allowance for
extimated normal expenditures under the War and Navy Departments on a peace-time basis; receipts on
account of the sale of war supplies and surplus Government property, and assets held on June 30, 1921,
a large part of which has subsequently been converted into cash and covered into the Treasury. Necessarily
some of the figures represent approximations, since no cost records relating to the war were maintained.
Details will be found on pp. 609 to 612 of the annual report for 1930.
Table 44. — Estimated amount of securities outstanding, interest on vjhich is wholly
exempt from normal income tax and surtax of the Federal Government, by years,
on Dec. SI, 1912 to 1933, by type of obligor
[000,000 omitted]
NET OUTSTANDING ISSUES'
Year
Total
States, counties, cities,
etc. (revised)
Territories
and insu-
lar posses-
sions
United
States
Govern-
ment *
Federal
farm loan
Long-term 2
Short-term s
system *
Dec. 31, 1912
$4, 716
5,048
5,455
5,902
6,289
8,120
8,207
9,828
10, 142
11,017
11,886
12, 850
14, 101
15, 288
16, 215
17, 221
18, 091
20, 180
21,571
24, 700
28, 072
29, 228
$3, 489
3,788
4,160
4,572
4,922
5,204
5,348
5,890
6,361
7,355
8,202
8,890
9,876
10, 818
11,662
12, 611
13,391
14, 173
14, 962
16, 386
16, 577
16,519
$228
259
290
321
352
384
415
446
477
508
539
458
514
695
518
521
579
877
1,137
1,361
1,642
1,115
$34
34
36
38
43
44
45
47
56
72
115
118
119
129
142
151
146
155
156
153
145
132
$965
967
969
971
972
2,461
2,307
3,235
3,038
2,749
2,294
2,294
2,294
2,168
2,164
2,165
2,167
3,165
3,485
5,011
8,063
9,725
1913...
1914
1915
1916
1917
$27
1918
92
1919
210
1920
210
1921
333
1922
736
1923
1,090
1924
1,298
1925.
1,478
1926
1,729
1927
1,773
1928
1,808
1929...
1,810
1930
1,831
1931
1,789
1932
1,645
1933
1,737
1 "Total outstanding issues" less "Held in sinking funds or owned by United States Government."
1 Figures for 1912, 1922, and 1931, from the United States Bureau of the Census (funded debt and special
assessment debt, the latter including an indeterminate amount of short-term debt). Estimates for interven-
ing and succeeding years based on changes from year to year, as indicated in the long-term issue and
maturity statistics published in the State and Municipal Compendium of the Commercial and Financial
Chronicle, and adjusted to produce a continuous series with census figures for 1912, 1922, and 1931.
3 Figures for 1912, 1922, and 1931, from the United States Bureau of the Census, less the estimated non-
interest-bearing portion. Estimates for intervening and succeeding years based on incomplete census data
or straight-line interpolation. Consequently, these estimates may include a considerable margin of error.
* Includes short-term debt in the form of Treasury bills, certificates of indebtedness, and Treasury notes.
' Does not include stocks.
REPORT OF THE SECRETARY OF THE TREASURY
393
Table 44. — Estimated amount of securities outstanding, interest on which is wholly
exempt from normal income tax and surtax of the Federal Government, by years,
on Dec. 31, 1912 to 1933, by type of obligor — Continued.
[000,000 omitted]
TOTAL OUTSTANDING ISSUES
Year
Total
States, counties, cities,
etc. (revised)
Territories
and insu-
lar posses-
sions
United
States
Govern-
ment
Federal
farm loan
system
Long-term
Short-term
Dec. 31, 1912
$5, 332
5,726
6,196
6,689
7,133
9,072
9,302
11,086
11,530
12, 496
13, 383
14, 455
15, 834
17, 144
18, 142
19, 281
20, 281
22, 510
24, 056
26, 458
29,910
31,047
$4, 104
4,465
4,900
5,358
5,765
6,155
6,381
7,009
7,566
8,647
9,582
10, 386
11,495
12, 580
13, 571
14, 653
15, 563
16, 491
17, 437
18, 133
18,399
18,314
$228
259
290
321
352
384
415
44b
477
508
539
458
514
695
518
521
579
877
1,137
1,361
1,642
1,115
$35
35
37
39
44
45
46
48
57
76
119
125
131
144
156
169
164
167
166
164
161
156
$965
967
969
971
972
2,461
2,307
3,235
3,038
2,749
2,294
2,294
2,294
2,168
2,164
2,165
2,167
3,165
3,485
5,011
8,063
9,725
1913
1914
1915...
191b ..
1917
$27
1918
153
1919
348
1920
392
1921
516
1922
849
1923...
1,192
1924
1,400
1925
1,557
1926
1,733
1927
1,773
1928
1,808
1929
1,810
1930
1,831
1931.
1,789
193^
1,645
1933
1,737
HELD IN SINKING FUNDS OR
OWNED BY UNITED STATES
GOVERNMENT
Year
Total
States,
counties,
cities, etc.
(revised)
Territories
and insular
possessions
United
States
Govern-
ment
Federal
farm loan
system
Dec. 31, 1912
$616
678
741
787
844
952
1,095
1, 258
1,388
1,479
1,497
1,605
1,733
1,856
1,927
2,060
2,190
2,330
2,485
1,758
1,838
1,819
$615
677
740
786
843
951
1,033
1,119
1,205
1,292
1,380
1,496
1,619
1,762
1,909
2,042
2,172
2,318
2,475
1,747
1,822
1,795
$1
4
4
7
12
15
14
18
18
12
10
11
16
24
1913
1914
1915.. .
1916
1917
1918
$61
1919..
138
1920
182
1921
183
1922
113
1923
102
1924
102
1925
79
1926
4
1927
1928
1929
1930
1931
1932
1933
Table 45. — United States securities outstanding, interest on which is exempt from
normal income tax, but not surtax, of the Federal Government, on June 30 and
Dec. 31, 1917 to 1934
[On basis of daily Treasury statements (revised), see p. 273; 000,000 omitted]
Year
June 30
Dec. 31
Year
June 30
Dec. 31
1917
$4, 655
IS, 515
22, 360
20, 707
20, 440
20, 189
19, 350
18,418
17, 727
1926
$17,016
15,728
14, 690
13, 864
11,573
11,814
12, 068
12, 025
14, 286
$16, 454
1918
$9, 599
22, 439
20, 949
20, 803
20, 417
19,714
18, 688
17, 940
1927
15, 182
1919
1928 .
14, 343
1920
1929 .
13, 137
1921
1930 ..
11,508
1922
1931
12, 125
1923
1932
12, 034
1924
1925
1933
1934
13, 355
394
REPORT OF THE SECRETARY OF THE TREASURY
Table 46. — Net expenditures for Federal aid to States, on basis of warrants issued
for the fiscal year 1920 and checks issued for the fiscal years 1933 and 1934, and
amounts appropriated for the fiscal year 1935, classified by appropriations from
which direct payments are made to States and by the more important of the appro-
priations providing for expenditures by the Government in cooperation with States,
municipalities, and other civil organizations for investigative, regulatory, protective,
or construction ivork
[Item numbers refer to exhibit 72, p. 437, of the annua] report for 1930, which lists the appropriations pro-
viding for Federal aid to States, and presents by class of appropriation the reference to the organic or first
appropriation act, the last appropriation act up to and including 1931, and summaries of allotments and
expenditures]
Appropriation titles
1933
i 1935
I. Appropriations from which
Direct Payments Are Made to
States
independent offices
Federal Power Commission
Payment to States under Federal
water power act
$75, 727. 76
$75. 325. 62
2 $73, 275. 00
Interdepartmental Social Hygiene
Board
Payments for prevention and re-
search, veneral diseases
$1,759,262.72
Veterans' Administration
State and Territorial homes for dis-
abled soldiers and sailors
3 757,965. IS
DEPARTMENT OF AGRICULTURE
Payment to States and Territories
for agricultural experiment sta-
tions ^formerly carried under titles:
"General expenses, States Rela-
tions Service", for 1920-23; "Gen-
eral expenses, Office of Experiment
Stations", for 1921-26: ''Payments
to States for agricultural experi-
ment stations", for 1927-29; "Pay-
ment to States and Hawaii for agri-
cultural experiment stations" for
1930-31, and " Payment to States,
Hawaii, and Alaska for agricultural
experiment stations", for 1932-33. ..
Cooperative agricultural extension
work
Payments to States and Territories
from the national forests fund
Payments to school funds, Arizona
and New Mexico, national forests
fund
Forest- fire cooperation
Cooperative distribution of forest
planting stock
Cooperative construction of rural
post roads
(See also items 24. 25, and 26 un-
der class II.)
Federal-aid highway system, ad-
vances to States.. _ -.
1, 440. 000. 00
4, 471, 593. 71
1, 069, 886. 88
78, 867. 32
20, 305, 622. 75
4, 358, 915. 17
8, C07, 325. 94
568, 256. 51
21, 221. 30
1, 659, 278. 22
96, 752. 00
103, 607, 866. 94
62,131,961.24
4, 358, 317. 35
8, 351, 957. 91
650, 860. 74
28, 456. 33
1, 585, 294. 96
61, 222. 55
43, 326, 881. 02
180,983,029. 42
4, 388, 000. 00
8, 748, 000. 00
1 660, 000. 00
2 28, 500. 00
1,573,619.00
56, 296. 00
8, 000, 000. 00
M00,000,000.00
27, 365, 970. 66
181, 051, 577. 32
239, 346, 020. 2S
123,454,415.00
DEPARTMENT OF THE INTERIOR
Colleges for agriculture and me-
chanic arts
Payments to States from receipts
under mineral leasing act
5 percent funds to States (public
lands)
Coos Bay wagon-road-grant fund
The Oregon and California land-
grant fund
Payment to Oklahoma from royal-
ties, oil and gas, south half of Red
River
$2, 500, 000. 00
$2, 550, 000. 00
1, 208, 488. 28
9, 010. 54
17, 677. 75
167, 764. 46
10, 342. 86
$2, 550, 000. 00
1, 215, 157. 98
4, 662. 90
1, 651. 22
244, 060. 92
7, 531. 26
$2, 550, 000. 00
2 1, 175, 000. 00
2 5, 000. 00
2 3, 000. 00
2 150, 000. 00
2 6, 000. 00
2, 500, 000. 00
3, 963, 283. 89
4, 023, 064. 28
3, 889, 000. 00
See footnotes on p. 396.
REPORT OF THE SECRETARY OF THE TREASURY
395
Table 46. — Net expenditures for Federal aid to States, on basis of warrants issued
for the fiscal year 1920 and checks issued for the fiscal years 1933 and 1934, and
amounts appropriated for the fiscal year 19^5, classified by appropriations from
which direct payments are made to States and by the more important of the appro-
priations providing for expenditures by the Government in cooperation with States,
municipalities, and other civil organizations for investigative, regulatory, protective,
or construction work — Continued
Item
no.
Appropriation titles
1920
1933
1934
i 1935
1
I. Appropriations from which
Direct Payments Are Made to
States— Continued
DEPARTMENT OF THE INTERIOR—
continued
Federal Board for Vocational
Education
Cooperative vocational education in
$707, 130. 02
780, 096. 35
619, 556. 42
$3, 394, 579. 05
2, 652, 629. 22
940, 713. 77
736, 582. 06
993, 219. 90
$3, 056, 308. 94
2, 423, 677. 26
878, 349. 08
640, 439. 97
861, 890. 83
$4,058,019.75
Cooperative vocational education in
4, 092, 191. 60
Cooperative vocational education,
1, 100, 000. 00
Cooperative vocational education in
1,051,391.65
2
Cooperative vocational rehabilita-
tion of persons disabled in industry .
DEPARTMENT OF LABOR
United States Employment Service 6
NAVY DEPARTMENT
State marine schools, act Mar. 4, 1911.
TREASURY DEPARTMENT
To promote the education of the
blind (American Printing House
for the Blind)-
1, 097, 000. 00
2, 106, 782. 79
8, 717, 724. 00
7, 860, 666. 08
11,398,603.00
4, 606, 782. 79
13, 37S, m\. 42
11,883,730.36
15, 287, 603. 00
18
909, 306. 08
3, 000, 000. 00
19
176, 689. 36
189, 130. 69
101,800.80
189, 907. 00
21
30, 000. 00
75, 000. 00
75, 000. 00
75, 000. 00
WAR DEPARTMENT
National Guard appropriations 7
State and territorial homes for dis-
22
23
2, 663, 485. 27
1, 094, 584. 44
33, 169, 936. 73
(3)
24, 552, 252. 93
(3)
27, 947, 430. 00
(3)
Total, Class I
3, 758, 069. 71
33, 169, 936. 73
24, 552, 252. 93
27, 947, 430. 00
37, 696, 775. 24
228, 000, 345. 57
277, 466, 276. 07
170,627,630.00
II. Appropriations for Cooper-
ative Work with States
department of agriculture
Cooperative construction, etc., of
roads and trails, national forests
Federal forest road construction
Forest roads and trails
24
1, 699, 043. 82
2, 550, 513. 26
25
26
6, 636, 227. 12
8 12,659,411.33
» 11,500,000.00
27
Cooperative fire protection of forested
watersheds of navigable streams. ..
86, 886. 73
28
60, 624. 98
44, 610. 89
10 51, 354. 00
4, 336, 443. 81
6, 696, 852. 10
12, 704, 022. 22
11, 551, 354. 00
For footnotes, see p. 396.
396
REPORT OF THE SECRETARY OF THE TREASURY
Fable 46. — Net expenditures for Federal aid to States, on basis of warrants issued
for the fistal year 1920 and checks issued for the fiscal years 1933 and 1934, and
amounts appropriated for the fiscal year 1935, classified by appropriations from
which direct payments are made to States and by the more important of the appro-
priations providing for expenditures by the Government in cooperation with States,
municipalities, and other civil organizations for investigative, regulatory, protective,
or construction work — Continued
Item
no.
Appropriation titles
1920
1933
1934
i 1935
29
II. Appropriations for Cooper-
ative Work with States—
Continued
TREASURY DEPARTMENT
Public Health Service
Preventing the spread of epidemic
$495, 792. 75
5, 097. 70
64, 527. 64
$278, 749. 43
33, 356. 24
109, 220. 78
$198, 494. 59
32, 978. 83
22, 275. 07
$199, 718. 00
35, 495. 00
25, 032. 00
30
31
Interstate quarantine service
Studies of rural sanitation
Total, Class II
565, 418. 09
421,326.45
253, 748. 49
260, 245. 00
4, 901, 861. 90
7, 118, 178. 55
12, 957, 770. 71
11,811,599.00
Grand total
42, 598, 637. 14
235, 118, 524. 12
290, 424, 046. 78
182, 439, 229. 00
1 In addition to the amounts appropriated for the service for the fiscal year 1935 as shown in this column,
there are under many of the titles unexpended balances of appropriations provided for previous fiscal years,
which are available for expenditure during 1935 to meet outstanding obligations incurred in such previous
years. The amounts shown do not include any allotments of funds or payments to States under the emer-
gency activities of the Government, such as the Reconstruction Finance Corporation, National Industrial
Recovery, Agricultural Adjustment Administration, Federal Emergency Relief Administration, etc.
2 Indefinite (special fund) appropriation based on certain receipts — estimated amount for 1935.
3 Transferred from War Department to Veterans' Administration by Executive Order of July 21, 1931.
Included in appropriation "Salaries and Expenses, Veterans' Administration", beginning with the fiscal
year 1934; Veterans' Administration reports obligations of $522,840 during fiscal year 1934, and allocation
of $600,000 to cover estimated expenditures for this purpose during 1935.
4 Includes $125,313,884.08 expended from "National Industrial Recovery, Agriculture, Highway Funds,"
under an allotment of $400,000,000 from National Industrial Recovery in 1934.
8 The sum of $100,000,000 has been allotted and transferred to the Department of Agriculture from the
appropriation for "National Industrial Recovery, Highway Funds," provided in the Emergency Appro-
priation Act, 1935, approved June 19, 1934, for emergency construction of public highways and related proj-
ects, from which grants may be made to States, pursuant to sec. 204 (a) of the National Industrial Recovery
Act, June 16, 1933.
8 Established by act of June 6, 1933 (48 Stat. 113), for cooperation with the States.
7 Includes certain adminstrative expenses under War Department, as provided for under National
Defense Act of June, 3, 1916, as amended.
8 Includes $6,263,409.33 expended under the title "National Industrial Recovery, Agriculture, Forest
roads, trails, etc.," covering an allotment of $10,100,000 from "National Industrial Recovery."
0 Includes $10,000,000 under title "Forest roads and trails, emergency construction, Act June 19, 1934."
10 Included in appropriation " Salaries and expenses, Extension Service", for fiscal year 1935.
Note.— Data for fiscal years 1921 to 1930 are shown in the annual report for 1930, pp. 617-622, and for
fiscal years 1931 and 1932 in annual reports for those years, pp. 563 and 440, respectively.
REPORT OF THE SECRETARY OF THE TREASURY
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402
REPORT OF THE SECRETARY OF THE TREASURY
PERSONNEL
Table 48. — Number of employees in the departmental service of the Treasury in
Washington, by months, from June 80, 1938, to June 30, 1984 1
Bureau, office, or division
June
July
August
Septem
ber
Octo-
ber
Novem-
ber
Decern
ber
Accounts and Deposits
Appointments
Bond roll (miscellaneous)
Bookkeeping and warrants _.
Budget.
Chief Clerk
Coast Guard
Comptroller of Currency
Customs
Disbursing clerk 2
Disbursements
Engraving and Printing
Industrial Alcohol 3
Internal Revenue
Loans and Currency
Mint
Narcotics
Procurement (Branch of Supply)
Procurement (Public Works Branch V
PublicDebt
Public Debt Accounts and Audits
Public Debt (miscellaneous)
Public Health
Register of the Treasury
Secret Service
Secretary
Solicitor of the Treasury
Supervising Architect *
Supply s
Treasurer of the United States
43
22
6
74
37
421
190
403
190
25
43
22
6
74
37
415
189
416
190
25
43
22
5
74
37
412
189
396
190
25
43
22
7
74
36
407
209
394
188
24
43
21
7
73
35
402
218
392
187
25
43
22
7
73
36
400
219
401
184
25
43
22
9
74
36
403
216
431
178
4,214
146
3,378
863
13
101
4,193
133
3,288
854
12
101
4,176
133
3,310
843
12
101
4.139
133
3,327
834
12
101
4,098
133
3,362
840
11
100
24
113
29
199
311
11
44
24
113
29
183
308
12
46
24
111
29
181
302
12
47
786
198
854
757
192
845
748
193
833
24
110
29
181
299
12
46
4
739
201
830
24
109
29
181
298
15
47
4
700
296
830
4,121
133
3,431
917
11
100
201
688
24
108
28
180
292
15
49
4
35
4,112
129
3,466
961
11
99
264
682
24
108
28
180
288
15
101
866
101
1,325
Total.
12,695
12,507
12, 448
12, 425
12, 480
12, 679
13,292
Bureau, office, or division
Janu-
ary
Febru-
ary
March
April
May
June
Increase
(+) or de-
crease (—)
during
year
Accounts and Deposits.
Appointments
Bond roll (miscellaneous)
Bookkeeping and Warrants
Budget
Chief Clerk-
C oast Q uard
Comptroller of Currency
Customs
Disbursing Clerk 2
Disbursements
Engraving and Printing
Industrial Alcohol 3
Internal Revenue
Loans and Currency
Mint
Narcotics
Procurement (Branch of Supply)
Procurement (Public Works Branch).
Public Debt
Public Debt Accounts and Audits
Public Debt (miscellaneous)
Public Health
Register of the Treasury
Secret Service
Secretary
Solicitor of the Treasury
Supervising Architect *
Supply '
Treasurer of the United States
43
21
9
74
33
406
217
445
178
42
22
13
74
34
405
216
415
174
43
22
13
73
34
409
215
404
172
44
22
13
73
33
409
230
392
176
46
22
18
72
30
409
233
375
176
46
21
19
72
30
409
233
367
170
301
4,086
129
3,483
1,189
11
98
316
676
24
107
28
180
287
15
47
5
301
4,072
134
3, 504
1,242
11
95
321
692
24
107
28
179
285
15
46
5
301
4,053
147
3,534
1,308
11
95
318
714
24
107
28
180
283
15
46
7
301
4,044
154
3,570
1,447
12
95
308
731
24
106
28
180
279
15
47
7
343
3,986
343
3,993
3,727
1,709
13
94
301
766
25
106
28
178
276
15
3,798
1,816
14
94
325
764
25
111
28
179
275
15
49
6
1,881
1,893
1,705
+3
-1
+13
-2
-7
-12
+43
-36
-20
-25
+343
-221
-146
+420
+953
+ 1
-7
+325
+764
+1
-2
-1
-20
-36
+4
+5
+6
-786
-100
+851
Total.
11, 388
14, 425
14, 554
14, 731
14,805
15, 005
+2,310
1 The figures in this table show the actual number of names appearing on pay rolls for the period covering
the last half of each month.
2 Disbursing clerk transferred to the Division of Disbursements.
3 Industrial Alcohol transferred to the Bureau of Internal Revenue.
4 Supervising Architect transferred to the Procurement Division, Public Works Branch.
8 General Supply Committee transferred to the Procurement Division, Branch of Supply.
REPORT OF THE SECRETARY OF THE TREASURY
403
Table 49. — Number of employees in the departmental and field services of the
Treasury on June 30, 1933, and June 30, 1934
Bureau, office, or division
June 30, 1933
June 30, 1934
Increase (+) or
decrease (— )
Depart-
mental
Field
Total
Depart-
mental
Field
Total
Depart-
mental
Field
Total
190
190
10, 970
8,943
11, 160
9,133
233
170
343
10, 464
8,637
6
10, 697
8,807
349
+43
-20
+343
-146
+420
+1
-7
+764
+934
-20
+4
-786
+780
-506
-306
+6
-1,494
+4, 438
+236
-12
+1, 308
+ 1,283
+ 1
-8, 631
-463
-326
+349
146
3,378
13
101
1,494
8,282
515
307
1,640
11,660
528
408
-1,640
3,798
14
94
764
2,274
179
15
12, 720
751
295
1,308
16
10, 886
162
16, 518
765
389
2,072
2,290
11, 065
177
+4, 858
Mint
+237
-19
Procurement (Public Works
+2, 072
Public Debt
1,340
199
11
786
6,341
16
9, 603
161
8,631
1,356
9,802
172
9,417
6,341
+934
Public Health
+ 1,263
+5
Supervising Architect 3
-9, 417
7,121
7,121
+780
Total
12, 695
48, 922
61,617
15, 005
45, 245
60, 250
+2, 310
-3, 677
-1,367
1 Central Disbursing Office established.
2 Industrial Alcohol transferred to the Bureau of Internal Revenue.
3 Supervising Architect transferred to the Procurement Division, Public Works Branch.
404
REPORT OF THE SECRETARY OF THE TREASURY
Table 50. — Number of persons retired or eligible for retirement retained in the
departmental and field services of the Treasury from Aug. 20, 1920, to June 30,
1984
Retained
Retired—
Bureau, office, or division
On ac-
count
of age
On ac-
count
of dis-
ability
Involun-
tary sep-
aration,
15 years'
service
Involun-
tary sep-
aration,
30 years'
service
Total
DEPARTMENTAL
Accounts and Deposits
1
1
86
9
103
8
39
8
2
635
92
56
1
1
1
3
11
6
34
7
15
2
2
384
103
86
1
1
2
30
1
3
Appointments
2
1
6
Auditors.. -
98
Bookkeeping and Warrants
15
Chief Clerk
1
138
Coast Guard
1
3
18
Comptroller of the Currency
54
Customs
1
3
1
1
11
13
5
2
1
13
8
1,033
214
Internal Revenue
142
Mint
2
1
4
3
Printing
2
Procurement
4
48
5
4
6
7
3
40
10
2
8
88
5
5
5
7
1
60
2
3
8
179
1
9
Public Debt Service..
11
Public Health..
6
20
Public Moneys
4
1
1
102
1
12
3
6
7
101
14
15
1
281
15
10
1,287
959
34
36
2,316
FIELD
Coast Guard
24
716
1,293
408
281
2
16
84
24
3
247
328
123
41
1
6
66
3
1
3
116
50
1
28
Custodian
5
6
136
5
971
Customs
1,743
717
Internal Revenue
Mint and Assay
1
328
Narcotics
3
Prohibition
5
12
29
27
Public Health...
6
168
56
Total, field
1
2,848
818
198
177
4,041
Grand total
11
4,135
1,777
232
213
6,357
INDEX
[Note.— The year, except when otherwise indicated, refers to the fiscal year ended June 30]
Accounts and Collections Unit. (See Internal Revenue Bureau.)
Accounting system, Treasury: Page
Comment on 46
Department Circular No. 514 256
Accounts and Deposits, Office of Commissioner of, administrative report. 45
Acts of Congress, Seventy-third Congress (see also Legislation):
January 11, 1934, Public, No. 83, to raise revenue by taxing certain
intoxicating liquors 215
January 30, 1934, Public, No. 87, to protect the currency system of the
United States and to provide for the better use of the monetary gold
stock of the United States 189
January 31, 1934, Public, ISlo. 88, sections 4 and 5, guaranteeing prin-
cipal and interest of Federal Farm Mortgage Corporation bonds- _ 186
April 9, 1934, Public, No. 144, to amend section 3702 of the Revised
Statutes 188
April 13, 1934, Public, No. 151, to prohibit financial transactions with
any foreign government in default on its obligations to the United
States 238
April 27, 1934, Public, No. 178, section 1, guaranteeing principal and
interest of the Home Owners' Loan Corporation bonds 187
June 18, 1934, Public Resolution No. 38, to extend the time within
which American claimants may make application for payment
under the Settlement of War Claims Act, etc 253
June 19, 1934, Public No. 438, to authorize the Secretary of the
Treasury to purchase silver and issue silver certificates 205
June 26, 1934, Public, No. 474, to provide for the taxation of manu-
facturers, importers, and dealers in certain firearms and machine
guns, etc 219
June 27, 1934, Public Resolution No. 53, to amend the Settlement of
War Claims Act of 1928, as amended 253
Adjusted service certificate fund:
Certificates of indebtedness on account of (revised daily statement
basis) :
Changes, 1934 359
Outstanding, June 30, 1934, description of issues 343
Estimated expenditures, 1935 and 1936 20
Expenditures:
1931-34 (daily statement basis, unrevised, general and special
accounts) 294
1931-34 (daily statement basis, unrevised, trust accounts) 297
1934 (daily statement basis, unrevised) 307
Loans from Government life insurance fund 67
Receipts:
1933 and 1934 (daily statement basis) 296
1934 (warrant basis) 280
Transactions, 1934 58
Treasury notes on account of, issued, retired, and outstanding, June
30, 1934 (revised daily statement basis) 338
Administration for Industrial Recovery. (See National Industrial
Recovery Administration.)
Administrative Assistant to the Secretary, creation of office of 39, 262
Administrative and staff officers of the Treasury Department, November
15, 1934 xiv
405
406 INDEX
Admissions tax, receipts: Page
1918-34 320
1933 and 1934 2, 318
1934, actual; 1935 and 1936, estimated 332
Advertising, Treasury Department, expenditures 153
Agricultural Adjustment Act:
Extension of 17
Taxes imposed under 107
Agricultural Adjustment Administration (see also Processing tax):
Appropriations and allocations, expenditures therefrom, and unex-
pended balances 14
Emergency expenditures, 1934, actual; 1935 and 1936, estimated 21
Expenditures:
1934 (daily statement basis, unrevised) 294, 295
1934, by months 307
General expenditures, 1934, actual; 1935 and 1936, estimated 20
Receipts:
1934 (collection basis) 2, 4, 318, 320
1934, by States and Territories (collection basis) 321
1934, actual; 1935 and 1936, estimated 20, 25, 332
Agricultural Commodities Act fees, receipts, 1934 (warrant basis) 277
Agricultural marketing fund, expenditures 294, 307
Agriculture, Department of:
Expenditures 285, 294, 307
Relief appropriations and allocations, expenditures therefrom, and
unexpended balances 15
Air Service expenditures, 1934 (checks-issued basis):
Army Air Corps 291
Commerce Department 286
National Advisory Committee for Aeronautics 282
Navy Aeronautics Bureau 289
Aircraft:
Airplanes entering United States, 1933 and 1934 88
Coast Guard reporting system 80
Sanitary control, Public Health Service cooperation 140
Transfer of, from Customs Service to the Coast Guard 80
Alaska. (See Territories, government in.)
Alcohol tax administration 33, 109
Alcohol Tax Unit (see also Internal Revenue Bureau):
Administrative report 109
Establishment of, in Bureau of Internal Revenue 40, 109, 267
Alien Property Custodian, expenditures, 1934 (checks-issued basis) 282
Alien property trust fund, transactions, 1934 68
American Battle Monuments Commission, expenditures, 1934 (checks-
issued basis) 282
American National Red Cross, expenditures, 1934 (checks-issued basis) . _ 282
Appo ntments Division:
Administrative report 75
Assignment of, to administrative assistant to the Secretary 40, 264
Appropriations:
Emergency, review of 13
Federal aid to States, 1935, classified 394
Architect, Supervising, transfer of, to Procurement Division 127, 258
Architect of the Capitol, expenditures, 1934 (checks-issued basis) 282
Architectural Consultants, Board of, personnel, November 15, 1934 xvi
Arlington Memorial Bridge Commission, expenditures, 1934 (checks-issued
basis) 282
Armenia, obligations to United States, status, November 15, 1934 391
Art project, public works 148
Assay offices. (See Mint Service.)
Assessments, receipts, 1934, classified (warrant basis) 277
Assistant to the Secretary in charge of public relations, creation of office- 39, 262
Attorneys and Agents, Committee on Enrollment and Disbarment of:
Administrative report 95
Department circular No. 230, revised, first and second supplements-. 257
Personnel, November 15, 1934 xvi
index 407
Austria:
Obligations to United States: Page
Payments due and payments made 47
Statement by Acting Secretary Morgenthau, December 13, 1933,
announcing postponement of payment due January 1, 1934_. 222
Status, November 15, 1934 391
Tripartite Claims Commission awards 55
War Claims Arbiter awards 54
Automobile tax, including tax on trucks, tires, and parts or accessories,
receipts:
1933 and 1934 2 317 332
1935 and 1936, estimated ' 332
B
Banking:
Deposit insurance discussion 30
Depositary system, review 72
Executive order, January 15, 1934, amending the Executive order of
March 10, 1933, and the proclamation of December 30, 1933, con-
cerning the operation of banks 213
Proclamation of the President, December 30, 1933, relating to the
control over State banking institutions 212
Banks. (See Federal intermediate credit banks; Federal land banks;
Federal Reserve banks; Joint stock land banks; National banks.)
Banks for cooperatives; assets and liabilities, June 30, 1934 381
Bases used in tables of receipts and expenditures 273
Belgium, obligations to United States:
Intergovernmental correspondence 223
Payments due and payments made 47
Status, November 15, 1934 391
Beverages, nonalcoholic, soft drinks, etc., tax receipts, 1918-24; 1933
and 1934 (collection basis) 319
Board of Tax Appeals. (See Tax Appeals Board.)
Boats, tax receipts, 1933 and 1934 (collection basis) 317
Bonds (see also Federal Farm Mortgage Corporation; Federal land banks;
Home Owners' Loan Corporation; Joint stock land banks; Liberty
bonds; Treasury bonds):.
Forfeitures, receipts, 1934 (warrant basis) 277
Guaranteed bv the United States, June 30, 1934 373
Issued on credit of United States, June 30, 1934 373
Outstanding, June 30, 1934 (revised daily statement basis):
Description of issues 340
Issued, retired, and outstanding, by issues 337
Pre-war:
Changes, 1934, by issues (revised daily statement basis) 356
Transactions (revised daily statement basis) :
Interest-bearing, 1934, summary 355
Noninterest bearing, 1934, by issues 360
Transactions, June 1933-June 1934, interest-bearing, summary 364
Bookkeeping and Warrants Division, administrative report 71
nic Garden, expenditures, 1934 (checks-issued basis) 282
Brewer s wort, malt, grape concentrates, tax receipts, 1934, actual; 1935
and 1936, estimated 332
Budget and Improvement Committee, administrative report 75
Budget results, analysis 1
Bullion (see also Gold bullion; Silver bullion), deposits 121
Butter (adulterated, process or renovated) tax, receipts, 1933 and 1934
(collection basis) 318
C
Cable messages. (See Telephone, telegraph, radio, and cable messages,
taxes.)
Cable system, owned and operated by Coast Guard __ 78
Cameras. (.See Sporting goods, cameras, and lenses, taxes.)
408 INDEX
Canal Zone: . Page
Receipts, 1934, taxes, licenses, fines, etc. (warrant basis) 276
Retirement and disability fund:
Expenditures 297,313
Receipts:
1934 (warrant basis) _ 280
Transactions, 1934 61
Treasury notes on account of (revised daily statement basis) :
Changes, 1934 359
Issued, retired, and outstanding, June 30, 1934 338
Outstanding, June 30, 1934, description of issues 343
Candy, tax receipts, 1934 331
Capital stock sales or transfers tax:
1917-34 (collection basis) 319
1933 and 1934 (collection basis) 317
1934, actual; 1935 and 1936, estimated 332
Capital stock tax:
Receipts:
1917-30; 1934 (collection basis) 319
1933 and 1934 (collection basis) 2, 317
1934 actual; 1935 and 1936 estimated 331
Refunds, 1934 98
Central bank for cooperatives, capital stock owned by United States, June
30, 1934 379
Certificates of indebtedness:
Changes, 1934, by issues (revised daily statement basis) 357
Expenditures on account of, 1934, by months (daily statement basis). 315
Offering of series, dated:
December 15, 1933, series TD-1934, 2% percent 161
January 29, 1934, series TS-1934, 1% percent 164
Outstanding, June 30, 1934 (revised daily statement basis):
By issues 338
Description of issues 343
Subscriptions and allotments among Federal Reserve districts:
Series TD-1934 162
Series TS-1934 r 165
Transactions:
1933, June-1934, June, interest-bearing, summary 364
1934, interest-bearing, summary (revised daily statement basis). 355
1934, noninterest-bearing, by issues (revised daily statement
basis) 361
Checks, tax on, receipts:
1933 and 1934 (collection basis) 2, 318, 320
1934, actual; 1935, estimated 331
Checks-issued basis, explanation 274
Chewing gum, tax receipts, 1934, actual; 1935 and 1936, estimated 332
Chicago World's Fair Centennial Celebration, expenditures, 1934 (checks-
issued basis) 282
Cigar taxes:
Receipts:
1933 and 1934 (collection basis) 317
1934 actual; 1935 and 1936, estimated 331
Cigarette papers and tubes taxes:
Receipts:
1933 and 1934 (collection basis) 317
1934, actual; 1935 and 1936, estimated 331
Cigarette tax:
Receipts:
1933 and 1934 (collection basis) 317
1934, actual; 1935 and 1936, estimated 331
Circulars, Department:
No. 92, revised, third, fourth, fifth, and sixth supplements, special
deposits of public moneys under the act approved September 24,
1917, as amended 255
No. 176, fifth, sixth, and seventh supplements, regulations governing
deposits of public moneys and payment of Government checks
and warrants ■ 256
INDEX 409
Circulars, Department — Continued. Fas6
No. 225, sixth supplement, receipt of Liberty bonds, Treasury
bonds, and Treasury notes for Federal estate or inheritance taxes,
January 12, 1934 185
No. 230, revised, first and second supplements, recognition of at-
torneys and agents representing claimants and others before the
Treasury 257
No. 327, revised, first supplement, regulations and instructions gov-
erning the issue of duplicate checks of disbursing officers 257
No. 418, as amended, governing sale and issue of Treasury bills,
May 3, 1934 181
No. 503, Treasury certificates of indebtedness series TD-1934, 2J4
percent, December 15, 1933 161
No. 504, Treasury notes, series C-1935, 2}i percent, January 29,
1934 163
No. 505, Treasury certificates of indebtedness series TS-1934, V/i
percent, January 29, 1934 164
No. 506, Treasury notes, series D-1935, 2% percent, and series
C-1937, 3 percent, February 19, 1934 165
No. 507, Treasury notes, series C-1938, 3 percent, March 15, 1934. . 166
No. 508, Treasury bonds of 1944-46, ZlA percent, April 16, 1934 168
No. 509, fourth Liberty loan, call for partial redemption on October
15, 1934 170
No. 512, Treasury bonds of 1946-48, June 15, 1934, 3 percent 175
No. 513, Treasury notes, series A-1939, 2% percent, June 15, 1934.- 176
No. 514, accounting system of the Treasury Department 256
No. 519, establishing the Legal Division of the Treasury Department- 269
Circulation of money in United States. (See Money.)
Civil Service Commission, expenditures, 1934 (check-issued basis) 282
Civil Service Retirement, Committee on, personnel, November 15, 1934__ xvi
Civil service retirement and disability fund:
Expenditures:
1931-34 (dailv statement basis) 295
1934, by months 307, 313
Receipts:
1934 (warrant basis) 280
1933 and 1934 (daily statement basis) 296
Transactions, 1934 59
Treasury notes on account of (revised daily statement basis):
Changes, 1934 359
Issued and outstanding, June 30, 1934 338
Outstanding, June 30, 1934, description of issues 342
Civil Works Administration:
Appropriations and allocations, expenditures therefrom, and unex-
pended balances 15
Estimated expenditures, 1935 and 1936 21
Expenditures:
1931-34 (daily statement basis) 295
1934, by months 309
Civilian Conservation Corps. (See Conservation work, emergency.)
Coast Guard (see also Personnel):
Activities reviewed 36
Administrative report 76
Aircraft Reporting System 80
Appropriations, 1934 83
Communication systems owned and operated 78
Engineering competition 82
Equipment 79
Expenditures, 1934 83,290
Ice-patrol service 77
Law-enforcement activities 78
Life-saving medals awarded 83
Navigation, protection to 77
Operations summarized 77
Coast Guard Academy 81
Coin, United States (see also Gold coin; Standard gold dollar; Minor coin;
Standard silver dollar; Subsidiary silver coin):
Export restrictions on, Executive order relating to, January 15, 1934_ 214
410 INDEX
Coinage, United States. (See Mint Bureau, administrative report.) Page
Colorado River dam fund, transactions, 1934 70
Commerce Department:
Expenditures:
1931-34 (daily statement basis) 294
1934, by months 307
1934, in detail 286
Committees, Treasury Department, personnel, November 15, 1934 xv
Commodity Credit Corporation:
Appropriations and allocations, expenditures therefrom, and unex-
pended balances 14
Assets and liabilities, June 30, 1934 381
Expenditures, 1934 (checks-issued basis) 284
Communications system owned and operated by Coast Guard 78
Comptroller of Currency, administrative report 83
Conservation work, emergency:
Appropriations and allocations, expenditures therefrom, and unex-
pended balances 15
Expenditures, 1934 284
Receipts, 1934 (warrant basis) 280
Construction of Public Works, review of activities 33
Consular and passport fees, receipts 1934 (warrant basis) 277
Contingent liabilities of the United States (see also Securities guaranteed
by, or issued on the credit of the United States):
Comment on 11, 45
Description of 374
Status, June 30, 1934 373
Contracts, gold-payment clause in. (See Gold-payment clause in obliga-
tions.)
Contributed accounts, expenditures 313
Cooperative Federal and State activities. (See Federal aid to States.)
Copying fees, receipts, 1934 (warrant basis) 277
Corporation taxes. (See Capital stock tax; Income tax.)
Corporations, Government:
Combined statement of assets and liabilities:
Comment on 45
Statement, June 30, 1934 381
Cotton and wheat distribution. (See Wheat and cotton distribution.)
Cotton-secured loans to Department of Agriculture, contingent liability of
United States 11
Counterfeiting cases 148
Countervailing duties, collections 1934, analysis 90
Courthouses, expenditures for. (See public buildings.)
Courts:
Expenditures, 1 934 (checks-issued basis) 288
Receipts, 1934 (warrant basis) 276
Credit agencies, Government, condition of, June 30, 1934 381
Cuba, obligations to United States, status, November 15, 1934 391
Currency:
Export restrictions on, Executive order relating to, Januarv 15,
1934 214
Redeemed, deliveries to Destruction Committee, 1934, by kinds 133
Customhouses, expenditures for. (See Public buildings.)
Customs (see also Drawback; Narcotics; Vessels):
Airplanes entering United States, 1933 and 1934 88
Antidumping 89
Appraisements, 1934 92
Automobiles entering United States, 1933 and 1934 88
Countervailing duties, collections, 1 934, analysis 90
Enforcement of laws by Coast Guard_ ! 78
Entries, 1934, by districts 329
Expenditures, 1934, by districts 329
Exports, imports, receipts, 1929-34 36
Fines, penalties, and forfeitures, 1934, investigative activities 91
Information exchange 92
Marking of imported articles with country of origin 91
Passengers entering United States, 1933 and 1934 88
Port examinations 92
INDEX 411
Customs {see also Drawback; Narcotics; Vessels: — Continued.
Receipts: Page
Analysis 4, 35
1789-1934 (warrant and daily statement bases) 298
1923-33, estimated duties, value of dutiable imports, by tariff
schedules _' 326
1923-33, estimated total and ratio to value of dutiable and to
value of all imports 326
1929-34 (daily statement basis) 36
1933 and 1934 (daily statement basis) 2
1933 and 1934, receipts and refunds 88
1934, by months (daily statement basis) 306
1934, by districts (collection basis) 329
1934, duties (warrant basis) 276
1934, fines and penalties (warrant basis) 276
1934, forfeitures (warrant basis) 277
1935, estimated 20, 24, 332
1936, estimated 20, 26, 332
Refunds:
1931-34 (daily statement basis) 294
1934 290,307
Seizures, 1934 90, 92
Seizures of imported merchandise bearing American trade marks 91
Smuggling 90
Undervaluation cases 91
Customs Bureau:
Activities reviewed 35
Administrative report 87
Expenditures 290, 329
Investigative activities 91
Volume of business 88
Customs Service, transfer of aircraft to Coast Guard 80
Czechoslovakia, obligations to United States:
Intergovernmental correspondence 224
Payments due and payments made 47
Status, Nov. 15, 1934 391
D
Daily statement of the Treasury:
Comment on 45
Revised and unre vised, explanation of 273
Deficit:
1792-1934, for certain years (warrant and daily statement bases) 298
1934, by months (daily statement basis) 306
Delinquent tax receipts, 1933 and 1934 (collection basis) 318
Depositaries, number, and amount of Government deposits, June 30,
1934, by classes 72
Deposits, Division of, administrative report 72
Deposits of public moneys:
June 30, 1 934, by depositaries 155
Regular, department circular No. 176, fifth, sixth, and seventh
supplements 256
Special, department circular No. 92, revised third, fourth, fifth, and
sixth supplements 255
Destruction Committee, report 137
Disbursement, Division of:
Administrative report 73
Establishment of, and assignment to Commissioner of Accounts and
Deposits * 40
Distilled spirits, wines, and fermented liquors, tax receipts:
1916-34 (collection basis) 319
1933 and 1934 (collection basis) 2, 3, 317
1934, actual; 1935 and 1936, estimated 24, 26, 331
District of Columbia:
Expenditures:
1931-34 (daily statement basis) 295, 297
1 934 (checks issued basis) 292
412 INDEX
District of Columbia — Continued.
Expenditures — Continued. Page
1934, by months (daily statement basis) 313
United States share of 308
Receipts:
1931-34 (daily statement basis) 296
1934, revenue and nonrevenue, by funds 281
1934, United States share of 279
District of Columbia teachers' retirement fund, transactions, 1934 62
District of Columbia — Virginia Boundary Commission, expenditures,
1934 (checks-issued basis) 283
Dividends, tax receipts, 1934 (collection basis) 317, 319
Dollar. (See Standard gold dollar; Standard silver dollar.)
Drawback:
Customs investigations, 1934 92
Customs transactions, 1934 88
Payments, 1934, by districts 329
Dues tax receipts:
1918-34 (collection basis) 320
1933 and 1934 (collection basis) 318
1934, actual; 1935 and 1936, estimated 331
Duplicate checks, issuance of, department Circular No. 327, revised, first
supplement 257
E
Education office, expenditures 1934 (checks-issued basis) 287
Efficiency Bureau, expenditures, 1934 (checks-issued basis) 282
Electric Home and Farm Authority, Inc., expenditures, 1934 (checks-
issued basis) 282
Electrical energy tax receipts:
1933 and 1934 (collection basis) 2, 317
1934, actual; 1935 and 1936, estimated -332
Emergency conservation work (see also Conservation):
Expenditures:
1931-34 (daily statement basis) 296
1934, by months 309
1935 and 1936 estimated 21
Emergency Fleet Corporation, capital stock owned by United States,
June 30, 1934 .' 378
Employees. (See Personnel.)
Employees' Compensation Commission, expenditures, 1934 (checks-issued
basis) 282
Employment service, expenditures 1934 (checks-issued basis) 288
Engraving and Printing Bureau:
Administrative report 93
Appropriations, reimbursements, and expenditures, 1933 and 1934. _ 94
Deliveries of finished work, 1933 and 1934 93
Expenditures 290
Estate tax:
Assessments, additional, 1934 98
Claims, 1934, refund and abatement 105
Public debt retirements from receipts, 1919-34 (daily-statement
basis) 367
Receipts:
1917-34 (collection basis) 319
1933 and 1934 (collection basis) 2, 3, 317
1934 actual; 1935 and 1936, estimated 24, 26, 331
Receipt of Liberty bonds, Treasury bonds, and Treasury notes for,
January 12, 1934 185
Refunds, 1934 98
Returns investigated and audited, 1933 and 1934 104
Estimates:
Receipts, 1935 and 1936, classified 331
Receipts and expenditures, 1935 and 1936 19
INDEX 413
Estonia, obligations to the United States: Page
Intergovernmental correspondence 225
Payments due and payments made 47
Status, Nov. 15, 1934 391
Excess profits tax, receipts:
1934 (collection basis) 2, 317
1934, actual; 1935 and 1936 estimated 331
Executive Council, expenditures, 1934 (checks-issued basis) 282
Executive Office:
Expenditures:
1931-34 (daily statement basis) 294
1934 (checks-issued basis) 282
1934, by months (daily statement basis) 307
Executive orders:
June 10, 1933, excerpts from, relating to changes in organization and
procedure 258
July 27, 1933, postponing certain provisions of the Executive order of
June 10, 1933 261
August 8, 1933, postponing certain provisions of the Executive order of
June 10, 1933 261
December 28, 1933, relative to the postponement of certain provisions
of Executive order of June 10, 1933 264
January 12, 1934, amending Executive order of August 28, 1933, rela-
ting to the acquisition of gold coin and bullion 196
January 15, 1934, amending the Executive order of March 10, 1933,
and the proclamation of December 30, 1933, concerning the oper-
ation of banks 213
January 15, 1934, regulating transactions in foreign exchange, transfers
of credit, and the export of coin and currency 214
January 15, 1934, relating to receipt of gold on consignment^by mints
and assay offices 197
March 10, 1934, consolidating executive agencies engaged in the
enforcement of the internal revenue laws L 265
May 29, 1934, postponing effective date of certain provisions of
Executive order of June 10, 1933 268
May 29, 1934, revoking, in part, section 4 of Executive order of June 10,
1933 269
Expenditures (see also Estimates; Warrants):
1932-34 (dailv statement basis) 6
1934, actual; 1935 and 1936, estimated 20
Amounts, by classes, 1925-34 (chart 3) 5
Analysis 4
Bases used in tables 273
Chargeable against ordinary receipts 1789-1934, classified (warrant
and daily statement bases) 302
1934, by organization units and accounts (checks-issued basis) 282
1934, classified, by months (daily-statement basis) 306
Description of classification by accounts 274
Emergency organizations, classified, 1934 14
Emergency, 1935 and 1936, estimated 20
General, 1935 and 1936, estimated 20
General and special accounts, 1931-34, itemized 294
Export-Import banks of Washington:
Appropriations and allocations, expenditures therefrom, and unex-
pended balances 15
Assets and liabilities, June 30, 1934 381
Expenditures:
1934 (checks-issued basis) 284
1934 (daily statement basis) 6
Exports, 1929-34 (daily statement basis) 36
F
Farm Credit Administration:
Appropriations and allocations, expenditures therefrom, and unex-
pended balances 14
Expenditures:
1932-34 (daily-statement basis) 6
1 933 and 1 934 (daily-statement basis) 294,296
414 INDEX
Farm Credit Administration — Continued.
Expenditures— Continued. Page
1934 (checks-issued basis) 285
1934 (daily-statement basis) 307, 309
1935 and 1936, estimated 20
Notes received for outstanding advances, June 30, 1934 379
Federal aid to States:
Appropriations, 1935, classified 394
Expenditures:
1920 (warrant basis) , 1933 and 1934 (checks-issued basis) 394
1934, by States 397
Federal Alcohol Control Administration, expenditures, 1934 (checks-
issued basis) 282
Federal Board for Vocational Education, expenditures, 1934 (checks-
issued basis) 282
Federal Civil Works Administration, expenditures, 1934 (checks-issued
basis) . 284
Federal Coordinator of Transportation, expenditures, 1934 (checks-issued
basis) 282
Federal Deposit Insurance Corporation:
Appropriations and allocations, expenditures therefrom, and unex-
pended balances 15
Assets and liabilities, June 30, 1934 381
Capital stock:
Additional expenditures, 1934, by months (daily-statement
basis) 309
Estimated expenditures for subscription, 1935 22
Owned by United States, June 30, 1934 379
Discussion 30
Expenditures:
1934 (dailv statement basis) 6, 296
1934 (checks-issued basis) 282
Federal Emergency Administration of Public Works. {See Public Works
Administration.)
Federal Emergency Housing Corporation, expenditures, 1934 (checks-
issued basis) 284
Federal Emergency Relief Administration:
Appropriations and allocations, expenditures therefrom, and unex-
pended balances 15
Expenditures:
1933 and 1934 (dailv statement basis) 6
1934 (dailv statement basis) 295, 309
1934 (checks-issued basis) 284
Federal Farm Board, expenditures, 1934 (checks-issued basis) 282
Federal Farm Mortgage Act, sections 4 and 5 186
Federal Farm Mortgage Corporation:
Appropriations and allocations, expenditures therefrom, and unex-
pended balances 14
Assets and liabilities, June 30, 1934 381
Expenditures, 1933 and 1934 (daily statement basis) 6
Securities guaranteed by the United States 373
Discussion 11
Sections 4 and 5 of the Federal Farm Mortgage Act 186
Federal Farm Mortgage Corporation bonds, expenditures, 1934 (daily
statement basis) 312
Federal Home Loan Bank Board, expenditures, 1934 (checks-issued
basis) 282
Federal home loan banks, capital stock owned bv United States, June 30,
1934 _* 379
Federal Housing Administration:
Appropriations and allocations, expenditures therefrom, and unex-
pended balances ' 15
Debentures guaranteed by the United States 373
Federal intermediate credit banks:
Assets and liabilities, June 30, 1934 381
Capital stock owned by the United States 379
INDEX 415
Federal land banks: Page
Appropriations and allocations, expenditures therefrom, and unex-
pended balances 14
Assets and liabilities, June 30, 1934 381
Capital stock:
Expenditures, 1932-34 (daily statement basis) (i
Owned by United States, June 30, 1934 379
Capital stock, additional:
Expenditures:
1932-34 (daily statement basis) 294
1934, by months (daily statement basis) 307
Estimated emergency expenditures, 1935 and 1936 21
Expenditures, 1934 (daily statement basis) 309
Securities guaranteed by the United States 11, 373
Federal Oil Conservation Board, expenditures, 1934 (checks-issued basis) __ 282
Federal Power Commission, expenditures, 1934 (checks-issued basis) 282
Federal Radio Commission, expenditures, 1934 (checks-issued basis) 282
Federal Reserve bank notes:
Circulation, June 30:
1916-34 389
1934 390
Series 1929, received and issued, 1934 : 137
Stock, June 30:
1916-34 388
1934 _ 390
Federal Reserve bank notes and national bank notes, expenditures on
account of, 1934, by months (daily statement basis) 315
Federal Reserve banks, money stock held, 1915-34 386
Federal Reserve notes:
Canceled, forwarded by Federal Reserve banks and branches for credit
of Federal Preserve agents, 1934 155
Circulation, June 30:
1915-34 389
1934 . 390
New series, 1934, received and issued 137
Stock, June 30:
1915-34 388
1934 390
Federal Reserve Board (see also Gold fund) expenditures, 1934 (checks-is-
sued basis) 282
Federal Reserve System. (See Federal Deposit Insurance Corporation.)
Federal savings and loan associations:
Assets and liabilities, June 30, 1934 331
Capital stock, additional, expenditures, 1934, by months (daily state-
ment basis) 309
Capital stock owned by United States, June 30, 1934 379
Expenditures:
1934 (daily statement basis) 296
1934 (check-issued basis) 282
Federal savings and loan associations, preferred shares, expenditures for
subscription, 1934, actual; 1935 and 1936, estimated 21
Federal Surplus Relief Corporation:
Appropriations and allocations, expenditures therefrom, and unex-
pended balances 15
Expenditures:
1934 (dailv statement basis) 6, 295, 311
1934 (checks-issued basis) 282
Federal Trade Commission: Expenditures, 1934 (checks-issued basis) 282
Federal Water Power Act, receipts from licenses, 1934 (warrant basis) 279
Fees, receipts, 1934 (warrant basis) 277
Fermented malt liquors, tax receipts:
1916-34 (collection basis) 319
1933 and 1934 (collection basis) 2, 3, 317
1934 actual; 1935 and 1936, estimated 24, 26, 331
90353 — 35 28
416 INDEX
Page
Financial and Economic Research Section, administrative report 96
Fine Arts Commission, expenditures, 1934 (checks-issued basis) 282
Fines and penalties, receipts, 1934 (warrant basis) 277
Finland, obligations to United States:
Payments due and payments made 47
Statements for the press 226
Status, November 15, 1934 391
Firearms Act, National 219
Firearms Act, National, review of 19
Firearms, shells, and cartridges, tax receipts:
1933 and 1934 (collection basis) 318
1934 actual; 1935 and 1936 estimated 332
Flood control, receipts, 1934, contributions 278
Foreign coin, coinage executed, 1934 121
Foreign exchange restrictions, Executive orders relating to, January 15,
1934 213, 214
Foreign government obligations owned by United States (see also Armenia,
Austria, Belgium, Cuba, Czechoslovakia, Estonia, Finland, France,
Germany, Great Britain, Greece, Hungary, Italy, Latvia, Liberia,
Lithuania, Nicaragua, Poland, Rumania, Russia, Yugoslavia):
Amounts due between July 1, 1933, and June 1934, and amounts
actually paid, by countries 46
Amounts received 2
Attorney General's opinion of May 5, 1934, on various questions
under the act of April 13, 1934 238
Discussion 46
Funded and unfunded indebtedness, principal, accrued interest,
payments on each, November 15, 1934, by countries 391
Intergovernmental correspondence 223
Legislation, act of April 13, 1934, prohibiting financial transactions
with foreign governments in default 238
Payments, bv countries, principal and accrued interest, to November
15, 1934. _ 391
President's message to Congress 243
Public debt retirements from payments on, 1919-34, repayments
(daily statement basis) 367
Receipts, under agreements for funding, by countries 378
Foreign intercourse, expenditures, 1934 (checks-issued basis) 289
Foreign service retirement and disability fund:
Expenditures 295, 297, 307, 313
Receipts:
1933 and 1934 (daily statement basis) 296
1934 (warrant basis) 280
Transactions, 1934 60
Treasurv notes on account of (revised dailv statement basis):
Changes, 1934 359
Issued and outstanding, June 30, 1934 338
Outstanding, June 30, 1934, description of issues 343
Forest reserve fund, receipts, 1934 (warrant basis) 279
Forest Service:
Expenditures, 1934 (checks-issued basis) 285
Receipts, 1934, cooperative work (warrant basis) 278
Forfeitures, receipts, 1934 (warrant basis) 277
Forgery cases 148
Fourth Liberty loan. (See Liberty bonds.)
France, obligations to United States:
Intergovernmental correspondence 226
Payments due and payments made 47
Status, November 15, 1934. 391
Franchise tax, public debt retirements from receipts, 1918-34 (daily
statement basis) 367
Fuel Administration. (See Food Administration.)
INDEX 417
Page
Funds. (See Adjusted service certificate fund; Agricultural marketing
fund; Alien property trust funds; Canal Zone retirement and disability
fund; Civil service retirement and disability fund; Colorado River dam
fund; Currency trust fund; District of Columbia teachers' retirement
fund; Foreign Service retirement and disability fund; Forest reserve
fund; General fund; General railroad contingent fund; Gold fund;
Gold reserve fund; Government life insurance fund; Library of Congress
trust fund; Longshoremen's and harbor workers' compensation fund;
National forest fund; National Institute of Health — Gift fund; Pay of the
Army deposit fund; Reclamation fund; Sinking fund, cumulative;
Special funds; Trust funds.)
Fur articles, tax receipts:
1933 and 1934 (collection basis) 317
1934 actual; 1935 and 1936, estimated i 332
Future delivery, sales of produce on exchange, tax receipts, 1918-34 (col-
lection basis) 319
G
Gasoline tax, receipts:
1933 and 1934 (collection basis) 2, 3, 317
1934 actual; 1935 and 1936, estimated 24, 332
General Accounting Office, expenditures, 1934 (checks-issued basis) 282
General fund:
Accounts, description 274
Assets and liabilities:
1932-34, June 30, classified (revised daily statement basis) 376
1933 and 1934, June 30 (daily statement basis) 12
Balance:
1915-34 (daily statement basis) 367
1929, July-1934, June, by months (daily statement basis) 377
Net changes in, during 1934 (daily statement basis) 11
Discussion 11
General Land Office:
Expenditures, 1 934 (checks-issued basis) 287
Fees, receipts, 1934 (warrant basis) 277
General railroad contingent fund:
Receipts, 1934 (warrant basis) 280
Transactions, 1934 69
General supply committee, transfer of, to Procurement Division 40, 125
Geographic Board, expenditures, 1934 (checks-issued basis) 283
George Rogers Clark Sesquicentennial Commission, expenditures, 1934
(checks-issued basis) 283
George Washington Bicentennial Commission, expenditures, 1934 (checks-
issued basis) 283
Germany:
Army costs due from, receipts 49
Awards of War Claims Arbiter, review of 54
Mixed claims, receipts 49
Special-deposit account, statement September 30, 1934 54
Gift tax:
1924 act:
Assessments, additional, 1934 98
Claims, 1934, refund and abatement 105
Receipts:
1933 and 1934 (collection basis) 317
1934, actual; 1935 and 1936, estimated 331
Returns investigated and audited, 1933 and 1934 104
Gifts and contributions, receipts, 1934, classified (warrant basis) 278
Gold:
Assets and liabilities, June 30:
1932-34 (revised daily-statement basis) 376
1933 and 1934 (daily-statement basis) 12
Chronology of action from March 6, 1933, to February 1, 1934 201
418 INDEX
Gold— Continued.
Conservation:
Executive Orders:
January 12, 1934, amending Executive order of August 28, page
1933, relating to the acquisition of gold coin and bullion, 196
January 15, 1934, relating to receipt of gold on consignment
by mints and assay offices 197
Instructions concerning wrongfully withheld gold coin, gold
bullion, and gold certificates delivered after January 17,
1934 198
Order of Secretary of the Treasury, December 28, 1933, requiring
the delivery of gold coin, gold bullion, and gold certificates to
the Treasurer of the United States 194
Order of Secretary of the Treasury , January 11, 1934, amending
the order of December 28, 1934 . 196
Order of Secretary of the Treasurv, January 15, 1934, supplement-
ing the order of December 28, 1933. __'_ 197
Consumption, industrial, 1933, calendar year 122
Deposits, 1 933 120
Discussion 27
Electrolytically refined, 1933 and 1934 121
Export embargo. (See Gold conservation.)
Increment on, expenses chargeable against, 1934, by months (daily
statement basis) 313
Newly mined domestic gold, daily price quotations from September 8,
1933, to January 31, 1934 205
Payments, restriction on. (See Gold conservation.)
Percentage of gold money stock to total money stock, June 30, 1913-
34 388
Production, domestic, 1932 and 1933, calendar years 122
Receipts, 1934 155
Statements by Secretary of the Treasury, January 31, 1934, and Feb-
ruary 1, 1934, relating to the purchase and sale of gold by the
Treasury 201
Stock, June 30:
1913-34 388
1934 390
Surrender of. (See Gold conservation.)
Treasury holdings, June 30, 1933 and 1934 (revised daily statement
Gold bullion," stock, June 30, 1934 ~~ 121
Gold certificate fund, Federal Reserve Board 154
Gold certificates, circulation, June 30:
1913-34 389
1934 390
Gold coin:
Circulation, June 30, 1913-33 389
Issue of Treasury bonds in payment for gold coin, discussion 8
Stock, June 30, 1934 . 121
Gold dollar, increment resulting from reduction in the weight of 281, 297
Gold Reserve Act of 1934 189
Gold Reserve Act of 1934, review of 27
Government life insurance fund:
Expenditures 297,313
Loans on adjusted service certificates 67
Receipts:
1931-34 (dailv statement basis) 296
1934 (warrant basis) 280
Transactions, 1934 67
Government Printing Office, expenditures, 1934 (checks-issued basis) 282
Grape concentrates. (See Brewer's wort, malt, grape concentrate, taxes.)
Great Britain, obligations to United States:
Intergovernmental correspondence 227
Payments due and payments made 47
Status, November 19, 1934 391
Greece, obligations to United States:
Payments due and payments made 47
Status 391
INDEX 419
H
Page
Halibut fisheries, enforcement of laws with respect to, by Coast Guard 78
Harbor workers. (See Longshoremen's and harbor workers' fund.)
Harrison Narcotic Act. (See Narcotic law enforcement.)
Head tax, receipts, 1934 276
Health Institute. (See National Institute of Health.)
Home loan banks, assets and liabilities, June 30, 1934 381
Home Loan System:
Appropriations and allocations, expenditures therefrom, and unex-
pended balances 15
Expenditures, classified, 1933-34 6
Home Owners' Loan Corporation:
Assets and liabilities, June 30, 1934 381
Capital stock owned by United States, June 30, 1934 379
Securities guaranteed by the United States 373
Discussion 11
Section 1 of Public No. 178 187
Homesteads, subsistence:
Appropriations and allocations, expenditures therefrom, and unex-
pended balances 15
Expenditures, 1934 6
House of Representatives, expenditures, 1934 (checks-issued basis) 282
Housing Corporation, United States:
Capital stock owned by United States, June 30, 1934 378
Expenditures, 1934 (checks-issued basis) 288
Housing, emergency:
Appropriations and allocations, expenditures therefrom, and unex-
pended balances 15
Expenditures, 1934 6
Hungary: '
Awards by Tripartite Claims Commission, discussion 55
Awards of War Claims Arbiter, review of 54
Obligations to United States:
Intergovernmental correspondence 232
Pavments due and payments made 47
Status, November 15, 1934 391
I
Immigration Service, receipts, 1934 (warrant basis):
Fees, registration 277
Fines and penalties 276
Permits 279
Imports:
1929-34 36
Value of:
1923-33, dutiable, ratio of duties to dutiable, and to value of all
imports, by tariff schedules 326
1923-33, dutiable, ratio of duties to value, by tariff schedules 326
Income tax:
Administration of 31
Receipts:
1863-1934 (warrant basis) 298
1916-34 (collection basis) 319
1933, July-1934, June, by months (daily statement basis) 306
1933 and 1934, by sources (collection basis) 317
1934 (warrant basis) 276
1934, actual; 1935 and 1936, estimated 331
1934, by States and Territories (collection basis) 321
1935, estimated 23
1936, estimated 25
Analysis 3
Refunds, 1934 98
Income tax, corporation:
Receipts:
1916-17 and 1925-34 (collection basis) 319
1933 and 1934 (collection basis) 317
420 INDEX
Income tax, individual:
Receipts: Page
1916-17 and 1925-34 (collection basis) 319
1933 and 1934 (collection basis) 317
Income Tax Unit:
Administrative report ' 99
Assessments, jeopardy, 1933 and 1934 100
Claims, 1933 and 1934, filed and adjusted 101
Deficiency notices (60-day or 90-day letters) issued 1933 and 1934 101
Field-audit activities 103
Overassessments, 1933 and 1934, settled by abatement, credit, and
refund 101
Returns pending June 30:
1930-34, by tax years 102
1934, original and reopened, by tax years 102
Revenue, additional, made available 1933 and 1934 100
Special advisory committee, abolition of 103
Summary of work 99
Independent offices:
Expenditures 282, 307
Expenditures, 1 93 1-34 (daily statement basis) 294
Indian lands and timber fees, receipts, 1934 (warrant basis) 277
Indian moneys, receipts, 1934, classified (warrant basis) 280
Indian Service:
Expenditures, 1934 (checks-issued basis) 287
Indian tribal funds:
Expenditures 297, 313
Receipts, 1 93 1-34 (daily-statement basis) 297
Indians, expenditures for, 1789-1934 (warrant basis) 302
Industrial Alcohol, Bureau of:
Consolidation with Bureau of Internal Revenue 40
Refunds, 1934 290
Transfer to Bureau of Internal Revenue 109
Inheritance tax. (See Estate tax.)
Inland Waterways Corporation, capital stock owned by United States,
June 30, 1934 378
Insurance tax receipts, 1918-22 (collection basis) 320
Interest paid to United States, 1934, by source (warrant basis) 276
Interest payable by United States. (See Public Debt.)
Intergovernmental debts. (See Foreign obligations owned by United
States.)
Interior Department, expenditures 20, 287, 294, 307
Internal revenue (see also Income taxes; Internal revenue taxes, miscel-
laneous, and also titles of specific taxes):
Additional, collected and reported for assessment by collectors'
field forces, 1934 111
Assessments additional, 1934, by class of tax 98
Cases tried and decided by Federal courts, 1934 114
Cost of administration:
Classified, bv districts (checks-issued basis) 322, 323
Per $100 collected .._ 99
Receipts:
1792-1934 (warrant and daily-statement bases) 298
1916-34, by sources (collection basis) 319
1933 and 1934, by sources (collection basis) 317
1933 and 1934, summary (collection basis) 97
1934 (warrant basis) 276
1934, actual; 1935 and 1936 estimated 20, 331
1934, by States and Territories (collection basis) 321
Refunds:
1931-34 (daily-statement basis) 294
1934, by class of tax (collection basis) 98
1934, by funds (checks-issued basis) 290
1 934, by months (daily-statement basis) 307
Repavments:
1934, bv class of tax 98
Defined 97
INDEX 421
Internal Revenue Bureau (see also Income Tax Unit; Miscellaneous Tax
Unit) : Page
Accounts and Collections Unit, activities 110
Administration of recent revenue legislation 31
Administrative report 97
Alcohol Tax Unit:
Administrative report 109
Establishment of 40
Assignment to Secretary of the Treasury 41
Bankruptcy cases closed, 1934 114
Collectors' disbursements, by districts (checks-issued basis) 322,323
District supervisors' disbursements, by districts (checks-issued basis) _ 324
Expenditures, 1934 (checks-issued basis) 290
Expenses, 1934, classified, by districts (checks-issued basis) 322, 323
General Counsel, Office of 113
Abolition of 40
Intelligence Unit 117
Internal revenue agents' disbursements, by divisions (checks-issued
basis) 324
Technical staff, administrative report 103
Internal-revenue taxes, miscellaneous:
Receipts:
1934, by months (dailv-statement basis) 306
1934, actual; 1935 and 1936, estimated 20,24,26,331
Analysis 3
Interstate Commerce Commission, expenditures, 1934 (checks-issued
basis) 282
Italy, obligations, to United States:
Intergovernmental correspondence 233
Payments due and payments made 47
Status, November 15, 1934 391
J
Jewelry tax, receipts 317, 332
Justice, Department of, expenditures 20, 294, 288, 307
K
Keyes-Elliott Acts 127
L
Labor Department:
Expenditures 288,307
Expenditures, 1931-34 (daily-statement basis) 294
Land banks. (See Federal intermediate credit banks, Federal land banks;
Joint stock land banks.)
Latvia, obligations to United States:
Intergovernmental correspondence 234
Payments due and payments made 47
Status, November 15, 1934 391
Legal Division:
Administrative report 118
Establishment of 269
General Counsel, creation of office of 40
Legislation:
Emergency, review of 13
Monetary, review of 27
Revenue, review of 16, 31
Sinking fund, cumulative, discussion 10
Legislative establishment:
Expenditures 282,307
Expenditures, 1931-34 (daily-statement basis) 294
Liberia, obligations to United States, status, November 15, 1934 391
Liberty bonds:
Changes, 1934, by issues (revised daily statement basis) 356
First Liberty Loan, expenditures on account of, 1934, by months
(daily-statement basis) 315
422 INDEX
Liberty bonds — Continued.
Fourth Liberty Loan: Page
Call for partial redemption on October 15, 1934 9, 170
Expenditures on account of, 1934, by months (daily-statement
basis) 315
Refunding, discussion 9
Outstanding, June 30, 1934 (revised daily-statement basis):
Description of issues 340
Issued, retired, and outstanding, by issues 337
Receipt bv Government for Federal estate or inheritance taxes,
January' 12, 1934 185
Second Liberty Loan, expenditures on account of, 1934, by months
(daily-statement basis) 315
Third Liberty Loan, expenditures on account of, 1934, by months
(daily-statement basis) 315
Transactions, 1934, noninterest-bearing, by issues (revised daily-
statement basis) 360
Liberty bonds and Treasury bonds, interest-bearing, transactions, 1934,
summary (revised daily-statement basis) 355
Library of Congress:
Expenditures, 1934 (checks-issued basis) 282
Receipts, 1934 (warrant basis):
Card indexes, sales of 278
Gift fund 278
Library of Congress trust fund, transactions, 1934 64
Liquor imports, 1934 36
Liquor taxes, receipts 24, 26, 317, 331
Liquor taxing act of 1934 16, 215
Lithuania, obligations to United States:
Intergovernmental correspondence 236
Pavments due and payments made 47
Status, November 15,"l934 391
Loans and Currency Division, administrative report 131
Longshoremen's and harbor workers' compensation fund, transactions,
1934 63,307
M
Malt. (See Brewer's wort, malt, grape concentrates, taxes.)
Manufacturers' excise taxes (see also titles of specific taxes):
Receipts (collection basis) :
1916-34 319
1933 and 1934 2,317
1934, actual; 1935 and 1936, estimated 331
Marine Corps and Navy Department, purchase of discharges, fees.
receipts, 1934 (warrant basis) 277
Marine hospitals, expenditures for. (See Public buildings.)
Marine hospitals and Relief Division. (See Public Health Service.)
Marshals' fees, receipts, 1 934 (warrant basis) 277
Matches tax, receipts 317, 332
Mediation Board expenditures, 1934 (checks-issued basis) 282
Military Academy expenditures, 1934 (checks-issued basis) 292
Military training* of citizens, expenditures, 1934 (checks-issued basis) __- 2f2
Mineral Act of October 5, 1918, operations under, expenditures, 1934
(checks-issued basis) 283
Mineral leasing acts, receipts under, 1934 (warrant basis) 279
Minor coin:
Circulation, June 30:
1913-34 389
1934 390
Coinage executed, 1934 121
1913-34 388
1934 121,390
Mint Bureau, administrative report 119
Mint Service:
Appropriations, expenses, income, 1934 122
Deposits, income, expenses, and number of employees, 1934, by
institutions 122
INDEX 423
Mint Service — Continued. Page
Expenditures, 1934 (checks-issued basis) 290
Receipts, profits on coinage, etc., 1934 (warrant basis) , 279
Refinery operations 121
Miscellaneous receipts (see also Receipts):
1933 and 1934 2
Analysis 4
Miscellaneous Tax Unit:
Administrative report 103
Claims received and disposed of, 1933 and 1934 106
Offers in compromise received and disposed of, 1933 and 1934 107
Mixed Claims Commission (United States and Germany):
Awards, number, amount, balance due, classified, September 30, 1934_ 52
Legislation 247
Operations reviewed 50
Money (see also Coin; Coinage; Currency; Fractional currency; Gold;
Gold coin; Minor coin; Mint Bureau: Money and banking measures;
Paper currency; Silver certificates; Standard gold dollar; Standard
silver dollar; Subsidiary silver):
Circulation :
1879, January 1, total and per capita 390
1913-34, June 30, by kinds 388, 389
1913-34, June 30, total and per capita 386
1914, June 30, total and per capita 390
1917, March 31, total and per capita 390
1920, October 31, total and per capita 390
1 933, June 30, total and per capita 390
1934, May 31, total and per capita 390
1934, June 30, by kinds 390
1934, June 30, total and per capita 390
Discussion 27
Legislation 189, 205
Stock:
1913-34, June 30, by kinds 388
1913-34, June 30, held in Treasury and in Federal Reserve
banks 386
Money and banking measures (see also Foreign exchange restrictions; Gold
conservation) expenditures, 1934 (checks-issued basis) 282
Mount Rushmore National Memorial Commission, expenditures, 1934
(checks-issued basis) 283
N
Narcotic farm, activities of Public Health Service 146
Narcotic law enforcement:
Drugs exports, 1933 and 1934 124
Harrison law, registrants, June 30, 1934 123
Opium and coca leaves imported, 1934 124
Violations of narcotic laws and cases disposed of, 1934 123
Narcotics, studies by Public Health Service 146
Narcotics Bureau (see also Personnel):
Activities reviewed 38
Administrative report 123
Narcotics taxes:
Receipts (collection basis) -318, 319
Refunds and repayments 98
National Advisory Committee for Aeronautics, expenditures, 1934
(checks-issued basis) 282
National bank notes:
Circulation, June 30:
1913-34 389
1934 390
Stock, June 30:
1913-34 388
1934 390
.National bank notes and Federal Reserve bank notes, expenditures on
.account of, 1934 by months (daily statement basis) 315
424 INDEX
Page
National Bank Redemption Agencv, currency counted into Treasurer's
cash, 1934 , 155
National banks:
Assets and liabilities on date of each report, June 30, 1933, to June 30,
1934 84
Capital stock changes, 1934 87
Charters in force, 1934 87
Licensed and unlicensed, 1934 86
Liquidations, 1934 87
Tax on circulation, receipts, 1934 (warrant basis) 276
National Capital Park and Planning Commission, expenditures, 1934
(checks-issued basis) 282
National cemeteries, expenditures, 1934 (checks-issued basis) 292
National defense, expenditures, 1932-34 6
National Emergency Council, expenditures, 1934 (checks-issued basis) 283
National Firearms Act 19, 219
National forests fund, expenditures, 1933 (checks-issued basis) 285
National Industrial Recovery Act, appropriations and allocations, ex-
penditures therefrom, and unexpended balances 15
National Industrial Recovery Administration, expenditures-. 6, 22, 284, 295, 309
National Institute of Health, gift fund, transactions. 1934 67
National Labor Board, expenditures, 1934 (checks-issued basis) 283
National Park Service, receipts, 1934, donations (warrant basis) 278
National parks, receipts, 1934, permits to enter (warrant basis) 279
Naturalization fees, receipts, 1934 (warrant basis) 277
Naval Academy, expenditures, 1934 (checks-issued basis) 289
Naval stores grading, fees, receipts, 1934 (warrant basis) 277
Navigation, receipts, 1934 (warrant basis) 277
Navy Department:
Expenditures 288, 294, 302, 307
Receipts, 1 934, fines and forfeitures (warrant basis) 277
Navy Department and Marine Corps, purchase of discharges, fees, receipts,
1934 (warrant basis) 277
Nicaragua, obligations to United States, status, November 15, 1934 391
Notes, guaranteed by the United States, June 30, 1934 373
O
Oil transported by pipe line (see also Transportation , tax receipts) 320
Tax receipts:
1933 and 1934 2,318
1934, actual; 1935 and 1936, estimated 332
Oils, lubricating, tax:
Receipts:
1933 and 1934 2,317
1934 332
1935 and 1936, estimated 332
Oleomargarine:
Receipts:
1916-34 319
1933 and 1934 318
1934, actual; 1935 and 1936, estimated 331
Orders of Secretary of the Treasury:
October 9, 1933, issued pursuant to Executive orders of June 10, 1933,
and July 27, 1933 262
November 29, 1933, pursuant to Executive Orders No. 6166 and No.
6224 263
December 28, 1933, requiring the delivery of gold coin, gold bullion, and
gold certificates to the Treasurer of the United States 194
January 11, 1934, amending the order of December 28, 1933 196
January 13, 1934, pursuant to Executive Orders No. 6166, No. 6224,
and No. 6540 265
January 15, 1934, supplementing the order of December 28, 1933 197
April 3, 1934, relating to financing operations 267
June 28, 1934, forbidding the export of silver except under license 210
December 4, 1933, amending Treasury Decision No. 1 263
INDEX 425
Page
Organized reserves, expenditures, 1934 (checks-issued basis) 292
Obligations acquired by United States. (See Foreign government obliga-
tions owned by United States; Railroad transactions with United States;
Securities owned by United States.)
Obligations of the United States, indirect. (See Securities guaranteed by,
or issued on the credit of, the United States.)
Oil and gas leases, Indian moneys, receipts, 1934 (warrant basis) 280
Oil and gas royalties, receipts, 1934 (warrant basis) 279
Oil lands, protection of interests of United States in, expenditures, 1934
(checks-issued basis) 283
P
Panama Canal (see also Canal Zone) :
Expenditures 292, 307, 330
Expenditures, 1 93 1-34 (daily statement basis) 294
Receipts (warrant basis) 279, 330
Panama Railroad Co.:
Capital stock owned by United States, June 30, 1934 378
Dividend receipts, 1934 (warrant basis) 276
Paper currency (see also Federal Reserve bank notes; Federal Reserve
notes; Fractional currency; Gold certificates; Silver certificates; Treas-
ury notes of 1890; United States notes):
Issued, redeemed, and outstanding 1934, valuation 155
Shipments from Treasury in Washington, 1934 155
Paper Custody Division, administrative report 136
Park Commission. (See National Capital Park and Planning Commis-
sion.)
Passengers. (See Customs.)
Patent fees, receipts, 1934 (warrant basis) 277
Pay of the Army deposit fund, receipts, 1934 (warrant basis) 280
Penal institutions, expenditures, 1934 (checks-issued basis) 288
Pension Bureau. (See Veterans' Administration.)
Pensions, expenditures, 1789-1934 (warrant basis) 302
Permits, privileges, and licenses, receipts, 1934, classified (warrant basis). 279
Personnel, Treasury Department:
Administrative and staff officers, November 15, 1934 xiv
Appointments, Division of, administrative report 75
Coast Guard 82
Engraving and Printing Bureau 95
Mint service, 1934 122
Number, by bureau, office, or division:
1933 and 1934, June 30 403
1934, by months 402
Public Health Service 146
Retirements:
1934 75
Number, by bureau, office, or division 404
Philippine Islands, internal revenue receipts, 1934 (collection basis) 321
Pipe-line water and power transmission rights, receipts, 1934 (warrant
basis) 279
Pistols and revolvers tax, receipts, 1933 and 1934 (collection basis) 318
Playing cards tax, receipts 317, 319, 331
Poland, obligations to United States:
Intergovernmental correspondence 237
Pavments due 47
Status November 15, 1934 391
Post Office Department, expenditures 20, 289, 294, 307
Post offices, expenditures for. (See Public buildings.)
Postal savings:
Treasury notes on account of (revised dailv statement basis) :
Changes, 1934 359
Issued and outstanding, June 30, 1934 338
Outstanding, June 30, 1934, description of issues 343
Postal savings bonds (see also Bonds), expenditures on account of, 1934,
by months (daily statement basis) 315
Postal savings funds, contingent liability of the United States 11
426 INDEX
Postal Service: PaE*
Deficiency, 1 932-34 6
Deficiency, expenditures:
1931-34 (daily statement basis) 294
1934, actual; 1935 and 1936, estimated 20
1934, by months (daily statement basis) 307
Contributing to 270
Expenditures, 1789-1934 (warrant and daily statement bases) 302
Revenues, 1789-1934 (warrant and daily statement bases) 298
Printing and binding, Treasury Department, expenditures 151
Processing Tax Division, administrative report 107
Processing tax on farm products:
Receipts 2,20, 306,332
Refunds 294,307
Processing tax on vegetable oils, receipts 331
Processing taxes:
1934, claims on account of, received, disposed of, and on hand 108
1934, collections, by commodity 108
1934, returns filed, by commodity 108
Proclamations by the President:
December 21, 1933, relating to the coinage of silver 209
December 30, 1933, relating to the control over State banking institu-
tions 212
January 31, 1934, reducing the weight of the gold dollar 199
Procurement Division:
Administrative report 125
Creation of 40, 125
Expenditures 290s
Public Works branch:
Administrative report 127
Expenditures, contract liabilities, and unencumbered balances,
1934 130-
Supplv, branch of:
Balance sheet, June 30, 1934 127
Statement of working assets, 1934 — ^ 127
Production credit corporations, assets and liabilities, June 30, 1934 381
Prohibition enforcement:
Coast Guard Service 78
Customs seizures, 1934 90'
Receipts:
1920-34 (collection basis) 319
1933 and 1934 (collection basis) , 318
1934, fines and penalties (warrant basis) 276
1934, forfeitures (warrant basis) 277
Public building program 127
Public buildings:
Construction 127
Control, administration, and repair of 128
Construction and sites, expenditures 1931-34 (daily statement basis), 294
Under control of Treasury Department, expenditures to June 30, 1934_ 131
Public buildings and grounds, rent receipts, 1934 (warrant basis) 279
Public Buildings and Public Parks of the National Capital, Office of, ex-
penditures, 1934 (checks-issued basis) 283
Public Buildings Commission, expenditures, 1934 (checks-issued basis)-- 283
Public buildings (see also Procurement Division; Public building program)
expenditures, 1934 (checks-issued basis) 290
Public Debt Accounts and Audit Division, administrative report 136
Public debt of United States (see also Contingent liability of United
States; Securities issued by United Stites; Sinking fund, cumulative):
Analysis ?
Bases used in tables 273
Expenditures:
1932-34 6-
1934, by months (daily statement basis) 315
1934 (revised daily statement basis) 154
Increase, 1934, actual; 1935 and 1936, estimated 22
INDEX 427
Public debt of United States — Continued. Page
Increase or decrease, 1916-34, by sources (daily statement basis) 367
Interest-bearing:
Changes, 1934 by issues (revised daily statement basis) 356
Description of issues, June 30, 1934 (revised daily statement
basis) 340
Outstanding, June 30:
1 853-1 934 (revised daily statement basis) 349
1933 and 1934, by classes (daily statement basis) 7
1934, amount issued, retired, outstanding, by issues (revised
daily statement basis) 337
1934, by kind of security and callable period (revised daily
statement basis) 348
1934, description of issues (revised daily statement basis) _ _ 340
Price average, received for each issue (revised daily state-
ment basis) 340
Transactions, 1934, classified (revised daily statement basis) 355
Interest on:
1789-1934, expenditures for (warrant and daily statement bases) _ 302
1916-34, computed annual interest charge and computed rate of
interest, by years 372
1919-34, ratio of computed annual interest charge to outstand-
ing interest-bearing debt (chart 4) 8
1931, July-1934, June, computed annual interest charge and com-
puted rate of interest, by months 372
1931-34, expenditures (daily statement basis) 295
1932-34, paid, by issues (warrant basis) 371
1934, expenditures, by months (daily statement basis) 308
1934, June 30, payable, paid, and outstanding unpaid (revised
daily statement basis) 370
1934, actual; 1935 and 1936 estimated 21
Matured debt, outstanding, June 30 (revised dailv statement basis) :
1 853-1 934 I 349
1933-34 7
1934 339
1934, description of issues 344
Noninterest-bearing, outstanding, June 30 (revised daily statement
basis) :
1862-1934 349
1933-34 7
1934 339
1934, description of issues 346
Outstanding, June 30:
1853-1934, gross and per capita (revised daily statement basis). 349
1933-34, changes, by classes (daily statement basis) 7
1934, interest-bearing, by issues (revised daily statement basis)- 356
Outstanding, changes in during the vear, by classes 7
Receipts, 1934 154
Retirements:
1931-34 (daily statement basis) 295
1934, classified 154
1 934, by months (daily statement basis) 308
Retirements chargeable against ordinarv receipts:
1918-34 (warrant basis) 305
1934, totals; 1933 and 1934, cumulative totals (revised daily
statement basis) 351
Statement of, June 30, 1934, description of issues (revised daily
statement basis) 340
Transactions (revised daily statement basis):
1934, classified 353
1934, interest-bearing and noninterest-bearing securities, sum-
mary 353
1934, interest-bearing securities 355
1 934, noninterest-bearing securities 360
Transactions (unrevised daily statement basis) 1934, by classes 7
Public Debt Service:
Administrative report 131
Expenditures, 1934 (checks-issued basis) 290
428 index
Page
Public Debt Statement, comment on 45
Public Health Service:
Activities reviewed 37
Administrative report 139
Aerial transportation, cooperation in sanitary control of 140
Appropriations, 1934, by title 147
Domestic Quarantine Division 140
Expenditures 147, 290
Foreign and Insular Quarantine and Immigration Division 139
Marine Hospitals and Relief Division 144
Mental Hygiene Division 146
Parrot disease control 140
Quarantine inspection 139
Revenue derived from, 1934, by sources 147
Sanitary Reports and Statistics Division 139
Scientific Research Division 141
Services in Federal penal and correctional institutions 146
Venereal disease control, activities of Venereal Diseases Division 144
Public lands, receipts from sales, 1796-1934 (warrant basis) 298
Public relations, assistant to the Secretary in charge of, creation of office- _ 39
Public Works:
Appropriations and allocations, expenditures therefrom, and unex-
pended balances 15
Expenditures, classified, 1934 6
Public Works Administration:
Assets and liabilities, June 30, 1934 381
Estimated expenditures, 1935 and 1936 21
Expenditures 308
Expenditures, 1934 (checks-issued basis) 284,295
Public Works Branch. (See Procurement Division.)
Public works of art project 148
Puerto Rico, customs receipts, expenditures, and entries, 1934 329
Puerto Rican Hurricane Relief Commission, expenditures and entries,
1934 (checks-issued basis) 283
Purchasing agencies. (See General Supply Committee; Procurement
Division; Supply Division.)
Q
Quarantine (see also Public Health Service) inspections, 1934, vessels,
passengers, and seamen 139
Quarantine stations, expenditures for. (See Public buildings.)
R
Radio messages. (See Telephone, telegraph, radio, and cable messages,
tax.)
Radio sets, tax receipts, 1934, actual; 1935 and 1936, estimated 317, 332
Radio system, owned and operated by Coast Guard 79
Railroad transactions with United States:
Federal control act, equipment trust notes, holding, June 30, 1934__ 379
General railroad contingent fund, transactions, 1934 69
Obligations originally held, amount held June 30, 1934, total pay-
ments of principal and interest 56
Review of 55
Railroads owned by United States. (See General railroad contingent fund;
Panama Railroad Company.)
Receipts (see also Customs receipts; Estimates; Internal revenue taxes;
Miscellaneous receipts) :
1789-1934, ordinary, classified (warrant and daily statement bases) 298
1925-34 (chart 2)' 1
1 933-34, by major sources 2
1934, actual; 1935 and 1936, estimated 20,331
1934, by sources and accounts (warrant basis) 276
1934, classified by months (daily statement basis) 306
Analysis 1
Bases used in tables 273
Description of classification by accounts 274
General and special accounts, 1 931-34, itemized 294
index 429
Receipts — Continued.
Nonrevenue: Page
1931-34 (daily statement basis) 294
1934, by sources and accounts (warrant basis) 279
Revenue:
1 931-34 (daily statement basis) 294
1934, by sources and accounts (warrant basis) 276
Reclamation fund, advances to, transactions, 1934 71
Reconstruction Finance Corporation:
Assets and liabilities, June 30, 1934 381
Authority to borrow 13
Direct loans and expenditures 15
Expenditures:
1931-34 (dailv statement basis) _ 296
1932-34 6
1934, actual; 1935 and 1936, estimated 22
1 934, by months (daily statement basis) 309
Financing, method 13
Notes guaranteed by the United States 373
Obligations owned by United States, June 30, 1934 . 378
Securities guaranteed by the United States, discussion 11
Recovery program (see also entries under names of particular projects) :
Measures included in 13
Method of financing 13
Refrigerators, mechanical, tax receipts, 1934, actual; 1935 and 1936,
estimated 317, 332
Refunds, drawback, etc., of revenue (see also Customs, refunds; Drawback;
Income tax, refunds; Internal revenue, refunds; Sales taxes, refunds;
Tobacco taxes, refunds), expenditures 290
Regional Agricultural Credit Corporations, assets and liabilities, June 30,
1934 381
Register of the Treasury, administrative report 134
Reimbursements, receipts, 1934 (warrant basis) 278
Rents, receipts, 1934, classified (warrant basis) 279
Research and Statistics, Division of 96
Retirement funds. (See Canal Zone retirement and disability fund; Civil
service retirement and disability fund; District of Columbia teachers'
retirement fund; Foreign service retirement and disability fund.)
Revenue. (See Budget; Customs receipts; Estimates; Internal revenue;
and titles of specific taxes.)
Revenue Act of 1934, review of 16
Revenue legislation:
Act of January 11, 1934, Liquor Taxing Act of 1934 215
Act of June 26, 1934, National Firearms Act 219
Administration by Internal Revenue Bureau 31
Revised Statutes, sec. 3702, act to amend 188
Rivers and harbors:
Expenditures, 1931-34 (daily statement basis) 294
Expenditures, 1934 (checks-issued basis) 292
Receipts, 1 934, contributions (warrant basis) 278
Road construction, expenditures, 1934 (checks-issued basis) 286
Royalties, receipts, oil, gas, etc., 1934 (warrant basis) 279
Rumania, obligations to United States: •
Intergovernmental correspondence 237
Payments due and payments made 47
Status, November 15, "1934 391
Russia, obligations to United States, status, November 15, 1934 391
S
Safe-deposit boxes, tax receipts:
1933-34 (collection basis) 318, 320
1934 actual; 1935 and 1936, estimated 331
Sales of Government property, receipts, 1934, classified (warrant basis) _ _ 278
Sales of produce (future delivery) stamp tax, receipts, 1933 and 1934
(collection basis) 317
Sales of ships, securities received on account of, owned by United States,
June 30, 1934 379
430 INDEX
Page
Sales of surplus war supplies, securities received on account of, owned by
United States 379
Sales Tax Division, administrative report 105
Savings securities, Treasury (War). (See Treasury savings securities.)
Secret Service Division:
Administrative report 148
Assignment to Secretary of the Treasury 41
Expenditures, 1934 (checks-issued basis) 290
Secretaries of the Treasury, 1934 xin
Securities Act, registration, fees, receipts, 1934 (warrant basis) 277
Securities guaranteed by, or issued on the credit of, the United States,
discussion 11
Securities issued by United States (see also Bonds; Certificates of indebted-
ness; Liberty bonds; Tax-exempt securities; Treasury bills; Treasury
bonds; Treasury notes; Victory notes):
Destruction, '1934 137
Individual registered accounts, June 30, 1934, number and principal- 132
Interest rates, June 1933-June 1934 364
Issues, 1934, registered and nonregistered, by Loans and Currency
Division 131
Lost, stolen, or destroyed, claims for relief 133
Retirements:
1934, registered and nonregistered, by Loans and Currency
Division -- 131
1934, by class of security 135
To June 30, 1934, through cumulative sinking fund, par amount
and principal cost (revised daily statement basis) 369
Review of transactions in 57
Stock activities, 1934, registered and nonregistered, by Loans and
Currency Division 132
Transactions:
1933, June-1934, June, interest-bearing, summary 364
1934, interest-bearing, summary (revised daily statement basis)- 355
1934, interest-bearing and noninterest-bearing, summary
(revised daily statement basis) 353
1934, noninterest-bearing (revised daily statement basis) 360
Securities owned by United States (see also Foreign government obliga-
tions owned by United States; Railroad transactions with United States;
and entries under names of corporations, etc., issuing securities):
Holdings, June 30, 1934, classified 378
Receipts from, 1933 and 1934 2
Senate, expenditures, 1934 (checks-issued basis) 282
Serb-Croat-Slovene Kingdom. (See Yugoslavia.)
Services, receipts from sales of, 1934, classified (warrant basis) 278
Shipping Board, expenditures, 1931-34 (daily statement basis) 294
Ships, sales of. (See Sales of ships.)
Ships. (See Vessels.)
Silver:
Assets and liabilities of the Treasury, June 30:
1932-34, classified (revised daily statement basis) 376
1933 and 1934 (daily statement basis) 12
Consumption, industrial, 1933, calendar year 122
Deposits, 1934 1 121
Discussion 28
Electrolytically refined, 1933 and 1934 121
Operations 120
Order of Secretary of the Treasury, June 28, 1934, forbidding the
export of silver except under license 210
Prices, 1934, New York market 120
Proclamations bjr the President, December 21, 1933, relating to the
coinage of silver 209
Production, domestic, 1932 and 1933, calendar vears 122
Silver bullion, stock, June 30, 1934 121, 390
Silver bullion transfers, tax receipts:
1934 (collection basis) 317
1934 actual; 1935 and 1936 estimated . 331
INDEX 431
Silver certificates:
Circulation, June 30: Page
1913-34 389
1934 390
Discussion 29
Issuance of, official order of the President, June 14, 1934 210
Silver coin (see also Standard silver dollar; Subsidiary silver coin), coinage
executed, 1934 121
Silver dollar. (See Standard silver dollar.)
Silver Purchase Act of 1934 29, 205
Silver Tax Division, organization of 109
Sinking fund, cumulative:
Discussion 10
Expenditures 308
Expenditures, 1931-34 (daily statement basis) 295
Securities retired through, par amount and principal cost, to June 30,
1934 (revised daily statement basis) 369
Transactions:
1921-34 639
1934 368
Smithsonian Institution, expenditures, 1934 (checks-issued basis) 283
Smuggling. (See Customs; Narcotic law enforcement; Prohibition en-
forcement.)
Snuff tax, receipts, 1933 and 1934 (collection basis) 317
Soft drinks tax, receipts, 1934 331
Soldiers' Home permanent fund, receipts, 1934 (warrant basis) 280
Solicitor of the Treasury, abolition of office of 40
Special Adviser to the President on Foreign Trade, expenditures, 1934
(checks-issued basis) 283
Special accounts:
Description of 275
Review of transactions in 70
Special Advisory Committee. (See Income Tax Unit.)
Sporting goods, cameras and lenses, tax receipts, 1934, actual; 1935 and
1936, estimates 332
Spruce Production Corporation, United States, capital stock owned by
United States, June 30, 1934 378
Stabilization fund, expenditures, 1934 297
Stamp taxes, receipts (collection basis):
1916-34 319
1933-34 2
1933 and 1934, classified 317
1934, actual; 1935 and 1936, estimates 332
Standard gold dollar:
Proclamation by the President, Jan. 31, 1934, reducing the weight
of 199
Reduction in gold content, discussion 28
Standard silver dollar:
Circulation, June 30:
1913-34 389
1934 390
Stock, June 30:
1913-34_._ ._ 388
1934 121,390
State Department:
Expenditures 289, 307
Expenditures, 1 93 1-34 (daily statement basis) 294
Statement of assets and liabilities of governmental corporations and credit
agencies, comment on 45
Statements by Secretary of the Treasury:
• Jan. 31, 1934, relating to the purchase and sale of gold by the Treas-
ury 201
Feb. 1, 1934, relating to the purchase and sale of gold by the Treas-
ury ._ 201
Statements, Treasury. (See Treasury statements.)
90353—35—29
432 INDEX
Subsidiary silver coin:
Circulation, June 30: Page
1913-34 389
1934 390
Stock, June 30:
1913-34 388
1934 390
Supervising Architect, transfer of Office of, to Procurement Division 40
Supervising Architect's Office. (See Architect, Supervising.)
Supplies, Treasury Department, expenditures 149
Supply, Branch of. (See Procurement Division.)
Supply Division:
Administrative report 149
Assignment to Administrative Assistant to the Secretary 40
Supreme Court Building Commission; expenditures, 1934 (checks-issued
basis) 283
Surety Bonds Section, administrative report 73
Surplus:
1789-1934, for certain vears (warrant and daily statement bases) 298
Public debt reduction from 1920-30 367
Surplus property. (See General Supply Committee; Sales of Government
property.)
Surplus war supplies, sales of. (See Sales of surplus war supplies.)
T
Tariff Commission, expenditures 1934 (checks-issued basis) 283
Tax Appeals, United States Board of:
Cases filed and closed, 1933 and 1934 115
Expenditures, 1934 (checks-issued basis) 282
Fees, receipts, 1934 (warrant basis) 277
Tax-exempt securities:
Outstanding, interest exempt from normal income tax:
1917-33, December 31 393
1918-34, June 30 393
Outstanding, interest exempt from normal income tax and surtax,
December 31, 1912-33 392
Taxation. (See entries beginning with word "Revenue.")
Taxes. (See Internal revenue taxes; and titles of specific taxes.)
Telegraph. (See entries beginning with word "Telephone.")
Telegraph system, owned and operated by Coast Guard 78
Telephone pay stations in Federal buildings and rented post offices, com-
missions on, receipts, 1934 (warrant basis) . --- 277
Telephone, telegraph, radio and cable messages, tax receipts (collection
1918-24 and 1934 320
1933-34 2
1934, actual; 1935 and 1936, estimated 332
Tennessee Valley Authority:
Estimated expenditures, 1935 and 1936 21
Expenditures 309
1931-34 (daily statement basis) 296
1934 (checks-issued basis) 284
Territories, Government in, expenditures, 1934 (checks-issued basis) 287
Testing fees, receipts, 1934 (warrant basis) 277
Tires and inner tubes, tax receipts, 1934, actual; 1935 and 1936, estimated. 332
Tobacco taxes (see also Cigar taxes; Cigarette taxes; Snuff tax):
Assessments, additional, 1934 98
1916-34 (collection basis) 319
1933 and 1934, by sources (collection basis) 3J7
1934, actual; 1935 and 1936, estimated 331
Toilet preparations, tax receipts:
1933 and 1934 (collection basis) 317
1934 actual; 1935 and 1936 estimated 332
Tonnage tax, receipts, 1934 276
Transfers of eredit, restrictions, Executive orders relating to, January 15,
1934 214
INDEX 433
Transportation, including oil by pipe lines, tax receipts, 1918-22 and 1933- Pa^e
34 (collection basis) 320
Treasurer of the United States:
Account, 1933 and 1934, summary 153
Administrative report 153
Treasury (see also General fund) :
Condition of, June 30, 1932-34 (revised daily statement basis) 376
Gold holdings, June 30, 1933 and 1934 (revised daily statement basis). 154
Money held in, June 30:
1913-34 386
1934, by kinds 390
Shipments of United States paper currency, coin, etc., 1934 155
Treasury accounting system (See Accounting system, Treasury.)
Treasury bills:
Changes, 1934, by issues (revised daily statement basis) 357
Exemption from income tax, T. D. 4431, May 3, 1934 184
Expenditures on account of, 1934, by months (daily statement basis). 315
Offering and acceptance of bills, issues November 1, 1933, through
June 30, 1934 178
Outstanding, June 30, 1934 (revised daily statement basis):
By issues 338
Description of issues 344
Transactions:
1933, June-1934, June, summary 364
1934 interest-bearing, summary (revised daily statement basis)- 355
1934, noninterest-bearing, by issues (revised daily statement
basis) 362
Treasury bonds:
Allotments on exchange subscriptions among Federal Reserve districts,
1943-45, 4J4-3J4 percent 161
Changes, 1934, by issues (revised daily statement basis) 356
Expenditures on account of, 1934, by months (daily statement basis). 315
Offering of bonds:
1934, three-eighth percent 8
1943-45, 4J4-3J4 percent, discussion 9
1944-46, 3J4 percent 9, 168
1946-48, 3 percent 175
Outstanding, June 30, 1934 (revised daily statement basis):
Description of issues 341
Issued, retired, and outstanding, by issues 337
Receipt by Government for Federal estate or inheritance taxes, sixth
supplement to Department Circular No. 225, January 12, 1934 — 185
Subscriptions and allotments among Federal Reserve districts:
1944-46, 3% percent 170
1946-48, 3 percent 177
Transactions, 1933, June-1934, June, interest-bearing, summary 364
Treasury bonds and Liberty bonds, interest-bearing, transactions, 1934,
summary (revised daily statement basis) 355
Treasury certificates of indebtedness. (See Certificates of indebtedness.)
Treasury Decisions:
No. 4432, establishing an alcohol tax unit in the Bureau of Internal
Revenue, etc 267
Order of the Secretary of the Treasury amending Treasury Decision
No. 1 263
Treasury Department (see also Circulars, department; Daily statement of
the Treasury; Legal Division; Personnel; Secretary of the Treasury):
Administrative and staff officers, November 15, 1934 xiv
Chief Clerk's office, assignment to Administrative Assistant to the
Secretary 40
Expenditures:
1931-34 (daily statement basis) 294
1934 (checks issued basis) 290
1934, by months (daily statement basis) 307
1934, actual; 1935 and 1936 estimated 20
Organization changes 39, 258
Treasury Department Orders:
No. 1, November 20, 1933 262
No. 2, November 22, 1933 263
434 INDEX
Treasury Department Orders — Continued. page
No. 3, December 5, 1933 264
No. 4, December 26, 1933 264
Treasury notes:
Changes, 1934, by issues (revised daily statement basis) 356
Expenditures on account of, 1934, by months (daily statement
basis) 315
Offering of series, dated:
January 29, 1934, series C-1935, 2^ percent 163
February 19, 1934, series C-1937, 3 percent 165
February 19, 1934, series D-1935, 2% percent 165
March 15, 1934, series C-1938, 3 percent 166
June 15, 1934, series A-1939, 2/8 percent 175
Outstanding, June 30, 1934 (revised daily statement basis):
Description of issues 342
Issued, retired, and outstanding, by issues 337
Receipt by Government for Federal estate or inheritance taxes,
January 12, 1934 185
Subscriptions and allotments among Federal Reserve districts:
Series C-1935 165
Series D-1935 166
Series C-1937 166
Series C-1938 167
Series A-1939 177
Transactions:
1933, June-1934, June, interest-bearing, summary 364
1934, interest-bearing, summary (revised daily-statement basis) _ _ 355
1934, noninterest-bearing, by issues (revised daily statement
basis) 360
Treasury notes of 1890, circulation, June 30:
1913-34 389
1934 390
Treasury savings securities:
Expenditures on account of, 1934, by months (daily statement basis) . _ 315
Outstanding, June 30 (revised daily statement basis):
1934 339
1934, description of issues __ 346
Transactions, 1934, noninterest-bearing, by issues (revised daily
statement basis) 363
Treasury statements:
Combined statement of assets and liabilities of governmental cor-
porations and credit agencies, comment on 45
Daily statement of the United States Treasury, comment on 45
Public debt statement, comment on 45
Triangle properties. (See Public building program — District of Columbia
projects.)
Tripartite Claims Commission, awards:
Austria 55
Hungary . 55
Trust accounts administered by the Treasury (see also titles of particular
accounts):
Description of 275
Expenditures, 1934, by months (daily statement basis) 313
Receipts, 1934, classified (warrant basis) 280
Trust funds administered by the Treasury, review of transactions in 58
U
United States Government life insurance fund. (See Government life
insurance fund.)
United States Government securities. (See Securities issued by the
United States.)
United States notes:
Circulation, June 30:
1913-34 389
1934 -- 390
Stock, June 30:
1913-34 388
1934 390
INDEX 435
Venereal disease control. (See Public Health Service.) Paee
Vessels, entries, 1933 and 1934 88
YOTpT"0 no •
Expenditures for, 1932-34 -- 6
Loans to. (See Adjusted service certificate fund: Adjusted service
certificates; Veterans' Administration.)
Veteran's Administration (see also Government life insurance fund):
Continuing costs of World War to United States Government to
June 30, 1934 392
Expenditures:
1931-34 (daily statement basis) 294
1934 (checks issued basis) 284
1934, by months (daily statement basis) 307
1934, actual; 1935 and 1936 estimated 20
Receipts, National Homes, 1934 (warrant basis) 280
Veterans' hospitals, expenditures for. (See Public buildings.)
Victory notes:
Expenditures on account of, 1934, by months (daily-statement basis).. 315
Outstanding, June 30, 1934 (revised daily-statement basis):
By issues 339
Description of issues 345
Transactions, 1934, noninterest-bearing, by issues (revised daily
statement basis) 360
W
War Claims Act of 1928 (see also Mixed Claims Commission; Tripartite
Claims Commission; War Claims Arbiter) summary 50
War Claims Arbiter, awards 54
War Department expenditures 291, 294, 302, 307
War emergency corporations, capital stock owned by United States, June
30, 1934 — 378
War Finance Corporation:
Administrative report 156
Capital stock owned by United States, June 30, 1934 378
Expenditures -- 283
War savings securities, expenditures on account of, 1934, by months (daily
statement basis) 315
Warrants:
Explanation of authority for receipts and expenditures, and manner
of issuance 273
Payment, Department Circular No. 176, fifth, sixth, and seventh sup-
plements 256
Warehouse act, fees, receipts, 1934 (warrant basis) . 277
Washington. George, Bicentennial Commission. (See George Washington
Bicentennial Commission.)
Wheat and cotton distribution, expenditures on account of 307
World War, money cost of, to United States Government, to June 30,
1934 392
Yachts and boats (domestic and foreign) tax, receipts, 1933 and 1934 (col-
lection basis) 317
Yorktown Sesquicentennial Commission, expenditures, 1934 (checks-
issued basis) 283
Yugoslavia, obligations to the United States:
Payments due and payments made 47
Status, November415, 1934 391
o
Treas. U.S. Treasury Dept .
HJ
10 Annual report, 1934
.Al
1934
c.3
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